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The practical steps it takes to actually become a millionaire
- jelliclesfarm 10y agoI don't understand. The 'practical steps' for one to become a millionaire is to be and act and look like one is frugal? This will probably result in being a millionaire..as in one single lonely million. Money is the easiest thing to create..they print it to create it, you know. Being and feeling rich..on the other hand is entirely different.
- AndrewKemendo 10y agoIt's silly in my opinion to use Warren Buffet as an example of a strategy for growing wealth for the [average] reader. For one, Buffet started his "investing" career in the early 1950s. The DJIA grew 8x from 1950 to 1965, that's quite a head start with basically no downturns. Not only that, that period was when the largest American brands started and gained market dominance - so great timing there too. He also buys companies, he doesn't passively invest, something your average person can't do. The other suggestions are fine, but Rule #4 is really the only one that matters. It should have been #2, behind "get lucky."
- harry8 10y agoYeah and he bought a company to get its pension funds assets, took an unproven technique which without hindsight adds risk to the pension holders but they didn't get the upside, he and other shareholders did. Worthwhile keeping that in mind when Warren preaches what a moralist he is, he let employees take the risk of his new strategy and kept their upside. Doesn't sound so much different from any other investment banker to me when phrased in plain english.