EPTso unless you can leverage that power i suggest trying something else.
Aspiring to be RICH, WEALTHY, UPPER CLASS, etc - Page 2
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Caller
Poland8075 Posts
so unless you can leverage that power i suggest trying something else. | ||
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Epishade
United States2267 Posts
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red.venom
United States4651 Posts
On May 22 2013 01:39 Caller wrote: warren buffett made his money by basically using his obscene power to force companies into giving him lots of covenants and terms at extreme rates. like when he put money into bank of america last year, he did so after they included a provision to give him the right to buy a fuckton amount of shares at a huge discount, which was worth like 60% of his investment. For free. so unless you can leverage that power i suggest trying something else. I think the op was more interested in buffets early years as a very young entrepreneur. All you can do imo is look for good business opportunities and work to make the most of them. They aren't all going to work out though and having a safety net in the form of a solid job or skills or even just wealthy family are really important. At least his mind is on business. I really didn't think about anything to do with career or finance until i was like 27 years old, everything that happened up until then was just like "Cool I can make some more money and not use it wisely" | ||
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MountainDewJunkie
United States10341 Posts
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FXOBoSs
337 Posts
Buffett made his riches (high %age returns) during a time when markets and business was not efficient. Spotting an abnormality in risk vs reward was far easier than today when most accounting is done electronically, share prices are efficient and majority shares require so much red tape to successfully purchase. Comparing by %age, buffett made alot more back then than he does now. On the other hand, buffett is one of the most intelligent investors in the world. He uses things to his advantage such as the media and rumour mill. Recently he took a bet that the RBA would drop interest rates, so he bet 1 billion against the AUD (not so much for FX markets) his positions didnt move the market, however, the rumor came out from the people executing the deals and that drove the market down 3%. He made a quit 90 mill? something like that on a trade that ordinarily wouldnt have happened until the announcement. What he did with BOA was pretty much the same. Used his power to make a good deal. If he wasn't warren buffett that deal wouldnt have happened. George Soros is another very smart investor. Got rich from some good risk bets in inefficient markets. Now uses safety and lower risk to maintain his name, power and wealth. But, becareful what you wish for. As hollywood (prime example) shows us, sometimes being rich isn't the life for you. It doesn't make life easier it just makes life different. | ||
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Phelix
1931 Posts
On May 22 2013 01:39 Caller wrote: warren buffett made his money by basically using his obscene power to force companies into giving him lots of covenants and terms at extreme rates. like when he put money into bank of america last year, he did so after they included a provision to give him the right to buy a fuckton amount of shares at a huge discount, which was worth like 60% of his investment. For free. so unless you can leverage that power i suggest trying something else. Also, he started with ~90K in today's dollars (9800 in 1955, and not including the disputed grandmother inheritance), and at a time where markets were inefficient, and data was not instantaneous and open to everyone. It is much more difficult today with traders (both big and small) ready to play the market with their machines and models ready to go. | ||
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corpuscle
United States1967 Posts
The reason I recommend it is that first of all, you can learn how to code, and if you want to get a good job without getting a degree, learning how to code is a great way to do it. You can teach yourself fairly easily, and software engineering is one of the highest-paid professions out there. It's not easy to get your foot in the door without a degree, but it isn't going to be easy to get an entry-level job anywhere without a degree. Second, it'll show you what the world of stock trading is like now. HFT algorithms rule the world. Experts have estimated that between 60-70% of all trades are totally automated nowadays. They trade in much higher volume than you, they make decisions faster than you, and they don't need to worry about getting a good payoff as much as you. Investing is a completely different ballgame from what you might be expecting. edit: Also, there's nothing saying you can't get a job and go to community college at the same time. Many (most?) CC students have jobs. You don't want to end up regretting not having gone to college. A college degree is the best investment you can make, despite what people who got a degree and are now unemployed will tell you. Get a degree in something that is practical (CS, engineering, etc.), and you will get a job. | ||
Manifesto7
Osaka27151 Posts
On May 21 2013 22:47 Race is Terran wrote: I don't want to get too into it but it basically involved a couple ounces of marijuana..really my only other choice now is going to a community college for 2 years and then transferring to another school for another 2 years if I want to finish my education Not to put too fine a point on it, but the 2/2 split is what you should have aimed for anyway, including the dope. | ||
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Thrill
2599 Posts
A person who supports low taxes for the wealthy because one day you'll 'make it', when in reality you'll find someone you love, get a job to support a fledgling family and then, instead of paying for your kids to go to a top tier college, feed them platitudes referring to their ability to "do anything". If you actually pursue this i'll respect you, but i'm willing to bet your current net worth at 10:1 odds you won't. Don't get me wrong, you can become anything you want, including the next mr. Buffet, but none of the decisions you've made so far have helped you on your way. | ||
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Doodsmack
United States7224 Posts
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Race is Terran
United States382 Posts
On May 22 2013 22:18 Manifesto7 wrote: Not to put too fine a point on it, but the 2/2 split is what you should have aimed for anyway, including the dope. Ive made it a big point to get AWAY from the dope, it's what caused the demise of my college career in the first place and I need to be fully clean of it before I attempt to go back to school or start up a part time job really. I get urges to toke up every day still, but I deleted everyones numbers that I could score anything from and also gotten rid of all my smoking devices as well. I don't want to run into a situation where I get a part time job, and then I start having extra money lying around and start to get tempted to buy dope again and repeat a serious err of my life again. On May 22 2013 22:09 corpuscle wrote: If you're interested in making money, check out Quantopian. It's a simulated high-frequency trading environment where people write their own algorithms for practice/fun. The reason I recommend it is that first of all, you can learn how to code, and if you want to get a good job without getting a degree, learning how to code is a great way to do it. You can teach yourself fairly easily, and software engineering is one of the highest-paid professions out there. It's not easy to get your foot in the door without a degree, but it isn't going to be easy to get an entry-level job anywhere without a degree. Second, it'll show you what the world of stock trading is like now. HFT algorithms rule the world. Experts have estimated that between 60-70% of all trades are totally automated nowadays. They trade in much higher volume than you, they make decisions faster than you, and they don't need to worry about getting a good payoff as much as you. Investing is a completely different ballgame from what you might be expecting. edit: Also, there's nothing saying you can't get a job and go to community college at the same time. Many (most?) CC students have jobs. You don't want to end up regretting not having gone to college. A college degree is the best investment you can make, despite what people who got a degree and are now unemployed will tell you. Get a degree in something that is practical (CS, engineering, etc.), and you will get a job. I don't think it would be too difficult to LEARN how to code, but to pursue it as a career, I can't really see myself doing that or having any sort of passion for it and I don't want to get stuck into having a job simply for the money because then I'll most likely end up like what Thrill says below On May 22 2013 22:33 Thrill wrote: You are what's wrong with America. A person who supports low taxes for the wealthy because one day you'll 'make it', when in reality you'll find someone you love, get a job to support a fledgling family and then, instead of paying for your kids to go to a top tier college, feed them platitudes referring to their ability to "do anything". If you actually pursue this i'll respect you, but i'm willing to bet your current net worth at 10:1 odds you won't. Don't get me wrong, you can become anything you want, including the next mr. Buffet, but none of the decisions you've made so far have helped you on your way. | ||
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E.L.V.I.S
Belgium458 Posts
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ghrur
United States3786 Posts
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KillerSOS
United States4207 Posts
On May 22 2013 23:17 Doodsmack wrote: lol @ how greedy our generation is. You think this is limited to our generation? | ||
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Recognizable
Netherlands1552 Posts
1. Study physics and/or math get masters, PhD if I enjoy it enough 2. Teach myself programming on the side 3. Make money? If you want to get rich you need to start a bussiness. | ||
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Chocolate
United States2350 Posts
If you want to make money, just think about what the "big thing" is right now. It has to be something that, at least at the moment, doesn't require a ton of starting capital. Oil about 100 years ago was sort of like this. During the ~Renaissance it was trading (though owning a ship was a big boon). About 40 years ago it was the beginnings of software development. Now, it should be obvious that it's the web. Now, lots of people are trying to make it in the web. You can't just make a blog or some shitty conspiracy web page and expect to make money. What you really need to make a lot of money would be something that would fill a niche that is currently empty or inadequately filled. This could be social networking, but soon I think people are going to realize how over-hyped the monetary potential of it actually is (Facebook was overvalued at its IPO and might even be overvalued today). It probably WON'T be the sale of tangible goods, unless they are really niche and really expensive, like very high-performance computer parts/ car parts. Amazon is already doing pretty well and it can take substantial money to store all your stuff. I'm not going to figure out for you what the next big thing is, because if I knew I sure as hell wouldn't tell some random on the internet. I will tell you that if you can find it, you could easily be the next ZUCKERBURG. I don't think anyone will become the next Buffet without a very complicated and mathematically heavy trading algorithm. We live in a different age, and since you presumably have little knowledge of mathematics, economics, and finance (being a 1st yr college dropout) I will assume that this is, at the moment, quite beyond your ability. | ||
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corpuscle
United States1967 Posts
I don't think it would be too difficult to LEARN how to code, but to pursue it as a career, I can't really see myself doing that or having any sort of passion for it and I don't want to get stuck into having a job simply for the money because then I'll most likely end up like what Thrill says below Well, you can either do something you like, or you can make money. If you're one of the lucky few that's genuinely interested in learning skills that are profitable, great, but most people aren't. You sure as hell aren't going to make good money in the stock market, unless you have unbelievable amounts of luck. You said that you admire Buffet because he made a lot of smart and safe investments (paraphrasing, of course). The smart and safe investments to make in your life are investing in school and marketable skills, not looking towards the stock market. On average, a college graduate earns $1 million more in their lifetime than a high school graduate (look it up). For 4-5 years of your life and ~$50-100k, you cannot beat that kind of return on investment. | ||
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Race is Terran
United States382 Posts
On May 23 2013 05:01 Chocolate wrote: Independent stock portfolios are pretty much useless unless you recognize it as a hobby, and not a way to get rich quick. Unless you are basically a professional investor yourself, it's much better to put your money in long term funds, assets, bonds, etc. unless you really need your money to be liquid. If I were you I'd stop focusing on the stock market, because you will likely never make it without getting extremely lucky (and if you do get rich, it will be 99% luck) or without having solid credentials, like a degree from a target school for banking. If you want to make money, just think about what the "big thing" is right now. It has to be something that, at least at the moment, doesn't require a ton of starting capital. Oil about 100 years ago was sort of like this. During the ~Renaissance it was trading (though owning a ship was a big boon). About 40 years ago it was the beginnings of software development. Now, it should be obvious that it's the web. Now, lots of people are trying to make it in the web. You can't just make a blog or some shitty conspiracy web page and expect to make money. What you really need to make a lot of money would be something that would fill a niche that is currently empty or inadequately filled. This could be social networking, but soon I think people are going to realize how over-hyped the monetary potential of it actually is (Facebook was overvalued at its IPO and might even be overvalued today). It probably WON'T be the sale of tangible goods, unless they are really niche and really expensive, like very high-performance computer parts/ car parts. Amazon is already doing pretty well and it can take substantial money to store all your stuff. I'm not going to figure out for you what the next big thing is, because if I knew I sure as hell wouldn't tell some random on the internet. I will tell you that if you can find it, you could easily be the next ZUCKERBURG. I don't think anyone will become the next Buffet without a very complicated and mathematically heavy trading algorithm. We live in a different age, and since you presumably have little knowledge of mathematics, economics, and finance (being a 1st yr college dropout) I will assume that this is, at the moment, quite beyond your ability. The only reason I put so much emphasis on my stocks is that it is basically one of my two hobbies and therefore takes up a pretty significant portion of my day keeping up to date with staying current with CEOs, acquisitions, and business failures spanning 2 continents. I don't expect to make it on wall street, but I do expect to maintain my long term savings in my stock portfolio because lets face it, at the almost 0% interest you accumulate in a savings account and the ~2% inflation, if you keep your savings sedentary in a savings account, it becomes devalued over time and it doesn't bode well with me by just having my money in a savings account, slowly becoming worth less as the year goes by. The only area I see that can still have tangible success really is in food, but I'm more of a eater of food rather than a maker of food. And I believe 100% facebook is still pretty overvalued even at ~25$ a share. Facebook's IPO gets a lot of hate especially because it was a highly anticipated IPO that was supposed to set the bar of technology/internet IPO success. But Zuckerberg made the right decision. As long as he can stand the mostly negative press (public company now), Facebooks market cap is still 50+ billion, which is great for HIM and the company (get ready for some awesome R&D), but not great for the investors who are supplying the money. If he kept the company private, finding private funding for that much money would be near impossible and he would have had to accept something less than compared what the IPO brought in. | ||
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renoB
United States170 Posts
Find books about things you're interested in and read. That's my suggestion. I wish I had done that before I got my degree, because I've found a wide range of things I'm interested in that do not remotely use what I learned in school. Look up some books, go to your library and pick them up. They also have audio books there which are awesome. When you know what you want to do, just market yourself and don't be afraid of failure. | ||
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