Another 'What do you do for a living' thread.

[soroush]

your asking the right questions, and you seem smart enough at 20, I think you'll be fine! just pick a career that you like, dont do anything youre not passionate about, just because someone else did and is making money from it, that will not make you happy, and inspite of what you think even being able to buy exotic cars or whatever it is that you think you can buy to make you happy, it wont!

I do agree with one point chip mentioned,

"dont get a divorce", but I have a better one for you,

dont get married! at least not early in life(unless yor go with gtdrummer advice and marry really really well:biggrin) then just hope she'll allow you to buy whatever you want!

 

[Caboose]

your asking the right questions, and you seem smart enough at 20, I think you'll be fine! just pick a career that you like, dont do anything youre not passionate about, just because someone else did and is making money from it, that will not make you happy, and inspite of what you think even being able to buy exotic cars or whatever it is that you think you can buy to make you happy, it wont!

I do agree with one point chip mentioned,

"dont get a divorce", but I have a better one for you,

dont get married! at least not early in life(unless yor go with gtdrummer advice and marry really really well:biggrin) then just hope she'll allow you to buy whatever you want!

Thanks a lot guys for the words of wisdom! The divorce/early marriage thing I am hoping to avoid haha. My current girlfriend and I have been together for 2.5 years now and she is the type who definitely believes in getting careers in place and paying off loans before even thinking about marriage or kids or any of that. So, as long as we stick together I won't have to worry about at least 1 of those variables. And she knows me now, before I have any money to my name, so that's a plus too

 

[B.M.F.]

your asking the right questions, and you seem smart enough at 20, I think you'll be fine! just pick a career that you like, dont do anything youre not passionate about, just because someone else did and is making money from it, that will not make you happy, and inspite of what you think even being able to buy exotic cars or whatever it is that you think you can buy to make you happy, it wont!

I do agree with one point chip mentioned,

"dont get a divorce", but I have a better one for you,

dont get married! at least not early in life(unless yor go with gtdrummer advice and marry really really well:biggrin) then just hope she'll allow you to buy whatever you want!

x2

Except I wanna add, buy a GT before a house and before marriage. Buy one before they are 250000+. Maybe in ten years you'll be able to buy a fixed salvage car for 200000 LOL If ya can buy two:rofl

 

[Kayvan]

Most made their wealth thru "cash flow" or "equity"

ie, Building/owning, or selling a business that produces strong free cash flow on an ongoing basis OR others want to buy

1.) Not salary but owning a business that produces cash substantially higher than costs (eg, gas stations, distributorships, Lexus dealers, specialist medical practice, etc).

2.) Equity Capital: Building a business and selling it for multiple of invested capital.

3.) Leverage capital: Wall st, VC, PE, HF; making bets with other peoples money

Getting above done at an earlier age makes benefits even better, as compounding can provide dramatic returns if you amass capital at 30 v. 50

One caveat: no amount of $ can bring your 20s or 30s back; and I know many who would pay $1 million plus to go back to 20s or have same functionality

 

[BlackICE]

One caveat: no amount of $ can bring your 20s or 30s back; and I know many who would pay $1 million plus to go back to 20s or have same functionality

I would gladly pay twice that!

 

[Empty Pockets]

NardoGT, Nota4Re, Empty Pockets, Gino, Kingman, SteveA & BlackICE all met on the shoot of a PlayGirl Calendar back in the 1970's - they were drooling spectators!

They made their big money by providing comfort & companionship to a lifetime supply of Gloria Marshall rejects!

Only one of them is funny in a special kind of way though! Hint...He stays at the Wynn in Las Vegas....

Oh, jus' shuddup, Sam!

(BTW, you told me you'd never mention that 'calendar shoot - especially publicly. I therefore demand you now return my hush munny... :mad)

 

[viva gt]

Definitely not talking about those types of assets haha. And I disagree about hard work essentially guaranteeing success. Of course it's not from personal experience as I am too young to have any input into that, but as an observer I've noticed that although my dad is an incredibly hard worker, he's always struggled with paying bills and always will. In my eyes I look at the fact that he has no idea what a true asset is. Everything in his life is a liability, except his paycheck after taxes.

your line "Everything in his life is a liability, except his paycheck after taxes." should include as an exception, you. you would not be a liability. one of a parents greatest wish/dreams is that their child will do better in life than they did (i don't just mean monetary). especially if your father is putting you through school.

 

[Kayvan]

Not getting married with 2 kids will save you $1 Million right off the top...

1 kid = min $250K

1 divorced wife = min $250K (500K in LA or NY)

 

[BlackICE]

Not getting married with 2 kids will save you $1 Million right off the top...

1 kid = min $250K

1 divorced wife = min $250K (500K in LA or NY)

Your numbers are way low. Obviously you have never been married or divorced.

 

[Kayvan]

Your numbers are way low. Obviously you have never been married or divorced.

Agreed.

Im saving up for a trophy Wife

 

[jaxgt]

An article I read maybe last year estimated that 1 child born in 2008 to an UpperMiddleClass/lower end of upper class family costs about $750k to raise in terms of education, lost wages etc... I believe it.

Not getting married with 2 kids will save you $1 Million right off the top...

1 kid = min $250K

1 divorced wife = min $250K (500K in LA or NY)

 

[Caboose]

your line "Everything in his life is a liability, except his paycheck after taxes." should include as an exception, you. you would not be a liability. one of a parents greatest wish/dreams is that their child will do better in life than they did (i don't just mean monetary). especially if your father is putting you through school.

This is very true, I was only looking at it in terms of finances. So I'll rephrase, everything my father does financially is to acquire liabilities. I don't want that in my life.

 

[BlackICE]

Agreed.

Im saving up for a trophy Wife

Trophies get tarnished when they age and then often don't look any better than non-trophies. If you like trophies it is better to rent or lease rather than buy, moving up the the latest models cost much less then. :lol

 

[Sinovac]

An article I read maybe last year estimated that 1 child born in 2008 to an UpperMiddleClass/lower end of upper class family costs about $750k to raise in terms of education, lost wages etc... I believe it.

And I would add that a well raised child is worth every penny of that estimate.

 

[Empty Pockets]

Not getting married with 2 kids will save you $1 Million right off the top...

...at least.

But I for one am darn glad I paid it. 'Couldn't imagine my life w/o wifey or our two bratlets. And I DARN SURE don't know what wifey and I would do w/o our two grandkids now. Those lil' stinkers are the reason we get up in the morning these days! (NO DOLLAR AMOUNT can be put on the feeling you get when hold your own child's child in your arms. No sir. No darned amount whatsoever.)

IMO, real "wealth" is not measured in money nor the things money can buy anyway. I wouldn't trade what my family has provided me over the years for all the money, cars, yachts, planes, gold, diamonds, and yes - PLAYMATES - on the planet...and that's a fact.

I'm shuttin' up now...

 

[gtinmyblood]

Best advice ever: Save like hell and stay the F+&% out of debt!

 

[FBA]

I'm curious why you would say that you don't acquire assets before leaving college? An asset is quite simply something that makes you money, without you having to do any work for it to make you that money. And I do understand that for people in their 50s and 60s the ONLY way to make a living was to work as hard as possible for as long as possible and just save save save, but it seems like today knowledge means 10x what hard work does. Just curious on your opinion on this.

Assets are NOT something that necessarily make you money. For example - you have appreciating assets and depreciating assets. A GT for example can be either, depending on many factors such as market conditions, mileage, accidents, purchase price etc...

Knowledge has always been the key. Ever hear the expression "Work smarter, not harder"?

As far as not having to do any work to make money with an asset, rare - very rare.

In most cases, exotic cars are NOT appreciating assets, just expensive toys. When you acquire lots of money and you can buy them outright without financing them and mortgaging your life, you buy them, but make no mistake - they are mostly depreciating assets and even the banks see it that way on your balance sheet.

Listen to Chip...he's not wrong.

 

[ChipBeck]

I'm curious why you would say that you don't acquire assets before leaving college? An asset is quite simply something that makes you money, without you having to do any work for it to make you that money. And I do understand that for people in their 50s and 60s the ONLY way to make a living was to work as hard as possible for as long as possible and just save save save, but it seems like today knowledge means 10x what hard work does. Just curious on your opinion on this.

I could not disagree more. Knowledge doesn't mean a damn thing without great experience. That only comes with time. Walk into my bank and try to get a 3 million dollar business loan with any amount of knowledge and they will show you the door so fast it will make your head spin. They don't want to hear about your fortune telling future, they only want to see history. A solid track record. Don't tell me what you think you can do, tell me what you have done. The best predictor of future performance to a bank, business partner, employer, or investor, is past performance. And knowledge has nothing to do with that.

Your father did not follow my 23 steps. You can't just follow a few of them. Hard work and saving alone will not get you there. If you really think that knowledge means 10x what hard work does, you are headed for heart break and disappointment. And if you know of "assets" that college kids can acquire that will bring them wealth without work, I'd love to hear about it.

Good judgement, the ability to direct and motivate employees, and sound decision making are critically important components in business. They can't be learned in a class room, they are learned and honed with experience. Nothing is fundamentally different today, and there is nothing new under the sun.

Chip

 

[GTdrummer]

Chip-- you must red Lutz' new book "Car Guys and Bean Counters" when it comes out. Like minds.

 

[Kayvan]

Trophies get tarnished when they age and then often don't look any better than non-trophies. If you like trophies it is better to rent or lease rather than buy, moving up the the latest models cost much less then. :lol

I've been doing lay away plan...