brip blap - Latest Comments in 2017 is the year of the bimillionaire

Re: 2017 is the year of the bimillionaire

ajc — Mon, 26 Jan 2009 21:52:28 -0000

Hi BrBl: I'm sure that you've taken inflation into account in coming up with your 'bimillionaire' number?

It's great that you are willing to share your number ... I have a new social network in Beta where others can do the same ( naturally: shareyournumber.com ) ... AJC.

AJC.

Re: 2017 is the year of the bimillionaire

Suprieta — Thu, 11 Dec 2008 10:57:08 -0000

Wow, you hit on a lot of the things that I have thinking and working on every day. The visualization that you have spoken about in some of your posts is a powerful thing. I often practice this... although I never thought it to be a specific concept. It works. If I want to achieve something the following day, like running, or cleaning the house - I visualize myself doing the acitivity and I am much more likely to make it happen, because in visualizing, I actually organize the process of getting out the cleaning supplies, imagining which room to start with etc.

I've been reading a lot of personal finance blogs lately because I an trying to get organized in my financial life as well. Thanks for your insight and personal revelations! I am inspired to continue.

Re: 2017 is the year of the bimillionaire

Nabloid.com — Fri, 31 Oct 2008 19:08:32 -0000

Think and Grow Rich is a classic!

I really liked Rich Dad, Poor Dad when I was younger, and agree with some of the principles, but too many people link Rich Dad, Poor Dad to investing in real estate with very little money down and other 'get rich quick' schemes that aren't reality, safe, or good wealth building principles.

Robert Kiyosaki isn't as smart as he tries to pretend... go read some of his articles on Yahoo Finance and you'd quickly find out that guy doesn't know much about many of the topics he pretends to be an expert on. I think he may be good at educating people and perhaps even good at real estate (though during the boom where he created most of his real estate wealth, everyone made money because the market was practically going straight up!). That said, don't blindly follow Robert Kiyosaki... I've actually come to dislike him the more I read of his books and his very lame articles... Rich Dad, Poor Dad may be fake or real, but it has some good principles for many beginners to read, but don't blindly follow his advice and go buy expensive real estate that you can't afford.

BTW, I really like the layout of your site and your quality articles!

Re: 2017 is the year of the bimillionaire

Steve (Brip Blap) — Wed, 26 Mar 2008 05:53:30 -0000

@Aaron: Andie MacDowell was definitely crushable, but in that movie? Err... better in Green Card or Groundhog Day. Heh.

I do count the value of a company I own based on current market values. I don't think anyone can count on future values as part of net worth. Your Money or Your Life (which I don't think is 100% accurate but close enough) defines it as "what if you had to sell everything you own today - how much would you have." So if the company was going to be worth that much in the future - and others would recognize that - it would be worth a lot today. If its cost is much less today, then it may be that other investors don't view it as a sure-fire thing like you might. What you take from the company as pay, however, is a rock-solid figure that is worth exactly what it is worth - dollars in pockets.

All in all, net worth is not the absolute best measure of your financial position anyway, just one of many. Cash flow is important, debt to income, etc. are also good measuring sticks.

Re: 2017 is the year of the bimillionaire

Aaron Cruikshank — Mon, 24 Mar 2008 14:34:02 -0000

I have some pretty agressive long term goals and I was really digging your article but lost my train of thought due to the Multiplicity reference. I have a serious crush on Andie MacDowell but I had my doubts about this movie when it came out.

Ps. When you're calculating your net worth... do you count the value of a company that you own lock stock and barrel or just the dividends that you take from that company.

For example, I have a company that I think will be turning over $8 mil/year withing six years. Am I worth what the company is valued for sale or am I worth what I take from the company as pay?

Re: 2017 is the year of the bimillionaire

Eric — Sat, 10 Nov 2007 21:16:12 -0000

I thought this was a great post. Achieving this kind of freedom is one of my goal as well, although I haven't put the time and effort into it that it will require to achieve. At least not yet.

I also never include the value of my house in any of these kinds of calculations. If you are gong to live free, you need to calculate what you are willing to part with, and leveraging your home isn't the best way in my opinion.

Re: 2017 is the year of the bimillionaire

bripblap — Tue, 06 Nov 2007 21:18:13 -0000

Thanks for all the comments! I do think that there's a common thread to these comments, which is that making the change to thinking of money as a tool, instead of a "thing", is key. Money has no value other than what it can be exchanged for - making the decision to exchange money for time instead of for things is key.

Multiplicity was witty, yes, but Michael Keaton plays crazy a little too well for me.... loved him as Batman, though.

Re: 2017 is the year of the bimillionaire

bubelah — Tue, 06 Nov 2007 08:31:57 -0000

SD, when you feel financially secure and have freedom of doing anything you want with your time, I guarantee you will not be spending your money for trivial stuff, you won't care about Gucci purses or Jimmy Choos. You will value the freedom that money provides you.

Re: 2017 is the year of the bimillionaire

t h rive — Mon, 05 Nov 2007 18:54:39 -0000

1. That's cause you're a SpendingDiva! i joke i joke...

2. Multiplicity is a cheesy, yet surprisingly witty movie.

3. Thanks for the good idea and motivational tools to set such goals. Not that I've never thought of it...i've just never TOLD myself that. I know that I'll achieve certain goals, but still not sure if I'm ready to set such lofty monetary ones. See, I have no idea if I have the gumption (yet) to sacrifice certain things, and do what it takes to think several million...low millions sounds reasonable (and somehow inevitable when I consider family history). We'll see how I feel later in my 20's.

Re: 2017 is the year of the bimillionaire

Mike-TWA — Mon, 05 Nov 2007 18:48:18 -0000

Well put--particularly the explanation of why this isn't about money. In many ways, money ends up having little to do with the reason and the goal, just one of those necessary steps along the way. Now get ready for the "you can't do it that way" reactions to your alternative income ideas--then do 'em anyway.

Re: 2017 is the year of the bimillionaire

SavingDiva — Mon, 05 Nov 2007 11:34:30 -0000

You're really inspirational! To have a plan, the motivation, and the means to become financially independent is amazing. I would worry that I might just start spending when I felt financially secure...