Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
innominate21
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by innominate21 » Sun Sep 30, 2018 8:24 pm

LiquidSky wrote:
Sun Sep 30, 2018 4:16 pm
I have to work crappy jobs just to pay for food. I don’t have enough money left over from paying my student loans, which are massive, to buy anything but food. I do live in a very, very, small apartment with a few other people.

I’m hoping you could get really rich at home, because I am really sick and can only work from home these days. I have no money, I will have to start with penny stocks most likely. I’m broke because of my college loans, which I hope to pay back in full soon after I become a beast in investing, lol.

So where do I begin?
OP I don't think investing or penny stocks is where your head should be at. I'm no pro at investing (actually had a thread asking for help simplifying my mess of a portfolio - it's going well) but what I do know and where I think you should start is with personal finance.

Everyone has said it to some degree but I think it's actually what you should be focused on. Personally what helped me is aggregating my financial accounts using free services; any would do: Mint, Personal Capital, etc. By logging in your financial accounts to these services, you'll get a picture of your cash flow (money you've earned for the month vs money spent) and with a bird's eyeview and vigilance, you'll be able to take an active approach to budgeting and hopefully see opportunities to save.

You said you're really sick...I'm not sure what your ailment is but accumulating any measure of wealth will be extremely difficult if your ability to work is limited because the first step is learning how to spend less than you earn but of course that means you need a regular income to spend less than.

LiquidSky
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by LiquidSky » Sun Sep 30, 2018 8:34 pm

Wow, this is a lot to sink in. All around great advice.Thanks everyone.
Last edited by LiquidSky on Sun Sep 30, 2018 8:49 pm, edited 1 time in total.

livesoft
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by livesoft » Sun Sep 30, 2018 8:38 pm

Go get the book "I Will Teach You To Be Rich" by Ramit Sethi. Read it. There is the web site, the blog, the etc.

Then please report back.
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LiquidSky
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by LiquidSky » Sun Sep 30, 2018 8:42 pm

I will, thank you. I like the blurb on the book “ No Guilt. No Excuses. No B.S.”

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by chambers136 » Sun Sep 30, 2018 8:56 pm

I think what you’re missing is that in hindsight it seems very easy to pick winning stocks that would have made you very rich. Leverage everything that you could have to buy Amazon a little while back, or some other high flying stock. Many people on here have thought they had a hot stock tip, only for it to flop. This doesn’t mean there won’t be stocks available every day that can make you a quick multi millionaire. What people are trying to point out is that unless you can read the companies financials, understand the demand for their product, etc, you really will not be consistently successful to make you very rich. There are many people whose sole job is to research and understand these companies that fail to pick the next big stock. It’s not something we like to hear, but it’s the truth for a very larger percentage of investors. You may be an exception, but it will require luck or being gifted in ways that none of use on this board are.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by Sandtrap » Sun Sep 30, 2018 9:29 pm

LiquidSky wrote:
Sun Sep 30, 2018 8:34 pm
Wow, this is a lot to sink in. All around great advice.Thanks everyone.
One can be "mega rich" without fulfillment, without personal growth (inner riches).
Thus, what others have said:
Invest in yourself, your education, your skillsets, character, and integrity.
With that:
The substance . . . and . . feeling of being wealthy. . and blessed, will indeed come your way.

I have known quite a few close friends and relatives with very substantial wealth. Many are consistently dissatisfied with life and filled with regret and resentment.
Other's, including a retired plumber, electrical contractor, power company line man, school teacher, etc, that have retired with ample funds and count their blessings daily.

Material wealth is great but only part of the "whole enchilada".

Good luck
j :D

beardsworth
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by beardsworth » Sun Sep 30, 2018 9:29 pm

LiquidSky,

As a number of people have mentioned, this forum is not really a place for advice on how to get "mega-rich" "mega-quick."

The forum is named after John Bogle, founder of the Vanguard group of mutual funds, who has long preached, with sound evidence to back up the approach, that investors should pick a broadly diversified portfolio of mutual funds, particularly index funds with low expense ratios, decide on a stock/bond/cash allocation that suits their risk tolerance, and then "stay the course" through the ups and downs of markets.

In addition to the links furnished by other posters above, here's an excellent summary of "the Boglehead philosophy" which also characterizes the major themes of this forum.

https://www.bogleheads.org/wiki/Boglehe ... philosophy

Okie77
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by Okie77 » Sun Sep 30, 2018 9:56 pm

Sandtrap wrote:
Sun Sep 30, 2018 9:29 pm
LiquidSky wrote:
Sun Sep 30, 2018 8:34 pm
Wow, this is a lot to sink in. All around great advice.Thanks everyone.
One can be "mega rich" without fulfillment, without personal growth (inner riches).
Thus, what others have said:
Invest in yourself, your education, your skillsets, character, and integrity.
With that:
The substance . . . and . . feeling of being wealthy. . and blessed, will indeed come your way.

I have known quite a few close friends and relatives with very substantial wealth. Many are consistently dissatisfied with life and filled with regret and resentment.
Other's, including a retired plumber, electrical contractor, power company line man, school teacher, etc, that have retired with ample funds and count their blessings daily.

Material wealth is great but only part of the "whole enchilada".

Good luck
j :D
Best advice on this thread right here.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by MJS » Sun Sep 30, 2018 11:00 pm

LiquidSky wrote:
Sun Sep 30, 2018 5:37 pm
Great. I’m thinking of buying “Bogleheads Guide to Investing”. Has anyone read it? Did it help you?
Yes, it is a simple & splendid book. However ...

A Boglehead goes to the Public Library and borrows electronic and paper books (and videos and cake pans and tools and seeds for the garden and ...) Bogelheads do not buy something they can get for free!

Instead, take that $20, and go to a Fidelity office. Buy holdings in Fidelity Total Market Index Fund - Investor Class (FSTMX.) For one month, live frugally. Put more money into your FSTMX holdings. November/ December- try to be careful with your money. In January, commit to putting $100/month into your FSTMX holdings. Be obsessive for just one year.

If there is a market crash, you are lucky! FSTMX will be on sale. You can buy more for less money. Buy $200/mo of FSTMX. (Note that having the money in your holdings drop by half TEMPORARILY is scary. Re-check out the Boglehead book and read about buy-and-hold and stay-the-course.)

Having an investment account is the first step to wealth.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by MN-Investor » Sun Sep 30, 2018 11:13 pm

There's already plenty of good advice here, I'll just add one comment.

The one thing hardest to appreciate when you're young is the value of time. The more money you can invest early in your career, the better. I remember those early years (I'm 65, so it's quite a while ago) when my portfolio was $5,000 or $10,000. The portfolio mostly grew by my annual contributions to it. The growth from dividends and stock increases was relatively small. But over the years, that changes. You'll get to the point where dividends and stock growth are greater than your yearly contribution. Then you'll get to where the dividends and stock growth exceed your annual salary. Your portfolio takes on a life of its own. And boy, is that fun!
The key to success - Save early, save often, invest well.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by Nissanzx1 » Sun Sep 30, 2018 11:54 pm

One of the most wealthy guys I know is an absolutely insufferable person. Egotistical, rasict, just the type of guy that turns your stomach. I have seen him scream at his employees with disabilities. He made his in real estate, commercial and residential. Also owned a few other small businesses. $10M+ net worth. Does whatever he pleases all day long, favorite activity is firing someone- lives for it.

The guy would be worth $50M today if he didn't have his personality flaws. He has no friends, no one can stomach him. Employees steal from him.

Slow down and treat people with respect and provide a service within your community and you will do extremely well. Focus less on the dollars and more on your customers and opportunities. Avoid debt. Invest monthly. You will do well.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by oldzey » Sun Sep 30, 2018 11:54 pm

OK, we've advised you to develop your high-paying career, save a good percentage of your salary, and to be sure that you've insured your assets.

You say you want to know how to invest. Here's a great 10-part series by Rick Van Ness: https://www.youtube.com/watch?v=QYrYZrB34uc

These are the same videos in the "Getting Started" section of the Bogleheads Wiki: https://www.bogleheads.org/wiki/Getting_started

Enjoy!
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman

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Re: Beginner. Want to get rich. Help with starting a portfolio

Post by Dottie57 » Mon Oct 01, 2018 11:45 am

LiquidSky wrote:
Sun Sep 30, 2018 5:30 pm
Dottie57 wrote:
Sun Sep 30, 2018 5:19 pm
fortfun wrote:
Sun Sep 30, 2018 4:26 pm
Liquidsky, you won't find much get rich quick advice here. Mostly, slow but sure 3 fund portfolio using non-exciting total index us stocks, international stocks, and total us bonds.

Becoming an anesthesiologist, or some other high paying career is probably your best bet.
Good luck!
+1

If everyone here knew how to become mega rich, the forum would not exist. We walk the slow road to Dublin.
“Walk the slow road to Dublin.” What does that mean? So there is no fast track in investing?


Thanks for everyone’s advice, input, etc. much appreciated.
It means there generally isn’t a fast track to being rich, much less mega-rich.

This is not a group which gives get rich quick tips. No hot stock tips. The wiki has information on starting to invest. The portfolios discussed give market returns not higher than market returns. No fast track to riches.


lotusflower
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by lotusflower » Mon Oct 01, 2018 2:36 pm

Welcome to the forum. Sorry there are no easy answers.

It's often said that the people who got rich during California's gold rush were not the miners, but the men who sold shovels and maps. Nowadays, those are the people selling stock-trading "systems", though at least the shovels actually worked.

A lady from my church bought into some kind of sales pitch about a day-trading system. Several of us, including the priest, told her it was a very bad idea and asked her not to do it, but I think the sales pitch was too compelling. She borrowed against the house she inherited. Within a year, she lost the house. It was very, very sad.

In general, humans like stories better than numbers. Mr. Buffett seems like a very nice, modest, appealing man. His phenomenally successful record makes a great story. No one writes stories about tens of thousands of other investors who tried similar things and failed, because those stories are less fun to read. There will always be people who win at gambling, including both the lottery and the stock-picking. You will always hear more stories about the small few who succeed, which is natural, but you shouldn't make the mistake of thinking those stories are typical.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by Highfeehater » Mon Oct 01, 2018 3:04 pm

LiquidSky.
This thread is a perfect example of why I have become a bogleheads fanatic, so to speak. It is so reinforcing. The members lay it on the line. All the information you get, all the books they suggest for reading are essential to understanding the bogleheads philosophy. Most importantly, you are getting solid advice for free.

Yeh, you may have to change the way you think about what real wealth is but the "get rich quick" schemes will just impede your way to being financially independent.

Thanks Bogleheads.

PS. I thought I was the only guy who got books from the library so there would be a few more $'s to invest. Lol

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by unclescrooge » Mon Oct 01, 2018 4:32 pm

The only way to become rich is to buy assets, and not liabilities.

The way to become mega rich is provide a valuable service that is scalable.

Neither of these is a goal in itself. It could be, but it's a poor goal.
Last edited by unclescrooge on Mon Oct 01, 2018 6:44 pm, edited 1 time in total.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by KyleAAA » Mon Oct 01, 2018 4:55 pm

If you want to get mega-rich ($20mm+) you need to start your own business and scale it to tens of millions in revenue, at least. It can be in any field, doesn't need to have anything to do with Wall Street. If you just want to get regular rich (say, $5-10mm net worth by the time you're 50) you can do that in any number of high-paying professions from medicine to software engineering to sales if you are good at what you do and live frugally. Investing is not a good way to get mega-rich but rather maintaining and growing your riches once you earn them.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by CaliJim » Mon Oct 01, 2018 9:00 pm

KyleAAA wrote:
Mon Oct 01, 2018 4:55 pm
If you want to get mega-rich ($20mm+) you need to start your own business and scale it to tens of millions in revenue, at least. It can be in any field, doesn't need to have anything to do with Wall Street. If you just want to get regular rich (say, $5-10mm net worth by the time you're 50) you can do that in any number of high-paying professions from medicine to software engineering to sales if you are good at what you do and live frugally. Investing is not a good way to get mega-rich but rather maintaining and growing your riches once you earn them.
+1

a wise man once said:

must take lots of risk to get rich. ie....place a big bet, start a business...

must control risk to stay rich, ie...invest the BH way
-calijim- | | For more info, click this Wiki

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by Fallible » Mon Oct 01, 2018 9:21 pm

LiquidSky wrote:
Sun Sep 30, 2018 4:16 pm
...
So where do I begin? ...
In this order:

-Find a good job and work hard.
-Pay off the student loans.
-Save money for emergencies.
-Save money to invest.
-Learn how to invest (you've already begun this here).
-Choose an asset allocation that is right for you.
-Write an Investment Policy Statement listing your investment choices and why you made them (this can help you stay the course when the market crashes or just gets volatile).
-Invest.
Bogleheads® wiki | Investing Advice Inspired by Jack Bogle

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by gotester2000 » Tue Oct 02, 2018 12:05 am

Here is one idea:

Put 1k each in 10 different stocks of fundamentally strong companies in different sectors and forget it for 40 years(Age 25-65).
Probability is 4 will go bankrupt, 3 will give nominal returns, 2 will do good and 1 will be a multibagger. If your 1k grows 1000 times in this stock that will mean at least 1 million.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by LiquidSky » Tue Oct 02, 2018 1:54 am

P.S. Is there a way to like a persons comment? If not I could write up some code with you guys to make a like button that you press on and it tells the person that I liked there post. Something to think about because I liked everyones posts.

LiquidSky
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by LiquidSky » Tue Oct 02, 2018 2:00 am

KyleAAA wrote:
Mon Oct 01, 2018 4:55 pm
If you want to get mega-rich ($20mm+) you need to start your own business and scale it to tens of millions in revenue, at least. It can be in any field, doesn't need to have anything to do with Wall Street.
If that’s the case I have an idea. Only problem is I’m not well acquainted with the business I’m going into, yet. So I better read a lot up on my business. Then I could be sure I don’t make any rookie business mistakes. Ever see the film The Founder? Yeah, it’s so easy to get your idea stolen these days, because everyone wants to be rich.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by oldzey » Tue Oct 02, 2018 2:01 am

LiquidSky wrote:
Tue Oct 02, 2018 1:54 am
P.S. Is there a way to like a persons comment? If not I could write up some code with you guys to make a like button that you press on and it tells the person that I liked there post. Something to think about because I liked everyones posts.
+1 is commonly used as the "like button". There's also a thumbs-up icon if you click "View more smilies".

For example:
livesoft wrote:
Sun Sep 30, 2018 8:38 pm
Go get the book "I Will Teach You To Be Rich" by Ramit Sethi. Read it. There is the web site, the blog, the etc.

Then please report back.
+1 :thumbsup
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman

LiquidSky
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by LiquidSky » Tue Oct 02, 2018 2:04 am

oldzey wrote:
Tue Oct 02, 2018 2:01 am
LiquidSky wrote:
Tue Oct 02, 2018 1:54 am
P.S. Is there a way to like a persons comment? If not I could write up some code with you guys to make a like button that you press on and it tells the person that I liked there post. Something to think about because I liked everyones posts.
+1 is commonly used as the "like button". There's also a thumbs-up icon if you click "View more smilies".

For example:
livesoft wrote:
Sun Sep 30, 2018 8:38 pm
Go get the book "I Will Teach You To Be Rich" by Ramit Sethi. Read it. There is the web site, the blog, the etc.

Then please report back.
:thumbsup

+1 :thumbsup
:thumbsup

LiquidSky
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by LiquidSky » Tue Oct 02, 2018 2:06 am

+1’s to everyone. Thank you all for your tough love and great advice so far.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by aristotelian » Tue Oct 02, 2018 6:27 am

OP, there is no way to get megarich without taking risk. The more risk you take, the higher the probability of failure. Stocks and bonds have quantifiable risks and expected returns. If you spend less than you earn and invest the difference, you are highly likely to get rich, if not megarich. If you take a riskier path, by definition nobody can advise you how to do it or guarantee success.

gowest
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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by gowest » Tue Oct 02, 2018 1:08 pm

There are a lot of good tips in this thread. I am writing to reinforce one basic idea, and it's an idea that needs to come BEFORE any investing.

It sounds to me like you would benefit from first getting your "personal finance house" in good shape. You need to have a very clear understanding about your money coming in and going out each month. Money coming in is usually from a job. Money going out includes all of your bills and expenses (food, student loans, electric bill, clothes, movies, coffee, literally everything). Write it down (literally). Or better yet, use a budgeting tool. I personally use and love YNAB (You Need a Budget), but there are many good options, including free ones.

If you have more money going out than coming in, well that's clearly a problem. You need to spend less or make more or both. Take a realistic view at this.

If you have more money coming in than going out, then you have money for saving and, eventually, investing. If/when you are at this point, you need to build up an emergency fund to deal with unexpected expenses. After that, you can begin to invest. And I can vouch for the suggestion that the imminently boring 3-fund approach truly works (1 fund is total U.S. stocks, 1 fund is total international stocks, and 1 fund is total bonds) -- you can read and learn more about these later.

In the meantime, continue to learn about investing. But if you want to be rich (which you do), it starts with getting your cash inflow and expenses (outflow) under control. I wish you the best.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by KyleAAA » Tue Oct 02, 2018 4:15 pm

LiquidSky wrote:
Tue Oct 02, 2018 2:00 am
KyleAAA wrote:
Mon Oct 01, 2018 4:55 pm
If you want to get mega-rich ($20mm+) you need to start your own business and scale it to tens of millions in revenue, at least. It can be in any field, doesn't need to have anything to do with Wall Street.
If that’s the case I have an idea. Only problem is I’m not well acquainted with the business I’m going into, yet. So I better read a lot up on my business. Then I could be sure I don’t make any rookie business mistakes. Ever see the film The Founder? Yeah, it’s so easy to get your idea stolen these days, because everyone wants to be rich.
Fortunately, ideas are pretty worthless. What matters is execution. Let them steal your idea all they want.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by H-Town » Tue Oct 02, 2018 4:38 pm

LiquidSky wrote:
Sun Sep 30, 2018 4:16 pm
Any advice, input, guidance to give me?
Thank you so very much for any and all help
Step 1: Learn about the power of compounding.

Step 2: Learn how it works.

Step 3: Put it to work.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by AlphaLess » Tue Oct 02, 2018 8:22 pm

1. Becoming mega-rich is not a goal by itself,

2. You won't become mega-rich by following investment advice here. You will merely become financially independent,

3. If you don't have family wealth, you will not be able to become even financially independent by simply investing. That is: before investing, you have to earn money first. Furthermore, you need to learn how to live within your means, save well, and be a patient investor,

4. Becoming financially independent requires you to have some skill in some trade or profession, and then discipline and patients,

5. Becoming rich or mega-rich requires OTHER, additional things, such as: taking more risk, and getting somewhat lucky.
"You can get more with a kind word and a gun than with just a kind word." George Washington

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by jalbert » Tue Oct 02, 2018 8:26 pm

LiquidSky wrote:
Sun Sep 30, 2018 4:33 pm
Fortfun : Do you say this because you don’t think I have the guts to make in in investing or stocks, etc.? You think I wont make it in your investing sphere? So therefore I should go into anesthesiology or some other professional career? I’m not so sure I want a regular “job”. Maybe I want to invest and get rich. It’s sounds to me like you don’t think I got what it takes, but I think I do.


Thanks for the advice so far everyone.
Investing is about beating inflation. Speculation and taking high risk can make you rich. More often, it makes you poor.
Risk is not a guarantor of return.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by LiquidSky » Tue Oct 02, 2018 10:39 pm

You all gave me a lot to think about. It will be some time before I reply back because I have to put what all you told me into practice and action starting right now , and I will.

So I hope the moderator doesn’t mind a thread bump on this thread once I have made progress? It may be awhile.

Thanks everyone :thumbsup

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by oldzey » Tue Oct 02, 2018 10:54 pm

Before you go, be sure to check out this classic post: Share your net worth progression

Good luck with your investment education - you've come to the right place! :thumbsup
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by Xrayman69 » Tue Oct 02, 2018 11:49 pm

COMPOUND Interest !!!

Invest regularly like the BH and then watch 10k turn into 100K which then turns into 1M then 2M etc.

The part for the above will occur and directly dependent upon what you contribute regularly and your time horizon. Average return of the general broad US market is about 8-9% annually over a long period theefore your money will double every 7 - 10 years.

Get “rich” once then capital preservation. 5 million at 6% gets 300k without much effort other than staying the course when you may “lose” on paper 300k in a down year.

I know that BH has a 3 fund philosophy, but I’m relatively young and have been esssentially 90% S&P 500 vanguard low fee admiral fund since the Great Recession. Im prepared psychologically to “lose” 20-30% in any given stretch but will still put 20% annually into funds and stick to the plan of dollar cost averaging with pullbacks, corrections, or bear markets knowing that I have the time to ride it out when it occurs.

Diversify, Buy low (as opposed to selling low), keep costs low, start early, and don’t look at market too often as any given event shouldn’t change your plan on a daily basis. Let your money work for you with compounding. When your investments return annually what you earn from a job in a year you’ve won and start planning for capital preservation.


H-Town wrote:
Tue Oct 02, 2018 4:38 pm
LiquidSky wrote:
Sun Sep 30, 2018 4:16 pm
Any advice, input, guidance to give me?
Thank you so very much for any and all help
Step 1: Learn about the power of compounding.

Step 2: Learn how it works.

Step 3: Put it to work.

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Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by Peppergrass » Wed Oct 03, 2018 2:16 am

liquid,

well first wha tis "mega rich".. to some it's a couple mill, to others it's a billion..

to cut through the clouds you have..

-most will never get mega rich in stocks.. for a couple reasons.. it's been calculated that future returns won't equal what past returns were.. it might be true might not be.. the mega rich Wall Street Titans if you can call them that have super concentrated stock portfolios of the now known stocks that did vastly superior to everything else.. most these people got the stock for pennies pre IPO so you could never match that.. for example Jeff Bezos is said to have around 80 million shares, it's lunacy in my eyes these people can become instant billionaires taking there once private company public but it's legal.. you can never match this sadly so that is life.

you can easily make a few mill through your life investing dummy proof way unless there is a Great Depression that lasts a majority of your working/young years then no, no millions for you, but everything else yes. you let the magic of time work for you and index, simple right.. it's as simple as being skinny ( eat less / better and go exercise ) most don't... that's why everything isn't "rich".. easier said then done when you want to buy that pair of nike shoes then buy a stock and watch it drop maybe 10% and in a bad year 50%.. instant gratification world gets us.. but it can be had at a price.. as everyone says the more you earn that means the more yo can invest.. that's the simple ingredient to make it all work

to get mega rich you would have to have a strike rate beyond GODLY to get rich quick.. think getting an inheritance of 20 million and putting it all on AMZN or GOOG or MSFT day of IPO and riding that sweet sweet tsunami wave of cash to your mansion.. anything else it's just not going to make you super mega rich..you can be rich but will cost you far longer time and you won't end up anything rich as riding a 20,000% return rate in 20 years.

you want to learn fast, go read some of the books that anyone can buy. Tony Robbins money book, Peter mallouk. random walk down Wall Street, guy has another book can't remember it, and bill Bernstein's books, this guy will catch you up real quick but he's kinda "advanced" and easier if you have some understanding already about investing,

here's one thing you should usually know, there is usually always tied together risk and reward, it can't ever be another way as if it were anyone would exploit it bringing it back in line with the median. you wan tot be mega rich, you are going to have to take mega risk. if I were you as most have come to terms with, being well off when you're old seems to be the aim vs. ending up penniless going for that billion..

most the people you read, also like warren Buffett, once again he's a concentrated stock holder, he started off with an inheritance, and lastly he's a mega business owner, far above and beyond the normal person here.. his wealth shows that level which apparently only one has got to investing in stock ( Warren )


now this isn't to discourage you, you can if it's your destiny make a billion, maybe you invest in angel investing ( not recommended ) or pre IPO ( not recommend ) and turn 100,000 into 100 million, it's been easily known to happen, there is just only a handful to tell you the tale..

your path in life, you get to choose what investment to make

DoTheMath
Posts: 238
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Location: The Plains

Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by DoTheMath » Wed Oct 03, 2018 6:36 am

LiquidSky wrote:
Tue Oct 02, 2018 2:06 am
+1’s to everyone. Thank you all for your tough love and great advice so far.
Welcome to BH! As you have discovered, there is a lot of smart people willing to share their wisdom. Please keep reading posts. It can seem overwhelming at first but, like Ladygeek posted earlier, it really comes down to a few simple principles and the rest is gravy.

I give you huge credit for being smart enough to recognize the truth in what people are saying. I've seen lots of people post at BH but then leave in a huff when they don't get the replies they are looking for. You are clearly smart enough to recognize when people are telling you what you want to hear, that's exactly the moment to be the most suspicious!

Building wealth is a lot like fitness and weight loss. It's not complicated to do it right, it just requires patience and hard work. Anyone who tells you it is easy or quick is trying to sell you something.
“I am losing precious days. I am degenerating into a machine for making money. I am learning nothing in this trivial world of men. I must break away and get out into the mountains...” -- John Muir

jibantik
Posts: 66
Joined: Fri Nov 24, 2017 1:05 pm

Re: Beginner. Want to get mega-rich. Help with portfolio, tips, etc.

Post by jibantik » Wed Oct 03, 2018 6:16 pm

Wow, this is great if the OP will follow the advice of these boards.

Imagine how one little chance happening, of stumbling onto this website, the wrong kind of website than they were looking for, could completely change OPs future for the better. Such a small thing could save OP decades of time and have secured him financial independence and comfortable retirement.

Here is a reminder of what can happen When people put all their eggs in the wrong basket.

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