1. Welcome to the 12ozProphet Forum...
    You are currently logged out and viewing our forum as a guest which only allows limited access to our discussions, photos and other forum features. If you are a 12ozProphet Member please login to get the full experience.

    If you are not a 12ozProphet Member, please take a moment to register to gain full access to our website and all of its features. As a 12ozProphet Member you will be able to post comments, start discussions, communicate privately with other members and access members-only content. Registration is fast, simple and free, so join today and be a part of the largest and longest running Graffiti, Art, Style & Culture forum online.

    Please note, if you are a 12ozProphet Member and are locked out of your account, you can recover your account using the 'lost password' link in the login form. If you no longer have access to the email you registered with, please email us at info@12ozprophet.com and we'll help you recover your account. Welcome to the 12ozProphet Forum (and don't forget to follow @12ozprophet in Instagram)!

Anybody want to be a millionaire?

Discussion in 'News' started by KaBar2, Oct 5, 2005.

  1. KaBar2

    KaBar2 12oz Senior Member

    Joined:
    Jun 27, 2003
    Messages:
    2,118

    Anybody want to be a millionaire?

    Discussion started by KaBar2 - Oct 5, 2005

    Investing is definately the way to build wealth. Staying out of debt allows you to use your income to guarantee wealth in the future. In my opinion, credit cards are a way of keeping poor people subjugated economically. Do NOT use credit cards.

    If you absolutely must have a card for convenience, use a DEBIT card. Put $500 or so in the bank, get a debit card on that account, and that way you are only spending money that you already have.

    Banks and other financial institutions charge young people serious interest, 16%, 18%, up to about 24% if your account becomes delinquent. This means that for ever $100 you spend, TWENTY-FOUR DOLLARS is going into the pocket of some dick-sucking BANKER.

    Don't fall into their trap. Do business in cash only. (When I say "cash," I don't mean actual dollar bills, I'm talking about money you have IN THE BANK, as opposed to credit cards--which is borrowed money.)

    Live within your means. If you want something expensive and you have a regular income, you can save up the money to buy it pretty quickly as long as you are not burdened by a lot of debt.

    MAKE A BUDGET AND STICK TO IT. Allot money for each and every expense that you have. Do NOT spend money earmarked for rent or utilities or something like that on unnecessary bullshit.

    If you invest just $50 a week ($200 a month) in a good, solid mutual fund (or several different mutual funds that return at least 6% interest) at age 16, by the time you are 65 years old, it will be worth over $830,000. Obviously, if your mutual funds return better than 6%, it will be worth more.

    If you bump that weekly investment from $50 to $61, it will be worth $1,004,000 (that's ONE MILLION FOUR THOUSAND DOLLARS) by age 65.

    You do not have to be rich to do this. I have friends that are full-time railriders who fly a sign for a living who are making well over fifty bucks a DAY. They could easily, EASILY become millionaires IF THEY CHOSE TO DO SO. The problem is that they choose to drink and smoke up that fifty bucks a day, instead of investing it. Shit, they could make fifty, drink up forty, put ten bucks a day in their investment account and STILL be millionaires.

    Somebody with a steady job that puts ONE DOLLAR AND TWENTY-FIVE CENTS PER HOUR WORKED into an investment account could be a millionaire. And if you put two, or three bucks for every hour worked you'd be a millionaire a lot sooner than age 65.

    When I was a stupid person back in my teens and early twenties, I was making $3.75 an hour. Even on those low wages, I was budgeting $40 a week for booze, pot and cigarettes. That's $2,080 a year, or about a dollar for every hour I worked. If I had INVESTED that money in mutual funds paying at least 6% from age 19 to age 26, I would have well over $325,000 in investments now, EVEN IF I STOPPED INVESTING AT AGE 26.

    Surely you guys can understand this. INVEST YOUR MONEY EARLY. It doesn't matter if you are an alcoholic, broke-dick stoner or whatever. You could be fucking mentally retarded and STILL wind up a MILLIONAIRE, if you invest $1.25 of your pay for every hour you work.

    Turn off 12 oz., RIGHT NOW, and go online and find a good mutual fund investment firm and start investing money RIGHT NOW. DO NOT WAIT. Cut up all your credit cards, pay off the accounts and never borrow bullshit money again in your life. Do not borrow money for cars. Pay CASH for good, used cars. NO CAR PAYMENTS. Pay cash.

    Live within your means. Do not borrow money for anything except real estate. I would prefer you buy real estate for cash too, but people are so used to paying a house note, like rent, that they can't accept buying real estate for cash. The only reason it's okay to buy real estate with a loan is that you want a FIFTEEN YEAR, FIXED-RATE LOAN. Do NOT accept anything but a TRUE fixed-rate loan, otherwise, the bank will jack up your house payment whenever they fucking feel like it. Obviously, there is no such thing as an "adjustable" fixed-rate loan. Fixed-rate means just that: FIXED. It can't go up or down.

    Try to stop thinking of borrowing money in terms of "Can I afford the payments?" Think instead in terms of "What is the total amount that this will cost me over the long term?" Borrowing money jacks up the total cost several times more than the original cost.

    Being completely, absolutely, totally out of debt is a wonderful feeling. You are FREE. If you have no debt now, DON'T GO INTO DEBT. Pay for college up front, for cash. If that means going to school for a year and working for a year, so what? Getting your degree will take eight years instead of four. Big deal. At the end of the eight years, you'll have a degree and NO DEBT, instead of a student loan for $40,000.
     
    KaBar2 - Rank: 12oz Senior Member - Messages:
    2,118
    - Joined:
    Jun 27, 2003
  2. GASO1

    GASO1 New Jack

    Joined:
    Sep 17, 2005
    Messages:
    60

    GASO1 - Replied Oct 5, 2005

    :idea:
     
    GASO1 - Rank: New Jack - Messages:
    60
    - Joined:
    Sep 17, 2005
  3. Biggus Dickus

    Biggus Dickus 12oz Senior Member

    Joined:
    Jul 21, 2005
    Messages:
    1,371

    Biggus Dickus - Replied Oct 5, 2005

    That's cute Kabar, but welcome to reality. I don't care what your budget was. $50.00 a week was a completely unreasonable amount of money for me to consider saving through most of college. I don't smoke, drink, or do drugs now, and even $50.00 a month would be pushing it until I can get student loans again, at which time it would be better put towards paying those off anyway.

    Your plan is sensible, but despite how much money you think people can spare... well, I'd rather eat.
     
    Biggus Dickus - Rank: 12oz Senior Member - Messages:
    1,371
    - Joined:
    Jul 21, 2005
  4. Harvey Wallbanger

    Harvey Wallbanger Dirty Dozen Crew

    Joined:
    Oct 13, 2004
    Messages:
    8,567

    Harvey Wallbanger - Replied Oct 5, 2005

    Telling Kabar "Welcome to reality" is a funny thing to do.
     
    Harvey Wallbanger - Rank: Dirty Dozen Crew - Messages:
    8,567
    - Joined:
    Oct 13, 2004
  5. RumPuncher

    RumPuncher 12oz Elite Member

    Joined:
    Jul 4, 2005
    Messages:
    4,500

    RumPuncher - Replied Oct 6, 2005

    all good advice kabar.

    I'm currently living broke in order to get the debt paid off.
    I'm paying about $800 a month towards debt repayment.
    Imagine an extra $800 in your pocket, or in a savings account?

    Luckily the company has been doing a 401k program so I've
    got more in the RSP plan than I owe on the Line of Credit... which is good.

    I plan on being debt free by the end of next spring.

    once again .... everyone should read Kabar's post.
     
    RumPuncher - Rank: 12oz Elite Member - Messages:
    4,500
    - Joined:
    Jul 4, 2005
  6. RumPuncher

    RumPuncher 12oz Elite Member

    Joined:
    Jul 4, 2005
    Messages:
    4,500

    RumPuncher - Replied Oct 6, 2005

    Biggus:

    think of this... if you have it set up to put $50 into an RSP,
    that money goes in BEFORE TAXES. If you make $50 and
    then cash the check, it's more like $40 that you put towards
    paying down the debt. You've just lost ten dollars to tax.
     
    RumPuncher - Rank: 12oz Elite Member - Messages:
    4,500
    - Joined:
    Jul 4, 2005
  7. !@#$%

    !@#$% Moderator Crew

    Joined:
    Oct 1, 2002
    Messages:
    18,516

    !@#$% - Replied Oct 6, 2005

    right, unless you are like me
    and in order to stay out of debt
    had to work
    and spend every last dime
    on SURVIVAL

    sometimes there is no extra miney
    actually, there is way less than extra
    and a person is simply trying to get by on the bare minimum so they can live.

    when a person is in a position to save, of course it is the smart thing to do
    and being smart about saving is important
    you can't just plop money into stocks and hope for the best
    prosecting can be good at a young age, when you still have time to bounce back from mistakes you make
    but let's not forget, people lost life savings on enron, tyco, and a host of other greedy companies who ran their account books like their personal coffers


    but seriously kabar
    how the fuck can you talk fiscal responsibility and be a republican?
    if our government even had two cents to rub together, we might not be going up shit's creek.
     
    !@#$% - Rank: Moderator Crew - Messages:
    18,516
    - Joined:
    Oct 1, 2002
  8. RumPuncher

    RumPuncher 12oz Elite Member

    Joined:
    Jul 4, 2005
    Messages:
    4,500

    RumPuncher - Replied Oct 6, 2005

    does every kabar thread get pulled into partisian bickering?
     
    RumPuncher - Rank: 12oz Elite Member - Messages:
    4,500
    - Joined:
    Jul 4, 2005
  9. !@#$%

    !@#$% Moderator Crew

    Joined:
    Oct 1, 2002
    Messages:
    18,516

    !@#$% - Replied Oct 6, 2005

    oh, poor kabar
    he never gets a break aorund here does he?
    maybe he should spend some time at the local elk lodge instead of hanging on a graffiti forum with a bunch of smart asses that he's tried to son

    it's his own fault
    no one gets away with that much holier than thou
    i know more than you about life
    shit wihtout taking some of it back
     
    !@#$% - Rank: Moderator Crew - Messages:
    18,516
    - Joined:
    Oct 1, 2002
  10. !@#$%

    !@#$% Moderator Crew

    Joined:
    Oct 1, 2002
    Messages:
    18,516

    !@#$% - Replied Oct 6, 2005

    !@#$% - Rank: Moderator Crew - Messages:
    18,516
    - Joined:
    Oct 1, 2002
  11. smooth talker

    smooth talker New Jack

    Joined:
    Feb 23, 2005
    Messages:
    65

    smooth talker - Replied Oct 6, 2005

    yeah this post sucks....fuck saving money...get stoned paint and have fun...who the fuck wants to be rich...that shit is weak....fuck a retirement plan...just get old and die....
     
    smooth talker - Rank: New Jack - Messages:
    65
    - Joined:
    Feb 23, 2005
  12. RumPuncher

    RumPuncher 12oz Elite Member

    Joined:
    Jul 4, 2005
    Messages:
    4,500

    RumPuncher - Replied Oct 6, 2005

    ^ wow..... you 13?
     
    RumPuncher - Rank: 12oz Elite Member - Messages:
    4,500
    - Joined:
    Jul 4, 2005
  13. Biggus Dickus

    Biggus Dickus 12oz Senior Member

    Joined:
    Jul 21, 2005
    Messages:
    1,371

    Biggus Dickus - Replied Oct 6, 2005

    Another point you made about not worrying how long college takes... you've been out of the college loop for awhile I'm assuming, but what major universities do is this.

    1) I take a math class, say MATH 101, get a 4.0, freshman year.
    2) I take a bunch of other classes that required MATH 101 to take in the next couple of years.
    3) I take 2 years off school to save money. It has now been 5 years since I took MATH 101.
    4) University "restructures" freshman required curriculum. MATH 101 doesn't exist anymore. MATH 103 is now the equivalent.
    5) University expires my grade for MATH 101 and no longer credits it towards my degree. Despite having taken many more advanced math classes, I now have to take the new MATH 103 class in order to graduate.

    Your 8 year degree would last forever.

    Another problem, paying tuition as you go with no loans. I could do that at the school I'm at now, State funded school, parent an employee so I get a discount, very cheap, no problem. Couldn't do it if my parent wasn't working there. Out of state students would have no hope of finding off-and-on jobs that would pay them enough to cover an $8k a semester tuition while still paying rent and utilities and eating... and my school is CHEAP compared to what's out there.

    One of the places I was accepted out of high school was Carnegie Mellon, the #1 ranked computer science school in the country. Their tuition was running around $28,000 a year at the time. If you think that anything but community college is going to be affordable in the situation you describe.... well, your area must pay entry level disposable workers much better than mine does.
     
    Biggus Dickus - Rank: 12oz Senior Member - Messages:
    1,371
    - Joined:
    Jul 21, 2005
  14. Stereotype V.001

    Stereotype V.001 12oz Member

    Joined:
    Jun 9, 2005
    Messages:
    416

    Stereotype V.001 - Replied Oct 6, 2005

    Kid, this shiet is so unrealistic. I mean i jus wanna smoke weed all day ery day kid, mad bowls yo(it's free)!! Den I paint mad bombz, but I barely have money for food to survive!! Wait, did I contradict myself? Nah...

    Wait again, my post didn't contain the word "SURVIVE" enough for emphasis, as if I could spontaneously combust at any moment.
    Survive kid, I just need to make a living and survive, you know, survive to survive. Yea that covers it.
     
    Stereotype V.001 - Rank: 12oz Member - Messages:
    416
    - Joined:
    Jun 9, 2005
  15. smooth talker

    smooth talker New Jack

    Joined:
    Feb 23, 2005
    Messages:
    65

    smooth talker - Replied Oct 6, 2005

    grow weed..and steal everything else...its fun
     
    smooth talker - Rank: New Jack - Messages:
    65
    - Joined:
    Feb 23, 2005