That's exactly the point. All it takes is a little bit of education, a little bit of cojones, and all of a sudden these "risks" become almost non risks. It's one of the biggest inside jokes of all times. And no, there's no chance in hell I'll ever understand limiting my children's options to the social standard when I have all the necessary resources not to.Originally Posted by Animeniax
Because your parents did the right thing in raising you so you have the resources and are prepared to live the life of danger.
I think what you and Assertn both have is youthful exuberance. You're both at an age where you have limited responsibilities to anyone but yourself, so its easier to take risks or make changes in your life. In the olden days, people became parents sooner so they had to make different choices because they were thinking beyond how it would impact just themselves.
“For God will not permit that we shall know what is to come... those who by some sorcery or by some dream might come to pierce the veil that lies so darkly over all that is before them may serve by just that vision to cause that God should wrench the world from its heading and set it upon another course altogether and then where stands the sorcerer? Where the dreamer and his dream?”
Donald Trump, Warren Buffet, Sean Combs, Robert Kiyosaki, just to name a few people, had that "youthful exuberance" you're mentioning, all of them now filthy rich, and able to provide a million times over anything their families could ever need, anything their families could possibly want. There are a many, many (though comparatively fewer) others who don't even even come close to their level of success, but leave the vast majority of us in the dust, at least when it comes to financial success. It's not "youthful exuberance" that drives these people. I mean, it might be, but it's not the only thing, it's also a pretty good understanding of how one reaches whatever success they've attained, and also having overcome gotten over the "you'll probably fail" message that they've been hearing all their lives. Raising your kids, you ought not limit their scope. Instead, you should show them what it takes to make something happen, and try to set bench marks with them. They can then decide if they're cut out for what they're trying to do or not. Furthermore, none of this has to come at the expense of preparing to enter the work force. It also has the benifit of getting rid of this silly, silly fear of trying something positive because their neighbors, classmates, teachers and friends aren't.
Nah, all of them got lucky off one or two deals that paid off. If it takes 100 failures before you reach 1 success, how many will have suffered during the time that success occurs? And is financial success all you're concerned about? I think it was P Diddy himself who said "mo money, mo problems."
“For God will not permit that we shall know what is to come... those who by some sorcery or by some dream might come to pierce the veil that lies so darkly over all that is before them may serve by just that vision to cause that God should wrench the world from its heading and set it upon another course altogether and then where stands the sorcerer? Where the dreamer and his dream?”
As I mentioned before, my dream as a kid was to be a professional musician or martial artist. I didn't need to be a rock star or to choreograph fight scenes along side Donnie yen. So no, money's not the ONLY thing on my mind.
All of them got lucky? You said yourself, and I'll quote again: "but if you are properly prepared and educated, then they aren't really risks, or at least they are reduced risks so it's for all intents and purposes a 'sure thing'." You make it seem like these people walked into a building, flipped a coin and bought it on the basis of the coin flip, or sneezed on a paper and bought whatever "lucky" stock the booger landed on. No, they had an idea in their heads of what a "good risk" was, most of them from proper education about the risks they chose to take, and found a risk that fit the "good risk model" they had in their heads. So they took it, and it payed off.
I asked a friend of mine once why he didn't invest his inheritance money into real estate, and said "it's too risky." When I asked him if he knew anything about something called "equity", he said "no". I asked him this after I asked if he knew anything about real estate, to which he replied "yes." So basically, he doesn't know what he means by "too risky". Probably never researched it, and his understanding of "too risky" was probably implanted him by someone or some people who themselves knew nothing of it. Last I checked, he bought a car, has most of the money in a back account, and a small portion invested in an unremarkable mutual fund. That last part may seem like a good idea, but agian, It's basically someone else having control of his cash.
Well lucky for him he didn't follow your risky scheme to buy real estate, what with the housing market falling out in the past year. He might owe more than the house is worth now. His parents didn't work all their lives to leave him an inheritance that he can squander away on risky deals. He owes them better.
“For God will not permit that we shall know what is to come... those who by some sorcery or by some dream might come to pierce the veil that lies so darkly over all that is before them may serve by just that vision to cause that God should wrench the world from its heading and set it upon another course altogether and then where stands the sorcerer? Where the dreamer and his dream?”
Anyone who knows a little bit about real estate knows that the housing market works in cycles. Anyone who knows a bit more knows that if you bought a worthwhile piece of property, it barely matters when you bought it if you can hold on to it. His inheritance was more than large enough to do that. As in, buy a good piece of property, and sit on it. Anyone who knows a little bit over that much, knows how squeeze a deal no matter what the market looks like. Following my advice blindly would've been foolish. Following it after having taken four months to read up on the subject, and seeking out the advice of some professionals after having done some self education, would've made him a millionaire three times over by now, or in the forseable future.
He owes himself better than to follow blindly.
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