1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

Building Wealth

Discussion in 'BBS Hangout' started by Xerobull, Jun 27, 2013.

  1. Fyreball

    Fyreball Contributing Member

    Joined:
    Apr 8, 2009
    Messages:
    14,929
    Likes Received:
    12,160
    You can't build wealth by not working your fingers to the bone. You have to be prepared to burn the candle at both ends while still maintaining your other responsibilities. The hardest million to earn is the first million. You can't think long-term without putting in hard work in the short term. Plain and simple.
     
  2. Classic

    Classic Member

    Joined:
    Dec 21, 2007
    Messages:
    6,101
    Likes Received:
    608
    I know a lot of people who are or are on the track to being very successful. Most of them are all doing it with real estate.

    Got several friends flipping old homes, another buying duplexes & 4 plexes, one buying and flipping/renting trailer homes and several doing real estate development. The all started with some seed money and just keep rolling it into deals without ever giving themselves raises. The key is buying something that you can add value to [rennovate] with some type of construction loan/private lender and then refinancing it with a standard mortgage or selling.

    Gotta use banks to make bank.
     
  3. IBTL

    IBTL Member

    Joined:
    Nov 22, 2010
    Messages:
    11,470
    Likes Received:
    11,643
    You are a smart guy and I like you.
    But how is getting back to where you started 3 years ago 'building' ??

    Maybe I am seeing this all wrong but taking 3 years to get back to where you were 3 years ago? :confused:
     
  4. Xerobull

    Xerobull You son of a b!tch! I'm in!

    Joined:
    Jun 18, 2003
    Messages:
    33,251
    Likes Received:
    30,748
    This is my initial inclination. One of my closest friends is doing very well on this path.
     
  5. Kyakko

    Kyakko Contributing Member

    Joined:
    Aug 15, 2002
    Messages:
    2,161
    Likes Received:
    39
    I guess Trump is a bad example to defend. What I'm getting at (and mind you, this is from our experience at seeking funding) is that it takes more than just any fast talking douche off the streets to run a company. Venture Capitalists look for a CEO of a certain type; less Gordon Gecko, and more Dave Thomas/Andy Grove. The former can make you money but just as likely to screw you over if things don't go well.
     
  6. Caltex2

    Caltex2 Member

    Joined:
    Jun 27, 2008
    Messages:
    1,744
    Likes Received:
    474
    But what about all of those people we need to impress? Can't let them down, huh?

    And people wondered why I started that thread where I asked if they cared about being rich.
     
  7. TexasStake

    TexasStake Member

    Joined:
    Dec 1, 2011
    Messages:
    595
    Likes Received:
    19
    My local chic fil a's owner is rarely there. Other then attending business meetings and staff meeting every couple weeks he doesn't do much hands on work with the restaurant itself.

    Ive had the chance to talk to a few employees there and I use to work with a bookeeper of the chick fil a
     
  8. Caltex2

    Caltex2 Member

    Joined:
    Jun 27, 2008
    Messages:
    1,744
    Likes Received:
    474
    He can rob a bank.

    Or steal the coins people throw in fountains when they make a wish. Go to enough public places and he'll be looking at thousands of dollars per year.;)

    And then, he can always buff up, go down The Strip and, uh, offer his special services
     
  9. KingCheetah

    KingCheetah Contributing Member

    Joined:
    Jun 3, 2002
    Messages:
    55,883
    Likes Received:
    47,582
    In your spare time get a masters and PhD in Philosophy from the University of Phoenix -- then sit back and watch the money roll in... $$$
     
  10. rezdawg

    rezdawg Contributing Member

    Joined:
    Feb 15, 2000
    Messages:
    18,351
    Likes Received:
    1,147
    True wealth is a combination of free time to do what you want to do and health. If you are spending 16 hours a day working or if you are constantly dealing with health concerns...you may have a crap ton of money, but you're not wealthy.

    Taking the business route is really the only way to get there...but it's a very difficult road. I've always had a 10 year plan...and Im 2.5 years into it. Nowhere close to where I want to be, but with business, it's one of those things that starts taking off rather quickly once the ball starts rolling. It's a grind to get there...and I think only a very small percentage of people are cut out for it. I'll let you guys know in 7.5 years if I was cut out for it, haha.
     
  11. DwightHoward13

    Joined:
    Jun 14, 2013
    Messages:
    690
    Likes Received:
    20
    I think the best place for a PhD in philosophy is DeVry University.
     
  12. DwightHoward13

    Joined:
    Jun 14, 2013
    Messages:
    690
    Likes Received:
    20
    Money that is just sitting in a savings account is losing value when one looks at 3% inflation versus an interest rate of .01% (Chase). Currently, I would not waste time investing in any bonds. Mutual funds are definitely the best way to go. There are a few mutual funds that one can use to accumulate wealth quickly.

    Here are two high-performing mutual funds:

    https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/316390772

    https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/360873574
     
  13. DarkHorse

    DarkHorse Contributing Member

    Joined:
    Oct 9, 1999
    Messages:
    6,733
    Likes Received:
    1,247
    Was going to suggest the Richest Man In Babylon. My dad had me read that back when I was in high school, and I've been living on those principles ever since. I should be well taken care of by the time I retire.
     
  14. Mr. Brightside

    Mr. Brightside Contributing Member

    Joined:
    Mar 27, 2005
    Messages:
    18,949
    Likes Received:
    2,137
    Can't believe no one has mentioned The Secret in this thread. lol
     
  15. Juxtaposed Jolt

    Joined:
    Apr 5, 2010
    Messages:
    20,797
    Likes Received:
    16,587
    You think 500k a year is too small?

    Why exactly do you have this mindset?
     
  16. dmenacela

    dmenacela Contributing Member

    Joined:
    Dec 3, 2002
    Messages:
    2,433
    Likes Received:
    557
    Mr. Brightside's secret

    [​IMG]
     
  17. CometsWin

    CometsWin Breaker Breaker One Nine

    Joined:
    May 15, 2000
    Messages:
    28,028
    Likes Received:
    13,046
    That's nonsense. Great wealth is a product of a lot of things including factors that you can't control like luck, timing, trends, inheritance, legacy, etc. It strikes me how often the plain and simple adage is applied to things that are neither plain nor simple.
     
  18. rezdawg

    rezdawg Contributing Member

    Joined:
    Feb 15, 2000
    Messages:
    18,351
    Likes Received:
    1,147
    Unless you are inheriting a lot of money...you need to work your ass off...AND have things like luck/timing go your way.
     
  19. CometsWin

    CometsWin Breaker Breaker One Nine

    Joined:
    May 15, 2000
    Messages:
    28,028
    Likes Received:
    13,046
    I just dispute this notion that its all about hard work, that if you work hard you can be a millionaire too. It's like a fantasy carrot this notion that you can all be millionaires if you just work harder.
     
  20. rezdawg

    rezdawg Contributing Member

    Joined:
    Feb 15, 2000
    Messages:
    18,351
    Likes Received:
    1,147
    You're right...it's hard work plus things falling your way. Intelligent decisions can help out in cases where luck/timing/trends arent going your way...but in the end, pieces have to fall in place...pieces that arent always related to how hard one is working.

    However, you need the hard work, it is the most important part of the equation. Obviously just relying on luck or timing isnt going to do anything for anyone, unless you inherit money...or strike gold with the lottery.
     
    #100 rezdawg, Jun 28, 2013
    Last edited: Jun 28, 2013

Share This Page

  • About ClutchFans

    Since 1996, ClutchFans has been loud and proud covering the Houston Rockets, helping set an industry standard for team fan sites. The forums have been a home for Houston sports fans as well as basketball fanatics around the globe.

  • Support ClutchFans!

    If you find that ClutchFans is a valuable resource for you, please consider becoming a Supporting Member. Supporting Members can upload photos and attachments directly to their posts, customize their user title and more. Gold Supporters see zero ads!


    Upgrade Now