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Originally Posted by Robert_Nash
If a person simply saved $100/month starting at age 18 and never did anything more than that their entire life; they would still have over $3M by the time they were 65 years old. That's the power of compound interest; those who understand it have paid to them; those who don't pay it to someone else.
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My thoughts exactly. Most people don't understand that putting away $100 a month instead of spending it on meaningless articles of clothing and whatnot eventually leads to big bucks when retirements come. I guess it's easier to save here in Canada because all of the money put into savings accounts is guaranteed by the government's bank charts. I understand that a lot of people have lost their life savings and investments when some U.S. banks went south, but it doesn't hurt buying a fireproof, bolted-down safe and putting a $100 bill in there every month.
Quote:
Originally Posted by LSUTurboTiger
Good for you, thats the way to do it. I did not have the type of parents to pay cell bills and feed me and give me gas once I was out of high school. Of course I did work, but part time jobs while going to college did not provide me with $200 nights at the club either. I guess I was more of the broke college student needing to pay rent and tuition instead of buying expensive shoes. Even having a job from the age of 15 to 20 would not have provided me with enough money to buy a $80K car at age 20 if I had saved every penny. I was in school and had a difficult major, thats time consuming. Come to think of it no one I knew had that kind of money either except for the rich kids. If it had I would have said screw the car and bought a house. good for you. You guys are better money makers as teens than I was. An $80K car at age 20, thats pretty good coin.
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There came this moment in my life where I was offered to take a risk and it paid off. It could have gone either way but I figured that I was young and that if all else failed, I could get a job in my domain again or take up a trade. While I'd rather keep this information personal and don't want to divulge specifics, I helped several friends open up major brand outlets in Montreal and in the Mont-Tremblant region north of there. With the money I made there, I purchased some car washes and have a 40% share in a fine automobiles used car dealership downtown. Soon enough, I plan on purchasing a franchise for a restaurant, but I simply can't afford it right now. I was very, very lucky and I wouldn't recommend that anyone takes such a risk. It's hard work but it has lead to me owning several businesses, in addition to helping others run theirs. Money is hard to make right now but I know that a few years from now it will be all worth the investment.
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Originally Posted by fly yellow
I think this guy started a similar thread when he bought the Z about paying cash for it. It basically was just another thread of him bragging about trading stocks.
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If you're talking about me, you're definitely wrong. I don't trade stocks, nor did I pay for my Z in cash.