I am a fucking millionaire in the making. Even CNN believes it.

Out of 71 "Millionaire in the Making" iReport entries (http://www.ireport.com/ir-topic-stories.jspa?start=60&topicId=9548), 5 of them actually ended up on CNN. I was one of those 5!

http://www.ireport.com/docs/DOC-47965 (Check on the "On CNN" stamp)

Hah. The girl who interviewed me over the phone from CNN's iReport said she loved my shirt. Niiiiice.

You should hit her up for a 3way with your current sextoy.

Good goal, but you're drifting along too much. I love talking investing with people so below is my mindset when it comes to investing and how I came to think this way... if any of it's useful feel free to run with it or post back here. Also if you bought the condo in 2006 you probably don't have $2,500 equity now.



1. Set three very clear goals
a) How much will you make?
b) deadline
c) why are you doing this?

For me (a) is $50,000 NZD per year in passive income because I could retire off that should I so choose. I prefer to make hard cash from assets rather than rely on capital gains so I don't care if I'm a millionaire or not. If you've held shares for the last 6 months you will understand how quickly paper-profits can evaporate. I may use capital-gain deals to facilitate cash-flow but my goal is not to hold a ton of shares. (b) is by July 4 2011, my 30th birthday and (c) is because I don't like working for the man. Life's too short to be in an office. I want to take some time out and figure what work I really want to do.

2. Figure out how you can achieve these goals.
You seem to be messing around with credit cards, a condo, stocks, a 401K. Make sure the game you're playing with the credit cards works out. If you're putting a little into stocks, a little into real-estate etc could you get more returns just by focussing on 1 asset-class and becoming a master there? There are very few wealthy people with 1-2 houses, a few stocks and a 401K they've put some money into. Right now, I can't help feel you'd be better to save as much as you can and wait for a real bargain to appear.

I wanted passive income so I chose real-estate.

3. Patience and timing
Don't buy every month as the market is falling, what a waste of time. Save your resources and pounce when a real deal comes up.

I started saving in 2006 but the NZD was expensive (I earn yen) so I waited and read dozens of books on property.
NZD crashed late last year so I bought a duplex, then it crashed even further so I've just signed on a four-plex. I'm about 2/3 towards my goal and because I bought well my "break-even" point is 50% occupancy. If the NZD stays down until October this year I will probably get another duplex and from there I can start paying down debt from the income to increase cash flow further and lower risk.  
I don't care if property values drop another 5-10%, I'm saving 40% on the currency transaction and the cash flow from rents will mitigate some of that. Other people will have difference circumstances.

4. Add a zero to what you think of as the unit that means "a lot of money to have". I trained myself to feel that what I was making and had as inadequate and I automatically busted ass and moved up a rung. Reading your article you're mentioning things like $2,500 equity.... that's pretty meaningless. Aim for $25K equity and $350 per month in income from the place, now you're talking some numbers. You could then buy 3 more condo's and be making $500+ a week. 3 more after that and you could play golf all day.

Stock advice, anyone?

Under, you're dead on about needing concrete plans. Some of mine are (short term mostly - 1 year goals) and some aren't. I'd "like" to have my condo paid off by the time I am 30 (Oct. 2010), but unfortunately I am not giving it my all and being truly aggressive enough to accomplish that. In addition, with the mortgage rates dropping (4.5% or lower will really excite me) and me having a fairly substantial savings account and brokerage account (can we say down payment), I have thought about investing in real estate as well. However, I don't know if I'm cut out to be a landlord. I have this book by Robert G. Allen titled "Creating Wealth" that is all about buying real estate and it's pretty tight. 

Focus. I need it. Right now $500/month are going into stocks, 8% of my salary to my 401K and I should be putting the finishing touches on hitting $20k in my savings account by summer. If I did put everything all in one I could probably get better returns, but the 401k feels like a safety net for me in case other endeavors don't end up well, I still have that when I'm older. But I'm getting my balls smashed in the 401k. I am very risk-tolerant so have almost 100% of my portfolio in stocks, so in one year I am down pretty heftily. (-47%). It'll come back. Plus I'm able to get more shares on the cheap right now.

Over the past 3 months I've added to my stocks... bought GE, APPL (Apple), MCD (McDonald's), and BAC (Bank of America). Unfortunately, I thought when I bought them there could be no possible way they'd drop more than they already had. I learned a valuable lesson. You can't time shit. Don't even try. Just ride it out and hope nobody goes chapter 11 on yo ass.

I'd be interested to hear what you think about this topic now, Kyle

Living life with no real plan or goal is always fun. I used to have plans and goals buit now I just don't fucking care anymore!

I love that game

@ Tricky

It's probably not my place but I recommend a plan. I only say this because I like you.

Blah.

Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.

I feel like I need a partner to get certain things out of life. I don't know why I feel like that but I do. It's kind of dumb.

I think the only way I might ever be productive is if I got rid of the internet and cable TV at my apartment. Or, I'd still be unproductive but I'd also be really bored.

/end emo

I don't know if youlike the idea of being normal. I read the above as normal.

I feel like I need a partner to get certain things out of life. I don't know why I feel like that but I do. It's kind of dumb.

It's very dumb.

I think the only way I might ever be productive is if I got rid of the internet and cable TV at my apartment. Or, I'd still be unproductive but I'd also be really bored.

See, I thought the same thing, but the latter happened.  I just sat and stared at the wall when I had no internet or anything.  It was gay.  I managed to pick up a book though (the last one I managed to read was Seventh Son).

Blah.

Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.

I feel like I need a partner to get certain things out of life. I don't know why I feel like that but I do. It's kind of dumb.

I think the only way I might ever be productive is if I got rid of the internet and cable TV at my apartment. Or, I'd still be unproductive but I'd also be really bored.

/end emo

The following may be unwelcome, please ignore if so...



Getting rid of your television is not a bad idea. I haven't watched anything more than a baseball game in 4 years and the only reason I watch baseball is because I'm trying to learn how to play it. I haven't missed anything. Sure, a bunch of shows are recommended to me, but my life is no worse off for not having watched lost, prison break or any of that stuff.

This is totally patronizing, but I feel you're not looking for a partner, you're looking for someone to come along with a plan because you're either too timid, too lazy or too scared to commit to something by yourself. You're fifteen of my ex-girlfriends :-)

Achieve something on your own, and then you start to respect and be drawn to others who do the same. Not because you or he are going to paint over the other's insecurities either. My wife and I regularly pick apart the other's companies, investments and plans. Not because we're obsessed with making cash, but because we like challenging each other on shit that most people avoid at the dinner table.



OK, end of slightly drunk post. Flame away.  

Maybe trick just needs a muse. One she could fuck would be a bonus.

Christ on a stick I must have been drunk last night to post that.

I mean all of it, but in slightly easier to digest prose broken down over several weeks

Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.

I would give anything to erase the past nine years of my life

I mean all of it, but in slightly easier to digest prose broken down over several weeks

So what you're saying is, you'll be able to help tricky in November.

What he means is, he thinkingof a way to package it into a seminar he can franchise.

I would give anything to erase the past nine years of my life

Me too.  *sigh*

I mean all of it, but in slightly easier to digest prose broken down over several weeks

So what you're saying is, you'll be able to help tricky in November.

Fuck I hope so. Anyone who will convince me to be motivated will get a fat check from me one day.

Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.

I would give anything to erase the past nine years of my life

I never fail. I just successfully not achieve whatever it was I set out to do. But usually, that works out fine for me, anyways.

Anyone who has to "learn to play baseball" is:

Definitely not American. We are born with this ability.
Most likely a flaming effeminate homosexual.

definitely not american.

however, i can hit like an immigrant

Anyone who has to "learn to play baseball" is:

Definitely not American. We are born with this ability.

But not the ability to win the WBC, huh?

Wait, who was it that won both WBC's so far? Hmm...

Anyone who has to "learn to play baseball" is:

Definitely not American. We are born with this ability.
Most likely a flaming effeminate homosexual.

That shit's ingrained, son.  Even in most females.

The corruption of forieign concepts being part of Americans DNA is a truth.

"The question of the origins of baseball has been the subject of debate and controversy for more than a century. Baseball (and softball), as well as the other modern bat, ball and running games, cricket and rounders, developed from earlier folk games."

Explain how it's a corruption of a foreign concept.

http://en.wikipedia.org/wiki/Origins_of_baseball

"That baseball is based on English and Gaelic games such as cat, cricket, and rounders is difficult to dispute"

"Although the roots of baseball are English,"

"Americans played a version of the English game rounders in the early 1800s which they called "Town Ball". "

~blink.

I guess it's like kiwi's being able to pass and kick a rugby ball. Anyone can do it.