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Sign up & get busy...you'll be just fine :thumbsup

good point BUT you don't want to be saving too much... I agree tho that you should save a decent amount for rainy days but what's the point of working hard, making alot of money and living same life style as if you worked at macdonalds ? also what good is it to have alot of money and not enjoy your young life (if you're in your 20's and early 30's) before settling down ? not to mention tomorrow is not guaranteed.... great money management to me is all about knowing that business can struggle any day, plan where money goes, don't spend it on useless shit, save decent percentage, do all that while still enjoying some of your paycheck

The above makes the assumption that money is everything. I tend to agree with that but it is cool because of what is allows me to buy.

THIS IS A GOOD THREAD - Haven't read all of it, I will later but from my experience:

Once the money rolls in, SAVE AND INVEST AS MUCH AS YOU CAN... also buy as much real estate as possible! Most of that material shit is a waste of money, besides the girl you get in the end, if you're lucky won't be materialistic :2 cents:

tell that to millions of Americans who did just that a year or two ago :Oh crap

Yea, I was one of those idiots... lost $$ on a 2 properties (investments) I'm having a hard time selling one that's listed, I got others. I bought right last yr (bank reo) and will continue to exploit the market when I can :thumbsup

that sucks :( but just a question, if you lost money in real estate why would you recommend it ? things will not improve majorly anytime soon

Yes well said, the mentality doesn't just stop as an individual. It amazes me how some companies in our industry operate. Once I start doing the math of how many joins a day it takes to employ each person, nevermind pay for office expenses, my eyes glaze over... I like keeping my expenses at almost nothing :2 cents:

Here is the issue.

You can wake up tomorrow and lose how you make a living so you need to be ready for that.

You can end up dead tomorrow so whats the point of savings so you need to spend too.

This is a great thread!


Im a example..

Im making 2xxxxx+ yearly and not investing it right...

Maybe cuz Im 25 years old...

The idea isn't to live like a hermit and not enjoy the fruits of your labor. The idea is to live an exciting and fruitful life, but moderately, so that tomorrow you can live that same life. It is very, very crushing, for someone to get accustomed to a certain lifestyle and then lose everything. This month's $10,000 does not mean next month will bring the same income. So you go out and you get a $700 a month car, a $3000 a month house, and you party like a rock star every week loving every minute of it. Then next month rolls around and you are down to $2000... what do you do? Most people panic. Make very bad decisions. And do whatever they can to survive. Which begins a cycle of madness that is very difficult to stop.

The idea is simply to live a lifestyle that you can afford and also save for a rainy day so you can continue that lifestyle Day in and day out.

if you have money issues,

listen to dave ramsey

Planning for today is just as important as planning for tomorrow. Diversity is essential if you're running your own business. For example, I make most of my income as an affiliate of one particular program... if they went out of biz, or canned my account, I'd probably have no choice but to sell my house. I'm taking steps to change this situation and increase revenue elsewhere, but it's not something that will happen overnight... and this scares me.

Well most people sell off their web properties for dirt cheap and the people with money held back scoop them up and get that much stronger. :)

I do this on a very small level compared to many here but each time I get a little stronger and a little bigger. Hoping to be one of the big boys someday. :pimp

I think a lot of what you said is true, but I have one overriding philosophy that I live by regarding money.

I own my money, my money doesn't own me. I'm not afraid to risk it all to get more, and sometimes I will loose. Mind you I come from a gambling family..... LOL

To me, and this is just my opinion, it all depends on if you spent the money on yourself or on a business. On yourself is stupid.

I lost a lot on a failed business. I don't regret it. Yes I spent a lot of money in the industry on what looked frivolous; tons of trips, parties, etc... but all were business related. None of those expenses really contributed to the losses I had in another business. I never threw any parties for people outside of my work, and in adult every penny I spent on that all came back to me 100X over.

I blew money on a car, sure it was over $1200 a month lease, but I could have afforded $8,000 or more on that at the time. didn't need it. I blew money on my house, but in the end I could have had a house 5X or more in value, didn't need it. My mortgage was only $1100/month. I always put money away.

I massively overextended myself on a business venture...and it failed for a number of reasons outside of my control. I kept trying cause it had potential and I believed it would turn around, it got worse. I lost all.

sometimes (if you have balls) you have to over extend yourself to go for something, and sometimes it fails. I knew the risks going in. I also had certain assets protected as well. No regrets.

I'll be bluntly honest here, most of the hugely successful people I know have gone broke or lost it all before, or at min had a failed businesses that cost them a lot and really set them back. In my experience it's usually the relatively successful ones, not the HUGELY successful ones, that haven't' ever gone under that wave their finger but won't ever experience 10,000% growth or more in a year cause they didn't have the guts to risk all. :2 cents:

And honestly, and this is just me, but I fucking HATE total security. I like having a rush. and to truly experience a rush you HAVE to loose once in a while to appreciate the wins... I never got into casino gambling huge, I do it with my real life.

just my opinion on money.....

Exactly. :-)

A bad decision. It's unfortunate to watch something like that happen, but it does, and those that can take advantage of the opportunity will do so, as they should.

lots of interesting points in this thread.:thumbsup

If my Aunt had balls she'd be my uncle.

I never got this mentality. What if someone truely enjoys their career in adult and enjoys saving their money? I'd say they enjoyed life just as much as the "rockstar" who is living the shallow american dream if they die on the same day.

I totally agree with that statement..

the reality is the best lives are those with balance... if you budget, I've always believed in doing it by PERCENTAGE.

if you're ok saving 10 or 20 or 50% whatever you're comfortable with- and suddenly you make more money - keep the ratio the same and increase your lifestyle by the increased persentage as well as increase your savings. :2 cents:

I am so with you on this. I like being in business I like being successful but the struggle is more important then the end.

That's actually a pretty good system. In fact, most "personal-finance gurus" suggest a setup precisely like that.

A lot of people have the wrong idea about "personal-finance." They think it's about eating cheap food and never doing anything fun... and that isn't it at all. Personal finance is about balance... and that balance is different for everyone, there is no one set model that applies to all. The key is to find what works for you in your current state, your near future, and your long-term future.

The mentality of "I could die tomorrow" isn't really healthy or responsible. But neither is the mentality of "I'm going to hoard every penny that I have."

I think it's pretty safe to say that everyone has made financial mistakes at some point in their life. It's a learning game. You make mistakes, you learn, you move on. The most important part is "moving on." Doing. Putting your new knowledge into play.

Many of us have the very unique opportunity of being young and having our future paid for. That is simply insane. Practically unimaginable to most. Think about that... a 25-year-old guy, and his future is paid for. I know a few of them.

Regardless of how "tough" this industry might be right now and the economy we are lying in... opportunity is simply insane. Insane. Take it by the balls. Secure your future so that when you are old you don't have to worry about paying for your house and your prescription medications... instead you can be out traveling the world with a loved one. That's opportunity.

exactly.


I love earning to get shit, once I have it I usually don't care anymore and want to put my nose down and go get something else.

Hey Scott. It's nice to see you back :winkwink:

I must say I agree with your point. In most cases to really hit it big you have to risk it big as well. It's interesting because I view it really differently from you. I'm very risk averse. I feel I've put in 10 years of sacrifice and hard work into this industry. I worked so hard to make that money I protect my base at all costs. I wouldn't be able to deal with losing everything on a risk. It's not worth it. If I was given the choice to take what I have and be happy with that or risk it all to double or triple my money that would be an easy choice for me I'd take what I have and walk away without ever regretting it.

No you don't. You own pieces of paper that are backed by nothing. You own numbers in a digital system that is backed by nothing. That same paper is going to devalue soon because they are printing too much of it. It has been devaluing slowly over time every since it was taken off the gold standard and is now worth just a small percent of what it once was.

When it does devalue massively, which may be coming soon, you will then be told how much your paper is then worth, which may not be much at all. Lets hope it's not too big of a fall. You had all better pray to whatever God you pray to that we don't end up with hyper-inflation due to all of this mess or that money that you "own" will be mostly worthless.

I hope those of you with large amounts of cash and money in the bank are not foolish enough to have it all sitting in USD accounts. That is just begging for an ass fucking. :2 cents:

Prepare for the unexpected and think on a global scale. You will end up much wealthier from it in the long run.

I'll also add, since I'm seeing some of you talking about real estate, don't just invest in local real estate. While the US market may be failing, there are many countries that are booming and others that are a buyers market right now. Some of you could be cleaning house in other parts of the world right now.

Small ideas lead to small returns. If you want wealth... THINK AND INVEST GLOBALLY!!!!

If your aunt had balls, she'd be a tranny. :thumbsup

save, save, save, invest, invest, invest.

everyone's different. If you asked me 15 years ago before I made good money and had it all if if once I had it if I'd be willing to give it up and start over, I honestly would have said yes. I know that sounds weird, and wasn't something I planned for my last situation, but I've never been afraid of loosing it all.

probally cause I live in canada, grew up poor and look at worst case scenario here - which is a decent apartment and healthcare... all i really need. everything else is gravy and just stuff

You're either young and stupid or single.

The point is my family would be crippled if I died tomorrow and I had the money management skills of some of the twits in this industry.

Fortunately, I don't.

umm, my money or so i call it, was never in a bank account in large amounts.....

here's a question, I agree that 2 or 3X risking it all isn't worth it, but is 10 or 50 or 100 times?

walking away from a good chance at going 100X bigger is a regret I wouldn't want to have and something i'm willing to risk all at. - depending on the percentage chance I see at making it work...

Hey Shap, hit a brother up and say hi, remember Joe. Tell Mami I say what up

yes .. it's sad but a good thread. make it sticky

Sounds good to me

I totally agree. To me, its not about savings and cash. Its about 10 years of hard work. It would kill me to lose it over an investment or something silly. I'd rather take a very low yield ROI with something low risk than anything high risk anymore.
WG

Shap makes me Harddddd

everybody should be putting money away for their future - how much is up to each individual but everybody should have a nestegg and everybody who is self employed should have disability insurance. god forbid something happens to you at 30 or 40 and you are unable to work - you want to burden your children/parents/siblings with the costs of taking care of you for the next 40 years? wife/husband - they'll be long gone in a matter of a few years, the stats on marriages staying intact after a catastrophe are absolutely horrendous.

fuck it ..

No multiple is worthwhile. I've put a decade of hard work in. My goal from Day 1 was that I'd never have to work another day in my life after this. I've reached that and surpassed it. There is no financial risk that is worth giving that up to me.

Then you sir are one of the smart ones. :thumbsup Too many guys I know with silly amounts of money just stick it in banks and think that's the best place for it. Foolish.

I guess I am way more of a cynic in my old age. I personally love when I see any competition overspending and making poor lifestyle choices that ultimately end up imploding their companies.

Ahh fuck it.

Live it up people.

Look at Michael Jackson. The biggest of all time.
He had the largest debt anyone could imagine.

But in the end hes dead.

Debt or riches you cant take it with you when you are dead.


So if banks and people are going to give you the access to live outside your means, go for it. Casue in the end we all die.. And you cant take your shit with you.

Live it up. Enjoy. In the big picture Its just money.

You can live your life and make it as big as it will let you, or you can sit around and count pennies and worry about saving your money till you die.

lol @ boneprone, all things in moderation.

It's no surprise why you're successful Shap. Common sense.

<-- guilty.

Yes you are so much right !
If you live expensive lifestyle you know it's never enough ...
We have to think about the future .

Make sure you don't have kids or cosigners if you want to live like that. :2 cents:

you're going to let your wife and children fend for themselves when they realize that you left an estate that has more debts than assets?