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Forums » Off-Topic » Millionaire article on cnn money

Millionaire article on cnn money Subscribe to Millionaire article on cnn money

7 posts by 6 users

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Michael Shadow

Multi-family Investor · Bellefonte, Pennsylvania


Forum_avatar_avatar-dafly

Oct 31 '07, 09:23 PM

Did you see this article yet?
http://millionaires.blogs.cnnmoney.cnn.com/2007/10/29/43/

It's so weird 2 years ago I would have read that article and said wow, now when I read it I just shake my head and it breaks my heart. I think man what they could do with that lifestyle if they would only use RE and leverage as the vehicle.

Edited: 06/26/2010 at 04:12AM


Jason Shaffner

· York, PA


Forum_avatar_avatar-navydoc

Oct 31 '07, 11:06 PM

A round of applause for them. The vast majority of the country can only look at that level of financial freedom and wonder what it's like.

I like how the CFP said that they are doing well but they could be doing more. Makes the article somewhat disheartening.

As to REI ... what's the saying ... " horses for courses" . They are doing well with the " low and slow" method. They have the somewhat rare combination of frugality, a moderately high income and no mortgage. The first and the last can help almost anyone acquire a fair amount of wealth. The second one can go either way. Plenty of high income earners are broke.

Edited: 06/26/2010 at 04:12AM


Anthony Sulecki

Real Estate Investor · Millsboro, Delaware


Forum_avatar_avatar-tonys

Oct 31 '07, 11:44 PM

Could you post a link, Id like to read it.

Edited: 06/26/2010 at 04:12AM


Joshua Dorkin

BiggerPockets Founder · Denver, Colorado


Forum_avatar_avatar-biggerpo

Donor Pro

Oct 31 '07, 11:58 PM

It is now included in the first post.

Edited: 06/26/2010 at 04:12AM

Small_bplogo20aJoshua Dorkin, BiggerPockets, Inc.
E-Mail: webmaster@biggerpockets.com
Telephone: 877-831-4704
Website: http://www.biggerpockets.com
Be sure to check out the BiggerPockets Blog at http://www.BiggerPockets.com/renewsblog/


Michael Shadow

Multi-family Investor · Bellefonte, Pennsylvania


Forum_avatar_avatar-dafly

Nov 01 '07, 12:55 AM

If you use the wealth formula that Stanley & Danko use in Millionaire next door ( (Gross Annual income*age)/10= Target Net worth ), they are 30k ahead of where they are supposed to be for their income & age.

Which is further than I am but I hope to see that change in the next 5 years.

Which brings me to my next question. I'm not quite sure how to incorporate that formula into REI. Do you add your cashflow to the gross annual income number. If you added the gross rental income I'd never meet my target net worth.

Edited: 06/26/2010 at 04:12AM


N/A N/A

Real Estate Investor · Santa Fe Springs, California


Forum_avatar_avatar-redat9

Nov 08 '07, 10:55 AM

:D

Edited: 06/26/2010 at 04:14AM


Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California


Forum_avatar_avatar-loki005

Nov 08 '07, 01:19 PM

Wonderful thread dafly, I enjoyed the article every second!
Keep it biggerpockets!

Edited: 06/26/2010 at 04:14AM




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