Disqus - Latest Comments for AJC @ 7million7years

Re: Jonathan Clements Exits: The Essence of Money

AJC @ 7million7years — Sun, 13 Apr 2008 21:45:06 -0000

... I always wonder what 'qualifies' somebody to write about a subject? Presumably, it's because they have already done it, or are simply writing about their journey.

Having said that, J Clements seems on the ball with ideas #2, and #3. Idea #1 ["If you have money, you don’t have to worry about it"] is rubbish.

BTW: instead of writing a 'to do list' for retirement, focus on your 'must achieve for your life' list - might be only one or two things ... aim your financial strategy at that [how much? In how many years?] ... it made ALL the difference to me!

Thanks for posting on this ... AJC.

Re: Question for Discussion: How Much Can You Spend Without Telling?

AJC @ 7million7years — Wed, 19 Mar 2008 12:30:57 -0000

This is a really good question; I have a passive income WELL IN EXCESS OF $250k per year ... you'd think my wife would cut me some slack when I play a little online poker ... not so! And, I mean winning or losing just $1k a month - c'mon, give me a break!

Luckily I have a couple of businesses as well, and I find that they are just fine for 'salting off a few dollars' into my personal loan accounts - all accounted for legally/correctly, but my wife hasn't figured out how to read the balance sheets, yet ;)

She doesn't mind me teaching others how to become millionaires ... she just doesn't like me to act like one (all in all a good thing, because she still hates using the credit cards!)

Re: 8 Benefits to a Recession or Down Market

AJC @ 7million7years — Mon, 17 Mar 2008 14:40:39 -0000

What do you do when your corner store has a sale ... you stock up big on the stuff that you will need later.

Why is Costco so successful, because people buy up big because their stuff is ALWAYS ON SALE.

Right now, for perhaps the first time in living history, BOTH real-estate and the money needed to fund it ARE ON SALE!

What should you do?

Stock up NOW (while you are still working and cann afford to fund some mortgages) to enjoy LATER (when the real-estate has appreciated ... more money comes in than the remaining mortgages cost you) when you RETIRE YOUNG!

Read some blogs, get educated ... but, invest while you still can ...

Re: It’s Official: New Job With a Raise and Promotion

AJC @ 7million7years — Sun, 16 Mar 2008 13:43:51 -0000

Well done ... now what % of you payrise are you going to INVEST v SPEND?

Common wisdom says you should keep paying yourself first 10% into your 401k.

Uncommon wisdom says to also pay yourself first 50% of any payrise or 'found money' (eg tax refund check; spare change; etc.), preferably outside of your 401k so that you can actively invest it.

Re: net worth or net worthless?

AJC @ 7million7years — Mon, 03 Mar 2008 18:12:26 -0000

Halleluja Brother! Net Worth don't mean no hill o'beans because you have to guess at the valuations of all of them little ol' businesses and investment real-estate that produce all of that sweet cash.

Mah own little ol' net worth just kept climbin' and climbin' as I sold off those little ol' income-producing assets and businesses to big, fat corporations with deep pockets ... suggest y'all do the same using some of the same tricks o'the trade that ah did ... c'mon over, pull up a chair, and sit by the fire and ah'll tell y'all about 'em ...

Re: the double digit myth

AJC @ 7million7years — Mon, 03 Mar 2008 18:19:09 -0000

While even the great Warren Buffet recommends that the neophyte investor puts their money into broad-based, low-cost index funds ...

... if you are a student of investing, have a long-term view and are willing to dedicate some time and effort, take note that Warren offers exactly the opposite advice for you …

"Wide diversification is only required when investors do not understand what they are doing." Warren Buffett

I also bet that if you compound Warren's 40 year returns, you will get FAR MORE than 5.3% compunded!

So, now you have two "Warren Buffet Approved" strategies to choose from!

Re: spend less than you earn - the wrong way to think

AJC @ 7million7years — Tue, 04 Mar 2008 12:51:10 -0000

BripBlap hit the nail on the head that every owner/operator of YOU Inc. needs to know: you can only CUT up to 100% of the money flowing out, but you can increase the money coming in by 100%, 500%, 5,000% ... unlimited.

YOU do the math ...

Re: why be rich?

AJC @ 7million7years — Mon, 17 Mar 2008 14:57:02 -0000

Hi BrBl; I agree that "purpose of wealth was to free up your life to achieve your purpose" (whether that's giving to charity ... or just Spitzer-syle whoring for the rest of your life is a personal choice!).

In fact I would restate this as: "the VERY DEFINITION of wealth is when you have freed up your life to achieve your purpose".

Knowing this amount is Step 1 to achieving real wealth ... Steps 2+ are a little more complicated!

AJC.

Re: linklings, failed failures

AJC @ 7million7years — Sun, 23 Mar 2008 17:44:01 -0000

BrBl - seems that people only want to read your piece on 31 Successes ... you know, the one that comes with the free step-by-step blueprints so that we can all simply copy with your patented Guarantee of Success ;)

Of course, if we don't learn from failure, then all the 'success formulas' in the world will do absolutely nothing for us!

I, for one, will feel the loss ... please reconsider.

Re: a little-too-late advice on building wealth

AJC @ 7million7years — Sun, 30 Mar 2008 22:34:27 -0000

BripBlap ... you deserve to win this whole shebang ... good luck!

I would add a couple of additional items:

14. Start a business or three ... just for the 'experience', but, don't get too upset if you make a ton ;)

15. Buy a rental property or two ... don't live in it (yet) .. again, just for the experience of handling tenants and finances.

16. Read these books (in this order): Richest Man in Babylon; Rich Dad Poor Dad; The E-Myth Revisited; The Art of the Start ... then STOP reading and START ACTING!

Re: The Final Four

AJC @ 7million7years — Sun, 30 Mar 2008 22:36:38 -0000

Good Luck BrBl ... it's a worthy entry! AJC

Re: brip blap getting zen things done

AJC @ 7million7years — Thu, 03 Apr 2008 17:47:42 -0000

Note to Self: remember to thank BrBl for yet another great (and innovative) post!

AJC.

Re: March Mathematics Madness!

AJC @ 7million7years — Sun, 06 Apr 2008 00:01:30 -0000

@ Steve/BrBl - We know he's a recluse only from our perspective ... from his perspective, there's always a party ...

Re: a quick and easy way to control spending

AJC @ 7million7years — Tue, 08 Apr 2008 15:25:32 -0000

Thanks Steve - You'll have more to budget for now ;) I tried writing down ALL of my expenses (every penny that I spent) for just one month. It was eye opening when I did it, but never found the need to do it again.

Like you, I focus on the income FIRST and the expenses SECOND - income is unlimited; expenses <= 100% of what you earn. The equation is too compelling to ignore.

Re: 15 reasons why you might not want to be a consultant

AJC @ 7million7years — Thu, 10 Apr 2008 21:03:21 -0000

Great advice, Steve! I turned down an opportunity to become an independent consultant (even though, at the time, I was a well-regarded 'staff' consultant for one of the most prestigious companies in the IT world) because I knew my income would be capped to:

# hours in the working week - # hours no jobs available - # hours prospecting for more jobs - # hours administering paperwork - # hours wife wants the kids minded - # ???

In other words, it's a 'business' (or a job, if you're doing it for somebody else) with no real upside ... UNLESS you hire other consultants to do the work for you!

Re: are American kids stupid about personal finance?

AJC @ 7million7years — Tue, 15 Apr 2008 23:06:14 -0000

Show me the money ... take my 13 y.o son [please!] as an example:

1. How does he handle his own money

2. How does he earn his own money

A.1. - Splits into two equal piles: spends half with impunity and no guilt on things that he needs and can afford; invests the other half in my portfolio (he asked me!).

A.2. Chores = $28 / Month Allowance + his eBay Store = $30 / week (all his own initiative ... we do nothing to help).

Do I really care how he answers a few theoretical questions?

Re: linklings, the dollar’s hard knock life

AJC @ 7million7years — Wed, 23 Apr 2008 18:27:57 -0000

Aaarggh ... I'm caving under pressure ... I'm posting my $7MDJ on my own site on Friday. Principles ... shminciples ... gotta keep the readership happy ;)

But, I taking down (actually have already) my NetworthIQ profile ... from now on, I'll claim $7 mill. / 7 years nothing more (or, less) and point back to that post if anybody ever questions my integrity again ... then they can go back to making up their own minds.

At least your blog gets better & better every time I read it ... thanks!

Re: http://blog.inc.com/the-eco-capitalist/2008/03/the_secret_formula_for_generat_1.html

AJC @ 7million7years — Thu, 27 Mar 2008 15:17:10 -0000

Headline: Multimilionaire-turned-blogger looking for 7 future millionaires

Opening Para: He went from $30,000 in debt to $7mllion in the bank in just 7 years, now this self-made multimillionaire wants to show others how to do it, too.

The remainder of my Release would have to prove that it's not a scam ... am I onto something newsworthy?