Why aren't I a millionaire?

santa · Nov 28, 2012

I posted these elswhere but thought they'd have a general interest for people here;

[video=vimeo;6480027]http://vimeo.com/6480027[/video]

[video=youtube;giwgYnSi-EU]http://www.youtube.com/watch?v=giwgYnSi-EU[/video]

nitrousflame · Nov 29, 2012

That second video provides great insight into the "power" of the "guru."

Wow.

Scary even.

Rickson9 · Nov 29, 2012

Interesting. You can't sell what the market doesn't want. The market wants money gurus. The market will pay for money gurus. So society gets money gurus.

For better or worse, the reality is that only a small percentage have the mental capacity to pull money out of a capitalistic system.

Pinnacle · Nov 29, 2012

Rickson9 said:
You can't sell what the market doesn't want.

Amen.

theag · Nov 29, 2012

I'm watching the second video right now. Its like an accident, horrible, but you can't look away.

Edit: I can't stop. Help!

Tommy92l · Nov 29, 2012

*sigh*......... Video #1 Certainly put a huge damper on my night.

Rickson9 · Nov 29, 2012

I actually enjoyed the 2nd video very much. Especially when they were interviewing the individuals with the rental properties.

As an aside, just to give readers an idea of how big an opportunity it was to invest in Phoenix RE during 2010 and 2011...around the 14:15 mark of the video the older couple talks about having around $4m to $4.5m (debt unknown) tied up in 29 properties generating passive (after expense) income of $40k per year.

If one had invested in Phoenix, AZ real estate in 2010 and 2011 and deployed $4m to $4.5m, they would be generating passive (after expense) income of $400k to $450k.

In fact, to generate $40k per year passively would only require 10 Phoenix properties costing $450k.

This demonstrates how massively advantageous it is to invest during times of peak pessimism.

It is impossible to overemphasize how important it is to only invest where there is peak pessimism. It is the cornerstone of my investment strategy.

santa · Nov 30, 2012

Tommy92l said:
*sigh*......... Video #1 Certainly put a huge damper on my night.

Why is that?

informatuss · Nov 30, 2012

Thanks for 2nd video. It's really eye-opening. I can see there that probably most of people attending seminars (in some way committed) ends up broke. Only few will earn good money and probably seminar has nothing to do with that.

You can earn more for teaching stuff than for doing it...

MJ DeMarco · Nov 30, 2012

I couldn't watch the 2nd video as it made my stomach turn.

Rickson9 said:
As an aside, just to give readers an idea of how big an opportunity it was to invest in Phoenix RE during 2010 and 2011...around the 14:15 mark of the video the older couple talks about having around $4m to $4.5m (debt unknown) tied up in 29 properties generating passive (after expense) income of $40k per year.

I don't know if I should be happy for them? Or just plain sorry?

Rickson9 · Nov 30, 2012

MJ DeMarco said:
I couldn't watch the 2nd video as it made my stomach turn.

I don't know if I should be happy for them? Or just plain sorry?

To be fair to the older couple, although they said the value of their properties is around $4m to $4.5m, they didn't specify how much they paid. They could have purchased at a total cost significantly below that. However, to only generate $40k should indicate to them that they should consider selling or pulling equity to do something else.

Steve37 · Nov 30, 2012

Rickson9 said:
If one had invested in Phoenix, AZ real estate in 2010 and 2011 and deployed $4m to $4.5m, they would be generating passive (after expense) income of $400k to $450k.

In fact, to generate $40k per year passively would only require 10 Phoenix properties costing $450k.

This demonstrates how massively advantageous it is to invest during times of peak pessimism.

It is impossible to overemphasize how important it is to only invest where there is peak pessimism. It is the cornerstone of my investment strategy.

Completely agree with your strategy. Wish I had purchased more in 2010.

It's still fairly easy to generate the passive rental returns that you're talking about now but the quick appreciation from everyone piling into the market is gone. Some of the prices that people are paying for property right now have to make you start thinking about going counter to peak optimism. Not sure we're there yet, but we will be at some point.

Tommy92l · Nov 30, 2012

santa said:
Why is that?

It shows such a real side to failure, yeah know? Seeing how all of his friends who probably haven't tried to do anything special or out of the ordinary in their lives, just laughing at him. Like "Hah, told you, you were just one of us". Even the one guys says that "We're all just part of the human race", implying that no one is special.

That scares me man, I don't wanna be thirty and looking back 10 years finding myself looking like an idiot.

santa · Nov 30, 2012

Rickson9 said:
However, to only generate $40k should indicate to them that they should consider selling or pulling equity to do something else.

The ROI could actually be slightly worse as they were talking in Â£s if I recall, if we took todays exchange rates it would actually work out at $6m for $60k!

MJ DeMarco said:
I don't know if I should be happy for them? Or just plain sorry?

They may not be optimizing their ROI but they were better off then the others they followed in the video, and probably most in reality too (assuming stable or paid off debts on their property). Now the lady who spent an hour a day on incantations-jeez....

Tommy92l said:
That scares me man, I don't wanna be thirty and looking back 10 years finding myself looking like an idiot.

Hopefully you are taking actionable steps that he didn't seem too

Tommy92l · Nov 30, 2012

Do you know his background or history as to why he failed to become one?

TK1 · Nov 30, 2012

Why aren't you a millionaire ?

If Forrest Gump can become a Millionaire, then so can you.

LOL

The-J · Nov 30, 2012

MJ DeMarco said:
I couldn't watch the 2nd video as it made my stomach turn.

Same.

It's very easy to get caught up into the whole 'waiting and wishing' thing, that maybe one day, the perfect idea or the perfect opportunity will come up. So in the meantime, you spend your money on seminars and things and then claim that you are 'investing in yourself'.

It's scary.

Gurus suck. They sell the dream so they can live the dream. Don't listen to them unless you get a chance to do it for free.

NaPal · Dec 1, 2012

Couldn't stand first video

Second video was very interesting
- A classic example of the seminar speakers getting rich, and the attendees getting themselves further into debt.
- Why are all of these wannabe-millionaires spending bank $$$ going to multiple seminars and buying multiple things that are not needed.
-These wannabe-millionaires keep talking about making bank but none of them are and they fail to produce any type of progress.
- These wannabe-millionaires are not confident in their goals, you can see this when they try to justify or answer to the narrator who questions there timeframe on becoming a millionaire.
- It is in my opinion none of these people on these interviews will ever be millionaires. Especially not the quiet unspoken british boy.
- None of the Jamaicans ladies rituals are doing anything for her, in my opinion they are stopping here from being productive and keeping her in the rat race.

Maybe i'm judging, but it's almost as if i can tell who is going to be successful just by the way they present and think of themselves.

Rickson9 · Dec 2, 2012

In my opinion, the shy British teenager's girlfriend has a shot at becoming a millionaire. She reminds me of myself. By the time I was 18 years old I had also read similar finance/investing books and attended seminars. She is more aggressive than I was since she has already taken on a mentor and started bird dogging. If she keeps it up I believe she will do well.

The fact that her boyfriend is willing to go along with her obsession may indicate that he may make it as well. Most partners (let alone 18 year olds) would never even dream about reading all those books, attending seminars, let alone finding a mentor and bird dogging.

In general, 18 year olds have no clue and no interest in learning how to invest or make money outside of getting a job.

The-J · Dec 2, 2012

Rickson9 said:
In my opinion, the shy British teenager's girlfriend has a shot at becoming a millionaire.

I feel the same.

She's passionate and was even able to influence her boyfriend into it. Not only that, but she knows her numbers and how they work.

I feel bad for the Jamaican lady, though. She's been sucked into the guru trap and it has turned into an obsession... and not the good kind of obsession. And she wants to get rich playing the stock market?! That is so ridiculously nebulous. Does she want to day trade, does she want to buy into small companies and watch them grow, does she want to use dividends as a passive income stream?

The pursuit of wealth has become a way of life. Not even the acquisition, but the pursuit. The chase. The desire for that 'passive income stream' or that 'big $30,000 check in the mail'. It's really sad.

As far as the first video goes... it's really just a lack of ambition. He never set a real goal, he never went for the goal, he never put steps toward making the goal a reality. He did nothing, so he got nothing.

InMotion · Dec 2, 2012

Tommy92l said:
It shows such a real side to failure, yeah know? Seeing how all of his friends who probably haven't tried to do anything special or out of the ordinary in their lives, just laughing at him. Like "Hah, told you, you were just one of us". Even the one guys says that "We're all just part of the human race", implying that no one is special.

He needs to find friends that support that vision; not contented wage slaves. Bottom line is to go and do what you want and ignore the rest; no one really cares anyway but yourself.

Tommy92l said:
I don't wanna be thirty and looking back 10 years finding myself looking like an idiot.

Age makes little difference; don't believe the media hype. People get fired at 45 now because they are viewed as too old and expensive; you cant be fired from entrepreneurship.

Successful entrepreneurs view the wage slaves as the idiots. Living with fear and regret is a terrible thing; maybe the worst thing.

MMatt · Dec 2, 2012

Didn't watch the whole second video but found the hand gestures and dance moves were pretty funny. "If you do this you will be a millionaire in no time!" I've never been on the promotional bandwagon much, but people really should read TMF before anything else. It's a no b.s. wake up call that action is what is going to make you rich.

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