How Not To Be Poor

[Wandering MGTOWParticipant 34]

My life experience has taught me some things about money.

* I am never sorry to have money in the bank.
* I am happier when frugal and less happy when free spending.

Dr. Helen Smith offers good advice in her blog, titled How Not To Be Poor:
http://pjmedia.com/drhelen/2014/09/29/how-not-to-be-poor/?singlepage=true

I can also recommend this book series:

* Rich Dad Poor Dad, by Robert T. Kiyosaki

Most libraries will have Kiyosaki’s books, and they are available from Amazon used cheap.

[loldudeParticipant 0]

Just wondering, what exactly do you do, personally, to earn money?

[Sigma LondonParticipant 37]

Emigrate. One of the only good things about the destruction of the family is that without any roots it is easy to get up and leave. I’ve spent years crying over the family I never got to be a part of, but now I see it as an opportunity. Learn a useful skill broaden your search for a job. There is money to be made in the world for skilled Nomads.

 

[Tbowden1Participant 195]

Didn’t  Robert Kiyosaki become bankrupt a few years after writing those books…. not exactly the role model I would look toward for financial advice. Don’t play real estate like you’re gambling in Vegas.. that is a SURE FIRE way to become poor.

[RoyDalParticipant]

Didn’t Robert Kiyosaki become bankrupt a few years after writing those books…. not exactly the role model I would look toward for financial advice.

You got me interested, so I looked it up. Here’s the link: https://en.wikipedia.org/wiki/Robert_Kiyosaki#Controversy

One of his companies did go bankrupt. The rest of his empire is going strong. He is rolling in dough.

Don’t play real estate like you’re gambling in Vegas.. that is a SURE FIRE way to become poor.

I couldn’t agree more. I would never gamble with my life savings. Not in a casino, not in an investment I did not fully understand. By the same token, I would never make casino bets the house shills do, and I would never buy something just because a real estate salesman said, “this is a good buy and will make you rich.”

Society asks MGTOWs: Why are you not making more tax-slaves?

[KeymasterKeymaster]

And don’t forget …….the market is FILLED with crooks. You can actually take their recommendations and invest against them.

I followed Apple VERY closely for the better part of 12 years and Jim Cramer is a f~~~ing CROOK. He says SELL when you should be buying and BUY when you should be selling. The BIGGEST contrarian indicator I have seen. And they pay assholes to create fear on stock message boards. It’s SO F~~~ED UP I have been deleted just for saying “buy” when Apple dipped. If ANYONE tries to tell you what to do with your money, you ignore them… nobody wants to see you succeed. They only want to see you go broke.

If you keep doing what you've always done... you're gonna keep getting what you always got.

[Tbowden1Participant 195]

I couldn’t agree more.. If anyone is making millions of dollars from a legit profession, they won’t be teaching seminars at your local Double Tree Hotel conference room.

[Total LeeParticipant 1573]

I attended one of those cheesy hotel conferences that a date of mine wanted to attend and I came along. 3 minutes in I was rolling my eyes and knew it was a scam. I high-tailed it out of there and she’s all “where are you going?”. The whole room was beige, the napkins were polyester, the chairs were plastic and vynyl, and the idiot with the microphone had no idea what the f~~~ he was talking about.

When I was 12, cell phones cost $3,000-$4000 and my older brother (19) was all bright eyed about selling them. He went to one of these seminars and sold 2 to make other people rich. He quit within 2 weeks and It took him 5 months to get his commission check. He smelled a scam right from the start.

[John DoeParticipant 743]

Don’t get into debt.  You can have zero in the bank, but as long as you have no debt you are free.

On a side note, homeless people in some major cities such as New York, can make up to 150 dollars per day begging.  So much for poverty…..

[KalesajiParticipant 5]

Our politics class in collage dealed with some of the mentioned aspects. I live in Germany and since recession was hitting the industry hard, it was one of the topics on how to run a succesfull financial market. It all breaks down to the principle of demand and supply. I know, everyone out there knows these basics and I sound like a broken record, but the important aspect is to keep focus on these principles. You can only buy something cheap, if noone wants it, or there is a whole lot of it in store. You can also only sell high if your options are either desired or rare. Now looking at the real estate crysis, you will notice that something was wrong with this market. Real estate was desired – sure, that is something you can understand. Who does not like the option of not having to pay rent, right? But the deal missed its other side. Water is an important good as well. Everyone needs it. But there is a lot of it at disposal, so it stays cheap – at least in the developed countries with good supply infrastructure. If water would start to become a very expensive good and still come out of the tub, you would start to doubt it’s price, right? The interesting aspect however is, that noone did that when real estate blew through the ceiling. America is huge, and real estate is something easy to find. But the prices rise. All these are symptoms of an unhealthy market. My teacher used to say about this something rather remarkable:

“I can’t tell you what makes you rich fast. But I can tell you what makes you poor fast – trying to become rich fast”

Whenever you encounter a market that offers a high intrest rate, double check wether this market is healthy or “sick”. If it’s a sick market, stay away from it. It is not your job to cure it, and trying to get your portion of it will surely make you loose a lot. Because a sick market is usally controlled by it’s sickness. Wether it is ruled by a cartell, controlled by representatives of politic parties or simply put up by a monopolist, you will have to play after his rules. It’s like going into a vegas casino. If you expect to win, you’re a fool. The bank allways wins. Unless there are a lot of independent banks in the same game.

While we are in vegas, let’s put it this way: A healthy market is like a poker tournament of some really good players. Those have been there for quite some time, sometimes they win, sometimes they loose, some have a lot of money, some have less. Sometimes a new person enters the table, sometimes someone leaves.  If one person gets a royal flush, the crowd applauds. This is how the normal market works.

Across the room there also is a dark corner. It’s a corner with a roulett table and an ugly guy with a smug smile on his face offering a fast  game to those who have the guts to play. Usually, he get’s those that think the poker game is boring, and they have to leave broke pretty soon, because he allways wins while they loose. But then he reallizes something. If people win at his table, they continue to play until it’s all gone. So he let’s everyone win. Noone looses. And the crowd moves away from the poker table into the dark corner, and soon even the professional players on the poker table tune into the dirty game. Once everone is involved, the smugface starts to make everyone loose. Noone wants to play roulette anymore. Smugface has a lot of money and runs of with an even brighter smug smile on his face, while everyone looks ashamed of himself towards the empty poker table. The profesionals start to play again, but the pot is much smaller.

I think this metaphorical explaination allows a brief view into the problems of a sick market.
To sum up what is important on recognizing a sick market:
– Everyone wins
– The proportions of demand and supply are distorted
– It grew from small to big, not vice versa
– It’s transactions gain and loose quickly- A mayor party is involved, but does not play by the rules the others do

If you are in vegas, you may go and play roulett. You will lose money, but it is fun and you will have a good time. Don’t play roulett on the financial market. Poker is the game to play. Because Poker actually has a winner. Because it is the only game, the bank does not win. Don’t gamble in games, you can’t win. Don’t gamble on the financial market. Play Poker.

My advise based on my knowledge. You may distribute this if you found it enlightening. Please give me some feedback.

Cheers,
Kalesaji

[DualityParticipant 9]

A big financial step is to finish school and reach your goals before falling in love, trust me, women will destroy you.

[Krab_AssParticipant 267]

This is to the younger men out there that have time on your side.  In my experience, I have found it works to live meagerly and frugally – all the while putting as much as you can in your 401(k) or IRA.  In the past – when I got a raise, I would put as much of it into investments and not spend the extra $$$ I was making.  I am almost fifty now and pretty much having to start over since my divorce, but – I can tell you that I managed to build up quite a tidy sum just socking it away when I could.   Also – when I did get a peek at my 401(k), I would go ‘shopping’ and buy different types of offerings that my financial institution had to offer.  I tried to spread evenly (keeping approx the same amount of $$$ in high, med and low risk options.   You will have to ‘play’ with your portfolio and see what works for you.

You will enjoy watching your wealth grow and grow!

Compounding interest over time is a nice thing indeed as well.  I cannot speak for other investments like futures, precious metals (the list goes on and on).

"I care not what others think of what I do, but I care very much about what I think of what I do! That is character!"
~ Theodore Roosevelt

[– Deleted on Request –Spectator 936]

Read The Intelligent Investor by Benjamin Graham.  It’s the definitive guide on how to invest one’s money by someone who, while he was alive, survived the Crash and the Depression.

 

He outlines investment strategies for a variety of personal temperaments, ranging from conservative to aggressive.  He even offers some guidance on how to evaluate a potential investment, such as certain key financial numbers to watch for.

 

How good is this book?  Warren Buffett uses it as a reference, for one thing.  So does my broker and I’ve been doing business with him for over 20 years.

 

However, Graham reminds the reader that there are no guarantees, others than one will eventually make money.  One just doesn’t necessarily know from which stock, how much, or when.

[Smacktalk73Participant 296]

Here is a tip nobody in the financial industry will tell you, because it puts them out of work:

Don’t use banks or investment institutions until you have to.  ESPECIALLY in today’s economy.    There is no question that the illusion of wealth is paraded all over the place right now in the stock market, but the truth is, that entire industry captures all of the real economic gains for itself, and sells hope to the public.   Investing in stocks/bonds etc is a place to put your EXCESS wealth once you are rich, in a very diversified way, because you have too much wealth to manage.

Instead, start out by owning REAL assets.  Own your car first.  Then your home.  Then a second home that you rent out.

If you don’t think this works, do a quick assessment of your outgoing expenses each month.   How much do you pay in interest on your car and your home loan (and credit cards if you carry balances)?  For many people, this interest is more than 25 percent of their income.  In other words, after taxes, 25 percent of their income goes not to savings, wealth, food, or anything else — it goes to pay for their banker’s BMW.

And if you OWN this stuff free and clear, you automatically make AT LEAST that much more money each month.  So you will feel much wealthier before you put a dime in the bank.

[RoyDalParticipant]

Instead, start out by owning REAL assets. Own your car first. Then your home. Then a second home that you rent out.

It worked for me! I took “early retirement” because of that plan.

Society asks MGTOWs: Why are you not making more tax-slaves?

[BigDParticipant 3024]

I recommend the 13 Steps on fool.com.  Used to be called “Fool’s School”, but the steps are just as good.  I haven’t lost just following those steps, but I haven’t become rich overnight.

Don't stick your dick into anyone you aren't willing to put up with for eighteen years and nine months.

[rainydaykidParticipant 42]

I agree with RoyDal. However, I am a minimalist, and don’t like owning anything besides some basic hiking equipment, which I made most of myself. I just feel like owning stuff chains me down.

It’s good advice for the most part, though. I just like to be able to grab my gear and go wherever, though. For me, being frugal and learning tons of ways to save money helps a lot. Simple stuff, like growing my hair long so I can trim a bit off the ponytail every once in awhile. Takes less than 5 minutes, and saves me 15 bucks each time.

My hope one day is to truly be able to live without money, to rise above our consumerist culture. I don’t see this happening anytime soon, however, so I try to reduce my reliance on money as much as possible. I’m really handy with tools, and don’t pay someone else if I can do it myself. As I’ve learned more over the years, I’ve had to spend less.

 

[mgtow_85Participant 752]

John Doe wrote:

Don’t get into debt. You can have zero in the bank, but as long as you have no debt you are free. On a side note, homeless people in some major cities such as New York, can make up to 150 dollars per day begging. So much for poverty…..

I’ve been to New York City before.

The reason so many people are homeless there is BECAUSE they’re only making 150 bucks a day. The cost of living is so high in Manhattan, you’re considered “lower middle class” if you make $500,000 a year or less. It’s f~~~ing impossible to afford one of the high rise apartments that overlook Central Park. Hell, you save $50,000, it’ll get you a cheap-ass place in the Bronx ghetto with paper-thin walls and you won’t need an alarm clock because you’ll be waking up to gunshots going off like clockwork.

You can always move across the river to the Jersey suburbs and save money that way, but the commute would be a bitch. Hell, one visit to Manhattan, and I couldn’t figure out why people wanted to f~~~ing live there, or how they’d be able to AFFORD it if they were doing anything less than stockbroking or magazine/commercial advertising.

They call NYC the “city that never sleeps” for a reason. Because people are working 6 f~~~ing jobs just to pay for the rent they need. Who has time to sleep when the rent is due? Your accountant on Monday is your cab driver on a Wednesday who throws and wraps fish at the fish market on Fridays. And hell, on Sunday, he’s just another mugger holding up tourists for money because he still needs $50 more for rent by the next week.

[John DoeParticipant 743]

mgtow_85 wrote:

They call NYC the “city that never sleeps” for a reason. Because people are working 6 f~~~ing jobs just to pay for the rent they need. Who has time to sleep when the rent is due? Your accountant on Monday is your cab driver on a Wednesday who throws and wraps fish at the fish market on Fridays. And hell, on Sunday, he’s just another mugger holding up tourists for money because he still needs $50 more for rent by the next week.

Why live there then?

[HitmanParticipant]

hey john doe..bro i was born in nyc and got out a few times to live in other states,but i live here because i am stuck here now..like most of the other new yorkers..hustle non stop to make a living..then add a backstabbing wife..damn..its a meat grinder..if you got big money its awesome..now lawyer got most of mine..on the bright side ,aint too many american women here..

[Author]

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