Rich Dad Poor Dad
I read a lot on these forums about what everyone spends their cash on. drinking, going out, generally living it large and spending it true ibanker style even at an analyst level.
Just trying to gather some ideas on what people think about investments and buying up assets as opposed to blowing our salary + bonuses on various expenses and liabilities (e.g. porsches)
Just finished reading "rich dad poor dad" and thought, damn it's kinda stupid if we blow all our hard earned instead of investing.
so what do people invest in? and what are ur financial plans for the long run?
otherwise the rat race will never end!
don't playa hate on models and bottles.
i think you were referring to an earlier (satirical) post of mine as you mentioned blowing the whole cash wad on a porsche.
all kidding aside, i hope to get by on a daily basis solely on my salary. as I plan to go to business school in a few years, i would like to save as much as possible of my bonus to put into both a 529 (for b school) and an ira.
so, to answer your question, i guess i would like to invest as much of my $$ as i can, both in the markets and in myself
dont hate the playa hate the game
When you're working 100+ hours a week, I would think that models, bottles and sleeping are the only enjoyable part of your "life".
why take you investment advice from someone who failed in all his business attempts except selling investment advice? all that tells me is that you can excel selling hopes and dreams... i would say its important to save, but youll have plenty of people begging you for your money to invest with them, and its also important to have a good time and avoid that midlife crisis
you should save as much as you can. for me i want full financial independence. that's my savings goal.
Remember if u work in trading u get taken out a lot - I hardly ever pay a thing - and brokers cover getting u drunk/laid (to whatever extent u want that to be....)
Careful there, as somebody else pointed out Kiyosaki isn't exactly a business/investment genius.
He's more of a..."motivational writer"?
Rich Dad/Poor dad advice is great for people in their 30s. In terms of the savings/investing decision, open up your intermediate microtextbook at intertemporal choices. The flaw with rich dad/poor dad is that it doesn't take into account intertemporal utilities. A $10K signing bonus is worth much more in cold hard cash to a cash strapped college senior than inflation adjusted 30K at retirement. A cheap eurotrip focused around boozing and clubbing is much more enjoyable at 21 than at 30.
You can buy a lot of things, but you can't buy your youth. Spread out your spending. You will be making more later. Live your life happiliy. Now, when you start working, some things might be different. With 401K matching, $100/month after tax could have a PV of $400/month factoring in company match and tax savings.
Don't go blowing all your money on your first year as an analyst, but don't save so much that your life sucks. Go out, be prudent with your cash, but don't be miserable.
Intelligent post.
So what do ur investment portfolios look like? Do u guys invest in managed funds/direct share holdings.
Any of u formed ur own investment coporations sheltering investments for tax purposes?
someone above mentioned that the PV of going out and enjoying life is huge considering we work 100hr weeks...i totally agree...however, do u want to be working for ur boss, ur bank (mortgage), ur government (tax) and making them rich for the rest of ur lives?
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