Retire Young, Retire Rich!

Saving & investing, frugality & simple living. They're all part of the wealth equation.
Here's the place to discuss getting (and keeping!) your money.

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Eagle08
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Retire Young, Retire Rich!

Postby Eagle08 » Mon Sep 17, 2012 2:12 am

Forbes magazine defined rich as $1 Million or more a year in income.

Are you serious about retiring young retiring rich? Would you like to share what
you do in order to retire young and retire rich?

Here is what I have found in order to become closer to my goals of retiring young and retiring rich:

=> "If you want to become really rich, learn how to build, buy, or create assets"

These assets can be through the following vehicles:
1. Real Estate
2. Paper Assets like stocks and bonds
3. Businesses

I was fortunate to enter into an online business where I started earning very slowly for the past couple of years until I finally made a snowball in earnings. It was addictive and I personally want to make more! It is enjoyable and really lot of fun!

There are a lot of ways to get started for a goal to retire young and retire rich.
How about you? what are your strategies?

All the best,

Eagle08
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Tightwad
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Re: Retire Young, Retire Rich!

Postby Tightwad » Mon Sep 17, 2012 6:30 am

Forbes magazine defined rich as $1 Million or more a year in income.

And if I spend $1M a year on frivolous junk I don't need or want, does that make me rich? There's a huge difference between income & wealth.

Bichon Frise
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Re: Retire Young, Retire Rich!

Postby Bichon Frise » Mon Sep 17, 2012 7:12 am

Thoreau said, "A Man is rich in proportion to the number of things he can afford to let alone."
Bichon Frise

"If you only have 1 year to live, move to Penn...as it will seem like an eternity."

avocado wrote:Good to see you back, I was starting to miss your incisive commentary!

stannius
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Re: Retire Young, Retire Rich!

Postby stannius » Mon Sep 17, 2012 3:52 pm

Tightwad wrote:
Forbes magazine defined rich as $1 Million or more a year in income.

And if I spend $1M a year on frivolous junk I don't need or want, does that make me rich? There's a huge difference between income & wealth.


SRSLY - there is a big difference between income and wealth.

I was going to object to your "frivolous junk" comment, but then I realized that anyone with an income seven figures or higher that does not become rich in short order, is doing something wrong.

Eagle08
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Re: Retire Young, Retire Rich!

Postby Eagle08 » Mon Sep 17, 2012 9:02 pm

Tightwad wrote:
Forbes magazine defined rich as $1 Million or more a year in income.

And if I spend $1M a year on frivolous junk I don't need or want, does that make me rich? There's a huge difference between income & wealth.


If you spend $1M a year on frivolous junk, that is obvious that it won't make you rich.
Instead in order to get rich, you could spend on buying assets that will generate cashflow using vehicles like rental properties for real estate, stocks that pays dividends and businesses.

For the definition of rich according to Forbes magazine, you may want to define it on your own too. Being rich is really relative.


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