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PostPosted: Fri Nov 02, 2012 8:01 am 
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PostPosted: Fri Nov 02, 2012 2:09 pm 
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To say you need to "inherit" is a lot like saying you are "friendzoned" - means you dont have chance what so ever to change that, it's easier than applying yourself.

I'd say best way is to do something you like to do. Among those things find something other people would like too. then find an investor, he will screw you for 90% of profit.
Then you take 10%, repeat the process, only this time without an investor.

This works when you have no money to support your idea.


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 Post subject: Many books
PostPosted: Fri Nov 02, 2012 4:07 pm 
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There are many books that can help you become very rich. Some are self help books which will increase your confidence. Others are about business strategy. Yet more are about hiring the best people. All these will give you the knowledge necessary to accumulate wealth. Read them and apply the principles. For a start, read Blue Ocean Strategy. It's a good book.

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PostPosted: Fri Nov 02, 2012 10:57 pm 
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I love this topic. Anyways I would recommend the richest man in babylon and the millionaire next door. I'm also striving to become rich and successful. Take baby steps towards your goal.


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PostPosted: Sat Nov 03, 2012 6:35 am 
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PostPosted: Sun Nov 11, 2012 4:33 pm 
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Here are my top books to get into this realm of thought (I am also like you in my ambition):

1) Tony Robbins - This is one author whom I would recommend the audio versions over his books simply as he is so expressive. Get The Edge is my favorite program of his.

2) Think and Grow Rich - Clear classic although a little out dated in some of the more grandular examples.

3) How to Win Friends and Influence People

4) Think Big and Kick Ass - By: Donald Trump - My favorite quote from this is "If your thinking you might as well be thinking big.
This is a great list, here's a few additions that you should pick up:

1. Never Eat Alone (Keith Ferrazzi) - Completely packed with techniques to use in business interactions, and a very passionate writer to boot.

2. Good to Great by Jim Collins

3. What got you here won't get you there by Marshall Goldsmith


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PostPosted: Mon Nov 19, 2012 10:01 pm 
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I was wondering if there is a society that is focused on making money? I've heard of the Vault but it's also private.


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PostPosted: Thu Dec 13, 2012 12:24 am 
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Bill gates read all the encyclopedia, he find a genius and buy the concept so find a genius.


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PostPosted: Fri Dec 14, 2012 12:33 am 
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seems that nowadays billionaires are made with computer technology or oil in india lol. but I'll just simply model rich people to learn from them.

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PostPosted: Fri Dec 14, 2012 2:12 am 
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Think and Grow Rich by Napoleon Hill.

If you want some good advice, learn about the stock and ForEx markets.

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PostPosted: Fri Dec 14, 2012 2:02 pm 
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I study finance and I believe the best way to become rich is to take fair gambles and get lucky. Historically speaking, investing in stocks is a better-than-fair gamble, and it requires very little skill! My best advice would be to invest everything you can spare in trackers of the MSCI Small Cap Index. Financial research suggests that small companies are actually less risky, while they have higher returns than the market. Of course, investing in this index is still a gamble on the development of the world economy so you have to be willing to take the risk.

And do realize that most of the writers of self-help books have become 'rich' by writing books.
Quote:
Rest assured that you will have periods of time where you only eat canned beans while watching your financial portfolio grow to that million.
Your behavior appears irrational to me. You are deferring consumption to save money. But what will you use your saved money for? Indeed, consumption. A rational individual will weigh the benefits of present consumption versus the discounted benefits of future consumption.

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PostPosted: Fri Dec 14, 2012 3:37 pm 
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There is a saying that says no one can make a million dollars honestly. This is true because that is so much money that you are not really working or putting forth effort at a certain point. You are just doing some work, then tricking other people into doing the rest of the work for you and not paying them enough for it.

Regarding Bill Gates. I have a saying about computers which applies to software and everything else: "Computers are designed to make people money, not to work." This is true because the whole point of Windows, iPods, cellphones, and game consoles is not to provide the best possible technology to the consumer, but merely to extract revenue from them. Think about all the glitches in Windows operating systems, or with the iphones, and all the pain and annoyances they cause consumers. Yet did Steve Jobs get a pay cut whenever something went wrong? No, he made billions.

It's all about devising a scheme to extract money from consumers in an efficient manner and then duplicating that process with relative ease. Your product doesn't matter. Your intelligence doesn't matter. The amount of effort you exert doesn't matter. What really matters is how you conceive and implement your scheme to get money.

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PostPosted: Sat Dec 15, 2012 9:08 pm 
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I'm jobless but I just won 20k from a competition~ what should i do with the money?


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PostPosted: Sun Dec 16, 2012 12:18 pm 
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There is a saying that says no one can make a million dollars honestly.
Saving a little over $2000 per month in an old sock will net you a million dollars by the time you retire, because:
$1,000,000/40 working years/12 months = $2083,33

It will be even easier if you invest. Assuming an annual 4% return on investments, you can get there saving only $900 a month, because:
12 months * $900 * (((1 + 0,04 interest)^40 working years) - 1) / 0,04 interest) > $1,000,000

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PostPosted: Mon Dec 17, 2012 9:57 am 
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For fair gambles and getting lucky i'll take a seat at the texas hold'em table bro. The terms "gambles" and "lucky" scare me because they give me no control over my money. Having no control over my money is irrational as hell, you who studies finance should know that..
The thing is, when you invest your money (either in your own business or in someone else's) there is still uncertainty in the outcome. You have control over where you invest it, but the outcome of your investment is determined by a huge amount of factors that are actually beyond your control. The system that eventually determines the outcome of your investment is so complex that financial economists model the outcome as a stochastic process, i.e. a gamble.

To give an example applied to your own situation: the cost of living in India may go up, which means that the workers will there demand more wages, which means that eventually you will have higher costs, which means that you will have a lower return on your investment. There is no way you can control the cost of living in India, so your investment is essentially a bet on, among many other things, the cost of living in India. Now I'm not saying that this is a bad bet, in fact, I admire your entrepreneurial spirit, but it is good to recognize that owning a business is a risky endeavor.

There are many people who fail to realize entrepreneurial risk for what it is and, for example, do not legally separate their personal wealth from the wealth of their business. If their business goes bankrupt, they can lose their life savings, their retirement provisions, and even their house. And this is not like an extremely rare event, I know a man who this has happened to.

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