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

[MJ DeMarco]

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

How about, why are you here?

You're reading a forum with information. The information is free. I'll assume because the price point is ZERO, it brings value to you.

 

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[HelpAndProsper]

How about, why are you here?

You're reading a forum with information. The information is free. I'll assume because the price point is ZERO, it brings value to you.

Yes, at the time, I saw a lot of generalities with no specific examples, but now I've seen some great threads about the Web Dev business and the recent one about starting a videography business. Specific examples really help a budding ent. like me. Just hearing "things that create value" doesn't click. That's all I was saying.

 

[Surpasser]

Man I just started and I find it funny as soon as my thinking tries to go back to slowlane inertia, I read something like this and have "aHA!" moment.

Thanks for this feeling man, been a while since I had my mind pleasured in this way.

 

[The Abundant Man]

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.

One of the concepts that I liked about Rich Dad Poor Dad was Assets over Liabilities. Sure Kiyosaki's definitions isn't CPA certified but they still ring true. Assets bring you money while Liabilities take money away from you. Build assets first then you can purchase liabilities

 

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[HelpAndProsper]

One of the concepts that I liked about Rich Dad Poor Dad was Assets over Liabilities. Sure Kiyosaki's definitions isn't CPA certified but they still ring true. Assets bring you money while Liabilities take money away from you. Build assets first then you can purchase liabilities

I'm a sucker for buying dividend producing assets such as stocks and some bond etfs. I know the yield isn't very high right now, but there is something about seeing those dividend deposits every 3 months into my account no matter if the overall market is going up or down.

Now, as far as FL concepts, I'm trying to focus on investing some of my money into training so that I can become a better producer of value. Hence, I don't mind paying for web dev courses, copyright training, Adwords management, etc.

 

[MJ DeMarco]

but there is something about seeing those dividend deposits every 3 months into my account no matter if the overall market is going up or down.

I go one step further, I have a physical check sent to my address, so I literally turn it into mailbox money.

Opening up a mailbox to a check never gets old, especially if you don't attribute that check to some type of work, or job. It's like winning the lottery. This makes the process very tangible, as opposed to seeing your digital balance increase by X dollars.

Likewise, I like taking option gains for the month and transferring that to CASH.

When you put the gains into CASH, it really brings it into REALITY.

Again, digital numbers on a screen can make the whole process intangible and distant, kinda like gaming chips at a casino. We don't want that!

 

[The Abundant Man]

View attachment 20795

O_O

 

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[cv_guimara]

It boils down to what MJ talks about on TMFL, about becoming a producer instead of being a consumer. Really one of the things that stood out the most for me.

Great post!

 

[Edwin Fernandez]

I go one step further, I have a physical check sent to my address, so I literally turn it into mailbox money.

Opening up a mailbox to a check never gets old, especially if you don't attribute that check to some type of work, or job. It's like winning the lottery. This makes the process very tangible, as opposed to seeing your digital balance increase by X dollars.

Likewise, I like taking option gains for the month and transferring that to CASH.

When you put the gains into CASH, it really brings it into REALITY.

Again, digital numbers on a screen can make the whole process intangible and distant, kinda like gaming chips at a casino. We don't want that!

View attachment 20795

Holy $h1t at the picture of all that dough! That looks like quite a bit of autonomy to me.

 

[MJ DeMarco]

Holy $h1t at the picture of all that dough!

Yea, it looks like a ton of money (it's only about $8K) which is why I do that. It gives perspective to effort and their corresponding results. Without making it tangible, I'm left with a number of a computer monitor which feels, dare I say, distant and fake.

 

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[Robert321]

On the other hand, don't give up important things in your life just to save a few bucks (like your health, or quality food)

 

[BrettA]

Yea, it looks like a ton of money (it's only about $8K) which is why I do that. It gives perspective to effort and their corresponding results. Without making it tangible, I'm left with a number of a computer monitor which feels, dare I say, distant and fake.

This is a good exercise for some of us MJ. Thanks for the tip. I'll never forget the first time we had a very large wire sent after some modest success, the feeling my wife and I had were "eh, it's there now so . . . " Now if only there were some way to get cash without the painful experience of going to the local branch, hmmm.

PS - Today is my first anniversary being a forum member (and last time I'll mention it until maybe the 10th year or so)

 

[cjh382]

Opening up a mailbox to a check never gets old, especially if you don't attribute that check to some type of work, or job. It's like winning the lottery. This makes the process very tangible, as opposed to seeing your digital balance increase by X dollars.

Likewise, I like taking option gains for the month and transferring that to CASH.

View attachment 20795

How did you get into options trading? I've read a few books and YouTube videos, considering a uDemy course in it--but a lot of the material online seems wishy-washy and/or copy and paste from the same websites.

 

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[Smivs]

Such a valuable post! Thank you for sharing. I seriously need to take heed and start seeing my money in a new way. Like everyone I gave been brain washed into being a 'consumer'. Everyone and everything seems to want your money these days. It feels like you have to defend your money from so many things that wan a peice of it.

I think awareness and discipline is the key to stopping mindless consumption dead in it's tracks.

Since reading TMF and this post I'll never see money the same way again.

 

[Veloman]

This is why I like tools. As long as I am using it to make money.

But I think a lot of people asking this question of what to do with x amount of money, is that they don't have the structure/system/business in place to know what to invest that money into.

 

[Ing]

This is why I like tools. As long as I am using it to make money.

But I think a lot of people asking this question of what to do with x amount of money, is that they don't have the structure/system/business in place to know what to invest that money into.

Further: I think, many people don’t have an idea, what „investing money „ really means!

 

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[trylks]

The bait and the tuna are not a bad metaphor, very graphical and explicit. The final conclusion: "Buy something to meet the needs of others" is not so good, e.g. you have $10K, I need a car (I want to work as Uber driver), will you use the $10K to buy me a car? No, you won't, nobody would. The commandment of need is a strong one, but not the only one.

Use the money to buy the tools that will allow you to create value at scale.

Now: What value? What tools? How to use the latter for the former? There is no answer to that because it depends on you. It won't be easy (entry commandment), so try to choose something where you have some advantage, if possible an unfair advantage.

 

[MJ DeMarco]

Bump.

 

[andrewbaltimore]

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.

Thanks for this, I needed it.
Even though I'm aware of it since years ago I needed to refresh the mindset behind it.
In fact, I've been distant to the forum for too long and I recently noticed how my approach towards business and life worsened. I'm not gonna make the same mistake again

 

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[Antifragile]

This thread should be required reading for all new members. Years later and threads on “what should I do with my $1,000” keep popping up like mushrooms in the forest.

 

[Nhervel 1]

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.

Très bien résumé
Thank you for your resume

 

[Nhervel 1]

Thanks for this, I needed it.
Even though I'm aware of it since years ago I needed to refresh the mindset behind it.
In fact, I've been distant to the forum for too long and I recently noticed how my approach towards business and life worsened. I'm not gonna make the same mistake again

You're not the only one
Even me, it has been long without coming here
And from now, I will ESCAPE THE RAT,

 

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[Issi007]

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.

slowlane to FASTLANE...
This perspective on money is amazing ,

Thanks for sharing !

 

[Myster kouadj]

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.

Thanks for this post, it's refreshing for a fastlane

-always pay yourself first a
do such a thing that his money work for yo

-paying for assets or investing in something that could bring short or long term incom

-Never pay for an item that can make you spend more money

-Save to invest (build) in own brand .

 

[Black_Mamba_427]

To play Devils Advocate...

If I had invested £200K into the stock market last year, I'd be down 60-70% this year (£140K down)

If I had bought a lambo, I'd have a massive smile on my face and break even.

The other thing to take into account but life is short and worth living. No point living like a monk and not spending money on anything that makes you happy to that suddenly die in your sleep or get hit by a bus at 50 with millions in your investment portfolio, but never being able to enjoy it.

The last point.. Some people work better under pressure. Like the guys that work on Wall St who get pressured into buying supercars on finance and multiple holiday homes. If you have a gun to your head you will work much harder because you don't have a choice. Personally, I know that when I first had 6 figures+ in my savings account there was never the sense of pressure, as I had all the time in the world to do things and had the ability to buy most things that I wanted without sweat.

Life is ultimately all about balance imo. Investments should be diversified (so if the stock market or crypto goes down 60-70% you're not on suicide watch). Mixture of real estate, classic cars, art - whatever takes your interest. But at the same time, if you like taking nice vacations or eating at nice restaurants etc, then do that too. For me, one of the golden areas of my business is that I am my own brand. So if I invest money into myself, not only can I get my business to pay for it, but it will make me more money.

Use your money to make more money, for sure. But also make sure youre living life to the full whilst you can and don't obsess about saving every cent and being frugal.. At least this is my take on it.

 

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[agility]

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

Great takeaway, but my imagination for applying this is limited to dividend-generating stocks or index funds, phone/web apps that have ads or in-app purchases, websites with ad-based income or low maintenance ecommerce. What other options are there?

 

[Ata]

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 the imagery and the short enlightening conclusion at the end which left even more question. But it was very eye opening.

 

[Ata]

Well said. RDPD wasn't perfect, but its approach towards "when can I actually afford X" was spot on. My salary goes into my assets, and my dividends buy my champagne - but more often than not, remain unspent and continue to buy me more future dividends.



Dude, gotta day trade. Free money.

When you say dividends do you mean stock paying dividends?

 

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[DavidePaco00]

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.

I invest most of what I earn in the business, I'm learning so much from my mistakes that I'm so grateful of it. If I continue likethis for a year or two, I will get very good results. What is that motivated You to pursue this path?

 

[FluidWater]

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.

Phenomenal analogy