The final solution to all "I have some money what do I do?" threads.

[splok]

I live in S. Korea and most of the popular Investment options arent available here.

Reading through the site here makes me kind of depressed.

This thread, and really this entire forum, is about investing our time and money into things that bring value to other people. The "popular investment options" are pretty much the antithesis to that. Luckily, the concept of bringing value to other people is universal, and even though the tactics will vary from place to place, the concept is the same no matter what country you live in. And even if you don't want to do business in Korea, we all have the same internet.

 

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[Martinv678]

This guy knows it...

 

[DaRK9]

This guy knows it...

This guy in the comments didn't

"Ok so you told us what you do, but what is the best salary to be able to afford expensive cars or be able to feel rich. Is it not until you are making 100k or is it at 80k or even lower?"

Amazing, that phrase 9/10 would be sarcasm here.

 

[jon.a]

This guy in the comments didn't

"Ok so you told us what you do, but what is the best salary to be able to afford expensive cars or be able to feel rich. Is it not until you are making 100k or is it at 80k or even lower?"

That's just sad.

 

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[Andyc2288]

glad i came across this post.

As a 22 year old who never had this type of money before, a side of me does want to cave in to materialism but reading this thread has given me more discipline.

It's just the tip of the ice burg so why celebrate now when I can use my earnings to scale even greater.

Thanks op

 

[gurnays]

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.

Thank you for this. The last sentence just summed it up well. I will forever remember "Spend your money in a way that causes it to be multiplied rather than consumed"

 

[Crossroads]

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.

Yes. This is awesome. So grateful this has been bumped so that a newbie (like me) will more quickly find it.

 

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[LauraMorenoCa]

look at that, and stop seeing an opportunity to consume

Love this!

 

[LauraMorenoCa]

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.

Loved the post!!!

I would say spending it in education and on creating products that sell. Any thoughts?

 

[Van Halen]

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.

Nicely said. Relevant video:

View: https://www.youtube.com/watch?v=zOINz-J8biQ

 

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[GMSI7D]

There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.

this sounds emotional and good on paper like a good hollywood movie

so we give thanks and cry.

now, the most important part is the actual results of your philosophy, not the hype.

how many people are doing that ?

i guess less than 20 % here . we are talking about real life here, not hype.


most advices here are just a candle in the wind with no future in the arctic winter




.

 

[RHL]

how many people are doing that ?

i guess less than 20 % here

MRW:

 

[MJ DeMarco]

Nicely said. Relevant video:

Can you repost the video? It's gone, taken down or removed.

 

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[MJ DeMarco]

Relevant to this thread... for the youngsters who have money to burn...

[GALLERY=media, 79]Ecomonic Slavery Explained by MJ DeMarco posted Oct 9, 2017 at 7:13 PM[/GALLERY]

 

[MJ DeMarco]

Bump.

 

[socaldude]

Only spend the interest or dividend, never spend the principal- Kevin O'leary

 

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[LeoistheSun]

Bump.

No need to bump MJ! I'll do it for you!

Thanks @RHL for this amazing post!!

 

[HarrySA129]

The only thing I never regret spending on (no matter how egregious the number at the time) is, and will always be, travel.

Other than that I regret pretty much every purchase I've ever made, because as you said, it takes you further away from the end goal.

Thanks for the renewed motivation.

I totally agree these are experiences that stay with you forever regardless of your situation

 

[arfadugus]

Anyone have rebublic cell service? How’s the coverage compare to AT&T or Verizon? I’m hesitant to switch because I don’t wanna lose cell phone coverage every where I go.

 

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[Boba]

I'm just waiting for someone to ask (non-sarcastically) what to do with their money on this thread.

Yeah, so, what does one do with his/her money if they don't live in the US?

 

[GWan]

View: https://www.youtube.com/watch?v=hjgN-K_b7nk

This is a great video by Dan Lok where he explains what you should spend your money on depending on your situation.

His concept is called the wealth triangle, which are 3 things you should have to reach financial freedom:

1. High Income Skills: Skills that can make you either $10,000/month or $100,000/year (Adds security and comfort). If you don't have this yet, then you should be spending your money on courses and books that will get you there.

2. Scalable Business: A business that can be grown with a good system and infrastructure in place. If you have high-income skills, then you should use the money to start a business.

3. High Return Investments: Investments that return 10% yearly returns (Builds net worth). For when you have so much money you don't know what to do with it.

 

[keith4444]

Bump this great thread back up. I found this thread quoted in another recent thread and I’m so glad I found it. @RHL reps coming your way!

 

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[GoGetter24]

That video above about 3 stages is a great find, thanks.

That seems the best model so far. Most winners are doing that. Even in the cases of Musk & Gates, who never had a real 'career' and so skipped most of Step 1, they still gained the specific skill needed to start their businesses. And most men who's business doesn't have compelling need for capital start diversifying it out into real estate etc. Video really does match well.

I've seen guys online say stuff like "I'm trying to start a business, and nothings working and I'm going into the red, and I'm burning out, what do I do? Oh by the way I make $1k in my day job".

It's just the wrong way for 99% of guys. It violates the power law of business return (AKA hockey stick). With a high demand skill you have a much much more linear return -- you work for whichever business is still alive & profitable. Good salesmen will always be needed by someone, good designers, lawyers, etc. It's the lowest risk way to guarantee you're getting solid income in.

It's also the best stepping stone from job to business. Most people have to put up with a shitty job, shitty wage, and shitty boss because they don't have the power (marketable skills) to command otherwise. (The role jobs play in preventing them from reaching those skills is another topic -- corporations are rife with antisocial behavior)

If you get your skills strong & market yourself, people start to notice, job offers come in, headhunters call, bosses give you raises out of fear, etc. Your income increases, allowing you to store up capital faster. You, in pushing out at the margins of performance in a space, start to see unmet demands & solutions -- which could inspire a business play. You can also, with your reputation, become a sole contractor -- another step to becoming a businessman.

 

[Mckenzie]

Wow, I'm honored. Thanks! You know, I was just getting ready to go to bed last night, it was late, I'm really spent right now because I've been up till 2AM every night trying to digest the tax laws of several states I'm considering moving to, and I took a break to get a drink and popped into the forum, saw a thread of the ilk mentioned above, and I thought... I'm not a fastlane expert, but I know this. "This is step A. This is step 1. This is the primal germ of the fastlane, and anyone asking "what can I buy myself" missed it. Doesn't matter if you just hit powerball and are getting $100M after taxes, doesn't matter if you're an NBA starter. If you pick up a dollar, and your first question is "What can this buy me" rather than "Can this buy something worth $1.50, $2.00, or $5.00 to someone else?" you're still in the slow lane or on the sidewalk.

I'm glad other people appreciated the sentiment. This community is what bred this belief in me, so I'm glad I can continue to keep this important idea in the sights of other people who browse here.

Strangely enough, I did actually picked this 50 cents coin at the beach, right where I setup my tent yesterday afternoon ! And this morning 5:30am I got an alert for this threat! .....I did asked myself...how can I use this 50cent in a more meaningful way?, Eg. to the poor on the street...and from that thinking came a much bigger thought: I’m cleaning up my garage today ...give all that I don’t need to charities or / and resell them on eBay/ Gumtree,...

Thank you RHL!

 

[Mckenzie]

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question...

We see it on here all the time: "I have a thousand dollars, I have five hundred dollars, I have ten thousand dollars..." and the inevitable conclusions: "Should I go to school? Should I buy a car? Should I buy a boat? Should I blow it on a vacation?"

Reach into your pocket and grab whatever money you have. A dollar. A dime. Doesn't matter. Hold it and look at it. The difference between freedom and wage slavery, between working till you're old or retiring when you're young, is that you look at that, and stop seeing an opportunity to consume. When you have a little windfall and you're not in the fastlane, if you spend it on frivolities like a sports car or a cruise, you look as stupid as a fisherman who goes out to hook some blue fin tuna, but right as the school is swimming beneath his boat, he opens up the little tub of bait he brought along and starts shoveling the dirt and worms in his own mouth, greedily slurping down the little squirming maggots and telling everyone how awesome it tastes.

Meanwhile, 400lbs of prime seafood is getting away. Where are you? Choking down your little bit of dirt and tricking yourself into believing that it was worth it.

If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or Sunday Ticket, or a Mustang GT. Shop at Wal-Mart or Marshalls, drive a $1200 Geo Metro, get a Republic phone, cancel your Netflix, and spend your money to get free. Even if you're really, really hungry, take that bait, hook it up, and get it the hell overboard. Let your stomach gurgle, you'll be eating good tonight.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. There's only one fastlane answer to the question "I am in the slow lane and have X amount. What should I buy?"

Buy something to meet the needs of others.

Spend your money in a way that causes it to be multiplied rather than consumed.

Netflix will not like you for this @RHL ...I just cancelled the subscription on the spot after reading this very post. What other subscriptions can I cancel to help getting me out of the consuming mode and into the producing mode ...faster?. ...

 

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[Wolf]

View: https://www.youtube.com/watch?v=hjgN-K_b7nk

This is a great video by Dan Lok where he explains what you should spend your money on depending on your situation.

His concept is called the wealth triangle, which are 3 things you should have to reach financial freedom:

1. High Income Skills: Skills that can make you either $10,000/month or $100,000/year (Adds security and comfort). If you don't have this yet, then you should be spending your money on courses and books that will get you there.

2. Scalable Business: A business that can be grown with a good system and infrastructure in place. If you have high-income skills, then you should use the money to start a business.

3. High Return Investments: Investments that return 10% yearly returns (Builds net worth). For when you have so much money you don't know what to do with it.

Had that video saved on my 'Watch Later' list after seeing this post a while ago. Just got around to watching it now and it was great! As someone who has been feeling super lost its a massive help. Just wanted to thank you for sharing!

 

[Fastlane Liam]

View: https://www.youtube.com/watch?v=hjgN-K_b7nk

This is a great video by Dan Lok where he explains what you should spend your money on depending on your situation.

His concept is called the wealth triangle, which are 3 things you should have to reach financial freedom:

1. High Income Skills: Skills that can make you either $10,000/month or $100,000/year (Adds security and comfort). If you don't have this yet, then you should be spending your money on courses and books that will get you there.

2. Scalable Business: A business that can be grown with a good system and infrastructure in place. If you have high-income skills, then you should use the money to start a business.

3. High Return Investments: Investments that return 10% yearly returns (Builds net worth). For when you have so much money you don't know what to do with it.

That was golden

 

[Crexty]

So you're not supposed to buy the Lambo once you hit $200k Net worth!??

 

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[HelpAndProsper]

This thread, and really this entire forum, is about investing our time and money into things that bring value to other people. The "popular investment options" are pretty much the antithesis to that. Luckily, the concept of bringing value to other people is universal, and even though the tactics will vary from place to place, the concept is the same no matter what country you live in. And even if you don't want to do business in Korea, we all have the same internet.

What "things" are you referring to that bring more value to other people?

I can't seem to find any specific examples.

 

[splok]

What "things" are you referring to that bring more value to other people?

I can't seem to find any specific examples.

This feels like a really strange question? Every gold thread on this forum has a specific example (probably far more than one). Every time you spend money, you're getting a specific example.