Getting yourself out of the "Poor Minority" trap

[saleekr]

We have all heard the talk of why minorities can never make it big so to say or why black people does always stay poor.
So how do you get yourself out of the trap?
Well my philosophy is this, very simple.

Never spend more than 30% of the month in an expenditure environment.

What do you think?

[Cherry ®]

how you come up with that arbitrary number?

[saleekr]

it's not really arbitrary.
It's a number i got talking with a friend of mine who went from a $2000 US a month job to pulling in 5 million a year and growing.
he breaks it down like this.
Expenditure does not include bills. It really is the time you spend after you pay bills. 10% of your time should be spend trying to invest, another 10% socializing with people who you can learn from and 10% with your significant other (or friends) in other words. you should not lime more than 1 or 2 days for the month unless your income is over 100,000 US per year.

[Cherry ®]

oh ok cause i thought you were smoking crack if expenditure included bills like mortagage, car payments etc.

[miktay]

how do you go fm $2k/month to $5mm/yr using this principle?

[Zarro]

how do you go fm $2k/month to $5mm/yr using this principle?


I was about to ask the same...I'd like to know.

[saleekr]

he started off by using the money he spent take his EX- girlfriend out every weekend.
made an issues to know that his car didn't need to be souped up.
Invested that extra money in 3 things,
stocks/bonds
getting his real estate license
and set aside some extra in an ing account.
He did this for a year then started buying and selling land.
Now in just 3 years he's rolling in it. But still holds the same rules.
He "goes out" so to say only 3 times a month. twice with his girl and once to wine/dine a potential client.
Out of all that he claims 2 out of each of those nights out as a business expense when he does his taxes.
It's all about really telling yourself to buy what you need.
He said at the end of the day the worlds richest people are there and stay there because they watch their money. And we not talking Paris hilton and the likes of JayZ. They spend more than they bring in.
They keep afloat simply because they have sponsors still throwing money at them. Watch what happens when that stops.

[Cherry ®]

ok is really his real estate license that can be attributed to his success.

[Veronica]

you should not lime more than 1 or 2 days for the month unless your income is over 100,000 US per year.

what a sad way to conduct a life!

[Cherry ®]

all in the pursuit of their version of happiness

it have plenty ways to lime very cheaply or free and not limit it to 1 or 2 days a month, but i suspect liming=spending money for some people.

[Veronica]

anyway I should talk

I getting antisocial in my ole age

last time I had an afternoon off from work, I went a watch a movie on my own

[saleekr]

It's simply that more and more people spend their life away liming.
How many people do you know have to go out every weekend?
It's just really a waste.
There is no need to hit every fete or boatride.
No need to hit the club every friday or saturday.
It really boils down to what you really want for yourself and what you settle for

[saltwater]

I think is the real estate that made him the money. I know quite a few people who does lime crazy and are millionaires because of real estate. Last couple years anybody who invest in real estate would have made a bundle. Daiz where there was easy money.

[saleekr]

i get that people can make money off the real estate easy, but how do you get that money to really make it first.
A lot of people claim to be and look like millionaire but broke as hell, remeber that.
You can own 2 mansions, lots of cars and leading the jet set life and the only thing holding you afloat is the next big check that comes in.
Like MC Hammer, When d mark buss they fall flat.
You have to invest. And to really invest and start off on a good secure foot, you will need to have that money and that is what my friend was referring too.
How to get yourself out of the trap , then get into the mode to make money.
Anyone can sit and say "yeah i can make quick money off of real estate" but let me see you, with just a little money in the bank, get your first property that is worth the big flip and sale. That is what makes the real money.
When i worked in trinidad i had a job where i had to do credit approvals, then i moved to NY and also had a job doing the same thing.
I can tell you that a lot of millionaires are just for show. the millions in the bank are loans from other banks. One bad streak of small income for a few months and they in the hole.
If bill gates or warren buffet don't make any money for a year, they still will be the top 2 in the world.
Lots of these jet setters are just show.

[saltwater]

Sounds like you read "rich dad poor dad'.

[saleekr]

lol

[saltwater]

Yes, a true believer in creating wealth to get you out of the "Poor Minority trap"

[saleekr]

I'm doing my own thing. not into the real estate, but i have managed in the last year to quite my 9-5 and now own and operate my own business and out of the red.

[Bella]

Your friend sound like my Uncle Jai... he live poor and dead rich and he chirren trowing money round like it going out of style

[saltwater]

Good for you. Congrats.
What business you in.