[syia]

for me to build wealth is to understand how to generate enough money.. keep enough saving and smile

[Finandom]

Originally Posted by TheCDAllenGroup

I personally don't like the idea of investing in the stock market because I have no control of the business(es) that I invest in. Sort of like gambling...

Actually invest in stock market = invest in business because if you buy all the share of a company, then the company and business will be yours

[xcbellx]

I would suggest reading the "rich dad, poor dad" series of books which were what really got me motivated and also anything by David Bach, like "the automatic millionare" which was a very good book.

[virginfootsteps]

good topic

[TheCDAllenGroup]

Originally Posted by Finandom

Actually invest in stock market = invest in business because if you buy all the share of a company, then the company and business will be yours

Key words are "if you buy ALL the shares of the company". But we know that probably isn't feasible regarding most Fortune 500 companies, right?

It would be different if you took a company public, then that's where I would have control. It would be my company and therefore my shares will grow according to the behavior I take with the company.

[TheCDAllenGroup]

Saving money is foolish as well as putting your money into IRAs like 401(k)s.

Most of these retirement plans are composed primarily of mutual funds, and investing into them is seriously risky. If your mutual funds collapse, you are out of luck. That's why you need to focus on producing income producing assets that will bring you cashflow even in your latter years. If your mutual funds collapse, there's no proetection for you. You have to eat that loss. Real estate is great because you can insure your properties in case of fire, flood, etc. You can get your money back from insured properties.

[Grev]

Really shouldn't need to read books to know how to save money.

Becoming a successful businessman is a different story though.

[TheCDAllenGroup]

Originally Posted by Grev

Really shouldn't need to read books to know how to save money.

I agree. But the problem most individuals have is what to do with the money they have saved.

The rich know that savings are for investing (and not crappy mutual funds). Savings are not for meant for "dipping" into when cashflow has lessened - that's what Pay Yourself First is for.

[Unreal030]

Originally Posted by Grev

Really shouldn't need to read books to know how to save money.

Becoming a successful businessman is a different story though.

It is not how to save money. Most people know how to do that. Its the mind processes in regards to money. How people view money. Right now, many people think of money in a way that is not appropriate for how it works and just in general nowadays. People are stuck in the industrial age mindset of how they think of money. They need to get into the information age's mindset for money.

So many people still think that a house is an asset and not a liability. Why? Because their banker tells them that.

[TheCDAllenGroup]

Originally Posted by Unreal030

So many people still think that a house is an asset and not a liability. Why? Because their banker tells them that.

Exactly. Actually the banks are playing a little game of deceiption here - and you, the borrower are the victim.

Yes, the [mortgaged] house is an asset, but it's THEIR asset not yours. It's YOUR liability.

[Aletheides]

Originally Posted by xcbellx

I would suggest reading the "rich dad, poor dad" series of books which were what really got me motivated and also anything by David Bach, like "the automatic millionare" which was a very good book.

I agree, Rich Dad Poor Dad turned my life upside-down...