How much cash to keep in the bank?

[SUFCLuke]

In the millionaire fast lane book MJ says about only buying Lambourghinis etc... when you can buy them easily, so for example if you go to buy a pack of gum you wouldn't even need to think about whether you could afford it or not. To do that however you would need a lot of cash but I had always assumed that you are meant to always invest most of the money you earn? Any help to make it clearer to me?

Thanks a lot

 

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[G-Man]

In the millionaire fast lane book MJ says about only buying Lambourghinis etc... when you can buy them easily, so for example if you go to buy a pack of gum you wouldn't even need to think about whether you could afford it or not. To do that however you would need a lot of cash but I had always assumed that you are meant to always invest most of the money you earn? Any help to make it clearer to me?

Thanks a lot

Have you read the entire book?

 

[SUFCLuke]

Have you read the entire book?

No I guess I'm too lazy, no but seriously it is because I was just having a discussion with a family member about it so thought I would ask.

 

[G-Man]

No I guess I'm too lazy, no but seriously it is because I was just having a discussion with a family member about it so thought I would ask.

You're too lazy to read a book and you're having discussions about the right time to buy a lambo?

Read the book. It's worth the time and effort.

Come back when you're read it.

 

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[SUFCLuke]

You're too lazy to read a book and you're having discussions about the right time to buy a lambo?

Read the book. It's worth the time and effort.

Come back when you're read it.

No, I have just got the book yesterday and was speaking to a family member. I have just skimmed through it and was excited.

Hypothetical scenario.

 

[jon.a]

You aren't worthy.

 

[SUFCLuke]

You aren't worthy.

Of what?

 

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[theag]

I have 1 Zambian Kwacha in the bank.

 

[jon.a]

Of what?

Of our/my time.
Finish the book.
Read the gold threads.
Spend a week reviewing this forum.
Only then come back with better questions.

 

[SUFCLuke]

Of our/my time.
Finish the book.
Read the gold threads.
Spend a week reviewing this forum.
Only then come back with better questions.

Jesus Christ, it was just a question, why is everyone so rude here?

 

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[jon.a]

Jesus Christ, it was just a question, why is everyone so rude here?

When you find yourself in a hole...
Stop digging.

I'm done.

 

[SUFCLuke]

When you find yourself in a hole...
Stop digging.

I'm done.

What are you talking about? Idiot

 

[KSR]

Jesus Christ, it was just a question, why is everyone so rude here?

You'll find that people won't give their time to those who aren't worthy of their time. If @jon.a saw you as someone who would potentially contribute here with some helpful content, then he'd help. But the sheer fact that you are posting about what happens in literally the first 3 chapters (sample) of TMF and are already questioning the methods is mind blowing.

Seriously, go read the book and stop getting so defensive, if you plan to take shit personally then this (and the entrepreneurial life) aren't for you. Remember, WIIFM.

 

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[G-Man]

Jesus Christ, it was just a question, why is everyone so rude here?

What are you talking about? Idiot

So, since I'm procrastinating to avoid a particularly tedious task, I'm going to try to help you understand why you've gotten this reaction.

• You joined the forum, but clearly didn't take the time to read the rules. If you had, you'd know to post an intro of yourself, rather than a random question.
• I asked if you'd read the book. I knew you hadn't by the nature of the question, but was trying to give you a polite "out" before the gang jumped in.
• You then acknowledged you hadn't read the book, and the fellas jumped you a little bit. @jon.a despite maybe being a little curt, actually just gave you a punchlist of exactly what to do.
• You responded by getting defensive, and calling someone an idiot. Now would be the time to point out the rep bank and legendary contributor status under Jons name. This means he's a respected member of the forum,... and you,.... guy who can't read a book and gets in inane internet lambo arguments, called him an idiot.

All of this actually can still be forgiven. Read the book. Make an intro post. Take the time to get the lay of the land, and you'll find that the folks here, including @jon.a will take the time to contribute to legitimate questions. (that's how he got the status, by helping people here,... so I'm not speculating wildly. It's how this works.)

Good luck.

 

[Scot]

What are you talking about? Idiot

The 21 year old who doesn't understand money management is coming to a forum about business and calling the adult who is successful about business an idiot.

Cool.

Let me know how this strategy works for you in the future.

 

[MJ DeMarco]

I guess I'm too lazy, no but seriously it is because I was just having a discussion with a family member

Curious, what did your family member say?

Lemme guess, "Oh that's a scam" or "That's not how rich people do it."

 

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[minivanman]

Jesus Christ, it was just a question, why is everyone so rude here?

lol I haven't read the book either (I'm probably a little past that for this life) but here is why members seem like that. Because they have been here a long time and people come here and ask a bunch of questions, never read the book or read the book and never put it to use. They are just dreamers. And after a few years they get tired of answering dreamer questions. I'm new here too and that is total speculation (I've been around a few blocks) but I'd bet that's what it is. So basically when you take atleast 1 step and that is to read the book, then they will be a little easier on you. And then when you actually put your foot in the fire they will be just a little excited for you. I know you are just starting out and excited and that's why you asked. I'd help but my book reading days are over and I have no idea what their point of view is. I could write my own book. lol

 

[KSR]

Curious, what did your family member say?

Lemme guess, "Oh that's a scam" or "That's not how rich people do it."

They said, F*ck that... let's join Amway!

 

[KSR]

lol I haven't read the book either (I'm probably a little past that for this life) but here is why members seem like that. Because they have been here a long time and people come here and ask a bunch of questions, never read the book or read the book and never put it to use. They are just dreamers. And after a few years they get tired of answering dreamer questions. I'm new here too and that is total speculation (I've been around a few blocks) but I'd bet that's what it is. So basically when you take atleast 1 step and that is to read the book, then they will be a little easier on you. And then when you actually put your foot in the fire they will be just a little excited for you. I know you are just starting out and excited and that's why you asked. I'd help but my book reading days are over and I have no idea what their point of view is. I could write my own book. lol

I'm new here too but from your post all I interpreted was "I'm too old and successful to learn". I hope to god I'm still learning new things until it's time to hit the grave.

As for the rest of your comment, to me anyway, it's take what you give. He's not going to put in effort (look at his post, hard to comprehend) so why take valuable time of your own limited amount to satisfy his laziness?

 

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[Ultra Magnus]

So, since I'm procrastinating to avoid a particularly tedious task

View: https://www.youtube.com/watch?v=jhdFe3evXpk

 

[Digamma]

Curious, what did your family member say?

Lemme guess, "Oh that's a scam" or "That's not how rich people do it."

It sounds pretty obvious to me.

If you don't have money, you can't buy a Lambo.

If you have money, you will have it invested, which means that you don't have the cash on hand to buy the lambo.

It is easy to see, then, that it's impossible to buy a Lambo.

So you can't have bought a Lambo.

Therefore, the book is a scam.

Q.E.D.

 

[MoneyDoc]

What are you talking about? Idiot

Hey boy; don't disrespect one of our good forum members. He gave you sound advice.

 

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[Young-Gun]

What are you talking about? Idiot

This thread DELIVERS
*popcorn*

 

[minivanman]

I'm new here too but from your post all I interpreted was "I'm too old and successful to learn". I hope to god I'm still learning new things until it's time to hit the grave.

As for the rest of your comment, to me anyway, it's take what you give. He's not going to put in effort (look at his post, hard to comprehend) so why take valuable time of your own limited amount to satisfy his laziness?

I learn new things every day but not much about business. I have a small business to keep me busy but we like to travel and do other things so I still learn. Although, just the last month I learned about shocks.... they cost $1500 each retail for the race car so I had my driver become a distributor. I don't need to know how they work, I just need the profit from them. See, I learned how to make money when I was younger and that lasts forever. What else do I need to know how to do? I spend my time making easy money like that, not learning new things. Some people are different but I'd rather have money than more information. When I was young I thought I'd be gung ho to the grave too. And, another uneducated comment, how can you say he isn't going to put in effort? See, I am now a teach so I can see what I used to not be able to see when I too was young. Maybe you are correct that he will never make it passed page 3 but if a little encouragement is all it takes for him to get to the end of the book then that's really what it's all about. If I was the owner of this site I'd be kind of pissed off. I'd want everyone to encourage people like him to get through the book so he would buy another book from me. But that's just how I work.

 

[MJ DeMarco]

If you have money, you will have it invested, which means that you don't have the cash on hand to buy the lambo.

Everything is perspective based on relativity. (And BTW, "bank" could mean cash in a money market account.)

Person #1 has a $100 net worth. All of it is in the bank.
Person #2 has a $10,000 net worth. $1000 of it is in the bank, the rest invested.
Person #3 has a $100,000 net worth. $5000 of it is in the bank, the rest invested.
Person #4 has a $500,000 net worth. $25,000 of it is in the bank, the rest invested.
Person #5 has a $1,000,000 net worth. $50,000 of it is in the bank, the rest invested.
Person #6 has a $2,500,000 net worth. $100,000 of it is in the bank, the rest invested.
Person #7 has a $10,000,000 net worth. $250,000 of it is in the bank, the rest invested.
Person #8 has a $25,000,000 net worth. $1,000,000 of it is in the bank, the rest invested.
Person #9 has a $100,000,000 net worth. $5,000,000 of it is in the bank, the rest invested.
Person #10 has a $500,000,000 net worth. $25,000,000 of it is in the bank, the rest invested.

In the money system I outline in UNSCRIPTED , banked money, the freedom of choosing to buy, is referred to as the "F*ck you pot".

 

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[Vigilante]

Everything is perspective based on relativity. (And BTW, "bank" could mean cash in a money market account.)

Person #1 has a $100 net worth. All of it is in the bank.
Person #2 has a $10,000 net worth. $1000 of it is in the bank, the rest invested.
Person #3 has a $100,000 net worth. $5000 of it is in the bank, the rest invested.
Person #4 has a $500,000 net worth. $25,000 of it is in the bank, the rest invested.
Person #5 has a $1,000,000 net worth. $50,000 of it is in the bank, the rest invested.
Person #6 has a $2,500,000 net worth. $100,000 of it is in the bank, the rest invested.
Person #7 has a $10,000,000 net worth. $250,000 of it is in the bank, the rest invested.
Person #8 has a $25,000,000 net worth. $1,000,000 of it is in the bank, the rest invested.
Person #9 has a $100,000,000 net worth. $5,000,000 of it is in the bank, the rest invested.
Person #10 has a $500,000,000 net worth. $25,000,000 of it is in the bank, the rest invested.

In the money system I outline in UNSCRIPTED , banked money, the freedom of choosing to buy, is referred to as the "F*ck you pot".

Love this as much as life itself. (Because technically, freedom is found in this sneak peek excerpt from the book.)

I would give you some rep speed, but I am keeping it in the bank out of respect.

 

[G-Man]

In the money system I outline in UNSCRIPTED , banked money, the freedom of choosing to buy, is referred to as the "F*ck you pot".

This seems to just go straight overhead for so many people. There should be a "F*ck you" quotient.

Money in the bank
______________ = number of months you could go without an income and not end up under a bridge.
monthly expenses

For example: I have probably 10% of the "assets" one of my coworkers has, but without an income, he'd be insolvent in 6 weeks. I could go a couple years. Therefore, while my "bank account" is smaller, my "F*ck you, go F*ck yourself" quotient is higher, and with true wealth, the quotient can grow even as the denominator does.

My denominator is probably lower than, say, Charlie Munger, but even with a million in monthly expenses, he could say "F*ck you" for approximately 127 years.

 

[MJ DeMarco]

he'd be insolvent in 6 weeks. I could go a couple years.

In effect, this is a "F*ck you" pot. Congrats for having it.

If the boss is giving you shit and you've had it, you can quit. Your buddy cannot. He is stuck. He must continue working there. He has no options.

But you on the other hand...

You can say "F*ck you, I quit."

And that's all because of the "F*ck you" pot.



A "F*ck you" pot gives you freedom and choices...

I quit...
I'm going there...
I'm buying it...
I'm sleeping in...
I'm helping...
I'm donating...
I'm writing a book that's offensive to many...

 

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[Vigilante]

In effect, this is a "F*ck you" pot. Congrats for having it.

If the boss is giving you shit and you've had it, you can quit. Your buddy cannot. He is stuck. He must continue working there. He has no options.

But you on the other hand...

You can say "F*ck you, I quit."

And that's all because of the "F*ck you" pot.



A "F*ck you" pot gives you freedom and choices...

I quit...
I'm going there...
I'm buying it...
I'm sleeping in...
I'm helping...
I'm donating...
I'm writing a book that's offensive to many...

Did you somehow get an advance copy of my upcoming kids book?

 

[KSR]

In the money system I outline in UNSCRIPTED , banked money, the freedom of choosing to buy, is referred to as the "F*ck you pot".

Woah! Spoiler alert please