How did you make your fortune?

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poorboyv6

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Sep 7, 2006
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I changed jobs back in 2006 and now have an ok job with an ok pension. These past 2 years I have approached six digits, but by the time I max out my rsp contributions, put $2,000 a month towards my mortgage for my 1,200 sq ft townhouse, pay car insurance and property taxes, bills, etc., I don't have a ton of money left over.

Though unemployment and going back to school to get a master's degree, I figure I've lost about $300,000 in gross income versus someone who was steadily employed for the same period of time.

What kind of investments or business (legal) should I be looking at to earn the type of money where I can buy things like a 67 Corvette, unattached house, and a World War 2 warbird?

How did you earn your fortune?
 
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Boneman

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Jul 13, 2006
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poorboyv6 said:
Though unemployment and going back to school to get a master's degree, I figure I've lost about $300,000 in gross income versus someone who was steadily employed for the same period of time.
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I'm not sure how you do your math but to me the education is invaluable. I had high school friends who questioned a university education on the basis that one could never make up the years of lost income. I now make more in a year than they can in 10 years. As to how to grow your wealth, that's an issue of how much appetite you have for risk. I made the money for the house etc. on two things, income and the stock market. Some years I wish I was out of the market and investing in "safe" investments. Other years I'm ecstatic that I'm fully invested. In my experience though, the people who make the big money are either risk takers or born with it.
 
badbadboy

badbadboy

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Nov 2, 2006
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Get educated, get connected and more importantly make yourself invaluable to everyone you work with either as an external or internal customer.

Or like some people, get into the Securities industry and rob people legally.


 
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poorboyv6

Active member
Sep 7, 2006
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badbadboy said:
Get educated, get connected and more importantly make yourself invaluable to everyone you work with either as an external or internal customer.

Or like some people, get into the Securities industry and rob people legally.
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Got a Master's degree. Unfortunately, with the organization I am with, education does not seem to count for a whole lot. Seniority overrides a lot of things. My department supervisor is 2 years older than me, but has been in 13 years longer. A Senior Manager I had is less than 5 years younger than me and has no university education.

It is a major flaw in the organization I work for, but one that is not going to change anytime soon.

Prior to moving into this job, I was in the banking and securities industry. Robbing people legally is an accurate statement. Very few mutual fund companies or individuals can beat the index over the long term. Those who can are in my opinion, good gamblers. If I ever have kids, I'll be sure they learn more about game theory as it applies to political, social and economic decisions.
 
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FunSugarDaddy

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Aug 15, 2008
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As many of you have guessed, I'm a financial advisor, most of my clients are in real estate. One of the more successful clients bought a house, while I was at university, took the equity out of it and bought another house, repeated the exercise about 4 more times and now has a net worth of about $8M. Without a university degree he also got himself a very good pensionable job that pays in excess of 100K a year. But he took the risk, leveraged himself to the max, and it worked out for him. Since he has no kids, his nieces and nephews, or their children, are going to very happy somewhere down the road.

I gotta be honest and say most of my clients accumulated weath through real estate and largely being at the right place and the right time. Leveraging was the key.

Education should get you a reasonably good job, and just as important, get you in a job you enjoy, but it's no guarantee of wealth. I've seen people make a lot more money in construction when they renovate their houses and turn around and sell them. In many cases their friends are also trades people so they swap electrical work for plumbing work and things of that nature.

Owning a successful business is another way to accumulate significant wealth, but that's easier said than done. Interesting enough, the internet has opened up a lot of opportunities for those creative and savy enough to capitalize on it. Creating an app for example is an interesting idea.

PeaceGuy said:
A recent report I read about in ROB said that the two main ways to become wealthy (really wealthy) are to inherit money (most common) & to run a successful business. Investing in the stock market didn't make the cut because the rate of return is too low for a person without some wealth to start with to make much headway. The wealth building power of a business with the tax incentives & potential to grow the value of the company makes that route outperform the market in wealth creation.
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HankQuinlan

HankQuinlan

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Sep 7, 2002
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Whatever you do, don't consider anything useful to society. Teaching school, working in health care, joining the police force...
We don't reward people for that.

Crime certainly pays. Financial crimes of huge magnitude seem pretty risk-free (unless you steal from other wealthy people); just don't steal small amounts -- we tend to punish that. Selling drugs pays well.
 
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novemberrain

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Jul 8, 2010
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I really wish that one day, far off in the distant future, society will regard wealth and fortune to be how happy you are in life.
 
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BootsieCollins

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Mar 10, 2011
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<iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/l4CHENMT6Q4" frameborder="0" allowfullscreen></iframe>
 
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bcneil

I am from BC
Aug 24, 2007
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Guess it depends what you call a fortune?
If your talking 10-20 million cant be done, without having it given to you, or get very lucky.

I was lucky myself, bought my condo in Langley in the mid 90s out of university, sold and moved to Yaletown a couple years later, and now sit in a mortgage free condo. More luck than anything.

Also education and a good job is important.
However the difference in a $50,000 a year job and an $80,000 a year job works out to what $1500 a month more after tax?
You get a nicer car and can poon a couple times more a month than the other guy, but you wont be rich
 
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kman86

Banned
Mar 11, 2011
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if you want to take risk, play the tripple leverage etfs like (stock ticker) faz, fas, tna, tnz, ery, erx, hnu.to, hmd.to, etc. now my suggestion is you have at least 6 positions to buy for example say you buy hnu.to which is at ($4.93 cents) you would buy 1000 shares at that price. Then if it goes down wait till it falls about 20 percent and buy 2000 shares. again if it falls in price wait for a 20% drop and buy 4000 shares. you get teh picture average down your price with 6 positions and each position double up your last amount of shares averaging down your initial cost. you can do this with regular stocks etc. NOW JUST A HEADS UP THESE LEVERAGE ETFS ARE VERY VOLATILE OFTEN TIMES MOVINF 15%-20% A DAY. BE CAREFUL READ THE ALL THE INFO ABOUT THESE ETFS ON THERE WEBSITES AND DONT PLAY THEM UNTIL YOU UNDERSTAND HOW THEY MOVE..
 
HankQuinlan

HankQuinlan

I dont re Member
Sep 7, 2002
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And I vouch for this guy above and his "Etfs". I guarantee you will get rich quickly. Buy Now! But wait, there's more.....
 
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bcneil

I am from BC
Aug 24, 2007
2,089
0
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HankQuinlan said:
And I vouch for this guy above and his "Etfs". I guarantee you will get rich quickly. Buy Now! But wait, there's more.....
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Those leveraged things are the worst. Daytrading only.
Check out HOU, its suppose to be double upside. But if you bought it when oil was $40 a bbl and held now, you'd be DOWN
 
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