Tag Archives: millionaire

Life is a ballgame … you in or out?!

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Amal is an applicant for my 7 Millionaires … In Training! ‘grand experiment’ [AJC: we are down to our Final 30 now! Good Luck to all of those who made it this far!].

She says that she is 51 and came from Egypt (“the Land of the Pyramids, the Pharaohs Legends”) to the US 20 yrs ago. Since then Amal has studied nursing, worked as a personal banker and teller, even started a small business but she says that it “didn’t make me a Millionaire either!!”

Amal e-mailed in this question for Thursday night’s Live Chat Show:

What you do if you are alone in a world of a desire of making millions? When your hard work and persistency attitude toward reaching the ultimate goal, don’t make any sense to others?

I answered last night with the need to have a clear idea of why you need to be “making millions” in the first place; without the massive why, you won’t have the driving need that creates the massive action needed to make the big bucks. But, you can see me answer Amal’s question on YouTube, so I won’t repeat it here …

No, the part of Amal’s question that I want to discuss today is “when you don’t make sense to others”.

You see, I’m in the middle of a harmless ‘tussle’ with a couple of the ‘save your way to wealth … because there can be NO other way in our book’ guys on one of the forums that I occasionally drop into, but a couple of them started to become quite nasty and personal.

According to these ‘save and ye shall be delivered’ boneheads (you won’t see this post because the comments were so vile that the original poster removed the quote thread!): I have an “infomercial” (I don’t); I “spam” (I provide links to relevant posts where allowed by the host site); I “scam” (I don’t sell/endorse any products or even allow any advertising on my sites); and, I even have “zits” (I don’t … but, I am thinning on top, so “baldy” would be a better insult) …

… but, would I let it get me down? Of course not – but, it does put into new perspective the e-mail that I just received from JD Roth (who writes Get Rich Slowly, perhaps the most widely read personal finance blog on the blogosphere) unexpectedly and out of the wild, blue yonder. JD says:

Hey, Adrian.

I spent several hours going through most of your archives. I’m impressed. Though you and I disagree on some fundamental points (such as the value of diversification), not only do I agree with and support most of what you say, I actually think you’re covering territory that nobody else is covering. I *want* to focus on money-making strategies at Get Rich Slowly, but I’m not doing a good job of it. For the most part, my readers love the frugality stuff, and so getting them to pay attention to boosting their income is a challenge.

Anyhow, count me as a new subscriber!

–j.d.

You see, JD also doesn’t agree with everything that he found on my blog … and, some things that I say even run totally counter to what he tells his readers – which is how he makes his living!

Yet, he can sift through what he likes, and what he doesn’t like … and, take away what he wants to, simply leaving the rest.

Similarly, I’m still an avid reader of personal finance books; some things I take on board, others I discard. But, I don’t dismiss the author and their writings out of hand. I wouldn’t be writing this blog today, if some other authors hadn’t shaken my entrenched belief system … THEY made me rich!

So, here’s what I sent back to JD:

Well JD that’s a mark of the Man … you have a fantastic blog; you’re a pioneer in this ‘industry’ and an inspiration to all of us following along. You are right at the top of the PF blogosphere … yet you actually take the time to investigate a potentially opposing view!

 Most people respond to a differing point of view far more negatively/aggressively – these are the guys sitting in the bleachers with their faces painted, yelling at the players who are actually out there on the field working their butts off for them.
 
But, you are right there … in the dugout, patiently waiting for your turn with the bat. I am just an average player on the other team, covering 2nd base. My ‘team’ dares to question diversification and other PF mantras.
 
It’s true that we have some heavy hitters, and some guys who seem to swing and miss a lot … all in all, we do pretty well.
 
Your pitcher is John Bogle; mine is Warren Buffett … two great players who openly show great mutual respect and admiration.

Now, you can see why some people are pioneers in their field (JD being the clear leader in personal finance blogging) and others are relegated to shouting abuse from the sidelines …

So, are you in the game or just hurling abuse at the players from the bleachers?

Who wants to retire in their 20's, anyway?

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Join AJC’s Live Video Chat on Thursday @ 8pm CST … 7 Millionaires … In Training LIVE Results Show: Final 30 announced live tomorrow (!)

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Yesterday we talked about starting young, not just as it applies to saving, but as it applies to accelerating your retirement plan.

Maybe you couldn’t find your WHY?

After all, who wants to think about retirement when they are still in their 20’s or even 30’s? Most are still thinking about their job!

Yet, as yesterday’s post showed, there are some good reasons for starting early. And, who wouldn’t want to retire early if their goals matched these from a recent survey of GenXfinance‘s readers:

How Do You Envision Your Ideal Retirement? 

Being a ‘Gen X’ PF site, we can probably assume that most of the respondents were younger than, say, me. But, it’s even more interesting to notice how each of the first three categories (where the majority of the votes fell) require MONEY and/or TIME:

1. Extensive Travel

Think about it, you can escape money to a greater of lesser degree if you are willing to travel frugally, work at least during some of your stopovers (haven’t you noticed how all the ‘servers’ in restaurants in vacations areas are young foreigners?) …

… but, you can’t escape the time element: this means that you have to be ‘retired’ from your day job.

2. Not going to work; just taking things one day at a time

Obviously, this means that you are retired from your day job … but, two things happen when this occurs:

i) Your income goes DOWN

ii) Your spending goes UP

For those who subscribe to the “75% of current income in retirement” theory, I ask this: have you ever tried spending time doing anything BESIDES WORKING that doesn’t COST money?

Think about it … it stopped me from cashing out when I was offered $4 mill. a few years before I eventually did cash out (for a helluva lot more!).

3. Doing volunteer or charity work

All [charity] work and no play makes Jack a dull boy … this is really 2. plus you are spending some of your time (perhaps a lot) giving back. This is a good thing … as well as the great work you are doing, you are spending less time … well … spending!

4. Other

If you scroll down the comments attached to GenXfinance’s post, you will see that most of the ‘other’-folk either mean not retiring at all (like the ‘pursuing a second career’ option) or involve a similar outflow of money and/or a similar savings-account-draining, non-income-earning amount of time.

But, they are all things that you will probably want to start whilst still young enough to enjoy them …

… which means starting to build a pretty damn large nest-egg pretty damn soon!

Let me know what (and how much by when) ‘retirement’ means to you?

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Age is NO obstacle!

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Applications for my 7 Millionaires … In Training! ‘grand experiment’ are now closed. I will be announcing the Final 30 Applicants this Thursday at 8pm CST on my Live Chat Show … if you want to follow along, I will also be announcing the next Millionaire Challenge! This will help me decide the Final 15 … now for today’s post:

It seems that blogging and personal finance is a ‘young man’s game’ …

… not so!

At least, not according to Lee, who was yesterday’s Featured Applicant for my new 7 Millionaires … In Training! ‘experiment’.

You can read Lee’s story on the 7m7y site, but I wanted to share the following with you:

Lee is a ‘tad’ older than me 🙂 and is an e-mailer, emoticon’er, and … a blogger. Go Lee!

Whether Lee joins our program from the front-lines or the side-lines, he will succeed because age is NO impediment.

Here are two related stories:

1. There’s an old ‘urban myth’ that says that a retired ‘colonel’ with no money and no prospects at the age of 70 left for a journey across the USA, living out of his car! All he had was an old family recipe for chicken that he wanted to ‘licence’ to restaurants. 1,000 restaurants and 2 years later, all he had was a trunk-full of “no, thanks!”.

Then restaurant number 1,001 said “yes!” … and, that’s how Colonel Sanders came to launch Kentucky Fried Chicken (now, KFC) …  or so the story goes!

His actual story is a little less ‘dramatic’, but I really feel epitomises the path that people like Lee need to (and, can) take:  ‘The Colonel’ actually started at the age of 40, cooking chicken dishes for people who stopped at his little gas-station in Kentucky. 

At the time (he wasn’t a ‘Colonel’ yet) he did not have a restaurant, so he served customers in his apartment at the gas station!

Eventually, his local popularity grew, and Sanders moved to a motel/restaurant that seated 142 people where he just worked as the cook. Over the next nine years, he perfected his method of cooking chicken. Furthermore, he pioneered the use of a pressure-fryer that allowed the chicken to be cooked much faster than by pan-frying.

He was given the honorary title “Kentucky Colonel” in 1935 by the Kentucky State Governor. Ever the ‘salesman’, Sanders started to call himself “Colonel”, even dressing in the stereotypical “Southern gentleman” outfit that we are now used to seeing; he was the consumate marketer!

After the construction of a major highway bypassing his town reduced the restaurant’s business, Sanders had to leave so he took to franchising Kentucky Fried Chicken restaurants, starting at age 65, using $105.00 from his first Social Security check to fund visits to potential franchisees.

To me, that’s the real story: a 65 year-old fry-cook funding a franchise from Social Security!

2. The second story is a little more personal … highlighting the moment when I can remember being most proud of my own father.

It was my 30th Birthday and my father was at my Surprise Party (I am so thick, I didn’t notice all the cars on the street, the late arrivals hiding behind the trees, or even the balloons when I walked in … boy, was I surprised!) happy as a Dad can be.

The next day he told me that it was on the day of my party that he had been fired from his job – what made it worse was that he had been ‘stabbed in the back’: it was a finance company that he helped start for a ‘friend’, who (once my father had done all the hard work to get the company up and running with a solid book of business) reneg’ed on their deal to pay my father a 33% profit share.

Just two weeks later, at the age of 60, my father had found an ‘angel’ for seed funding and a bank for the major funding and was off and running … a feat that I was (fortunately) able to repeat just a few, short years later (and, unfortunately that I HAD to repeat … but, that’s another story).

Lee, age is NEVER an obstacle …

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Ali Baba and the … rabbit?

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7 Millionaires ... In Training!

Last 24 hours to apply!!!!

Recently, I sent out a Casting Call for what I call my Grand Experiment … a real attempt to create 7 Millionaires in just 7 Years! If you haven’t applied yet, you still have time … 24 hours to be precise (applications close Midnight CST, June 2, 2008).

Now might be a great time to sign up for regular e-mail updates – that way, when something does happen, well you’ll be amongst the first to know! You can sign up by clicking here:

Subscribe to 7 Millionaires … In Training! by Email

Read on for today’s post ….

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OK, I admit it … I learned as much from Bugs Bunny as anybody … even about money!

Don’t believe me, watch this latest installment from my Videos-on-Sundays series and tell me the ‘money moral’ (!):

http://youtube.com/watch?v=1oOEjssp2pE

AJC.

 

Is Money's only 7 Investments that you need wrong?

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ANNOUNCEMENT: To kick off the final stages of the 7 Millionaires … In Training! project selection process, AJC is going LIVE – this Thursday @ 8pm CST !!!

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Last month Money Magazine published an article listing the only 7 investments you need – and Kevin at No Debt Plan wrote a follow-up piece that summarized the options nicely:

That’s right, this Thursday @ 8pm CST 7million7years is coming to a web-cam near you! All you need to participate is a PC with sound and broadband connection – AJC has the web-cam!!

Click here for more details: http://7million7years.com/live … should be a ton of fun!

Now, for today’s post …

 

 

CNN Money thinks you only need 7 investments:

  1. A blue chip US-stock fund (track the S&P 500 index) (Fidelity Spartan 500 Index, FSMKX)
  2. A blue chip foreign-stock fund (track the international stock index) (Vanguard Total International Stock Index, VGTSX)
  3. A small company fund (T. Rowe Price New Horizons, PRNHX)
  4. A value fund (Vanguard Value Index, VIVAX)
  5. A high-quality bond fund (Vanguard Total Bond Market, VBMFX)
  6. An inflation-protected bond fund (Vanguard Inflation Protected Securities, VIPSX)
  7. A money-market fund (Fidelity Cash Reserves, FDRXX)

And, I was happy when I saw that Kevin’s article disagreed, saying:

I think that is four to six too many for the average investor … I think Money’s intentions were good here and I don’t have anything personal against the funds they mentioned. (Well, except the Fidelity S&P 500 fund. $10,000 minimum investment? Are you kidding?) I sincerely think seven funds is too much. You end up sharing a lot of the same stocks in many instances.

But, I disagreed for a totally different reason … Money is trying to have you invest in EVERYTHING … and, trying to invest in everything simply doesn’t work for all the reasons that Kevin of No Debt Plan mentions in his post (go read it!).

But, I disagree with Money on this one simply because I hate, hate, hate funds … any, but mostly the ones with fees e.g. Target Funds … which, No Debt Plan tells me can also be bought quite cheaply, if you shop wisely, so maybe I hate them not just for the fees 😉

I mainly hate them, because investing directly in a few select investments is a strategy of the rich and those who want to BECOME rich. Of course, diversifying a little may be a better way to stay rich … I’m still deciding on this one, and will let you know when I pop up for air.

So far, I’m still on the side of not diversifying …

Of course, not everybody wants to be rich (and, I recently found out that some of them still read this blog!), so for them I agree with Money strategy – but, drop the bonds and most of the other funds … just Funds #1 and #2 will do.

I’ve mentioned on this site before that Warren Buffett agrees 100%:

In fact, I was just at his Annual General Meeting in Omaha where he said that IF you don’t want to take the time to learn about investing directly then you should just dollar-cost-average into a broad piece of “American Business” … which he went on to clarify as meaning Fund # 1 (except he specifically named Vanguard for its very low costs, but I know that Fidelity fund is pretty cheap, too).

Here is what Kevin had to say (via e-mail) when he saw my comments on his post:

I believe in diversification for the average joe out there. I just think the 7 funds they picked was stupid especially because it takes more than $24,000 to get started with all of the minimum investments (if you wanted an equally weighted portfolio).

The target fund expense ratio is not bad at all 0.21% for the 2050 fund by Vanguard. Sure it isn’t 0.07% but it also isn’t 1%. For instant diversification starting out… I’ll take it.

I’ve read Buffet’s comments as well. Thinks the average investor should be indexing and I agree. Kind of a set it and forget it deal.

That’s where Kevin’s view and mine part company … we’re on the same page except that I think the ‘average joe’ should aim to get rich and not be indexing/diversifying at all … 

In fact, I was surprised to hear at his Annual General Meeting that Warren Buffett (and Charlie Munger, his partner also agreed) said that he would put 80% of his wealth into ONE investment – surprised because Warren owns 76 businesses and lots of other investments!
But, the reason he later said is that he grew bigger than his investments, so he had to keep buying more.
So, it’s very simple:
1. If you want to be poor, but slightly less poor than you otherwise might be: diversify into American Business a.k.a. buy one, two, or even all seven of Money’s recommendations (just choose the ones with the lowest fees) and wait 20 or 30 years. Actually, not all seven … if you can wait 2 decades, why buy bonds?
2. If you want to get rich, don’t diversify … choose a very few investment, choose them very wisely, and manage them very well! If you can do that you just may very well end up rich … 
Let me leave you with the words of a very wise man, business man, inventor, and famous author:

Behold, the fool saith, `Put not all thine eggs in the one basket’–which is but a manner of saying, `Scatter your money and your attention’; but the wise man saith, `Put all your eggs in the one basket and–watch that basket!‘

The Tragedy of Pudd’nhead Wilson, Chapter 15.
Mark Twain(Samuel Langhorne Clemens) [1835-1910].

PS Keep this post handy, you’ll need Mark Twain’s real name (including middle name for extra bonus points) to win at Trivial Pursuit … after all, you’ll have lots of spare time to play when you’re retired 7 years from now 😉
 

Why do we need middle-men?

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I read an interesting article in the Tycoon Report yesterday … one that I would normally gloss over because it was not their usual meaty, financial “how to” type of article, but it said:

By now must know where I stand on capitalism.  I told you then and I will tell you again that unfettered capitalism is NOT a good thing … the problem with capitalism is that, by design, it rewards deviant behavior.

For example, let’s say that you are a conventional doctor with his/her own practice and you take insurance.  You get rewarded based on how many patients you see, how many drugs you prescribe, and how many procedures (e.g. surgeries) that you do.

Does this make sense to you?
 
Wouldn’t it be better if the doctor were compensated based on how healthy you were?  Or if he got you to stop smoking or to exercise more?  In other words, shouldn’t he be compensated based on making you healthier or keeping you from being unhealthy?  Shouldn’t both of your interests be aligned so that there is no conflict?

An extremist view perhaps, but it was ‘food for thought’ and actually reminded me of something that Warren Buffett said … so I went through my files and dug it up!

In his 2006 letter to shareholders, Warren Buffett was scathing of what he calls “helpers”, that is stockbrokers, investment managers, financial planners and so on”

A record portion of the earnings that would go in their entirety to owners, if they all just stayed in their rocking chairs, is now going to a swelling army of helpers.

Of all places, this was first picked up as a major issue in Australia, because one of Buffett’s targets was the financial planning industry, which has been under the spotlight down-under, resulting in major new controlling legislation for this ‘industry’.

Helen Dent, a director of the Australian Shareholders’ Association, says that she “personally” agrees with Buffett’s scepticism of financial advisers:

Look, let’s face it, most people when they start thinking about investing, they ask their friends and they ask their neighbours and workmates what they’re doing before they get anywhere near an adviser.

The commissions that are paid to financial advisers, that you actually pay, is effectively coming from the producers of the financial products. That’s, on the whole, where the financial advisers are getting the bulk of their income from.

Most financial advisers are tied to financial institutions. That means that the range of products that they suggest to you is often bounded by what the financial institution says they can offer. It’s not bounded by what’s in your best interests.

So, what do you think?

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Contrary to popular opinion, paying off your mortgage is the dumbest move you can make …

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I wrote a post a long while ago … actually, it was my 5th-ever post – some say that I should have stopped there 😉 – about the classic Rent or Buy dilemma for your own home … and, I just (!) received an interesting comment to that Post from Joy:

That’s the silliest thing I’ve ever heard – borrow against your house (aquire more debt) to invest??? Paying off your house early and being debt-free allows you to do whatever you want with your income, THAT’s truly the way to wealth.

Now, Joy is not alone: I recently read a post by Boston Gal on her blog that talks about Suze Orman’s  advice which also is to pay off your home loan early:

Believe me, I have thought about trying to pay off my mortgage early. But since I have an investment condo which is mortgage free (yeah! paid that one off in 2007) I have been a bit hesitant to use my current excess cash to pay extra toward my primary home’s principal.

 Now, this sparked a whole series of comments, including this comment from ‘Chris in Boston’ who said:

This is interesting. Usually you hear from personal finance people that its best to take on the longest fixed rate mortgage you can afford. This allows you to tie up as little cash in a non liquid asset as possible (slowly building equity). Also allows you to protect that pile of cash from the effects of inflation. The house is bought in today’s dollars and paid off over 30 years in today’s dollars.

Sure, when you own a property you have to compare it to owning any other investment – cost/benefit; risk/reward; all the usual stuff. You also need to compare the costs of holding it (including interest) against the costs of investing elsewhere.

But, this last piece in Chris’ comment is THE critical point: “the house is bought in today’s dollars and paid off over 30 years in today’s dollars”.

You see, the one thing that makes owing a property, even your own home, very different to any other investment is that it can be easily financed … almost completely (remember the sub-prime crisis?).

This leads to a whole swag of benefits that I don’t think that you can get anywhere else … benefits that simply cannot be ignored by the typical saver / investor.

Here’s why …

When you mortgage a house, you and the bank enter into a partnership (typically the bank is an 80% partner and you are a 20% partner going in), but you are not in the same position:

1. You have access to ALL of the upside … so as inflation and market conditions push the value of the property upward over time, you gain 100% of the increase, the bank gets none of it.

Let’s say you buy a property for $100,000 today; you put in $20,000 deposit and the bank puts in $80,000 as an interest-only loan (forget closing costs for now) … in 20 years, if it doubles to $200,000, your share of the ‘partnership’ is now $120,000 and the bank’s is still $80,000.

You are now 60/40 majority owner of the real-estate venture! In fact, even as 20% ‘owner’ you have total control over all the decisions related to the real-estate – as long as you pay the bank on time.

2. Sure you pay the bank interest on their $80,000 share … but this is fixed (you did take out a fixed interest rate, didn’t you?!).

At 8% interest rate that’s approximately $6,400 per year … this year.

Why only this year? Because the same inflation that is increasing the value of the house (and you get to keep 100% of that increase) also decreases the effective amount that you pay to the bank; as each year goes by, the bank gets less and less in real dollars and your salary goes up.

The price of bread, milk and gas may go up, but the bank’s interest rate never will because it’s fixed!

3. You either get 100% of the value for the payments that you make to the bank (call it ‘rent avoidance’ if you live in the property) or you take 100% of the income if you decide to rent it out … all as 20% minority ‘partner’ going in. The bank on the other hand, gets their $6,400 and ONLY their $6,400.

4. The government gives you tax breaks and incentives to do all of this!

Here is my advice …

Look at everything that you own as a business: if it’s your own home, separate the ownership of the property in your mind from it’s use …

… for example, even if it’s your own home, treat yourself as your own tenant and figure the rent that you would otherwise had to pay when doing the sums.

Then evaluate the investment against any other investment or ‘business’ … and ask yourself:

– What ‘business’ gives you pretty damn close to 100% control for only 20% initial investment?

– What ‘business’ lets you in for only 20% initial investment, but then gives you all of the upside?

– What ‘business’ gives you only one-time multiplier on your initial investment on the downside but a five-time multiplier on the upside?

– What ‘business’ grows in your favor (and not your “partner’s” favor) merely by the effects of inflation?

By all means, pay off you mortgage and your lines of credit as you reach your financial goals and are set to retire …. you have plenty of money and just don’t need the stress, right?

But, if you’re still trying to get rich(er) quick(er)?

If you own a home, don’t pay it off … use the upside to help you buy more and more of these wonderful, one-of-a-kind, almost-too-good-to-be-true ‘businesses’ …

If you have other sources of income (businesses, investments) don’t spend it or reinvest all of it … use some of the spare cash to help you buy more and more of these wonderful, one-of-a-kind, almost-too-good-to-be-true ‘businesses’ …

That’s my advice to you, and to Joy, but only take it if you want to be rich!

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The optimism of the young …

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When you are just starting your working career – or perhaps you are still studying for your career – it can be hard to think of anything more exciting and fun than working at a job that you love.

So, when I talk about retirement – as I do from time to time – I can imagine that a large chunk of my audience is looking for the ‘close window’ button?

Well, don’t!

[AJC: Also, keep reading this particular post even if you AREN’T young … I have included a lot of back-links, because I want you to review some of the ground that we have covered so far, with this blog .. the idea of Future Vision is THAT important to your financial success!]

Recently, I suggested that most people fail financially, not because their dreams are too big, but because their dreams are TOO SMALL!

Now, this seems counter-intuitive, therefore some of the comments were interesting … the one that I felt expressed the counterpoint the best was from Alex, who said:

I don’t plan on quitting working anytime soon. My “retirement” is to retire from working 9-5 and work for myself. I wouldn’t call that work since I know I will enjoy it, if not, I can always pick a new thing to work on. Life is simple and fun if you have more choices right?

I responded:

It’s my thesis that one day working will no longer be fun, for any of us … if you agree that it’s possible that you will one day feel the same way, then it’s your job NOW to decide WHEN that will be, WHAT you’ll be doing instead of working, and HOW MUCH it will cost to do it – and, if you’re no longer earning money, WHERE will it come from?

The younger that you are when you get this, the more chance that you have of either:

1. Achieving a larger goal, given enough time, than your friends and peers, or

2. Achieving a more modest goal, but much earlier than your friends or peers.

Simply applying Making Money 101 principles as outlined in this blog will, given enough time, compound your savings to a large’ish sum. Not anywhere near large enough for me – but, that’s another story – if that provides enough for you … great … you’ll have a reasonably stress free (but, long-working) life.

But, if you aspire to an unconventionally wealthy and rewarding lifestyle, where you have replaced work with even more rewarding activities, while you are still young enough to enjoy them (e.g. 29, 39, or – hope YOU don’t need to wait THIS long – 49 years old!) then you will need to sit down and dream your large dreams NOW …

… then wake up, splash some cold water on your face and get straight to work applying my Making Money 201 principles!

If you do, you will soon be keeping your very large nest-egg safe with my Making Money 301 principles – and, at a much earlier age than me or most others.

I’m 49 y.o. – officially retired – and I think that’s WAY TOO OLD!

So will you, if you just sit back and wait because you are still young, and still excited about your work or your business or your whatever … if you follow my advice, these will still be your fun and exciting means to a much more valuable end, so …

… start now!

AJC.

PS If you are a ‘young adult’, Ryan at Bounteo has a great series specifically focussed on investing for young adults … why don’t you check it out, and let me know what you think?

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