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Passive income
Aguytrying
#51 Posted : Sunday, February 13, 2011 8:19:48 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
KenyanLyrics wrote:
@Aguytrying, what I'm getting from your opening post is that you want to earn an upper class income via low-risk investments. My train of thought is that you have to first get rich through high risk jobs/investments/business, then keep your money safe in low-risk, passive investments like rentals. So my question to you is... have you already got rich through a high risk job/investment/business?

no i haven't got rich, i think i stated upper middle class level of passive income. And im up for high risk, like i trade in stocks for example.
The investor's chief problem - and even his worst enemy - is likely to be himself
Aguytrying
#52 Posted : Sunday, February 13, 2011 8:39:15 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
It is imperative for your expenditures to be lower than your income to become rich. And for you to save and invest the balance. Otherwise, even if you earn alot, you'll never become rich.
The investor's chief problem - and even his worst enemy - is likely to be himself
Ceinz
#53 Posted : Sunday, February 13, 2011 10:33:55 PM
Rank: Veteran

Joined: 5/7/2009
Posts: 1,032
Location: Sea of Transquility
Well put guys, nothing could be more true. For instance, the simple lifestyle of Warren Buffet best illustrates this.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
3. He still lives in the same small 3-bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence.

4. He drives his own car everywhere and does not have a driver or security people around him.

5. He never travels by private jet, although he owns the world's largest private jet company.

His advice to young people: "Stay away from credit cards and invest in yourself and
Remember:

A. Money doesn't create man but it is the man who created money.

B. Live your life as simple as you are.

D. Don't go on brand name; just wear those things in which u feel comfortable.

E. Don't waste your money on unnecessary things; just spend on them who really in need rather.
“small step for man”
youcan'tstopusnow
#54 Posted : Sunday, February 13, 2011 11:32:40 PM
Rank: Chief

Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
Buffett has a private jet called The Indefensible
GOD BLESS YOUR LIFE
madhaquer
#55 Posted : Sunday, February 13, 2011 11:50:17 PM
Rank: Member

Joined: 11/10/2010
Posts: 281
Location: Nairobi
Aguytrying wrote:
KenyanLyrics wrote:
@Aguytrying, what I'm getting from your opening post is that you want to earn an upper class income via low-risk investments. My train of thought is that you have to first get rich through high risk jobs/investments/business, then keep your money safe in low-risk, passive investments like rentals. So my question to you is... have you already got rich through a high risk job/investment/business?

no i haven't got rich, i think i stated upper middle class level of passive income. And im up for high risk, like i trade in stocks for example.


The thing about accumulating wealth is that at some point it gets addictive. If for example Aguytrying made millions off the stock market, the chances are high that you will play the market till the day you die and that would be your main source of cash.
This sources of passive income tend to be ways of diversifying and reducing risk. Afterall once you retire, you have to figure out what to do with your life. In most cases, this tends to be something productive along the lines of your 'high risk' jobs for as long as you have great health. Retirement tends to exist only within regulated industries and in the govt. If for example at 80 you are still mentally healthy, what will stop you from picking stocks or selling drugs in your pharmacy ?
All the best.
VituVingiSana
#56 Posted : Monday, February 14, 2011 2:19:07 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
youcan'tstopusnow wrote:
Buffett has a private jet called The Indefensible
Later the Indefensible II [but that's why he calls it that... plus he can afford a Boeing 747 & A380 but he doesn't... unlike those corrupt middle eastern sheikhs]

Don't know if he still has it after he bought NetJets...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
youcan'tstopusnow
#57 Posted : Monday, February 14, 2011 2:28:33 AM
Rank: Chief

Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
How are the sheikhs corrupt?
GOD BLESS YOUR LIFE
VituVingiSana
#58 Posted : Monday, February 14, 2011 2:35:50 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
youcan'tstopusnow wrote:
How are the sheikhs corrupt?
No better than kenyatta or moi... They are [at best] custodians for the people e.g. saudi king & princes. They skim off the oil proceeds to fund their lavish lifestyles.

Some are more progressive than others [Dubai & Bahrain] but most are little better than dictators. How many democracies or even benign monarchies are there in the arab world?

As an example, google bolkiah of brunei & his brother. The brother spent money like its water...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
youcan'tstopusnow
#59 Posted : Monday, February 14, 2011 2:48:52 AM
Rank: Chief

Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
VituVingiSana wrote:
youcan'tstopusnow wrote:
How are the sheikhs corrupt?
No better than kenyatta or moi... They are [at best] custodians for the people e.g. saudi king & prices. They skim off the oil proceeds to fund their lavish lifestyles.

Some are more progressive than others [Dubai & Bahrain] but most are little better than dictators. How many democracies or even benign monarchies are there in the arab world?

As an example, google bolkiah of brunei & his brother. The brother spent money like its water...

I hear you now. Almost every prince has his own palace (huge) complete with dozens of servants (some of these are the Kenyans who strive to go there to be fed dog food and thrown from balconies)
GOD BLESS YOUR LIFE
VituVingiSana
#60 Posted : Monday, February 14, 2011 2:55:19 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
youcan'tstopusnow wrote:
VituVingiSana wrote:
youcan'tstopusnow wrote:
How are the sheikhs corrupt?
No better than kenyatta or moi... They are [at best] custodians for the people e.g. saudi king & prices. They skim off the oil proceeds to fund their lavish lifestyles.

Some are more progressive than others [Dubai & Bahrain] but most are little better than dictators. How many democracies or even benign monarchies are there in the arab world?

As an example, google bolkiah of brunei & his brother. The brother spent money like its water...

I hear you now. Almost every prince has his own palace (huge) complete with dozens of servants (some of these are the Kenyans who strive to go there to be fed dog food and thrown from balconies)
Did you google jefri bolkiah? Some of that stuff is crazy! That's why I respect Bill Gates, Warren Buffett, Michael Dell & Steve Jobs who built their empires on selling or investing... Say what you will about Microsoft or Apple or Dell... no-one forces you to buy their stuff...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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