Advice you wish you had gotten in your early 20s

Discussion in 'Psychology' started by Sikhinvestor, Mar 7, 2007.

  1. dac8555


    1. Time is more valuable than money....absolutely.
    2. TATBO-"take all the bastards out!" means dont be a door matt,dont put up with B.S. if you dont have to. also work your ass off.
    3. "bang as many chicks as you can while you're stuck in this place"- some movie
    4. take risks. When you have reached rock bottom, you will find out who you really are, and what you are really made of.
    5. never, ever, quit, never.
    #51     Mar 8, 2007
  2. dac8555


    "Do not, ever, go into debt"

    I disagree. there is good debt and bad debt. Good debt can give you leverage to make MUCH more money. know.

    most of the greatest business men of al time have large amounts of debt. card debt and buying a flashy new are dead right.
    #52     Mar 8, 2007
  3. umm.. I don't get you lindq..

    Wouldn't it be more sensible to PAY your house off 100% so that you have no debt. Thus, if you can cut it, then it is better to pay cash for a $50,000 house than to take a mortgage on a $500,000 house. Because you'll be paying WAY TOO MUCH in interest.

    #53     Mar 8, 2007
  4. ElCubano


    this should have been ur 1st best advice... one of my motto's is

    quality over quantity.
    #54     Mar 8, 2007
  5. He's talking about cashing out equity and trading up.

    Real estate allows for maximum leverage due to low down payment requirements.

    Only problem with his scenario is a real estate market downturn like we're having.

    Real estate is merely on leg of the stool to financial freedom.

    The other clueless person on the board is touting NEVER GO INTO DEBT. The stupidest advice I have ever heard.

    It takes money to make money and those that learn the power of leverage and how to use it wisely at a young age will be the financial masters of tomorrow. Like most threads on ET, this one is quickly breaking down into just more bad advice given to young people.

    My advice.... Only come to ET about every 3 weeks (if at all) and all that time you have saved yourself use it to trade. Your profitability will improve proportionately.
    #55     Mar 8, 2007
  6. cortez27


    best advice - don't get married until you are 35, screw a lot of women and don't catch any diseases.

    I got married two weeks after I turned 35. Guess I heeded the advice.
    #56     Mar 8, 2007
  7. lindq


    So shortsighted. And the reason why so many people miss out on the tremendous advantages of leveraged real estate over time.

    #57     Mar 8, 2007
  8. I'm with you, buylo. Easier to be aimless when you're young and poor. I'm on the reverse plan and unraveling as I get older. But it's not as much fun with a 40yo body rather than 20ish.

    #58     Mar 8, 2007
  9. ElCubano


    isnt life wierd that way...I remember not having 2 nickles to rub together and I did more than i do now and with not one iota of a worry if money was ever going to run out because somehow it just didnt ( hustling working and or slinging ) i make 100 times more than i ever did and worry everyday that I aint making enough... ;o) WTF ..its called dependents..I didnt have them then , i have them like the poster said enjoy while use can.......... yeah baby
    #59     Mar 8, 2007
  10. The last two paragraphs of your attachment, Jack, is deep. That is wisdom. Poorness applies to everything.

    If, using your mind you don't give your heart to your friends, you are poor, still.

    If, using your mind, you try to get from the market, you are poor, still.
    #60     Mar 8, 2007