Time to make some money!! Dont retire broke

[CauseImbetta]

We are locked in a grim rat race. We all need to put aside a portion of our money into investment so it grows.

Tip #1:

Wealth is defined as the number of days you can survive without physically working and still maintaining your standard of living. Wealth is measured in TIME not dollars. Most of us are screwed. Especially when it comes to retirement. It reminds me of trying to survive in an underground bunker with ailing food supplies. Try not to croak.This is depressing stuff but we're going to have to face it.

Tip #2:

Don't diversify as diversification will water down your investment. Warren Buffett said portfolio concentration or focusing on a few investments is a far superior strategy.

Tip #3:

To be successful you going to have to leave the employment and self-employment quadrants and move your finances to becoming a business owner and investor. You have to maintain a long-term Vision plan delay gratification and use the power of compounding.

Tip #4:

Take care of your estate planning now, your will, your life insurance and other tax/retirement plans as soon as you can.

Tip 5:

Your enemy is taxes, inflation and debt. Use Financial intelligence and understanding of financial systems to combat these three evils.

So...

What are you guys currently investing in?

Are there any business owners here?

 

[steve38]

We are locked in a grim rat race.
Try not to croak.

Are there any business owners here?

I'm trying my best not to croak...don't put too much pressure on me, bro.

Does gambling online while browsing latina porn qualify as being a "business owner"? If so, I'm in.

 

[TardStrong]

Working on paying off my house by the time I am 48. Then I can set aside money for retirement. I think buying a house when the market is right is a good start. If you rent, the rent will never end

When the house market crashed again in hope to pounce on another house aswell

 

[rj144]

Not diversifying is horrible advice. It's weird that Buffet would say that and if he did, it's dumb.

Currently, I have enough in my savings account to live two years without a salary with my current standard of living. That's not counting investments. I also have a pension.

And, yes I've diversified my investments as much as I can.

 

[CauseImbetta]

Not diversifying is horrible advice. It's weird that Buffet would say that and if he did, it's dumb.

Currently, I have enough in my savings account to live two years without a salary with my current standard of living. That's not counting investments. I also have a pension.

And, yes I've diversified my investments as much as I can.

You are right but we have to diversify because we are poor. The rich don't diversify.

 

[xbone19]

I have a savings account earning 1.5 interest!

 

[CauseImbetta]

I have a savings account earning 1.5 interest!

You're going to retire poor for sure.

 

[steve38]

Not diversifying is horrible advice. It's weird that Buffet would say that and if he did, it's dumb.

Currently, I have enough in my savings account to live two years without a salary with my current standard of living. That's not counting investments. I also have a pension.

And, yes I've diversified my investments as much as I can.

They say that diversification is merely a hedge against ignorance. Put all your eggs in one basket and watch that basket closely.

 

[HIMBOB]

Re diversification,
httpswww.investopedia.com/ask/answers/031115/what-did-warren-buffett-mean-when-he-said-diversification-protection-against-ignorance-it-makes.asp

Personally I diversify my investments as I am not certain if I am smarter than guys like Buffett. I prefer lower chances of being mega rich it if lowers my chances of being mega poor.

I like ethical investing as I view it as an under applied quality screen.

Also like unlisted infrastructure and alternative assets like water.

Lastly am bidding on an investment property right now. Positively or neaturally geared and it's a place I could live in if Trumps trade war comes to fruition.

 

[rj144]

They say that diversification is merely a hedge against ignorance. Put all your eggs in one basket and watch that basket closely.

Again, unless you're a full time financial adviser, that's not good advice.

 

[CauseImbetta]

The best non diversification I ever did was go all in with crypto and then get out at the right time.

So I understand that diversification isn't really a very good way to get rich.

 

[steve38]

Again, unless you're a full time financial adviser, that's not good advice.

Financial advisers are like stock brokers.....just leeches. But when Buffett said that, he was projecting. It's not good advice for the average guy. I make my living trading the markets, so I'm a little biased

 

[Cuzcatlan]

I have a savings account earning 1.5 interest!

What country?

 

[HIMBOB]

They say that diversification is merely a hedge against ignorance. Put all your eggs in one basket and watch that basket closely.

Great if you are extremely knowledgeable in what you are investing in. But of course knowing all the known unknowns doesn't protect you from the unknown unknowns.

And Buffett preached few not singluar investments. No body is perfect, would be silly to assume you are.

 

[HIMBOB]

What country?

That's the standard rate in Australia.

I'm also in Australia, I'm getting 2.2%.

Quick tip for all basically every bank will be able to increase interest on savings account if you have a decent amount, ask and can quote a better promo rate elsewhere.

 

[CauseImbetta]

Financial advisers are like stock brokers.....just leeches. But when Buffett said that, he was projecting. It's not good advice for the average guy. I make my living trading the markets, so I'm a little biased

You are right I read countless books that said that. A good book on the topic is called I will teach you to be rich by Seti.

 

[steve38]

Great if you are extremely knowledgeable in what you are investing in. But of course knowing all the known unknowns doesn't protect you from the unknown unknowns.

And Buffett preached few not singluar investments. No body is perfect, would be silly to assume you are.

Yeah, I agreed with you. Not everyone is Warren Buffett....most of us are just Jimmy Buffett. lol But that's how Warren got rich, and was sharing that with others.

 

[CauseImbetta]

Re diversification,
httpswww.investopedia.com/ask/answers/031115/what-did-warren-buffett-mean-when-he-said-diversification-protection-against-ignorance-it-makes.asp

Personally I diversify my investments as I am not certain if I am smarter than guys like Buffett. I prefer lower chances of being mega rich it if lowers my chances of being mega poor.

I like ethical investing as I view it as an under applied quality screen.

Also like unlisted infrastructure and alternative assets like water.

Lastly am bidding on an investment property right now. Positively or neaturally geared and it's a place I could live in if Trumps trade war comes to fruition.

Interesting, how do you invest in something that is unlisted?

 

[indo80]

There is a fine line between being too diversified and not diversified enough. A lot of people are getting used to this bull market which is one of the longest in history and there will be day when we face another recession. A good sign of a bull market that is about to end is when people are overly optimistic and are betting the farm on single securities. I personally would be careful at this stage of the game.

 

[indo80]

The best non diversification I ever did was go all in with crypto and then get out at the right time.

So I understand that diversification isn't really a very good way to get rich.

unlike your great bet a lot of people bought bitcoin in December of last year with prices ranging from 14k to 20k and those people are down big time in less than 3 months. For the vast majority of folks these speculative investments should be no more than 10% of your portfolio