Comments on: Save your way to wealth?

By: The perfect side business?- 7million7years

The perfect side business?- 7million7years — Tue, 31 May 2011 08:06:24 +0000

[...] Well, let’s backtrack a little; as I once said: “you can’t save your way to wealth“! [...]

By: I’ve received an award!- 7million7years

I’ve received an award!- 7million7years — Thu, 24 Jun 2010 00:27:15 +0000

[...] http://7million7years.com/2009/05/02/save-your-way-to-wealth/ [...]

By: Multiple Income Streams is the ONLY way to Achieve Extreme Wealth | My Journey to Millions

Tue, 18 Aug 2009 12:37:22 +0000

[...] 7 million 7 Years. The main point to AJC’s site is simple and can be found in his post, “Save your way to Wealth?” …you CAN’T save your way to [...]

By: It’s all about the curve – Part III « How to Make 7 Million in 7 Years™

Thu, 11 Jun 2009 13:03:17 +0000

[...] DrDollaz states the issue very nicely: Sometimes I think the assumptions of 50%+ compounded growth rates over long extended periods of time is a little excessive. I own 2 fairly successful small businesses and have seen roughly 75%+ growth in my net worth over the past 5 years if I want to count “conservative” business equity and if that continues, then I’ll blow past my number ($12.5 Million in 5 Years from now will be more like $30 Million in 5 Years!). I just feel that at some point the growth rate is not “as” easily sustainable (although I’d LOVE to be wrong!!! ) [...]

By: The MOST important Making Money 101 tool of them all … « How to Make 7 Million in 7 Years™

Tue, 09 Jun 2009 08:24:39 +0000

[...] personal finance blogs in the blogosphere … how to save your way to wealth. We know that it can’t be done, but that doesn’t stop all of those poor blighters from trying … and, worse, writing [...]

By: Mark

Mark — Mon, 04 May 2009 03:06:39 +0000

@SaveBuyLive – Good summary. My savings is indeed my fallback. Not all of the remaining $2682 goes to traditional retirement accounts. They are allocated as follows in the related post:

The $2682 goes into the 401K ($891), ESPP ($1248), HSA ($162) and building cash reserves or fund investment activities ($381).

@Adrian – I agree that the picture changes when I’m no longer single. In fact, since I’ve just moved, I expect that the numbers will change as well. I hope to repeat this exercise in 6-8 months time to compare.

@DRDOLLAZ – I think it is no fun being cheap and frugal as you have figured out. I’m not spending beyond my means either. However, I’m not investing in generating alternative source of incomes at the moment except for a rental. I expect to be involved in more MM201 strategies as I’ve stabilize my MM101 activities.

By: Adrian

Adrian — Sun, 03 May 2009 23:47:17 +0000

@ Timmers – The ‘city stuff’ was way over my head

But, I liked this comment from the article that you linked us to:

“It comes as no surprise to me to hear entrepreneurs talk about starting a business after losing a job or going bankrupt. That lowers the risk threshold to the new dramatically. If you have to quit a six figure job to launch an uncertain new business, that’s a much more high stakes move.”

It’s the reason why I say Most Doctors Aren’t Rich:

http://7million7years.com/2008/09/22/why-most-doctors-arent-rich/

By: DRDOLLAZ

DRDOLLAZ — Sun, 03 May 2009 13:24:43 +0000

@Adrian – I couldn’t agree more about the “life” being thrown in the way I used to save 50%-60% of my income until those things happened! But you gotta live too! Once I stopped being sooooo cheap and frugal about everything, my income shot up about 3 times from where it was when I was so damn frugal! (and I’m having a lot more fun while still watching my net worth grow significantly!) I’ve never been a fan of the personal finance “guru’s” who want to cut costs, pack a lunch, don’t go out to dinner, blah blah blah. I always laugh b/c you’re not going to eat hamburger all of your life and then wake up 30 years from now and start eating steak!

By: timmers

timmers — Sun, 03 May 2009 12:59:00 +0000

Adrian,

You write a lot about the need for risk; your exercise in which you have people calculate their number essentially points them toward their aim reifying the need for big thinking and risk.

An interesting post about cities needing to do the same:

http://theurbanophile.blogspot.com/2009/04/resolving-paradox-of-success.html

By: Money Funk

Money Funk — Sun, 03 May 2009 02:36:52 +0000

Great post. You’re right… the secret was that he made his money work for him. I am having a hard time getting my family on board with me in cutting costs and saving more. They say they would “like” to but do not support it with actions. But, I am workin’ on it! Because, we owe a lot of money to get our debt paid down and I don’t want to do that for the rest of my life!