Wealth advice from a start-up millionaire

Discussion in 'Wealth Creation & Management' started by Clawhammer, Apr 9, 2013.

  1. JulieW

    JulieW Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    13,422
    Likes Received:
    2,705
    Trophy Points:
    113
    Location:
    Australia
    I always like the response of (supposedly) Henry Ford when asked the secret of his success.

    He said " I owe all I have to some advice my father gave me: Here's a million dollars, don't lose it"
     
  2. Holdfast

    Holdfast Well-Known Member Silver Stacker

    Joined:
    Oct 15, 2009
    Messages:
    9,479
    Likes Received:
    708
    Trophy Points:
    113
    Location:
    Australia
  3. chrissilver

    chrissilver Member Silver Stacker

    Joined:
    Jun 10, 2013
    Messages:
    809
    Likes Received:
    8
    Trophy Points:
    18
    Location:
    United Kingdom
    This advise is all pretty much common sense.

    I disagree with the "Do nothing with the money for six months"

    To me this is a waste of 6 months when you could be getting a return. I have already thought of what would happen if I won a few million. I would spend most of it on separate properties that I could rent out, and also a small property to live in. If you had 2million I property and were making a 5% return, that is 100k before expenses and taxes. Hardly super rich.

    Most people who win the lottery or something end up within a couple of years as rich (or as poor) as they were before they won, as they have no grasp of money. They assume they are rich, as 2million seems like a lot, but waste most of it on expensive cars, holidays, boats etc. Things that they would not have bought if they were on a 100k salary a year.

    Invest it wisely and live only off the income not the capital.
     

Share This Page