I mispoke. Good point. Innovation requires high risk. Anyways, you’re still stuck with your landline phones because it is still bundled with your internet and cable. :). Courtesy of the genius telecom companies.
quote=Greenman72]
It’s a good thing that Bill Gates and Steve Jobs disagree with you, or we’d still be stuck with landline phones and doing spreadsheets by hand. And it’s a good thing that Henry Ford disagrees with you, or we’d all be afoot.
[/quote]
I don’t own landline phone but I could. I don’t see what’s genious about giving out free landlines to people who don’t want them. That’s like when the doctor gave you a lollipop for being a good boy, but you really went for a physical? Genious doctor giving out lollipops! It’s also like if someone hands you a flyer on the street you’re stuck with it because he gave it to you (if you’re silly enough to actually take it)? No, just drop that in the next trash.
Plus, I can tell you this–as a practicing tax accountant, I know lots of wealthy people. And I do not know a single one who became extremely wealthy by investing in stocks and bonds. That might make you comfortable, but it won’t make you wealthy.
Unfortunately, that is true. Not many people out there become wealthy investing in stocks, even during the golden era of 1982-2000.
The advantage of real estate is the leverage. If you are leveraged 20 to 1 in a booming market and have several investments, you clean up.
Good point on leverage about real estate. In addition there was also falling rates that helped prop up prices. Today, with an FHA loan, a person could leverage ~28x their down payment vs 1.5x for stocks. In terms of S&P returns, End of 1982 to End of 2002 Total Return CAGR ~13% for a cumulative return of ~1076%. I included 2001 and 2002 1-Yr forward returns because they were huge drops to help reduce the CAGR. A person worth $5m today assuming the same returns would be worth ~$54m in 2033.
But I get what you’re saying, most people probabaly did not get to $5m through stocks and bonds. I really have no idea in terms of how people accrued wealth.
And lxwarr, I am one of those people who are silly enough to take a landline. I was about to cancel my landline, but verizon fios told me I can get Quantom FIOS and HBO for an extra $10 if I had the bundle, so i kept the bundle. I barely use the landline phone, but now I can sleep soundly knowing I can talk to anyone in US and CANADA for an unlimited amount of time. lol
Besides my parents, I don’t know anyone else with a landline. Do you also own a black and white TV?
Do the family business. Be your own boss. Being wage slave, is obviously a safer route but upside is also capped and you are basically somebody’s b*tch (relying on your boss’s perception of you for year-end bonus and promotion, f8ck that).
TO OP,
I was also in the similar situation as you my friend.My dad is a supplier of industrial goods and raw materials(coal,manganese ores,iron ore,nuts,iron pipes etc etcetc…).He is also into construction business .Let me tell you one thing brother you cannot mix “education” and “money”.If you want money please jump into your dad’s business with out further delay.On the other hand if you want to study then please focus on your CA and CFA.CFA is > most MBA finance courses in our country + it is cheaper if you can pass in one attempt.I may never be able to earn what my dad earns in his business even with CFA/FRM/MBA but still i am satisfied with my decision to “study” as that is what i love!!! I am sick and tied of people who think education is “ticket” to being rich!!!There is a very low correlation between being wealthly and educated in our country(India) where college drop outs are making millions and educated people are working day and night for their moderate pay checks!!!One wise old man told me “No matter how much you study/how much degrees you have,at the end you will have to work under or for a businessmen ,then why not be a businessmen???”
Landline companies are in a declining industry but they are still massive. One company alone has 10.5m voice customers. 10% of all US households by 1 company. The black and white TV industry as a whole is probably non existent. Funny joke, just not a great comparison.
i second that what you said above, and this is the only reason i will complete CFA Programme. Thank you.
TO OP ,
YES I DO AGREE WITH @TOM CALLOWAY…
INFACT I JUST CAME TO KNOW THAT ISB HYDERABAD(WHICH IS ONE OF THE BEST INSTITUTES) HAS STARTED AN MBA IN FAMILY BUSINESS.THE DRAWBACK IS THE FEES OF AROUND $60,000 WHICH IS TOO MUCH FOR AN INDIAN INSTITUTE…
Or plumbing school.
Best advice offered in this thread, by far.
My eyes hurt reading all those caps x_x
yeah, caps should be banned.