How would you millionairenize?

[TStoneMBD]

If you were 20 years old, doing well in poker but have less than 100k net worth, and wanted to become a millionare (networth) by the time you are 30, how would you do it?

What would your long-term financial plan be? What category would your centralized study be about?

Any other relevant discussion on this matter is greatly appreciated as well.

[etgryphon]

[ QUOTE ]
If you were 20 years old, doing well in poker but have less than 100k net worth, and wanted to become a millionare (networth) by the time you are 30, how would you do it?

What would your long-term financial plan be? What category would your centralized study be about?

Any other relevant discussion on this matter is greatly appreciated as well.

[/ QUOTE ]

Real Estate...I made it by 25.

Or invent something.

-Gryph

[Sponger15SB]

[ QUOTE ]

Or invent something.


[/ QUOTE ]

Tom
Like that guy that invented the pet rock. You see,
that's what you have to do. You have to use your mind and come up with some really great idea like that and you never have to work again!

MICHAEL
I don't think the pet rock was really such a good idea.

TOM
The guy made a million dollars! Y'know… I had an idea like that once.

[jakethebake]

This is a horrible idea...horrible.

[swolfe]

[ QUOTE ]
Real Estate...

[/ QUOTE ]

this is good advice

[jakethebake]

[ QUOTE ]
[ QUOTE ]
Real Estate...

[/ QUOTE ]

this is good advice

[/ QUOTE ]

Yea. Clearly the back end of a bubble with interest rates rising is the best time to get into real estate.

[chaas4747]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Real Estate...

[/ QUOTE ]

this is good advice

[/ QUOTE ]

Yea. Clearly the back end of a bubble with interest rates rising is the best time to get into real estate.

[/ QUOTE ]

Jake - This guy is 20, he does not want to hear about interest rates, he just wants to know how to become a millionaire.

[etgryphon]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Real Estate...

[/ QUOTE ]

this is good advice

[/ QUOTE ]

Yea. Clearly the back end of a bubble with interest rates rising is the best time to get into real estate.

[/ QUOTE ]

Good real estate investing doesn't depend on the market. We probably have about 3-5 more years of this easy money in real estate.

You have to adapt to a different strategy if the bubble burst. Just think Trump made a lot of money in a poor real estate market through creativity.

-Gryph

[chaas4747]

And how many times did he declare bankruptcy before he did that? Look I am not saying that real estate is not a wise investment, but you also have to look to other investment mediums to offset a market slide if one should occur. Look to mutual funds, retirement plans, and other vehicles as well as the real estate market to build up net worth.

[jakethebake]

[ QUOTE ]
Just think Trump made a lot of money in a poor real estate market through creativity. -Gryph

[/ QUOTE ]

Trump also ran several of his real estate deals into bankruptcy, lost a lot of people a lot of money, and was nearly bankrupt himself at one point.

[TStoneMBD]

mutual funds and retirement plans?

excellent. i will be a millionaire by the year 2486.

[Bluffoon]

Get a job and live off that, save all your poker earnings and invest that in the stock market. If you don't know anything about investing use index funds. They track the market and even pros have a tough time beating them over the long haul. If you can bank 65k a year and earn 8% you'll make it easy.

[JaBlue]

go earn your education and figure it out.

[chaas4747]

You said net worth, do you really mean that, or do you mean you want 1 million worth of liquid assets right now?

[etgryphon]

[ QUOTE ]
[ QUOTE ]
Just think Trump made a lot of money in a poor real estate market through creativity. -Gryph

[/ QUOTE ]

Trump also ran several of his real estate deals into bankruptcy, lost a lot of people a lot of money, and was nearly bankrupt himself at one point.

[/ QUOTE ]

Trump was a true gambler in investing. You have to take hugh risks to make money. True renegade investors who make tons of money in a short time( like the OP wants to do) don't worry about going broke because they can always make it back.

-Gryph

[TStoneMBD]

well i would of course prefer liquid assests, but im trying to be realistic. i would also like 10 million but thats highly unlikely within my time frame. 1 million net worth in real estate isnt very hard to accumulate from what i understand.

[etgryphon]

[ QUOTE ]
And how many times did he declare bankruptcy before he did that? Look I am not saying that real estate is not a wise investment, but you also have to look to other investment mediums to offset a market slide if one should occur. Look to mutual funds, retirement plans, and other vehicles as well as the real estate market to build up net worth.

[/ QUOTE ]

100% agree. The OP was looking for a relatively short term way of going about this. The shortage of time and bigger the reward you should go for riskier investment. You can marginalize the risk as best you can, but there is no "safe" and quick investment strategy unless your Anna Nicole Smith.

If you want a longer term and safe strategy.

100k in tax free municiple bonds @ ~6%
6k addition every year for 30 years will get to a million.

-Gryph

[meep_42]

Vegas.
Bellago, first roulette wheel on the left.
Bet it all on 12.

-d

[Popinjay]

Win a poker tournament.

but seriously with the way poker is right now if you are good and dedicate yourself to the game, poker has to be the quickest route to 1 mill.

[TStoneMBD]

etgry, i appreciate your contribution to this thread.

you said you made it by 25. how did you do this? how many pieces of property did you leverage by that time? how many pieces of property per year? did you manage all the properties yourself or did you hire a management company?

mind sharing your whole story for us? /images/graemlins/laugh.gif

[Stupendous_Man]

Tough question to answer with little info. The answer largely depends on your risk appetite, how well you're doing with poker, and how much you have to invest without using up your entire br.

If you're willing to take the risk, private equity provides the opportunity for significant returns.

Real estate is another option. Yes, rates are going up, but they're still low historically speaking. Plus, there are different areas within real estate to consider.

Obviously, there's the stock market, if you're wanting the ability to exit rather quickly. To try and turn $100M into $1MM in the stock market alone in 10 years would be difficult.

Consider a combination of several things. Get a decent "corporate" job that provides a 401(k) match, continue to play winning poker and build of funds there, and take part of the br and invest in private equity or something. Now you have income from the job, you're getting a match on 401(k) and have funds invested in the market, you're building additional funds/liquidity/net worth from continuning to play winning poker, and with proper due diligence you should be getting a decent return on the PE investment.

[etgryphon]

[ QUOTE ]
etgry, i appreciate your contribution to this thread.

you said you made it by 25. how did you do this? how many pieces of property did you leverage by that time? how many pieces of property per year? did you manage all the properties yourself or did you hire a management company?

mind sharing your whole story for us? /images/graemlins/laugh.gif

[/ QUOTE ]

Well, I started out pretty blessed. I had a net worth of around 400k from investing that my grandfather and parents did.

I have a real job that pays really good. I bought a house to live in right after 9/11 which hit the market for about a month. I was blessed enough to buy then. So my house as doubled in value since then.

I took a loan out on the equity and got into buying luxury model homes from the builder and renting them back to builders for 2x the mortage on the place.

I did one of these and am in the process of doing another place.

So I manage them myself. I do a lot of investing as well.

The number one thing to remember is that it is all on paper. I could be broke tomorrow for any number of reasons.

It takes a lot of work and a lot of research to do stock investing and real estate investing. You can also do everything corrrect and still lose money. Kinda like poker.

-Gryph

[snowbank]

go earn your education and figure it out.

If you mean college education, this is the worst advice in the thread if you would like to become RICH.

[Voltron87]

The answer is obviously kill egryphon and steal his identity.

[chaas4747]

[ QUOTE ]
go earn your education and figure it out.

If you mean college education, this is the worst advice in the thread if you would like to become RICH.

[/ QUOTE ]

WTF are you talking about. Why are so many people on the board against education? Do you really believe that everyone that plays poker is going to make millions. Why do you not want to have a backup plan?

You can become rich with a college degree and a real job. Do I really need to explain that Party 10/20 is not the only way to wealth?

[etgryphon]

[ QUOTE ]
You can become rich with a college degree and a real job.

[/ QUOTE ]

Thats me...Along with having a bit of a silver spoon.

My poker playing is a leak in my wealth not a benefit.

-Gryph

[jakethebake]

[ QUOTE ]
You can become rich with a college degree and a real job. Do I really need to explain that Party 10/20 is not the only way to wealth?

[/ QUOTE ]

Yes. I'm not rich, but my salary is six figures, and I will be rich at some point. Also, if you're more entrepreneurial than the corporate type, the good business schools all have entrepreneur programs and venture capital connections, etc.

[lu_hawk]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Real Estate...

[/ QUOTE ]

this is good advice

[/ QUOTE ]

Yea. Clearly the back end of a bubble with interest rates rising is the best time to get into real estate.

[/ QUOTE ]

Good real estate investing doesn't depend on the market. We probably have about 3-5 more years of this easy money in real estate.

You have to adapt to a different strategy if the bubble burst. Just think Trump made a lot of money in a poor real estate market through creativity.

-Gryph

[/ QUOTE ]

lol...i've heard this before, i think it was right around march 2000.

[etgryphon]

[ QUOTE ]
The answer is obviously kill egryphon and steal his identity.

[/ QUOTE ]

ehhh...

"You don't need to steal his identification"

"He isn't the suger daddy you are looking for..."

-Gryph (waving his hand a bit)

[wacki]

[ QUOTE ]
Just think Trump made a lot of money in a poor real estate market through creativity.

[/ QUOTE ]

This sentence is misleading as all hell.

Was it creativity? Or a handout from a desperate government?

[jakethebake]

[ QUOTE ]
[ QUOTE ]
Just think Trump made a lot of money in a poor real estate market through creativity.

[/ QUOTE ]

This sentence is misleading as all hell.

Was it creativity? Or a handout from a desperate government?

[/ QUOTE ]

And family connections.

[Voltron87]

TStone was probably setting an elaborate trap so some arrogant, filthy dirty rich scumbag who is a total [censored] will come out and say "LOL I made 1,0o0,0o0 dollerz so l337 i hax0r3d the market so fine" and then Tstone could find out who and go kill him and take his money.

If so well played Tstone.

btw the description of you is a joke. /images/graemlins/tongue.gif

[chaas4747]

[ QUOTE ]
[ QUOTE ]
You can become rich with a college degree and a real job. Do I really need to explain that Party 10/20 is not the only way to wealth?

[/ QUOTE ]

Yes. I'm not rich, but my salary is six figures, and I will be rich at some point. Also, if you're more entrepreneurial than the corporate type, the good business schools all have entrepreneur programs and venture capital connections, etc.

[/ QUOTE ]

Agree with Jake.

[snowbank]

WTF are you talking about. Why are so many people on the board against education? Do you really believe that everyone that plays poker is going to make millions. Why do you not want to have a backup plan?

First, let it be known I said nothing about poker being the road to wealth. That's in no way what I meant.

As far as education is concerned, I'm in no way against it. I believe education is great if you want to get a safe, secure job. If you want to get rich fast, then no, college is definitely not the way to go.

[etgryphon]

[ QUOTE ]
[ QUOTE ]
Just think Trump made a lot of money in a poor real estate market through creativity.

[/ QUOTE ]

This sentence is misleading as all hell.

Was it creativity? Or a handout from a desperate government?

[/ QUOTE ]

I did not say that it was good or bad. Creative is a neutral word.

He figured out a way to make money that that made him money. Thats creative to me. He created money for himself.

-Gryph

[TStoneMBD]

whats wrong with you people? a millioinare comes to contribute to a dumb 20 year old kid who is looking to make big, and you people insult him? im looking for some real advice, not some bar jokes about killing people and stealing their identities.

save those comments for the dead threads please.

[Jeff W]

[ QUOTE ]
Do I really need to explain that Party 10/20 is not the only way to wealth?

[/ QUOTE ]

You're right, he could also play 15/30 or 30/60. I hear the NL/PL 5-10 games are good also.

[chaas4747]

[ QUOTE ]
If you want to get rich fast, then no, college is definitely not the way to go.

[/ QUOTE ]

Please explain this. I know that it is not required to have a college education to get rich quick, but is it really a hindrance?

[jakethebake]

[ QUOTE ]
As far as education is concerned, I'm in no way against it. I believe education is great if you want to get a safe, secure job. If you want to get rich fast, then no, college is definitely not the way to go.

[/ QUOTE ]

Yes. A good understanding of business principles, management practices, accounting, finance, deal-making, etc. can only be harmful. /images/graemlins/tongue.gif

[PokerGodess]

MBD,
You are young enough to still be able to go to college. Get yourself a degree, it doesn't matter if it is in philosophy, it will help you immensly later in life if you ever decide that you want a 'real' job. Poker doesn't last forever. There are pros who have millions who will be in debt next year, if you want to be rich then this is not the way to go.

If I were you I would:
1 - Apply to a bunch of colleges
1a - Meet some nice college girls
2 - Buy a piece of property in a college town, 'cuse, Cortland, and Ithaca are perfect for this as they are big schools and there will ALWAYS be a strong demand for housing. Rent it out.
3 - Graduate and see how many doors are open for you. Even if you are an entrepeneur type you will ALWAYS be asked where you went to school and when you say that you didn't people will ALWAYS judge you for it. It sucks, but thats life.
4 - While you are in school (and this is important,) RESTRICT YOUR POKER PLAYING (to around a max 8 hours a day.) Dont miss classes and assignments because 'the games were too good.' The 3/6 on partypoker isn't going to dry up anytime soon.

[etgryphon]

[ QUOTE ]
whats wrong with you people? a millioinare comes to contribute to a dumb 20 year old kid who is looking to make big, and you people insult him? im looking for some real advice, not some bar jokes about killing people and stealing their identities.

save those comments for the dead threads please.

[/ QUOTE ]

I thought it was funny... But thanks for the defense TStone.

Or Volt would say, "Good move. There is no way he'll suspect you now..."

Money is funny. It really doesn't get you anything but more problems. It is fun to make though.

-Gryph

[sthief09]

[ QUOTE ]
[ QUOTE ]

Or invent something.


[/ QUOTE ]

Tom
Like that guy that invented the pet rock. You see,
that's what you have to do. You have to use your mind and come up with some really great idea like that and you never have to work again!

MICHAEL
I don't think the pet rock was really such a good idea.

TOM
The guy made a million dollars! Y'know… I had an idea like that once.

[/ QUOTE ]



that [censored] retard who said office space is overrated should die


IT'S A JUMP TO CONCLUSIONS MAT.

[chaas4747]

[ QUOTE ]
MBD,
You are young enough to still be able to go to college. Get yourself a degree, it doesn't matter if it is in philosophy, it will help you immensly later in life if you ever decide that you want a 'real' job. Poker doesn't last forever. There are pros who have millions who will be in debt next year, if you want to be rich then this is not the way to go.

If I were you I would:
1 - Apply to a bunch of colleges
1a - Meet some nice college girls
2 - Buy a piece of property in a college town, 'cuse and Ithaca are both perfect for this as they are big schools and there will ALWAYS be a strong demand for housing. Rent it out.
3 - Graduate and see how many doors are open for you. Even if you are an entrepeneur type you will ALWAYS be asked where you went to school and when you say that you didn't people will ALWAYS judge you for it. It sucks, but thats life.
4 - While you are in school (and this is important,) RESTRICT YOUR POKER PLAYING (to around a max 8 hours a day.) Dont miss classes and assignments because 'the games were too good.' The 3/6 on partypoker isn't going to dry up anytime soon.

[/ QUOTE ]

PokerGodess gets my vote for most improved player.

[TStoneMBD]

i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[Voltron87]

[ QUOTE ]
whats wrong with you people? a millioinare comes to contribute to a dumb 20 year old kid who is looking to make big, and you people insult him? im looking for some real advice, not some bar jokes about killing people and stealing their identities.

save those comments for the dead threads please.

[/ QUOTE ]

holy crap he actually thought i was serious...

maybe he missed the part at the end WHERE I SAID IT WAS A JOKE

[jakethebake]

[ QUOTE ]
that [censored] retard who said office space is overrated should die

[/ QUOTE ]

Yes. That was a horrible post...horrible.

[CardSharpCook]

[ QUOTE ]
[ QUOTE ]
If you want to get rich fast, then no, college is definitely not the way to go.

[/ QUOTE ]

Please explain this. I know that it is not required to have a college education to get rich quick, but is it really a hindrance?

[/ QUOTE ]

No, but it is the slow and steady route which none of us (with our poker mentality) want to take. Investing 4 years in college will start you out $120K in the hole (40K if you go to your state school) and offer you a starting job after grad of about 40K. You'll not make it to $1M by 30 this way. However, if you want to be a valuable and contributing member of society, the first step is to educate yourself. I hate hearing about all the HS grads on this site who discovered they could make a mint playing poker and so decided not to go to college.

CSC

CSC

[etgryphon]

[ QUOTE ]
i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[/ QUOTE ]

Get a book called "Rich Dad, Poor Dad" It is a pretty good book to have.

-Gryph

[JaBlue]

[ QUOTE ]
i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[/ QUOTE ]

What are you going to do with all of this without a college degree?

[TStoneMBD]

sorry voltron. i apologize. your posts have always been good in the past.

[TStoneMBD]

ive read a ton of books from kiyosaki and his writers. thanks though /images/graemlins/smile.gif

[Voltron87]

no problem.

[wacki]

[ QUOTE ]
Creative is a neutral word.

[/ QUOTE ]

No money resulting from creativity implies that all you need is smarts to get rich.

[ QUOTE ]
He figured out a way to make money that that made him money. Thats creative to me. He created money for himself.

[/ QUOTE ]

Yes he did, but he had a lot of connections and handouts along the way. The creative effort in the beginning was minimal IMO and the handouts were on a silver platter. $30 million dollars of loans from his daddy doesn't hurt either. Trump has talent, that much is obvious, but you need money, and lots of it to get money.

Trumps talent is understanding the psychology of the rich and being able to cut deals.

[jakethebake]

[ QUOTE ]
i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[/ QUOTE ]

1. College doesn't have to cost that much.
2. I'm not advocating wasting your time just to get a slip of paper. Take the classes that make sense. Get a good solid background in the business basics, management, accounting, finance. It can only help you. At the very least take some community college classes in those subjects.
3. When I went to college, I already knew what I wanted to do so I took the classes that made sense to me. I studied based on the things I thought I should learn, not based on how to get the best grades.
4. I totally agree with not wasting time & money. But college doesn't have to be a waste.

[JaBlue]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
If you want to get rich fast, then no, college is definitely not the way to go.

[/ QUOTE ]

Please explain this. I know that it is not required to have a college education to get rich quick, but is it really a hindrance?

[/ QUOTE ]

No, but it is the slow and steady route which none of us (with our poker mentality) want to take. Investing 4 years in college will start you out $120K in the hole (40K if you go to your state school) and offer you a starting job after grad of about 40K. You'll not make it to $1M by 30 this way. However, if you want to be a valuable and contributing member of society, the first step is to educate yourself. I hate hearing about all the HS grads on this site who discovered they could make a mint playing poker and so decided not to go to college.

CSC

CSC

[/ QUOTE ]

This is completely wrong. My uncle was a multi-millionaire by age 25. He went to Dartmouth, graduated with an MBA and Bachelors and made more than 7 figures salary in a few short years.

There are many ways any smart person has to becoming rich. College is probably the least risky of all of the options.

[Voltron87]

Wacki is right about Trump.

The phrase "it takes money to make money" applies here. Trump started out with capital.

He also was in ruins at one point.

[jakethebake]

[ QUOTE ]
Investing 4 years in college will start you out $120K in the hole (40K if you go to your state school) and offer you a starting job after grad of about 40K. You'll not make it to $1M by 30 this way. However, if you want to be a valuable and contributing member of society, the first step is to educate yourself.

[/ QUOTE ]

Taking a $40K job is not the only thing you can do with an education. You can still do deals, real estate, start a business, whatever... AND you'll probably be much better at it AND find people more willing to finance you if you've got an education. I'm just trying to make the point that the traditional corporate route is NOT the only option or the only thing an education is good for.

[JaBlue]

[ QUOTE ]


Take the classes that make sense. Get a good solid background in the business basics, management, accounting, finance. It can only help you. At the very least take some community college classes in those subjects.



[/ QUOTE ]

http://www.unex.berkeley.edu/

Look up the classes you want to take and go for it. It will cost you money, but not much, and I believe there are ways of getting certificates etc. Also check out the CFA program, which is a self study thing with three yearly tests. The one caveat: need a college degree to even be eligible to take the tests.

[etgryphon]

[ QUOTE ]


No money resulting from creativity implies that all you need is smarts to get rich.



[/ QUOTE ]

In America, I think you really only need smarts. And to get lucky along the way. It is about potential. You evaluate you resources and then use those resources to your advantage to create more wealth.
[ QUOTE ]


[ QUOTE ]

He figured out a way to make money that that made him money. Thats creative to me. He created money for himself.


[/ QUOTE ]

Yes he did, but he had a lot of connections and handouts along the way. The creative effort in the beginning was minimal IMO and the handouts were on a silver platter. $30 million dollars of loans from his daddy doesn't hurt either. Trump has talent, that much is obvious, but you need money, and lots of it to get money.

[/ QUOTE ]

I agree, but that fact that he had resources doesn't negate the creativity that one must have to make more wealth. It just makes it easier.

-Gryph

[chaas4747]

[ QUOTE ]
i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[/ QUOTE ]

I can see your opinion. The fact you do not have a college degree might not be that important to you, but it is to others. I wanted to buy into part of my families business a couple of years back. I went to a bank to see about obtaining a loan, because I did not want to borrow from my parents. Most of the people that want to start in this line of work do not have a college degree. The loan officer said that it was much easier to justify the financing with the business plan I had written up, and the fact that I had higher education on my loan app. Just one example of how "that piece of paper" makes a difference in life.

[Voltron87]

Trump is not really analgous because right now OP does not have sizeable assets right now. It is not as if he has 20 million and wants another 5, he has 100K and wants 1,000,000.

[snowbank]

Yes. A good understanding of business principles, management practices, accounting, finance, deal-making, etc. can only be harmful.

They are definitely helpful, but 4 years and $120K helpful? Very doubtful.

[PokerGodess]

[ QUOTE ]
Wacki is right about Trump.

The phrase "it takes money to make money" applies here. Trump started out with capital.

He also was in ruins at one point.

[/ QUOTE ]


On the topic of Trump. I would reccomend his book about how to make money (i forget what its called but its something like 'how to be rich like me') He talks about the art of negotiation, investing, real estate, business management, and how he came back from chapter 11. He also gives the memorable advice of "No matter what, always have your future wife sign a prenup before getting married."

[jakethebake]

[ QUOTE ]
Look up the classes you want to take and go for it. It will cost you money, but not much, and I believe there are ways of getting certificates etc. Also check out the CFA program, which is a self study thing with three yearly tests. The one caveat: need a college degree to even be eligible to take the tests.

[/ QUOTE ]

Oh dear God! Make sure it's what you really want before you even consider the CFA route. That thing sucks ass!

[JaBlue]

[ QUOTE ]
Yes. A good understanding of business principles, management practices, accounting, finance, deal-making, etc. can only be harmful.

They are definitely helpful, but 4 years and $120K helpful? Very doubtful.

[/ QUOTE ]

You clearly have no idea what you're talking about.

[JaBlue]

[ QUOTE ]
[ QUOTE ]
Look up the classes you want to take and go for it. It will cost you money, but not much, and I believe there are ways of getting certificates etc. Also check out the CFA program, which is a self study thing with three yearly tests. The one caveat: need a college degree to even be eligible to take the tests.

[/ QUOTE ]

Oh dear God! Make sure it's what you really want before you even consider the CFA route. That thing sucks ass!

[/ QUOTE ]

He said he was going to get some business texts and study 30 hours a week on his own, so this seems naturally to be the best option. The ironic thing is that they won't let you take the test without a college degree so he's going to be SOL on that front.

[TStoneMBD]

i ready that book. my opinion on the matter is that is 8 hours i will never see again.

[etgryphon]

[ QUOTE ]
Trump is not really analgous because right now OP does not have sizeable assets right now. It is not as if he has 20 million and wants another 5, he has 100K and wants 1,000,000.

[/ QUOTE ]

Doesn't matter. It all about ratios. There are things that you can do using creative investing strategies that you can do with 100k.

Section 8 comes to mind. Be a slum lord.

-Gryph

[Popinjay]

Since when is going to college just a piece of paper? How about the experience of 4 years in a college environment?

[PokerGodess]

[ QUOTE ]
i ready that book. my opinion on the matter is that is 8 hours i will never see again.

[/ QUOTE ]

Bah, what do you know - you didn't even go to college!

[TStoneMBD]

so you guys all think i should go to college? i am not discreditting it, so dont misinterpret what i am saying. i am openminded.

however, wouldnt it just make more sense to join university of phoenix online? i have to be 21 to signup there, but i can wait a little under a year for that. i will then have a college degree by the time im 25.

or better yet, why not just get the same learning material that university of phoenix online has for the cost of practically nothing, and save myself the 25k/yr that they charge for credits?

[JaBlue]

[ QUOTE ]

or better yet, why not just get the same learning material that university of phoenix online has for the cost of practically nothing, and save myself the 25k/yr that they charge for credits?

[/ QUOTE ]

BERKELEY EXTENSION

http://www.unex.berkeley.edu/

check it out.

[jakethebake]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Look up the classes you want to take and go for it. It will cost you money, but not much, and I believe there are ways of getting certificates etc. Also check out the CFA program, which is a self study thing with three yearly tests. The one caveat: need a college degree to even be eligible to take the tests.

[/ QUOTE ]

Oh dear God! Make sure it's what you really want before you even consider the CFA route. That thing sucks ass!

[/ QUOTE ]

He said he was going to get some business texts and study 30 hours a week on his own, so this seems naturally to be the best option. The ironic thing is that they won't let you take the test without a college degree so he's going to be SOL on that front.

[/ QUOTE ]

Looking back on it, I think I put in something like 1,000 hours on the CFA. /images/graemlins/tongue.gif

[Popinjay]

[ QUOTE ]
so you guys all think i should go to college? i am not discreditting it, so dont misinterpret what i am saying. i am openminded.

however, wouldnt it just make more sense to join university of phoenix online? i have to be 21 to signup there, but i can wait a little under a year for that. i will then have a college degree by the time im 25.

or better yet, why not just get the same learning material that university of phoenix online has for the cost of practically nothing, and save myself the 25k/yr that they charge for credits?

[/ QUOTE ]

I think I misworded my statement about college. It's more about the experience moreso than the knowledge you gain. It's shaping your character rather than knowing 10,000 history facts.

[Freakin]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Look up the classes you want to take and go for it. It will cost you money, but not much, and I believe there are ways of getting certificates etc. Also check out the CFA program, which is a self study thing with three yearly tests. The one caveat: need a college degree to even be eligible to take the tests.

[/ QUOTE ]

Oh dear God! Make sure it's what you really want before you even consider the CFA route. That thing sucks ass!

[/ QUOTE ]

He said he was going to get some business texts and study 30 hours a week on his own, so this seems naturally to be the best option. The ironic thing is that they won't let you take the test without a college degree so he's going to be SOL on that front.

[/ QUOTE ]

Looking back on it, I think I put in something like 1,000 hours on the CFA. /images/graemlins/tongue.gif

[/ QUOTE ]

Do you enjoy it?

Freakin

[IndieMatty]

[ QUOTE ]
i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[/ QUOTE ]

You could go to a cheap college? NY has a lot of really great state schools. Hell with the proper trickery, you could go to Cornell for 6k a year.

Or if you are smart, you could get a scholarship?

Are you not smart?

[IndieMatty]

Jake you've taken and passed the CFA? Good for you, that's a tough test from all accounts.

[eastbay]

[ QUOTE ]

Money is funny. It really doesn't get you anything but more problems. It is fun to make though.

-Gryph

[/ QUOTE ]

That's easy to say when you start with $400k.

eastbay

[jakethebake]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Oh dear God! Make sure it's what you really want before you even consider the CFA route. That thing sucks ass!

[/ QUOTE ]

He said he was going to get some business texts and study 30 hours a week on his own, so this seems naturally to be the best option. The ironic thing is that they won't let you take the test without a college degree so he's going to be SOL on that front.

[/ QUOTE ]

Looking back on it, I think I put in something like 1,000 hours on the CFA. /images/graemlins/tongue.gif

[/ QUOTE ]

Do you enjoy it?

Freakin

[/ QUOTE ]

Yea. I do.

[jakethebake]

[ QUOTE ]
Jake you've taken and passed the CFA? Good for you, that's a tough test from all accounts.

[/ QUOTE ]

Yea. Thanks. I finished it up a few years ago.

[chaas4747]

I have been pretty serious throughout this entire thread so that is done.

Deb: "I am selling this stuff to make money for College".
Chip: "Your mom goes to college"

[eastbay]

[ QUOTE ]
so you guys all think i should go to college? i am not discreditting it, so dont misinterpret what i am saying. i am openminded.

however, wouldnt it just make more sense to join university of phoenix online? i have to be 21 to signup there, but i can wait a little under a year for that. i will then have a college degree by the time im 25.

or better yet, why not just get the same learning material that university of phoenix online has for the cost of practically nothing, and save myself the 25k/yr that they charge for credits?

[/ QUOTE ]

Because college is about:

1 - Professional connections
2 - Meeting (quality) women (no, the poker babes you bag at the casino don't qualify)
3 - Prestige (internet degrees don't have them yet and probably won't anytime soon)
4 - Structure, discipline, and time management (that you won't get buying a few books and trying to do it on your own)

eastbay

[etgryphon]

[ QUOTE ]
[ QUOTE ]

Money is funny. It really doesn't get you anything but more problems. It is fun to make though.

-Gryph

[/ QUOTE ]

That's easy to say when you start with $400k.

eastbay

[/ QUOTE ]

Very true. It just not some magical thing that people think it is.

I definately started out on a great footing.

-Gryph

[IndieMatty]

I keep this as a macro for when the panhandlers come onto the party midlimits asking for money.

...My advice is, do what your parents
did! Get a job, sir!

[eastbay]

[ QUOTE ]
[ QUOTE ]
Trump is not really analgous because right now OP does not have sizeable assets right now. It is not as if he has 20 million and wants another 5, he has 100K and wants 1,000,000.

[/ QUOTE ]

Doesn't matter. It all about ratios. There are things that you can do using creative investing strategies that you can do with 100k.

Section 8 comes to mind. Be a slum lord.

-Gryph

[/ QUOTE ]

You're out of touch. 100k is a lot of assets.

eastbay

[Tron]

[ QUOTE ]
[ QUOTE ]

Money is funny. It really doesn't get you anything but more problems. It is fun to make though.

-Gryph

[/ QUOTE ]

That's easy to say when you start with $400k.

eastbay

[/ QUOTE ]

I'm pretty sure Notorious B.I.G. started with a lot less than $400K and he said the same thing.

[etgryphon]

[ QUOTE ]

You're out of touch. 100k is a lot of assets.

eastbay

[/ QUOTE ]

I didn't say it wasn't.

-Gryph

[snowbank]

You clearly have no idea what you're talking about

Please share with me what I know nothing about and why it is that you do know all about it.

[PokerGodess]

[ QUOTE ]
[ QUOTE ]
i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[/ QUOTE ]

You could go to a cheap college? NY has a lot of really great state schools. Hell with the proper trickery, you could go to Cornell for 6k a year.

Or if you are smart, you could get a scholarship?

Are you not smart?

[/ QUOTE ]


Berkley? Cornell? Unless admission standards have dropped there is no way that these schools are going to let in a 20 year old with a gambling addiction (thats how they will see it) who has been out of HS for 3 years and probably didn't have a stellar transcript to begin with (or he would have gone to college in the first place.)

I do think however that you could probably get into a good 2nd teir school (cuse, colgate, ithaca - although IC is quite expensiv) and could probably get in cheep with state tuition, and liberal scholarships....

That said it is definitely worth applying to cornell/nyu/columbia if you decide to go to college. The value of a slip of paper from one of these schools is much greater than one from a community college.

Also, if you are worried about time and money then I reccomend that you cut back completely on the poker (2-3 hrs a day) and bust your ass and graduate in 3 years.

[PokerGodess]

Community College is a better option than University of Phoenix online. UOP is a joke and will not be taken seriously by anyone, ever.

[Stupendous_Man]

[ QUOTE ]
Do I really need to explain that Party 10/20 is not the only way to wealth?

[/ QUOTE ]


I sure hope not.

[eastbay]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

Money is funny. It really doesn't get you anything but more problems. It is fun to make though.

-Gryph

[/ QUOTE ]

That's easy to say when you start with $400k.

eastbay

[/ QUOTE ]

I'm pretty sure Notorious B.I.G. started with a lot less than $400K and he said the same thing.

[/ QUOTE ]

I think you're missing the point.

Up to a point, money makes life a lot easier, and can and does help facilitate a happy life. Having a stable roof over your head, not worrying about your next meal, etc.

After a point, it's diminishing returns, and may start to cause problems. B.I.G. certainly reached that point.

I've not really ever been poor, although I did make about $16k for 3 or 4 years. But I had no dependents. But I have friends who went through periods of being poor, and it's not easy.

After a point, money doesn't really get you anything but more problems. Before then, it gets you plenty.

eastbay

[JaBlue]

[ QUOTE ]


After a point, money doesn't really get you anything but more problems. Before then, it gets you plenty.

eastbay

[/ QUOTE ]

This is only for those whose sole ambition in life is to make money.

[IndieMatty]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
i think it is a hindrance. if i didnt, then i would go to college. putting yourself into 50-100k debt just to get a slip of paper that says you learned something doesnt seem too productive. that is 4 years wasted as far as being productive is concerned.

i am not saying education is not important. it certainly is. i plan on spending 20-30 hrs/wk studying business started within the next few months. however, i dont think the education from college offsets the debt when realizing that there is just as much to be learned from reading books.

that is just my immatured opinion.

[/ QUOTE ]

You could go to a cheap college? NY has a lot of really great state schools. Hell with the proper trickery, you could go to Cornell for 6k a year.

Or if you are smart, you could get a scholarship?

Are you not smart?

[/ QUOTE ]


Berkley? Cornell? Unless admission standards have dropped there is no way that these schools are going to let in a 20 year old with a gambling addiction (thats how they will see it) who has been out of HS for 3 years and probably didn't have a stellar transcript to begin with (or he would have gone to college in the first place.)

I do think however that you could probably get into a good 2nd teir school (cuse, colgate, ithaca - although IC is quite expensiv) and could probably get in cheep with state tuition, and liberal scholarships....

That said it is definitely worth applying to cornell/nyu/columbia if you decide to go to college. The value of a slip of paper from one of these schools is much greater than one from a community college.

Also, if you are worried about time and money then I reccomend that you cut back completely on the poker (2-3 hrs a day) and bust your ass and graduate in 3 years.

[/ QUOTE ]

To clarify I was referring to Cornell the SUNY school. If you go in under their Major Curriculum, you take the same classes, and same professors.

[etgryphon]

[ QUOTE ]

Up to a point, money makes life a lot easier, and can and does help facilitate a happy life. Having a stable roof over your head, not worrying about your next meal, etc.


[/ QUOTE ]

This is an illusion. Money does not facilite a happy life. Sure, you might not be worried about your next meal or if you are going to pay rent, but money brings more responsibility.

-Gryph

[TStoneMBD]

well maybe this is true. however, i dont want to ever work a job and im sick of poker. i want to travel the world and buy a house where i can grow old going to baseball games while watching my kids embark life.

[RunDownHouse]

Go to college for reasons stated above. Experience, security, etc. Hell, you might find out you actually like it.

And whoever mentioned the CFA, that test is a bear. Mad props to Jake.

[PokerGodess]

[ QUOTE ]
well maybe this is true. however, i dont want to ever work a job and im sick of poker. i want to travel the world and buy a house where i can grow old going to baseball games while watching my kids embark life.

[/ QUOTE ]

Sounds like a philosophy major to me...

[Stupendous_Man]

[ QUOTE ]
Since when is going to college just a piece of paper? How about the experience of 4 years in a college environment?

[/ QUOTE ]


How about making connections? Obviously, this isn't the only way.

[Tron]

I was actually just looking for an excuse to post a Biggie quote. /images/graemlins/grin.gif Good post, though.

[Morgan O'Mally]

[ QUOTE ]
[ QUOTE ]
Jake you've taken and passed the CFA? Good for you, that's a tough test from all accounts.

[/ QUOTE ]

Yea. Thanks. I finished it up a few years ago.

[/ QUOTE ]

My boy is wicked smart!

[snowbank]

You clearly have no idea what you're talking about

Please share /images/graemlins/smile.gif

[eastbay]

[ QUOTE ]
[ QUOTE ]

Up to a point, money makes life a lot easier, and can and does help facilitate a happy life. Having a stable roof over your head, not worrying about your next meal, etc.


[/ QUOTE ]

This is an illusion. Money does not facilite a happy life. Sure, you might not be worried about your next meal or if you are going to pay rent, but money brings more responsibility.

-Gryph

[/ QUOTE ]

So it's easier to be happy when you don't know where your next meal is coming from or where you're going to stay tonight, than it is to be happy after taking on the responsibilities associated with the amounts of money that it takes to do those things?

That's absolutely inane.

eastbay

[JaBlue]

Ask anyone who has attended a 4-year university and spent 120k whether or not they think it was a waste of time and money.

Also, college isn't just about education. It's about meeting people, growing up, etc. If someone wants to be in business and has some kind of entreupeneurial spirit, not having a college degree will make it nearly impossible to become a millionaire as you will not have 99% of the opportunities that college grads have available to them.

[Stupendous_Man]

[ QUOTE ]
i dont want to ever work a job

[/ QUOTE ]


Then there's lottery tickets. Outside of inheritance, there's no other legal way to obtain millions without putting forth effort/work.

If you go the real estate route, it will become a job even if you use a property management company. You'll need to do research to find the properties, know when's a good time to sell, how many to add a year, etc.

Stock market requires a lot of your time, especially when trying to turn $100M into $1MM in 10 years. You could do this without a formal job, but it becomes a job.

PE route requires a lot of work and time. Same net result.

[eastbay]

[ QUOTE ]
[ QUOTE ]


After a point, money doesn't really get you anything but more problems. Before then, it gets you plenty.

eastbay

[/ QUOTE ]

This is only for those whose sole ambition in life is to make money.

[/ QUOTE ]

What? That's crazy.

People have basic needs that require money. Food, water, shelter, security, and companionship. It is not a sign of avarice to need those things to be happy. They are basic human needs which will cause problems if they are not fulfilled.

Acquiring these things has nothing to do with having a "sole ambition in life to make money."

eastbay

[JaBlue]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]


After a point, money doesn't really get you anything but more problems. Before then, it gets you plenty.

eastbay

[/ QUOTE ]

This is only for those whose sole ambition in life is to make money.

[/ QUOTE ]

What? That's crazy.

People have basic needs that require money. Food, water, shelter, security, and companionship. It is not a sign of avarice to need those things to be happy. They are basic human needs which will cause problems if they are not fulfilled.

Acquiring these things has nothing to do with having a "sole ambition in life to make money."

eastbay

[/ QUOTE ]

I was assuming that you are past meeting your basic needs. Nowhere did I say that meeting your basic needs is grounds for greed. I was trying to say that making 200k$/yr instead of 100k/yr is a pretty big difference and doesn't facilitate just having more problems.

The more problems thing is really only an issue for the very wealthy afflicted by avarice.

[TStoneMBD]

i feel that i am being belittled for this comment. i never said i was adversed to work. i am certainly not. i just dont want to be under the command of someone else. it is highly unlikely that i will ever have to work a job. that is not to say that i will not be working.

[etgryphon]

[ QUOTE ]

So it's easier to be happy when you don't know where your next meal is coming from or where you're going to stay tonight, than it is to be happy after taking on the responsibilities associated with the amounts of money that it takes to do those things?

That's absolutely inane.

eastbay

[/ QUOTE ]

Don't hear what I'm not saying.

By all means having money is much better than not having it. I am not making that connection. I just think that it is dangerous to equate happiness with the aquisition of wealth. Becuase things happen that you have no control over that will make you have or not have money.

Money brings about tons of problems. It the same with children, they bring there own set of problems to the table. Does that mean you shouldn't have them? It depends on the person and what their maturity level is.

Thats all I'm saying.

To the OP: Even if you made yourself the million dollars by the time that you were 30, you will probably be bored with it as well as school and poker. The real goal in life should be contentment in whatever stage of life that you are in. Having money, not having it etc.

-Gryph

[snowbank]

Ask anyone who has attended a 4-year university and spent 120k whether or not they think it was a waste of time and money

My graduation is next week /images/graemlins/cool.gif

Sure, I met some nice people and learned some things. Was it worth $120K? No, not even close.

If someone wants to be in business and has some kind of entreupeneurial spirit, not having a college degree will make it nearly impossible to become a millionaire as you will not have 99% of the opportunities that college grads have available to them

Are you an entrepreneur? I am. This statement is SO far off. If you understand how to talk to people, you will discover abundant amounts of opportunties. They don't have to be from college professors.

I assume you are not an entrepreneur, in which case college IS a GREAT decision for you. I believe college IS also GREAT for entrepreneurs. However, back to the original question of whether going to college is the fast route to becoming rich, the answer is NO. It is a matter of opinion whether college will benefit YOU, and no one else. For YOU, college is a GREAT choice. For TSTONEMBD, college might NOT be the way to go for what he is trying to accomplish.

So when you told me that I clearly have no idea what I am talking about , I would obviously disagree with you, as I am about to graduate college, and will become a millionaire relatively quickly using very little of the education that college has given me. Most of my networking has been done outside of college, and most of my learning how to become rich has obviously been done outside the classroom. As I know TSTONEMBD is aware, because I have met him and spoken with him, it is VERY difficult to become RICH working for someone else. You may not want to become RICH. That is fine.

College being right or wrong for someone is a matter of opinion on what someone wants to accomplish.

[Klepton]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Jake you've taken and passed the CFA? Good for you, that's a tough test from all accounts.

[/ QUOTE ]

Yea. Thanks. I finished it up a few years ago.

[/ QUOTE ]

My boy is wicked smart!

[/ QUOTE ]

second best mock account..under joey kinnish of course

i enjoyed reading this thread

[etgryphon]

[ QUOTE ]

The more problems thing is really only an issue for the very wealthy afflicted by avarice.


[/ QUOTE ]

Not really. I'm definately not in the very wealthy category, but I do have more "problems" that come with making more money. Now, they may be the problems that people look at and say, "I wish I had those problems."

My whole point is money doesn't buy a free lunch. We are the same people if we have money or do not have money. We are adaptive creatures, but that slices both ways. The majority of "well off" people are discontent and fall under the burden of their money. The more you have the more you have to lose.

-Gryph

[JaBlue]

[ QUOTE ]

My graduation is next week /images/graemlins/cool.gif

Sure, I met some nice people and learned some things. Was it worth $120K? No, not even close.


[/ QUOTE ]

This is your fault, not the college's.


[ QUOTE ]

So when you told me that I clearly have no idea what I am talking about , I would obviously disagree with you, as I am about to graduate college, and will become a millionaire relatively quickly using very little of the education that college has given me. Most of my networking has been done outside of college, and most of my learning how to become rich has obviously been done outside the classroom.

College being right or wrong for someone is a matter of opinion on what someone wants to accomplish.

[/ QUOTE ]

How often do you think when you talked to people about your entrepeneurial activities they would have kept talking to you had you told them "no, I don't go to college and I don't intend to?"

You are right that if you want to be wealthy, you don't need to pay 120k a year to learn from college. However, you do need the degree, certification, and opportunities that the diploma will open for you.

[snowbank]

This is your fault, not the college's

LOL

Let me ask you, what do you do for a living?

[RunDownHouse]

[ QUOTE ]
I would obviously disagree with you, as I am about to graduate college, and will become a millionaire relatively quickly using very little of the education that college has given me.

[/ QUOTE ]
Sample size too small.

Seriously.

[JaBlue]

I am one of the four co-founders of a portfolio management firm.

[etgryphon]

[ QUOTE ]
[ QUOTE ]
I would obviously disagree with you, as I am about to graduate college, and will become a millionaire relatively quickly using very little of the education that college has given me.

[/ QUOTE ]
Sample size too small.

Seriously.

[/ QUOTE ]

nh.

-Gryph

[Stupendous_Man]

[ QUOTE ]
i feel that i am being belittled for this comment. i never said i was adversed to work. i am certainly not. i just dont want to be under the command of someone else. it is highly unlikely that i will ever have to work a job. that is not to say that i will not be working.

[/ QUOTE ]


Then, corporate life isn't for you, which is perfectly fine. It still pays to get an education. Pick an industry you want to be involved in and start visiting establishments in that industry, talk to the owners and ask them about their education. Sure, you will find some that are successful and dropped out of high school. But, I tend to believe they're a smaller %.

Depending on what you want to do with the degree will factor into where you should get it from. I've seen some $100M+ figures in this thread for a 4 year degree, but firmly believe that you could get a degree at a good school for less. Go to a community college for the first two years and you cut your costs even more.

As an example, when I lived in FL I knew a number of people who went to the community college first and then went to Rollins or Stetson (both private colleges) or UF or FSU, etc. In all cases, the cost of a 4 year degree was materially less than $100M.

[etgryphon]

[ QUOTE ]
I am one of the four co-founders of a portfolio management firm.

[/ QUOTE ]

I want to go back to school so I can do this...

I love the market.

-Gryph

[chaas4747]

[ QUOTE ]
I am one of the four co-founders of a portfolio management firm.

[/ QUOTE ]

Well Jesus Christ what do you know about building wealth. /images/graemlins/wink.gif

[PokerGodess]

In America $100M means 100 million. I think you are trying to say $100k or $100,000.


[ QUOTE ]
[ QUOTE ]
i feel that i am being belittled for this comment. i never said i was adversed to work. i am certainly not. i just dont want to be under the command of someone else. it is highly unlikely that i will ever have to work a job. that is not to say that i will not be working.

[/ QUOTE ]


Then, corporate life isn't for you, which is perfectly fine. It still pays to get an education. Pick an industry you want to be involved in and start visiting establishments in that industry, talk to the owners and ask them about their education. Sure, you will find some that are successful and dropped out of high school. But, I tend to believe they're a smaller %.

Depending on what you want to do with the degree will factor into where you should get it from. I've seen some $100M+ figures in this thread for a 4 year degree, but firmly believe that you could get a degree at a good school for less. Go to a community college for the first two years and you cut your costs even more.

As an example, when I lived in FL I knew a number of people who went to the community college first and then went to Rollins or Stetson (both private colleges) or UF or FSU, etc. In all cases, the cost of a 4 year degree was materially less than $100M.

[/ QUOTE ]

[IndieMatty]

I'm sorry aren't all you college kids allegedly smart on here? Who the F pays 30k a year for college other then the rich kids who don't get financial aid and aren't quite smart enough to get a scholarship? I'm sure most people here did better in school then me..how did I get Scholarships and Financial Aid and [censored]?

[jackdaniels]

Just wanted to say - Great thread.

[etgryphon]

You could just take your 100k and go to India.

You could live like Oprah over there...

-Gryph

[bernie]

Don't spend the 100K. Minimize your expenses and consumption. Then keep building your cash while investing into something.

I'd read Millionaire Next Door or some other book like it for ideas.

Much of it is common sense. But it's often overlooked common sense.

b

[edtost]

[ QUOTE ]
I'm sorry aren't all you college kids allegedly smart on here? Who the F pays 30k a year for college other then the rich kids who don't get financial aid and aren't quite smart enough to get a scholarship? I'm sure most people here did better in school then me..how did I get Scholarships and Financial Aid and [censored]?

[/ QUOTE ]

Many schools don't give merit scholarships, including all of the Ivy League. Also, you don't have to grow up all that rich to not qualify for need-based aid, especially if you're an only child and/or are from somewhere with a high cost of living and salaries to match.

[PokerGodess]

[ QUOTE ]
[ QUOTE ]
I'm sorry aren't all you college kids allegedly smart on here? Who the F pays 30k a year for college other then the rich kids who don't get financial aid and aren't quite smart enough to get a scholarship? I'm sure most people here did better in school then me..how did I get Scholarships and Financial Aid and [censored]?

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Many schools don't give merit scholarships, including all of the Ivy League. Also, you don't have to grow up all that rich to not qualify for need-based aid, especially if you're an only child and/or are from somewhere with a high cost of living and salaries to match.

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Even so, there are many ways to cheat the system. If you don't want to pay full price then you don't have to (ie. if you grew up wealthy, declare financial independence, viola - youre broke)

[Supersetoy]

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You clearly have no idea what you're talking about

Please share with me what I know nothing about and why it is that you do know all about it.

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Because college does not cost 120K. Only idiots come out of college with a 120K debt hanging over their heads.

I came out with ZERO. And no help from parents.

Yes. It was hard work. School full time, work full time. I even had to drop one quarter because I couldn't afford it. I worked for banks which paid tuition reimbursement and received anywhere between $500-$1000 a year in Scholarships. I skimped on food, books, and lived at home for the first two years to save up to move out.

I went to University of Washington where quarterly tuition was anywhere between 1200-1700 depending on the number of classes I was taking. I took 3 quarters a year, and including books the average I paid per quarter was about 1500 dollars.

3 quarters X $1500 = $4500. $4500 X 4 years = I know...shocker...$18000.

HOW IS THIS AT ALL CLOSE TO $120K? I used to NET $18K a year working BS jobs for $12.50 an hour.

I loved college. I miss it. I just graduated 5 months ago, and am currently doing that $40K a year job as others mentioned. I don't mind. I'm still playing poker part time, and the money doesn't mean much to me as long as I can retire at a somewhat early age.

But, I think the important thing for me is, that it's not about being RICH it's about being RETIRED.

[TStoneMBD]

definitely. retirement > abundant wealth to me.

[PokerGodess]

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definitely. retirement > abundant wealth to me.

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Obviously, you are already retired and are wondering how you can stay that way. Of course you also want money. But dont want to hold a job or even go to school so that you might be qualified for a job... I hope the fish pond never dries up because if so you are going to have to come out of retirement and you aren't going to be qualified to work.

Good luck MBD

[skoal2k4]

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You have to adapt to a different strategy if the bubble burst. Just think Trump made a lot of money in a poor real estate market through creativity


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He also declared bankruptcy

[swolfe]

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Even so, there are many ways to cheat the system. If you don't want to pay full price then you don't have to (ie. if you grew up wealthy, declare financial independence, viola - youre broke)

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it's not quite that simple. you can't just declare yourself financially independent...if you're under 25, they still consider your parents' income unless you're married or have been in the military.

[PokerGodess]

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Even so, there are many ways to cheat the system. If you don't want to pay full price then you don't have to (ie. if you grew up wealthy, declare financial independence, viola - youre broke)

[/ QUOTE ]
it's not quite that simple. you can't just declare yourself financially independent...if you're under 25, they still consider your parents' income unless you're married or have been in the military.

[/ QUOTE ]


I know an Ivy League school that says otherwise... It isn't quite as easy as I make it out to be but as long as your health insurance is in your name, you have your own bank account (ie your name is not on their account,) and they aren't writing the checks for your tuition/housing etc then you can be declared financially independant and are eligible for financial aid... But alas, I have already said too much...

[SippinSoma]

"The Notorious BIG put it best. "Your either slingin crack rock, or you got a wicked jump shot." Nobody wants to work for it anymore. There's no honor in taking that after-school job at Mickey-Dee's. The honor's in the dollar kid. So in the whiteboy way of slingin crack rock, I became a stockbroker."

~Boiler Room

[TStoneMBD]

great movie btw. first time ive ever seen it quoted.

[SippinSoma]

Really? I bought it after seeing it mentioned once or twice here actually. Awesome movie.

[RYL]

bump

[thebroker]

defenitely get this book. I keep a copy by the toilet just in case I run out of charmin.