Comments on: Where do you stand? http://7million7years.com/2008/02/10/where-do-you-stand/ How to make 7 million in 7 years ... Thu, 24 May 2012 01:26:57 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Adrian http://7million7years.com/2008/02/10/where-do-you-stand/comment-page-1/#comment-181 Adrian Fri, 22 May 2009 02:08:42 +0000 http://7million7years.wordpress.com/?p=42#comment-181 @ Danny - Well, it depends on what your Life's Purpose is (www.shareyournumber.com)? The way I figure it, you can possibly retire and live off your $14 Mill. right now (5% of $14 Mill. is $700k), like me ... @ Danny – Well, it depends on what your Life’s Purpose is (www.shareyournumber.com)? The way I figure it, you can possibly retire and live off your $14 Mill. right now (5% of $14 Mill. is $700k), like me …

]]> By: Danny http://7million7years.com/2008/02/10/where-do-you-stand/comment-page-1/#comment-180 Danny Fri, 22 May 2009 01:58:45 +0000 http://7million7years.wordpress.com/?p=42#comment-180 i make about $497,000 a year in gross income with about $200,000 in bonuses. My net worth is about 14 million, where do I stand? i make about $497,000 a year in gross income with about $200,000 in bonuses. My net worth is about 14 million, where do I stand?

]]> By: AJC http://7million7years.com/2008/02/10/where-do-you-stand/comment-page-1/#comment-179 AJC Mon, 11 Feb 2008 17:55:26 +0000 http://7million7years.wordpress.com/?p=42#comment-179 Thanks Bill and Rob. There is a book that I've already referred to that 'proves' that you need BOTH active (ideally, a business) and passive (ideally real-estate) in order to MAINTAIN your wealth and pass it on to your kids (if you think that's important). I don't agree ... but, to your point, Bill, you at least need a SAFE WITHDRAWAL PLAN when you stop working (some people call that 'retirement') to make sure that your money lasts as long as you do ... Rob: try this HTML (Wordpress.com builds this function in to their blog editor, but other sites may not) - <a href="http://7million7years.com/" rel="nofollow">I highly recommend this blog!!!</a> - feel free to modify ;) Thanks Bill and Rob.

There is a book that I’ve already referred to that ‘proves’ that you need BOTH active (ideally, a business) and passive (ideally real-estate) in order to MAINTAIN your wealth and pass it on to your kids (if you think that’s important). I don’t agree … but, to your point, Bill, you at least need a SAFE WITHDRAWAL PLAN when you stop working (some people call that ‘retirement’) to make sure that your money lasts as long as you do …

Rob: try this HTML (WordPress.com builds this function in to their blog editor, but other sites may not) – I highly recommend this blog!!! – feel free to modify ;)

]]> By: Bill http://7million7years.com/2008/02/10/where-do-you-stand/comment-page-1/#comment-178 Bill Mon, 11 Feb 2008 14:14:26 +0000 http://7million7years.wordpress.com/?p=42#comment-178 It's how much you keep, not what you make. I've known businessmen who make well over $170,000 per MONTH, but their liquid net worth is under $1 million. One BIG problem I've seen is guys get bored - hit their 50s or 60s, no energy/no need to start another business (they can coast on what they did 20-30 years ago) Then they hit the tables - and either spend all they're earning, or more (savings, lose the business, etc.) Not too many years ago, our state business magazine had a front cover story about gambling addiction, including guys who had pulled 10+ year federal prison sentences for embezzling millions from the business they had taken public. yep, one can be the most successful entrepreneur in the history of their village/city/state, and still lose it all if they can't or won't control their appetites. It’s how much you keep, not what you make.

I’ve known businessmen who make well over $170,000 per MONTH, but their liquid net worth is under $1 million.

One BIG problem I’ve seen is guys get bored – hit their 50s or 60s, no energy/no need to start another business (they can coast on what they did 20-30 years ago)

Then they hit the tables – and either spend all they’re earning, or more (savings, lose the business, etc.)

Not too many years ago, our state business magazine had a front cover story about gambling addiction, including guys who had pulled 10+ year federal prison sentences for embezzling millions from the business they had taken public.

yep, one can be the most successful entrepreneur in the history of their village/city/state, and still lose it all if they can’t or won’t control their appetites.

]]> By: Rob Madrid http://7million7years.com/2008/02/10/where-do-you-stand/comment-page-1/#comment-177 Rob Madrid Mon, 11 Feb 2008 06:35:09 +0000 http://7million7years.wordpress.com/?p=42#comment-177 "Secondly, the so-called ‘rich guys’ earning $170,000 are just like the rest of the working population working at a JOB … Just Over Broke" like that. I noticed your hiding your links behind text, for some reason I can't do that on my blog, wierd. “Secondly, the so-called ‘rich guys’ earning $170,000 are just like the rest of the working population working at a JOB … Just Over Broke”

like that.

I noticed your hiding your links behind text, for some reason I can’t do that on my blog, wierd.

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