Ditto. And it worries me to no end that our kids are being raised in a bubble. I liken their upbringing to a lion in a zoo, vs ours out in the wild...scrapping away. I do create "artificial famines" and say 'no' quite a bit.
millionaires
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Last: 1 mo ago by jamey
I don't think you can do anything about it. The thing you are protecting them from is the thing that creates what you're looking for.
There is no "grinder" without the possibility of being the one who doesn't make it.
There is no "grinder" without the possibility of being the one who doesn't make it.
I do agree with that.
I try to replace the motivations I had with new motivations - and frankly just a super disciplined practice of setting high goals for themselves and measuring their activity daily as to whether they are being productive against those goals. We reflect together across their goals fairly frequently. I've started having them write down their own goals.
Biggest enemy will be complacency
I try to replace the motivations I had with new motivations - and frankly just a super disciplined practice of setting high goals for themselves and measuring their activity daily as to whether they are being productive against those goals. We reflect together across their goals fairly frequently. I've started having them write down their own goals.
Biggest enemy will be complacency
Quote:
Biggest enemy will be complacency
That or the idea that their self worth will be completely connected to their achievements and that they aren't good enough without a certain amount of progress or lofty goal.
Easy tiger, we're on an anonymous website just swapping ideas in posts averaging less than 50 words - it's not a comprehensive parenting perspective and it wasn't represented as such.
No one said their self worth was being tied strictly to achievement. What I said was it's difficult to recreate or replace the motivation that came from being born of low circumstance and driving/grinding towards changing that.
No one said their self worth was being tied strictly to achievement. What I said was it's difficult to recreate or replace the motivation that came from being born of low circumstance and driving/grinding towards changing that.
There's no reason to be defensive, champ. It wasnt a treatise on your parenting style.
Like you said, were just anonymous people swapping ideas in less than 50 words.
Like you said, were just anonymous people swapping ideas in less than 50 words.
I think you started this, no?
Quote:
I think you started this, no?
Started what? We were in agreement 2 posts ago.
We can let the thread go back on track.
Zero worries - probably just a misread on the intent of one comment. We're all good here Ags
Bump for the end of Q1-2019. Quite a rise from December.
Yeah. Amazing advice. LOL
My fidelity account is finally back up to where it was before the little crash last October.
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
Any advice on investment strategies from those who made through the 2008 storm?
2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
REITs and high yield dividend stocks
Stay the course if you have a long time horizon. Although some have adjusted even their most aggressive risk categories with long horizons to have less in equities. For example, Goldman Sachs recalibrated their risk categories this way last year before any of this ever happened.2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
This also assumes we don't move hard left during this event. Someone is going to have to pay for all this printed money and handouts and it will be the demographic on this board that ultimately pays for it.
On second thought, you need to find out where to move that you can be an expat and live like a king on less money. Lol.
i actually crossed over the $1MM net worth earlier this year. That was short lived.2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
1. Heard Houston is going to have some fire sales in real estate. If that's not low enough for you, 2. Wuhan has to have some nice bargains about now
Premium said:
1. Heard Houston is going to have some fire sales in real estate. If that's not low enough for you, 2. Wuhan has to have some nice bargains about now
Wuhan is full... Silk road goes both ways.
2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
Yeah, never buy on the way down that's a fundamental mistake. You should wait for the bottom, better yet just wait for the clear bottom.
Between the two look for the blue-chip dividend stocks first.Rice and Fries said:2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
REITs and high yield dividend stocks
Some REIT's will die in this environment. - they make their income through either fixed income rents, variable income rents (rent + % of tenants gross sales). They usually carry heavy debt as they kick back most of the quarterly profits to dividends. I would be very wary of PFCT and DRI. I personally own O, but I'm making no promises on that until I see they're next quarterly.
You might look at LAND. It's a REIT that deals with Farm and Ranches. Pretty stable in the current market, and it down 25% off in the last month and pays a 4.7% dividend.
All animals are equal, but some animals are more equal than others
I'd say that some have reached that level of a million in net worth without two spouses working. My wife is a stay-at-home mother and has been since our first child.
I'd say, the secret to accomplishing this is living way beneath your means and cutting every fixed expense that is not necessary. Bring your lunch to work, etc. Yes, you have to enjoy life, but enjoying life does not have to involve a lot of money.
Max out the 401k limits, max out the HSA and back door Roths, etc.
Or so I've heard...
I'd say, the secret to accomplishing this is living way beneath your means and cutting every fixed expense that is not necessary. Bring your lunch to work, etc. Yes, you have to enjoy life, but enjoying life does not have to involve a lot of money.
Max out the 401k limits, max out the HSA and back door Roths, etc.
Or so I've heard...
AgOutsideAustin said:2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
Yeah, never buy on the way down that's a fundamental mistake. You should wait for the bottom, better yet just wait for the clear bottom.
Also, never stay invested at the clear top. Always sell at the clear peak and wait for the obvious bottom before buying again.
I'm reading JL Collins The Simple Path to Wealth right now which was recommended on this forum. It's pretty good. One passage resonated with me in the time we're in...
"Everybody makes money when the market is rising. But what determines whether it will make you wealthy or leave you bleeding on the side of the road is what you do during the times it is collapsing."
Are you trying to make money OR build wealth?
Keep buying equities during this time. In your taxable account, 401k, IRA all of them. You'll be a millionaire in the future.
"Everybody makes money when the market is rising. But what determines whether it will make you wealthy or leave you bleeding on the side of the road is what you do during the times it is collapsing."
Are you trying to make money OR build wealth?
Keep buying equities during this time. In your taxable account, 401k, IRA all of them. You'll be a millionaire in the future.
AgOutsideAustin said:2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
Yeah, never buy on the way down that's a fundamental mistake. You should wait for the bottom, better yet just wait for the clear bottom.
Spotting clear bottom. Lol.
Ragoo said:i actually crossed over the $1MM net worth earlier this year. That was short lived.2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
The great Jim Rohn always said if you inherit a million dollars you best become a millionaire or you'll lose it.
The best advice is sit on the sidelines if you aren't confident in skills to capitalize. I hedge nearly every trade during these periods. I make smaller gains but any trades against me have even smaller losses. That or straddles when volatility is in full cycle.
Using 2008 as our most recent example you could have also simply continued with dollar cost averaging and never even worry about it. Fire and forget. That's what we did and that time period catapulted us to the next level coming out of it.oldarmy1 said:Ragoo said:i actually crossed over the $1MM net worth earlier this year. That was short lived.2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
The great Jim Rohn always said if you inherit a million dollars you best become a millionaire or you'll lose it.
The best advice is sit on the sidelines if you aren't confident in skills to capitalize. I hedge nearly every trade during these periods. I make smaller gains but any trades against me have even smaller losses. That or straddles when volatility is in full cycle.
This current event is unprecedented though. If we are lucky, it will look like every other cycle in history, but if the government doesn't get out of the way of this one they will stunt it at best and potentially put us in a semi-permanent state of malaise like Japan has been in...at worst. Or worst, worst send us straight to leftward hell.
most of my NW is in retirement (401k, Roth, brokerage with family wealth planner). The drop is strictly market driven and not my own trading.oldarmy1 said:Ragoo said:i actually crossed over the $1MM net worth earlier this year. That was short lived.2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
The great Jim Rohn always said if you inherit a million dollars you best become a millionaire or you'll lose it.
The best advice is sit on the sidelines if you aren't confident in skills to capitalize. I hedge nearly every trade during these periods. I make smaller gains but any trades against me have even smaller losses. That or straddles when volatility is in full cycle.
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2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
The three most important words are, in my opinion, Stay Fully Invested.
Through every downcycle there were plenty of people, even otherwise smart people, who sold at or near
the bottom and missed the rallies during recoveries.
Still very much in the club, now retired. Balanced portfolio.
AgOutsideAustin said:2012Ag said:
How are y'all doing? I'm sure many are now out of the millionaire club.
Any advice on investment strategies from those who made through the 2008 storm?
Yeah, never buy on the way down that's a fundamental mistake. You should wait for the bottom, better yet just wait for the clear bottom.
Respectfully, if there was truly a way to identify the bottom in advance, this thread would be unneeded.
In my view, money is made in bad markets, when others are motivated by fear. As Buffet says, "Be greedy when others are fearful".
I buy when I must hold my nose to do so. It has worked well.
It was sarcasm from other threads. I've been buying on the way down from Dow 27,000 and was told I was making fundamental mistakes and I should wait for the bottom. Then another chimed in with wait for the clear bottom.
I know you don't know the bottom has occurred until it's already behind you.
I know you don't know the bottom has occurred until it's already behind you.
DRE06
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