The 1st step in becoming wealthy is...

Discussion in 'Investor Psychology & Mindset' started by Ace in the Hole, 25th May, 2016.

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  1. Gockie

    Gockie Life is good ☺️ Premium Member

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    I like this; who are you quoting?
     
  2. bobbyj

    bobbyj Well-Known Member

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    Calvin Coolidge
    Calvin Coolidge
     
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  3. mouseburger

    mouseburger Well-Known Member

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    +1 for this. That's how people get somewhere in life. Not by tearing down other people to make themselves look better or blaming them for their own choices.
     
  4. Bran

    Bran Well-Known Member

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    This doesn't make me feel good!
     
  5. Redwing

    Redwing Well-Known Member

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    The 1st step in becoming wealthy is...

    Marry Well?
     
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  6. Sackie

    Sackie Well-Known Member

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    True, but if you take an idiot and give him persistence, you now have a persistent idiot.

    And adapted to the more common case, if you take a person who is going down the 'wrong path' and give him persistence, you now have someone persisting down the wrong path.

    Your outer world won't change for the better until your inner world changes first, imo.
     
    Last edited: 6th Jun, 2016
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  7. Azazel

    Azazel Well-Known Member

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    I've met a few of those in my time.
    Very persistent indeed.
     
  8. MTR

    MTR Well-Known Member

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    I am a huge fan of Jordan Belfort, "Wolf of Wall Street", what he has to say about becoming rich/wealthy is it pretty much common sense stuff.



    “If you want to be rich, never give up. People tend to give up. If you have persistence, you will come out ahead of most people. More importantly, you will learn. When you do something, you might fail. But that’s not because you’re a failure. It’s because you have not learnt enough. Do it differently each time. One day, you will do it right. Failure is your friend.” – Jordan Belfort


    “Act as if! Act as if you’re a wealthy man, rich already, and then you’ll surely become rich. Act as if you have unmatched confidence and then people will surely have confidence in you. Act as if you have unmatched experience and then people will follow your advice. And act as if you are already a tremendous success, and as sure as I stand here today – you will become successful.” Jordan Belfort

     
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  9. Sackie

    Sackie Well-Known Member

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    @MTR also big fan of his. I value his no bs approach.

    "There’s only one way to get rich, and that’s quick. You have to get rich quick. But that’s not through a get-rich-quick scheme. There’s a lot of work that has to happen before you get yourself in a position to get rich. You have to get all the pieces of the puzzle in place. But when you’ve got ’em – bam! You get rich quick." - Jordan Belfort
     
  10. Azazel

    Azazel Well-Known Member

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    Sounds like his was an all BS approach:

     
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  11. Sackie

    Sackie Well-Known Member

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    I know what your referring to, his past re selling stocks and i agree. But I like parts of his negotiating style and how he 'susses out' the opposition.

    Same as Trump. There is a ton of his stuff i disagree with, some quite strongly. But there are other parts that are brilliant.

    just my opinion.
     
  12. Azazel

    Azazel Well-Known Member

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    The movie was good.
    But I don't admire people who made money by ripping people off.
    Doesn't mean there's nothing to learn there, but I don't know why people enable him beyond the freak show aspect.
     
  13. Sackie

    Sackie Well-Known Member

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    Fair enough mate.
     
  14. Steven Ryan

    Steven Ryan Well-Known Member

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    10/10 answer. This is the absolute core of it in just two words.

    From this point, you just have to do what it takes.
     
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  15. Azazel

    Azazel Well-Known Member

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    No biggie :)
     
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  16. Plutus

    Plutus Well-Known Member

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    If you read his book it makes it much more clear that his approach was 100% ********. He basically learned the "art" of the swindle by learning to perform the white van speaker scam selling meat to rich people (White van speaker scam - Wikipedia, the free encyclopedia) he progressed from there to running his own scam doing the exact same thing.

    From there he went to penny stocks & applied the exact same approach.

    He's a lifelong scammer & ******** artist, personally I think its pretty disgusting that he's now revered as some sort of sales god when literally what he did was scam people & manipulate stocks.

    His ex-business partner Danny Porush is now tied up in dodgy US medicare fraud & both of them still live ridiculously lavish lifestyles. Good to be them, not so good to be the people who lost their life savings to fund the lifestyles they are still living..
     
    Last edited: 9th Jun, 2016
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  17. Perthguy

    Perthguy Well-Known Member

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    I think the first step to becoming wealthy is to decide you want to be wealthy. I have seen someone literally flush away millions of dollars because he has no interest in being wealthy.

    ^^^ this. I don't care about money for money's sake. I only care about having money because of the interesting things I can do with the money. Money can't buy happiness but money can buy interesting things and doing those can make people happy. For example, my lastest project is a 2x1 to 4x2 conversion. I find that really interesting. We will be doing most of the work ourselves, which (apart from painting), I really enjoy. So, I can buy a lot of enjoyment with my money ;)
     
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  18. Azazel

    Azazel Well-Known Member

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    You've seen someone literally flushing millions of dollars in notes down a toilet?
     
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  19. Perthguy

    Perthguy Well-Known Member

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    ;)

    I literally died when I read your post. :)

    And in my post I said 'away', not down the toilet. That would have taken ages. There are much faster ways to flush money away. And by 'away', I mean away from the person who had the millions and is now in debt but with no assets to secure the debt. That's the opposite of wealthy.
     
  20. Gockie

    Gockie Life is good ☺️ Premium Member

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    Dear Paul Clitheroe and Money Magazine team. Who considers saving $50k in 5 years good? If you only did that in Sydney in the last 5 years, you've well and truly underachieved.

    The median house here went up around 400k in that timeframe...

    20160609_230104.jpg
     
    Last edited: 9th Jun, 2016