Dame Dash & his business partner GF Raquel Horn

qaz1 said:
A lot of wisdom here. But there's even more to it. Your definition of wealth is obviously a major factor.

The key to REAL wealth (multi millions minimum) is acquiring assets. For example: even if you have a $200k job, you don't buy a $80k car with your income. Instead you buy a small business (or some other cash flowing asset) and use some of that cash to buy your car. That way you have the car aaannd all that other money from the asset. BOOM...riches.

You can play this game on any level. You can start with CDs or dividend stocks, vending machines or car washes. Then you level up and up till you're ballin. Sky's the limit :cool:
Click to expand...
I would never buy CDs the interest is way to low for the time commitment they want on your money. Even if you have 1 million dollars at 4 percent over the life of the CD in most cases grosses you maybe 8 to 10k a year. That's far too low. Even an idiot can get 4 percent per year with a mutual fund or ETF.
But I hear what your saying though and You're right
 
The Dark King said:
I would never buy CDs the interest is way to low for the time commitment they want on your money. Even if you have 1 million dollars at 4 percent over the life of the CD in most cases grosses you maybe 8 to 10k a year. That's far too low. Even an idiot can get 4 percent per year with a mutual fund or ETF.
But I hear what your saying though and You're right
Click to expand...
You're right about CDs. That's what I get for riffing off the top of my head. A CD is technically an asset under my definition, but it isn't a very attractive one. It's pretty much only better than a basic savings account.

Here's the short version: You wanna get rich? Buy businesses. (Real estate could work too, but that's a longer story. I say businesses are overall better.)
 
The Dark King said:
I would never buy CDs the interest is way to low for the time commitment they want on your money. Even if you have 1 million dollars at 4 percent over the life of the CD in most cases grosses you maybe 8 to 10k a year. That's far too low. Even an idiot can get 4 percent per year with a mutual fund or ETF.
But I hear what your saying though and You're right
Click to expand...
What do think about using apps like "Acorns" or "Stash"?
 
The Dark King said:
I think they are great tools for people to get acquainted with investing, get you thinking like a wealth manager.
Click to expand...
I recommend these if you want to think and (more importantly) earn like people who know how to make and manage money.

Level 1-
*Rich Dad Poor Dad (Robert Kiyosaki)
This is more for theory/mindset than anything. This guy is strong on mindset (paradigm shifting even) but weak on details. This stuff should be taught in high school, maybe earlier.
*How to Get Rich (Felix Dennis)
This guy started Maxim magazine among other things. Really good overall framework/strategy from someone who started with nothing. But again I'd like more detail.

Level 2-
*Warren Buffett's Ground Rules (Jeremy Miller)
This is precisely how Warren Buffett did it in the beginning. Enough said.
*Rule #1 (Phil Town)
More good theory and plenty of detail, real work required though
*You Can Be a Stock Market Genius (Joel Greenblatt)
This book is the blueprint if you want to talk real stock market riches.
**These 3 books break it right on down. I literally know hedge funds that use these books. You could conceivably stop at this level and be wealthy.

Level 3-
*Tycoon Playbook (Peter Ireland)
*Your First Hundred Million (Dan Peña)
**Following these guys' plans is WAY harder than what they lay out for you. It ain't for everyone. Plus they both offer really expensive products. But they do lay it all out. And virtually anyone who's built a big fortune has done at least something similar to what they describe.

Honorable Mention-
Why Should White Guys Have All the Fun? (Reginald Lewis)
This dude lived it. Born black and climbed to the top. Fun fact: had an Asian wife

Sorry to hijack the thread, but I wanted to spread the knowledge. Anyone else got resources to share? Maybe we should start a new thread elsewhere.
 
Last edited:
qaz1 said:
I recommend these if you want to think and (more importantly) earn like people who know how to make and manage money.

Level 1-
*Rich Dad Poor Dad (Robert Kiyosaki)
This is more for theory/mindset than anything. This guy is strong on mindset (paradigm shifting even) but weak on details. This stuff should be taught in high school, maybe earlier.
*How to Get Rich (Felix Dennis)
This guy started Maxim magazine among other things. Really good overall framework/strategy from someone who started with nothing. But again I'd like more detail.

Level 2-
*Warren Buffett's Ground Rules (Jeremy Miller)
This is precisely how Warren Buffett did it in the beginning. Enough said.
*Rule #1 (Phil Town)
More good theory and plenty of detail, real work required though
*You Can Be a Stock Market Genius (Joel Greenblatt)
This book is the blueprint if you want to talk real stock market riches.
**These 3 books break it right on down. I literally know hedge funds that use these books. You could conceivably stop at this level and be wealthy.

Level 3-
*Tycoon Playbook (Peter Ireland)
*Your First Hundred Million (Dan Peña)
**Following these guys' plans is WAY harder than what they lay out for you. It ain't for everyone. Plus they both offer really expensive products. But they do lay it all out. And virtually anyone who's built a big fortune has done at least something similar to what they describe.

Honorable Mention-
Why Should White Guys Have All the Fun? (Reginald Lewis)
This dude lived it. Born black and climbed to the top. Fun fact: had an Asian wife

Sorry to hijack the thread, but I wanted to spread the knowledge. Anyone else got resources to share? Maybe we should start a new thread elsewhere.
Click to expand...
Good idea.
I'd also add Fast Lane Millionaire (great thoughts on the mindset needed to get rich fast not quick)
I also like Abundance The Future is Better Than You Think ( for one it personally gives me some optimism about the future and most important what arenas to invest in) I'll call it right now VERTICAL FARMING will be huge in the coming years.
 
You must log in or register to reply here.
Back
Top Bottom