A
a a
Guest
https://www.marketwatch.com/video/fire-starters/how-this-38-year-old-made-it-from-deep-poverty-to-millionaire/BBDDEEA1-FFBE-445A-8942-5B4FA4F66A07.html?mod=MW_article_top_stories
A
amdx
Guest
On 8/1/2022 5:52 AM, a a wrote:
> https://www.marketwatch.com/video/fire-starters/how-this-38-year-old-made-it-from-deep-poverty-to-millionaire/BBDDEEA1-FFBE-445A-8942-5B4FA4F66A07.html?mod=MW_article_top_stories
 It is not that hard to become a millionaire, assuming you are
financially disciplined for 30+ years.
My wife and I had an inflation adjusted income of $71k a year. As an
example of this, we earned
$18k in 1981, inflation adjusted that is $55k. I did these calculations
in 2018, when I retired.
 I inflation adjusted income for all the years, added them up and
divided by the number of years, to get $71k.
 We were good savers, we saved more than 10% to a max of 41% on an
especially good year (1986, I earned $60k)
I invested in no-load mutual Funds, Mostly Vanguards VTSAX or VTI. We
had the proverbial million in 2011,
and then the stock market took off and put us in the Top 5% of US
households.
  This allowed me to payout $300k to get a child through dental school
with zero student debt and finance
a fixer upper house for a year until it was fixed and allowed a standard
mortgage.
 I kills me to read about young people saying you can\'t get ahead in
the US, the man is holding you down, the
rich are controlling everything, the stock market is rigged. It is not a
group thing, every individual controls their future.
All you need is your health and the this country is your oyster.
The number one example of this is the Reddit subthread called r/antiwork.
OK, bitrex, tell me how bad it is and how nobody can get ahead.
--
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> https://www.marketwatch.com/video/fire-starters/how-this-38-year-old-made-it-from-deep-poverty-to-millionaire/BBDDEEA1-FFBE-445A-8942-5B4FA4F66A07.html?mod=MW_article_top_stories
 It is not that hard to become a millionaire, assuming you are
financially disciplined for 30+ years.
My wife and I had an inflation adjusted income of $71k a year. As an
example of this, we earned
$18k in 1981, inflation adjusted that is $55k. I did these calculations
in 2018, when I retired.
 I inflation adjusted income for all the years, added them up and
divided by the number of years, to get $71k.
 We were good savers, we saved more than 10% to a max of 41% on an
especially good year (1986, I earned $60k)
I invested in no-load mutual Funds, Mostly Vanguards VTSAX or VTI. We
had the proverbial million in 2011,
and then the stock market took off and put us in the Top 5% of US
households.
  This allowed me to payout $300k to get a child through dental school
with zero student debt and finance
a fixer upper house for a year until it was fixed and allowed a standard
mortgage.
 I kills me to read about young people saying you can\'t get ahead in
the US, the man is holding you down, the
rich are controlling everything, the stock market is rigged. It is not a
group thing, every individual controls their future.
All you need is your health and the this country is your oyster.
The number one example of this is the Reddit subthread called r/antiwork.
OK, bitrex, tell me how bad it is and how nobody can get ahead.
--
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B
bitrex
Guest
On 8/1/2022 8:01 AM, amdx wrote:
\"and then the stock market took off\"
All the market has reliably done for the better part of 20 years is slump
\"and then the stock market took off\"
All the market has reliably done for the better part of 20 years is slump
B
bitrex
Guest
On 8/1/2022 7:59 PM, bitrex wrote:
BTW I didn\'t \"get ahead\" by investing I knew that was a lost cause ages
ago, I invested in education and my business ages ago. I have an
in-demand skill, much more reliable way of making money than trying to
play a game that, as you say, the very wealthy rig in their favor.
It\'s funny you think you\'re one of them. You\'re way closer to a bum than
you\'re close to Elon Musk with your what...single-digit million? Lol
BTW I didn\'t \"get ahead\" by investing I knew that was a lost cause ages
ago, I invested in education and my business ages ago. I have an
in-demand skill, much more reliable way of making money than trying to
play a game that, as you say, the very wealthy rig in their favor.
It\'s funny you think you\'re one of them. You\'re way closer to a bum than
you\'re close to Elon Musk with your what...single-digit million? Lol
A
amdx
Guest
On 8/1/2022 6:59 PM, bitrex wrote:
 My VTSAX had a multiple of 3.14 between 1-11-11 and today, even with
the recent market downturn.
btw, that is 11.7% compounded!
I haven\'t run the number but I\'d bet the S&P did even better.
 To me that equals, \"the stock market took off\"
today it has a 3.45 multiple.
 If you have something better, good for you, I didn\'t.
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I invest in Total Stock market Mutual Funds, VTSAX and The S&P 500
 My VTSAX had a multiple of 3.14 between 1-11-11 and today, even with
the recent market downturn.
btw, that is 11.7% compounded!
I haven\'t run the number but I\'d bet the S&P did even better.
 To me that equals, \"the stock market took off\"
I\'ll agree the market was flat from 2002 to 2010, but from 2010 until
today it has a 3.45 multiple.
 If you have something better, good for you, I didn\'t.
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A
amdx
Guest
On 8/1/2022 7:13 PM, bitrex wrote:
Ya, you have said that before, Musk got under you skin and you just
can\'t shake him!
 I don\'t know why you would use the very wealthy as a club.What does it
matter, as long as I have enough to support myself for 30 years
and then give my kids a good inheritance. Your just showing your hate
for the rich.
Do you have anything saved, what if you become disabled in a car accident?
 Making money is great, old money is better!
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Ya, you have said that before, Musk got under you skin and you just
can\'t shake him!
 I don\'t know why you would use the very wealthy as a club.What does it
matter, as long as I have enough to support myself for 30 years
and then give my kids a good inheritance. Your just showing your hate
for the rich.
Do you have anything saved, what if you become disabled in a car accident?
 Making money is great, old money is better!
--
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B
bitrex
Guest
On 8/1/2022 8:56 PM, amdx wrote:
Sir I live rather comfortably in one of the highest cost-of-living areas
on the planet, where one bedroom homes regularly sell for $400,00 or more.
I\'m not sure what kind of Stalinist-hovel-type of situation it is you
believe I dwell in.
Anyway, not sure why you\'re blathering on about your financial life
story like you have something to brag about, if it\'s \"not that hard.\"
Finger-painting isn\'t that hard either, do you brag about yours also?
Whatever you\'re doing, it\'s the kind of thing New Englanders tend to
find gauche, we\'re not in the business of \"flaunting it.\"
I\'m not afraid of growing old, but I\'m in no rush to get there. ;-)
Sir I live rather comfortably in one of the highest cost-of-living areas
on the planet, where one bedroom homes regularly sell for $400,00 or more.
I\'m not sure what kind of Stalinist-hovel-type of situation it is you
believe I dwell in.
Anyway, not sure why you\'re blathering on about your financial life
story like you have something to brag about, if it\'s \"not that hard.\"
Finger-painting isn\'t that hard either, do you brag about yours also?
Whatever you\'re doing, it\'s the kind of thing New Englanders tend to
find gauche, we\'re not in the business of \"flaunting it.\"
I\'m not afraid of growing old, but I\'m in no rush to get there. ;-)
A
amdx
Guest
On 8/1/2022 8:08 PM, bitrex wrote:
 I never said anything about where or how you live, don\'t be so
defensive. But I must say, I can\'t see why anyone earning 3, 4, or
$500k, would not attempt to save some of it.
What kind of a decadent life must you live where can\'t put at least put
20% away for the future.
 Because so few do it, and then they live on a meager SS check in
retirement. I want to encourage people to LBYMs.
I related my story because of the OP. I follow a couple of Early
retirement groups, and there many stories of people that have saved
enough that
they no longer need to work for income. And there are many readers in
the accumulation stage, that get encouragement in their journey to reach
Financial independence.
 I will agree it is not a story that fits here, but maybe someone will
take inspiration. For those interested,
*_Living Below Your Means (LBYM) is a very powerful tool whether you
practice it during accumulation or during retirement....
Unfortunately, this is a deep dark secret to much of the populace_*.
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 I never said anything about where or how you live, don\'t be so
defensive. But I must say, I can\'t see why anyone earning 3, 4, or
$500k, would not attempt to save some of it.
What kind of a decadent life must you live where can\'t put at least put
20% away for the future.
 Because so few do it, and then they live on a meager SS check in
retirement. I want to encourage people to LBYMs.
I related my story because of the OP. I follow a couple of Early
retirement groups, and there many stories of people that have saved
enough that
they no longer need to work for income. And there are many readers in
the accumulation stage, that get encouragement in their journey to reach
Financial independence.
 I will agree it is not a story that fits here, but maybe someone will
take inspiration. For those interested,
*_Living Below Your Means (LBYM) is a very powerful tool whether you
practice it during accumulation or during retirement....
Unfortunately, this is a deep dark secret to much of the populace_*.
--
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R
rbowman
Guest
On 08/01/2022 05:59 PM, bitrex wrote:
https://www.youtube.com/watch?v=H53yLW7aTSE
Some will rob you with a six gun and some with a fountain pen.
https://www.youtube.com/watch?v=H53yLW7aTSE
Some will rob you with a six gun and some with a fountain pen.
B
bitrex
Guest
On 8/1/2022 10:19 PM, amdx wrote:
BTW what happens if you disable somebody else in a car accident? Most
people don\'t carry nearly enough liability-to-others insurance. And
without enough the other party can go after everything you have...I
carry about a million bucks worth, it is as they say, cheap insurance..
BTW what happens if you disable somebody else in a car accident? Most
people don\'t carry nearly enough liability-to-others insurance. And
without enough the other party can go after everything you have...I
carry about a million bucks worth, it is as they say, cheap insurance..
A
amdx
Guest
On 8/2/2022 6:46 AM, bitrex wrote:
PDL and bodily injury. An added that to the fact we have so many
uninsured motorists in Florida. Umbrella coverage prices have went up a
lot the last few years, used to be about $250 for $1M, now it is up to
$700 to $900. Happy to have agreement with you
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Agreed, but what is stupid is Florida only requires $10,000 of PIP and
PDL and bodily injury. An added that to the fact we have so many
uninsured motorists in Florida. Umbrella coverage prices have went up a
lot the last few years, used to be about $250 for $1M, now it is up to
$700 to $900. Happy to have agreement with you
--
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A
amdx
Guest
On 8/2/2022 1:22 AM, rbowman wrote:
My advice to anyone new to investing, buy no-load mutual funds from
Vanguard, Fidelity,
T.Rowe Price or Charles Schwab. Then buy only Total Stock Market Mutual
Funds.
These companies all have a fund that have 3,000 to 4,000 US stocks.
There are S&P 500 Mutual
funds, that hold 500 stocks.
 Stay away from commission brokers. Stay away from Edward Jones or Fast
Eddie as they are known.
Be a buy and hold investor for the long term.
 Now that you have your money in a Total Stock Market Mutual Fund,
start educating yourself about investing,
 and always say no to anyone wanting to invest your money for you.
 Here is a good article about actively Managed funds vs Index funds,
key quote,
\"The argument in favor of low-cost index funds is simple: Active funds
cost more and are less likely to live up to their promises.\"
The article also has a lot of explanation about funds. A good read for
any novice investor.
--
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My advice to anyone new to investing, buy no-load mutual funds from
Vanguard, Fidelity,
T.Rowe Price or Charles Schwab. Then buy only Total Stock Market Mutual
Funds.
These companies all have a fund that have 3,000 to 4,000 US stocks.
There are S&P 500 Mutual
funds, that hold 500 stocks.
 Stay away from commission brokers. Stay away from Edward Jones or Fast
Eddie as they are known.
Be a buy and hold investor for the long term.
 Now that you have your money in a Total Stock Market Mutual Fund,
start educating yourself about investing,
 and always say no to anyone wanting to invest your money for you.
 Here is a good article about actively Managed funds vs Index funds,
key quote,
\"The argument in favor of low-cost index funds is simple: Active funds
cost more and are less likely to live up to their promises.\"
The article also has a lot of explanation about funds. A good read for
any novice investor.
--
This email has been checked for viruses by Avast antivirus software.
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B
bitrex
Guest
On 8/4/2022 6:23 AM, amdx wrote:
Yeah and the crappy thing is that if you cash in on your uninsured
motorist your premiums are very likely go up. Sucks to feel like you\'re
the one paying to get robbed twice.
It\'s not that expensive in isolation to bump those figures up, it\'s a
smart thing to do.
But point is that it\'s often not that cheap anymore to \"live smart\" in
the aggregate, a smart $20 extra a month here and another $20 fee there
and pretty soon you\'re talking real money, and starts slicing into what
you have to invest. It\'s not all avocado toast..
On 8/2/2022 6:46 AM, bitrex wrote:
On 8/1/2022 10:19 PM, amdx wrote:
On 8/1/2022 8:08 PM, bitrex wrote:
On 8/1/2022 8:56 PM, amdx wrote:
On 8/1/2022 7:13 PM, bitrex wrote:
On 8/1/2022 7:59 PM, bitrex wrote:
On 8/1/2022 8:01 AM, amdx wrote:
On 8/1/2022 5:52 AM, a a wrote:
https://www.marketwatch.com/video/fire-starters/how-this-38-year-old-made-it-from-deep-poverty-to-millionaire/BBDDEEA1-FFBE-445A-8942-5B4FA4F66A07.html?mod=MW_article_top_stories
  It is not that hard to become a millionaire, assuming you are
financially disciplined for 30+ years.
My wife and I had an inflation adjusted income of $71k a year.
As an example of this, we earned
$18k in 1981, inflation adjusted that is $55k. I did these
calculations in 2018, when I retired.
  I inflation adjusted income for all the years, added them up
and divided by the number of years, to get $71k.
  We were good savers, we saved more than 10% to a max of 41%
on an especially good year (1986, I earned $60k)
I invested in no-load mutual Funds, Mostly Vanguards VTSAX or
VTI. We had the proverbial million in 2011,
and then the stock market took off and put us in the Top 5% of
US households.
   This allowed me to payout $300k to get a child through
dental school with zero student debt and finance
a fixer upper house for a year until it was fixed and allowed a
standard mortgage.
  I kills me to read about young people saying you can\'t get
ahead in the US, the man is holding you down, the
rich are controlling everything, the stock market is rigged. It
is not a group thing, every individual controls their future.
All you need is your health and the this country is your oyster.
The number one example of this is the Reddit subthread called
r/antiwork.
https://www.reddit.com/r/antiwork/
                     Mikek
OK, bitrex, tell me how bad it is and how nobody can get ahead.
\"and then the stock market took off\"
All the market has reliably done for the better part of 20 years
is slump
BTW I didn\'t \"get ahead\" by investing I knew that was a lost cause
ages ago, I invested in education and my business ages ago. I have
an in-demand skill, much more reliable way of making money than
trying to play a game that, as you say, the very wealthy rig in
their favor.
It\'s funny you think you\'re one of them. You\'re way closer to a
bum than you\'re close to Elon Musk with your what...single-digit
million? Lol
Ya, you have said that before, Musk got under you skin and you just
can\'t shake him!
  I don\'t know why you would use the very wealthy as a club.What
does it matter, as long as I have enough to support myself for 30
years
and then give my kids a good inheritance. Your just showing your
hate for the rich.
Sir I live rather comfortably in one of the highest cost-of-living
areas on the planet, where one bedroom homes regularly sell for
$400,00 or more.
I\'m not sure what kind of Stalinist-hovel-type of situation it is
you believe I dwell in.
  I never said anything about where or how you live, don\'t be so
defensive. But I must say, I can\'t see why anyone earning 3, 4, or
$500k, would not attempt to save some of it.
What kind of a decadent life must you live where can\'t put at least
put 20% away for the future.
Anyway, not sure why you\'re blathering on about your financial life
story like you have something to brag about, if it\'s \"not that hard.\"
  Because so few do it, and then they live on a meager SS check in
retirement. I want to encourage people to LBYMs.
I related my story because of the OP. I follow a couple of Early
retirement groups, and there many stories of people that have saved
enough that
they no longer need to work for income. And there are many readers in
the accumulation stage, that get encouragement in their journey to
reach Financial independence.
  I will agree it is not a story that fits here, but maybe someone
will take inspiration. For those interested,
https://forum.mrmoneymustache.com/
  and
https://www.early-retirement.org/forums/
*_Living Below Your Means (LBYM) is a very powerful tool whether you
practice it during accumulation or during retirement....
Unfortunately, this is a deep dark secret to much of the populace_*.
BTW what happens if you disable somebody else in a car accident? Most
people don\'t carry nearly enough liability-to-others insurance. And
without enough the other party can go after everything you have...I
carry about a million bucks worth, it is as they say, cheap insurance..
Agreed, but what is stupid is Florida only requires $10,000 of PIP and
PDL and bodily injury. An added that to the fact we have so many
uninsured motorists in Florida. Umbrella coverage prices have went up a
lot the last few years, used to be about $250 for $1M, now it is up to
$700 to $900. Happy to have agreement with you
Yeah and the crappy thing is that if you cash in on your uninsured
motorist your premiums are very likely go up. Sucks to feel like you\'re
the one paying to get robbed twice.
It\'s not that expensive in isolation to bump those figures up, it\'s a
smart thing to do.
But point is that it\'s often not that cheap anymore to \"live smart\" in
the aggregate, a smart $20 extra a month here and another $20 fee there
and pretty soon you\'re talking real money, and starts slicing into what
you have to invest. It\'s not all avocado toast..
A
amdx
Guest
On 8/4/2022 10:17 AM, bitrex wrote:
years ago I paid $1232, then $1858, This year it was $2352, and then 6
months in my insurance company went under, luckily another company took
over their customers. But in January when it renews, I\'m expecting big
increase, *IF,* I can get home insurance. Had a buddy get insurance and
within a month canceled, got insurance through another company, and
cancelled with a week. He finally went with the state plan. Nothing at
all special about his house.
--
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It\'s called insurance poor! Home insurance is getting crazy in Fl. ThreeOn 8/4/2022 6:23 AM, amdx wrote:
On 8/2/2022 6:46 AM, bitrex wrote:
On 8/1/2022 10:19 PM, amdx wrote:
On 8/1/2022 8:08 PM, bitrex wrote:
On 8/1/2022 8:56 PM, amdx wrote:
On 8/1/2022 7:13 PM, bitrex wrote:
On 8/1/2022 7:59 PM, bitrex wrote:
On 8/1/2022 8:01 AM, amdx wrote:
On 8/1/2022 5:52 AM, a a wrote:
https://www.marketwatch.com/video/fire-starters/how-this-38-year-old-made-it-from-deep-poverty-to-millionaire/BBDDEEA1-FFBE-445A-8942-5B4FA4F66A07.html?mod=MW_article_top_stories
  It is not that hard to become a millionaire, assuming you
are financially disciplined for 30+ years.
My wife and I had an inflation adjusted income of $71k a year.
As an example of this, we earned
$18k in 1981, inflation adjusted that is $55k. I did these
calculations in 2018, when I retired.
  I inflation adjusted income for all the years, added them up
and divided by the number of years, to get $71k.
  We were good savers, we saved more than 10% to a max of 41%
on an especially good year (1986, I earned $60k)
I invested in no-load mutual Funds, Mostly Vanguards VTSAX or
VTI. We had the proverbial million in 2011,
and then the stock market took off and put us in the Top 5% of
US households.
   This allowed me to payout $300k to get a child through
dental school with zero student debt and finance
a fixer upper house for a year until it was fixed and allowed
a standard mortgage.
  I kills me to read about young people saying you can\'t get
ahead in the US, the man is holding you down, the
rich are controlling everything, the stock market is rigged.
It is not a group thing, every individual controls their future.
All you need is your health and the this country is your oyster.
The number one example of this is the Reddit subthread called
r/antiwork.
https://www.reddit.com/r/antiwork/
                     Mikek
OK, bitrex, tell me how bad it is and how nobody can get ahead.
\"and then the stock market took off\"
All the market has reliably done for the better part of 20
years is slump
BTW I didn\'t \"get ahead\" by investing I knew that was a lost
cause ages ago, I invested in education and my business ages
ago. I have an in-demand skill, much more reliable way of making
money than trying to play a game that, as you say, the very
wealthy rig in their favor.
It\'s funny you think you\'re one of them. You\'re way closer to a
bum than you\'re close to Elon Musk with your what...single-digit
million? Lol
Ya, you have said that before, Musk got under you skin and you
just can\'t shake him!
  I don\'t know why you would use the very wealthy as a club.What
does it matter, as long as I have enough to support myself for 30
years
and then give my kids a good inheritance. Your just showing your
hate for the rich.
Sir I live rather comfortably in one of the highest cost-of-living
areas on the planet, where one bedroom homes regularly sell for
$400,00 or more.
I\'m not sure what kind of Stalinist-hovel-type of situation it is
you believe I dwell in.
  I never said anything about where or how you live, don\'t be so
defensive. But I must say, I can\'t see why anyone earning 3, 4, or
$500k, would not attempt to save some of it.
What kind of a decadent life must you live where can\'t put at least
put 20% away for the future.
Anyway, not sure why you\'re blathering on about your financial
life story like you have something to brag about, if it\'s \"not
that hard.\"
  Because so few do it, and then they live on a meager SS check in
retirement. I want to encourage people to LBYMs.
I related my story because of the OP. I follow a couple of Early
retirement groups, and there many stories of people that have saved
enough that
they no longer need to work for income. And there are many readers
in the accumulation stage, that get encouragement in their journey
to reach Financial independence.
  I will agree it is not a story that fits here, but maybe someone
will take inspiration. For those interested,
https://forum.mrmoneymustache.com/
  and
https://www.early-retirement.org/forums/
*_Living Below Your Means (LBYM) is a very powerful tool whether
you practice it during accumulation or during retirement....
Unfortunately, this is a deep dark secret to much of the populace_*.
BTW what happens if you disable somebody else in a car accident?
Most people don\'t carry nearly enough liability-to-others insurance.
And without enough the other party can go after everything you
have...I carry about a million bucks worth, it is as they say, cheap
insurance..
Agreed, but what is stupid is Florida only requires $10,000 of PIP
and PDL and bodily injury. An added that to the fact we have so many
uninsured motorists in Florida. Umbrella coverage prices have went up
a lot the last few years, used to be about $250 for $1M, now it is up
to $700 to $900. Happy to have agreement with you
Yeah and the crappy thing is that if you cash in on your uninsured
motorist your premiums are very likely go up. Sucks to feel like
you\'re the one paying to get robbed twice.
It\'s not that expensive in isolation to bump those figures up, it\'s a
smart thing to do.
But point is that it\'s often not that cheap anymore to \"live smart\" in
the aggregate, a smart $20 extra a month here and another $20 fee
there and pretty soon you\'re talking real money, and starts slicing
into what you have to invest. It\'s not all avocado toast..
years ago I paid $1232, then $1858, This year it was $2352, and then 6
months in my insurance company went under, luckily another company took
over their customers. But in January when it renews, I\'m expecting big
increase, *IF,* I can get home insurance. Had a buddy get insurance and
within a month canceled, got insurance through another company, and
cancelled with a week. He finally went with the state plan. Nothing at
all special about his house.
--
This email has been checked for viruses by Avast antivirus software.
https://www.avast.com/antivirus