Steve Posted December 28, 2008 Report Share Posted December 28, 2008 I've been bullsh*ting the last few years. This years economic meltdown has helped me gain my senses again. The movie Wall Street was my fave movie for years. I worked in the financial services industry for a large part of my working life after college. I read all the financial books, invested, etc. However, I lost focus after time. Started chasing whores in Asia, got into other things, "this, that and the other" as they say. I was watching a program just now named after and by the author of 'Rich Dad, Poor Dad'. I read that book several years ago when I was more financially conscious. I also read many other books, some of which come to mind and ones I would recommend to family and friends were: 'The Millionaire Next Door' 'The Richest Man In Babylon 'How To Make Money In Stocks' The times have changed. One of the things these books and others have said was you can't rely on just having a good job and a 401(k) and everything will be okay. My main 2009 New Years resolution is to re-read those books and others and get my butt in gear and my frame of mind back into making sure Chocolat Steve's future is as secure as he can make it. I don't want to sacrefice my fun. I may have to adjust how much fun and when but I want to live life as full as I can as well. Maybe I do have to make a choice. I don't think I do but I'll find out soon enough. Has this economic crisis been a bit of cold water on your face as well? Link to comment Share on other sites More sharing options...
LAX Posted December 28, 2008 Report Share Posted December 28, 2008 pushing stocks is like a drug dealer pushing smack ! a Stock broker just wants you to be in the market because they make a commision if you win or lose as long as you buy and sell stocks , Walk away from the market , put your hands in your pocket for 6 months and see where the world is , Cash is King , keep your expenses down and you can live well , try and keep up with the Jones and gambling (Vegas or Wall Street) and you will lose in the end , Very few people know when to walk away from the tables....or the stock market.... Dave PS....when me hands are in my pockets , the pockets are full of CASH Link to comment Share on other sites More sharing options...
Steve Posted December 28, 2008 Author Report Share Posted December 28, 2008 For me, I'm looking at things that can generate cash flow. In that show by the author of 'Rich Dad, Poor Dad' he said rich is judged in money and wealth is judged in time. For example if you have 100k, you have it now and its money. If you have an asset that is generating 1k a month for 10 years then that is a form of wealth, money over time. I've never used stockbrokers. I don't want to sound like I know everything there is to know about the market, I don't, but I've worked for brokerage firms and spent my last semester in school interning at a huge Merrill Lynch office and those guys are more salesmen than knowledgeable about the market. There are some that are knowledgeable but those aren't the ones that you normally meet, they are the minority in that office. I do think there is value in investing in the stock market at times. However, just like anything you need a system that works. Link to comment Share on other sites More sharing options...
USVirgin Posted December 29, 2008 Report Share Posted December 29, 2008 Has this economic crisis been a bit of cold water on your face as well? Are you kiddin' me? My new year's resolution is to simply get a job and start playing golf again. Sounds like an oxymoron, but it's difficult to play golf when you have no income. Link to comment Share on other sites More sharing options...
WorldFun Posted December 29, 2008 Report Share Posted December 29, 2008 I'm not really into those get rich type books, but I guess some of them do offer sound advice such as financial planning etc which really should be part of everyone's education especially today. Again one's wealth is tightly linked to ones career although some successful business may be started after simply reading a *get rich* book Keyword remains spend less than one earn & manage the savings wisely Best of luck to all including 2009 - a very *interesting* year head Link to comment Share on other sites More sharing options...
ChristianTroy Posted December 29, 2008 Report Share Posted December 29, 2008 I wouldn't bet that cash in the pocket is something to rely on. Everybody should be aware that we have seen NOTHING yet from the real consequences of the financial crisis. The states printing money to bail out companies in order to keep people employed and keep their spending powers. Once that stops you gonna see something really interesting. It is a long chain behind those GM/FORD jobs in example. If they close, their suppliers will close, If their suppliers close their suppliers close etc... when people don't consume products then people get fire at wall mart etc.. This is the only reason to bailout companies that failed on the market. People wont buy more cars with such a difficult year ahead of us so the bailouts are to win time. The banks won't stop doing risky business, probably now more than ever. The bubble will burst and what we have seen bursting yet been tiny neighboring bubbles. You wanna do something smart then go ahead and buy physical gold. Currencies can fail as well, Gold can loose some of it's worth as well but it will never be worthless. Money is just paper when a major inflation is coming! Link to comment Share on other sites More sharing options...
buffalo_bill Posted December 29, 2008 Report Share Posted December 29, 2008 If I was in Thailand I would put my money on push up bras . If I was not in Thailand but elsewhere I would put my money on property , unbuilt land . Because I am BuBi from Germany I put my money on a mixed basket of non-push-up bras , unbuilt land in Southern Europe ( Spain/Portugal ) and a mixture of undervalued stock classics like Mercedes or Siemens . For the latter too early yet , I believe the big bang is still ahead of us . Link to comment Share on other sites More sharing options...
WorldFun Posted December 29, 2008 Report Share Posted December 29, 2008 bubi, please don't share that secret Thai killer biz with everyone - I still haven't been able to monopolize this 'push-up' market yet LOL Link to comment Share on other sites More sharing options...
ChristianTroy Posted December 29, 2008 Report Share Posted December 29, 2008 dammit why I invested in thongs??? Link to comment Share on other sites More sharing options...
WorldFun Posted December 29, 2008 Report Share Posted December 29, 2008 because you wants every hot chick to wear them only they won't - the ugly ones do occasionally though Link to comment Share on other sites More sharing options...
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