What is Digg?54 Comments
- winmywii, on 04/20/2008, -0/+13IF you have never read motely fool before this pretty much sums up every article.
Decent advice (actually I don't know anything about invest so it could be horrible) followed by a sales pitch for you to A. sign up for their $80-$300 monthly newsletters or B. Sign up for a trading account on a "partner" site so they can bank a couple hundred in affiliate commission. - Floggeriffic, on 04/20/2008, -1/+12Thanks for the infomercial
- yunus, on 04/20/2008, -0/+9Am I the only one that can't afford to invest what they suggest. If you simply max out your IRA and 401k with 19,000 a year you will have 37 million. Well, I cant save anywhere close to 1,500 a month.
- DangerCollie, on 04/20/2008, -0/+8It's really true. You don't even have to buy big cap stocks anymore. You can buy market index funds like IVV, invest in foreign markets with funds like EWZ, EEM and ADRE. The other key is living below your means and saving money. It's really dead flat simple, just like losing weight. If you want to lose weight, eat fewer calories and workout more. Not exactly rocket science and neither is getting rich. You don't need investment banks or investment brokers. Edward Jones under-performed the market for almost a decade before I finally fired them and bought index funds through a discount broker. Best move I ever made. You can do it, too.
- inactive, on 04/20/2008, -1/+9money isn't everything - when you think 'i want to be rich' i think you have to think about what is the real underlying motivation 'what do you really want' (power ? influence ? freedom ? self expression? high adventure ? to be of service to others ? conspicuous consumerism ? ) and you have to think about how your life will be if/when you succeed - there is a down side to everything and extreme wealth has its own set of problems !
- mcquitty, on 04/20/2008, -0/+4Education only gets you in the door. Education doesn't solve problems. I was reading an article on Yahoo! News about a year ago. It talked about people my age (30-35) talking about education. It listed many examples for people going back for education for more advanced degrees only to be stuck in a debt rut. They owed more on their education than their houses, if they had one.
The rule is pretty simple. You can be a genius, but if you aren't driven, competent and accountable, then you will never get ahead. And to those people who start off in the debt cycle, early in life, it can be hard to get out. There are people in their 30s still paying for a pizza they put on a credit card in college. Well, that's simple money management. Don't spend money you don't have. Live within your means.
To say education fixes all, it doesn't. It only gets you in the door. What you do once your are there is entirely up to you. - mcquitty, on 04/20/2008, -1/+4You're right. Think about your parents. Hell, I will tell you my life growing up..
At times, we owned a house. 2 car garage. 3 bedroom. 1 bath. 1 telephone line. No cable. No cell phone. No internet. A Commodore Vic-20. 2 TVs.
Today. People complain if they don't have the latest (or all three) major gaming platforms, multiple computers, cell phones, internet connections, a telephone line, blackberries. They are switching out technology as fast as it develops.
So, let's just ignore the fact that in 1980, if you had any of those items, you didn't switch them out every couple years. Your TV was your TV, unless it happened to break. Your computer had a much longer shelf life, as technology didn't move as fast. And the "must haves" in life were less expensive (in some ways) and lasted much longer.
Today, it is simply an entitlement attitude. I have to have internet. I have to have a new computer. I need a new cell phone. I need 2 cars. I need designer clothes.
See the difference? - mogebier, on 04/20/2008, -0/+31. Make a lot of money.
2. Don't spend any of the money.
3. You are rich. - reddikilowatt, on 04/20/2008, -2/+5I work in a ski resort town. I regularly deal with people who's net worth is easily over a million dollars. I also work for people who's net worth is significantly less, although they generally live in the same neighborhoods. I can tell in a few seconds what category a customer will fall into by the way they greet me. Generally, the more money they have, the more relaxed and easy to get along with they are.
Trust me, the rich are happier than the rest of us. - joshzam, on 04/20/2008, -0/+3Actually good advice, just not in the US
- 3Den, on 04/20/2008, -0/+2Really wealth is about your passive income.. the money you make not at your job.
The rich get richer because they understand this.
When your passive income can pay for your lifestyle - your time is freed up to figure out how to make more passive income. - whorunbartertwn, on 04/20/2008, -0/+2Yup. While many in their prime earning years can max out 401k+Roth (which would currently be $20,500) few people just starting out in their careers can afford to do so, which would be the requirement for doing it 40 years in a row.
The principle is the same though... invest what you can with discipline and increase it every year. Give half of every raise to your savings program and it'll be a lot easier to swallow. - dunnduggit, on 04/20/2008, -0/+2"The money doesnt buy happiness stance is always submitted by someone who doesnt have money."
Your statement is 100% correct, but at the same time your sentiments are %100 wrong. - scabbers, on 04/20/2008, -0/+2Invest in the housing market!
- rockefeller2, on 04/21/2008, -0/+2My goal is to invest to get to the point where my net worth is equal to my lifetime earnings. At that point I'll have effectively lived my entire life for free. It's seems impossible, but if you live frugally and invest wisely, you can do it.
- webgeek2point0, on 04/20/2008, -6/+8SPAM...bury please!
- JohnSteel, on 04/20/2008, -1/+3I've seen articles with 35 diggs on the front page. It doesn't take hundreds of diggs but articles cycle off the front page very fast.
- robbiemuffin, on 04/20/2008, -0/+2you just contradicted him, not confirmed him ... but otherwise everything you wrote is spot on.
- 3Den, on 04/20/2008, -0/+1The sad thing is most people are already well into the cycle of debt by the time they hit adulthood (say, get out of university).. and the concept of saving a bit of money on the side seems like a burden. They don't really understand money or finance beyond being a consumer.
Society today encourages early long-term debt. The lenders these days allow people to get deep into a lifestyle they can't afford long before they realize they can't afford it. I'm not blaming just the lenders here.. just saying that when it's hard to borrow money, it's hard to live beyond your means. - quisph, on 04/20/2008, -0/+1Then no, you can't have a 37 million. Not yours.
All kidding aside, what are you planning to do with that much money? Because you can retire very comfortably with much, much less. Especially if you keep your definition of "comfort" modest. - bjornski, on 04/20/2008, -0/+1Go spam your ***** somewhere else.
- whorunbartertwn, on 04/20/2008, -0/+1Example = start out at only $100/month, and every year increase monthly contribution by $100. Quick math at 8% return after 40 years you'd have a little under $3.9 million, which inflation adjusted at 3% would be worth about $1.2 million.
Not the 37 million lighting cigars with $100 bills scenario but surely a realistic plan that would lead to a more secure retirement someday. - inactive, on 04/20/2008, -3/+4"The best things in life are free,
But you can give them to the birds and bees,
I want money, that's what I want.
I want mooooooooooooooooooooooooooooooooooney." - toebitus, on 04/20/2008, -1/+2you have to START somewhere say 15.00 a month and work your way up,always pay your self first
- peterinjapan, on 04/20/2008, -0/+1Start a business, and make sure you're so busy that you don't have time to spend your money. Works great for me. I work something like 12 hours a day, but because its my business that I love (jlist.com in case you're curious -- we're the Hello Kitty Vibrator people), it's not like work at all. Make sure you're paying off your house on a 15 year plan, if you have one. Only get fixed mortgage rates. If you don't have a house yet, make a hard plan to get one -- should be easy in 1-2 years.
- mcquitty, on 04/20/2008, -0/+1Sorry, I didn't put my sarcasm tag in.
- tblaney6591, on 04/20/2008, -0/+1Now they need an article on how to explain why this type of investing is more attractive than getting a new pair of shoes every week.
- rockefeller2, on 04/21/2008, -0/+1Finance the house for 30 years, but make extra payments to pay it off in 15. Make sure there are no pre-payoff penalties. This way if you fall on financial hard times, you can make the 30 year payment.
- yunus, on 04/20/2008, -0/+1don't know why you got dugg down (unless the math is wrong) but it seems like a much more reasonable statement to make to a first time investor than what the article said.
- BikeMessenger, on 04/21/2008, -0/+1i generally invest my surplus income on scratch-off lottery tickets
- natgem, on 04/21/2008, -0/+0I've read a few books on how to become a millionaire and they ALL say to invest your money in stocks, bonds and especially in real estate. But none of them say how to do it if you aren't even making that much money per month in the first place. And isn't there any other way to become rich than by taking a huge risk in the stock market?
- winmywii, on 04/20/2008, -1/+1"there is a down side to everything and extreme wealth has its own set of problems !"
Just ask B.I.G. - elf25, on 04/20/2008, -2/+2Money is the world's curse, May the Lord smite me with it... And may I never recover.
- lowhauler, on 04/20/2008, -4/+3Ah, another take on America's sturdiest and most fanatically proselytized lie. We'll just ignore the fact that wages across vast swathes of the American economy have been falling, in inflation adjusted dollars, for the last thirty years. For starters. But hey, keep reaching for that carrot. Love to stick around, but I gotta go to work.
- Chappync, on 04/21/2008, -0/+0If you ever get a chance, build a test portfolio using the info from The Fool's "Hidden Gems" newsletter... I run these sorts of things all the time from various sources and gems has done better than 58% since summer of 06', and that is only because a couple of the picks went from 78% and 123% at peak down to -40% and -32% respectively ( would have dumped it when it started to slide if it had been a real portfolio *grin*).
- lowhauler, on 04/20/2008, -1/+1Sounds like a lovely and entirely predictable rationalization of the manifest and comprehensive difference between the world as it is and the self-serving version of it that gets shoved down American throats by those who stand to benefit most from this massive lie: the tiny 1% who need your slave labour. Do go read the business press, which is actually obligated to provide real information to its business-decision making audience. Hell, go check out the U.S. Department of Labour figures. I did.
When the American dream utterly fails to come true for you after a lifetime of hard work and careful saving, as it has failed for nearly the entire populace for nearly the entire history of America, will you finally stop blaming yourself? To judge from most of what I see here on Digg, you're more likely to blame your only friend, the government. ...whatever. - inactive, on 04/20/2008, -2/+1What do you earn, and what do you spend your money on?
- whorunbartertwn, on 04/20/2008, -3/+2Sounds like a a lovely rationalization of your own personal failures that will surely lead to you getting nowhere and complaining the whole time.
- inactive, on 04/20/2008, -3/+1Theres a downside to ***** hot birds, whats your point?
The money doesnt buy happiness stance is always submitted by someone who doesnt have money. - joshzam, on 04/20/2008, -6/+4While sound long-term investing and maximizing compound interest are sure-fire ways to "get rich slowly", this article reeks of scam.
- inactive, on 04/20/2008, -4/+0Money will always be devalued by the FED.
BANKERS WILL ALWAYS CREATE BUBBLES WITH THE BLESSING OF UNITED STATES PUPPET GOVERNMENT!
Play Wall Street like a PONZI SCHEME! - mysql101, on 04/20/2008, -11/+6by the end if the 40 years saving max IRA and other funds, the author claims you'll have 38 million. Too bad by then the USD will be worthless and you won't have enough to buy a bigmac.
- freebundles, on 04/20/2008, -5/+0Try everything :) Then you will find out what's for real and what's fake. Learn from mistakes.
Best Regards,
http://www.freebundles.com/making-money-online.htm ... - redbootrobinson, on 04/20/2008, -6/+1I've seen this before somewhere... http://youtube.com/watch?v=pM6nD0QvA8Y
- breakaway, on 04/20/2008, -12/+6***** THE RIAA
- hendriks, on 04/20/2008, -8/+2Only 39 diggs will get you on the front page nowadays??? Must be Sunday.
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