39-year-old retired millionaire: 'Budgets don't work'—do this instead

[YoungMoneyCashMoneyBoy]

I've thought of trying to track where I spend shyt but I use cash often. If somebody knows of an app or something that does it, let me know cuz I'm too lazy to deal with my bank statements like THAT. I gotta track on my mixtape titled "Cash flow" about this very issue tho. 'Brothers big about the cash flow but when it's a drain no one knows where the cash flowed"




Y'all download that thang

"Wrote a song about it. Like to hear it? Here it go"

 

[the cac mamba]

fukk this dikkhead

 

[bennyfein]

How can I save when rent is so high?

 

[Dameon Farrow]

Budgets only fail if you abuse them. A budget dictates only so much money for such and such items. It's a win sitiation...until you abuse it! Article is pretentious.

 

[JLova]

He obviously doesn't live in Toronto

 

[Freedman]

Is a million enough to last the rest of your life though. We see rappers and athletes go broke after making Multi millions all the time

 

[Da_Eggman]

The key part of him having a high paying job to begin with

 

[Secure Da Bag]

Sponsored by the municipal bank of Breh & Breh

I'm using this breh. Right now.

 

[Hahahaha]

Keeping your money and looking to invest in the market (stocks/real estate) when it’s on a serious downswing has always been the key to growing wealth. Also helps bridge gaps in employment especially when economy is not doing well in case you are laid off and can’t find work.

 

[EndDomination]

Is a million enough to last the rest of your life though. We see rappers and athletes go broke after making Multi millions all the time

Absolutely not.
Not even close: a million is more doable if you're retiring at 65 or 70 and have a low COL, but at 39, not a chance in Hell.

I get tired of these vague, usless early retirement articles from mainstream news sources.
Almost none of the advice is of use, and living on $40k a year hoping that my investments don't get wiped by stock market fluctuations is not how I want to live life.

 

[The Radiant One]

Keeping your money and looking to invest in the market (stocks/real estate) when it’s on a serious downswing has always been the key to growing wealth. Also helps bridge gaps in employment especially when economy is not doing well in case you are laid off and can’t find work.

This is truth. People don't have a long term view in investing. 2019 is the year to invest.

 

[Chrishaune]

Is a million enough to last the rest of your life though. We see rappers and athletes go broke after making Multi millions all the time

If you live a normal life yeah. Gotta move away from some of these high priced cities though. It would be more comfortable to have $5-$10million saved, but you could still do it.

When I was in college over a decade ago, a board member from Disney came to speak to one of my classes. He said we would need $10million to retire and live comfortable ....For certain places in Florida, probably so, but other places in middle America, not really. You don't know how long retirement will last for yourself either. You might retire and die 5 years after.

 

[jwinfield]

The key part of him having a high paying job to begin with

About

After graduating college I took a job in corporate America, and a few years later bought a condo and BMW. Happily living the American dream.

Most cats ain't making enough to have $100k saved by the age of 28, even if they budget correctly

 

[goatmane]

I was shocked how much money I saved by not getting Starbucks, bringing lunch to work, and cooking more.

I find it funny that whenever someone does well, they feel the need to denigrate all other means of obtaining what they obtained.

"Budgets don't work" ???

Budgets have worked since the beginning of time, foh. Just because he doesn't, doesn't mean that you shouldn't.

It would be like me bragging getting good grades without studying and then saying "Studying doesn't work, do this instead "






Oh and what he did is basically another form of budgeting, its just more reactive. I'm sure if he found out that he was spending 2x what he thought he was, he would have lessened his allocation for material items... i.e. budgeting

yeah that was the whole point of the article.

he clearly says earning more money is vastly more important then budgeting. budgetting with a $20 a hour job wont let you retire early, no matter how good you do it.

 

[Hardest Since MC Ren]

Coli armchair accountants and investors incoming


Sponsored by the municipal bank of Breh & Breh