Why Don't the Super Rich Run?

Michael Dell, Larry Ellison, Bill Gates, Jack Welch, Tiger Woods, Michael Jordan, Warren Buffet, Oprah Winfrey.

Super Rich and not via inheritance.

Less than 15% of millionaires gained their status through inheritance. I'd be very curious to find out if the percentage increases or decreases at the $50MM level.

Tony Robbins,

You're kidding me with this right? Ha! Go ahead and spend all your money as you make it if you wish - we have that right here in the United States. Entertainment is necessary in this world, and trust me, I indulge in my share of it. I just don't needlessly spend. Why are people spending too much money on Starbucks coffee and vending maching snacks and cable television and movie channels and on and on and on?

First of all, my investments are all over the place. I have a 401k of course, and I contribute the maximum I can to it based on my salary (the company matches up to a certain percentage, so that's free money). I then have a couple of mutual funds, real estate, some bonds and then a very low level interest-bearing savings account.

As it is increasingly likely that I won't reach my deathbed until I'm 100+, how is retiring at 59 1/2 or even 55 (which is more and more becoming the goal for me) going to leave me an old man? No freaking way. Unless I have some unforseen health problem, I will be running and hiking and kayaking my retirement years FOR years.

The American Nightmare is NOT what I'm doing - it's what most of you are doing - feeling that the lifestyle of your established parents should be YOUR lifestyle when in fact you should be living well within your means rather than just outside it. Racking up debt is what is giving money to THE MAN. If you want to be a slave to mounting interest, then go ahead, be my guest.

Even at age 37, and even with my frugal ways, I have more disposable income than many who don't think like I do because I'm not making car payments out the wazoo or a house payment I really can't afford or credit card interest payments, and on and on and on.

I never said I thought I'd be a greeter at WalMart as an older person, but I don't even want to HAVE to have a professional job much past 55 either, and I'm taking the steps to make that happen.

Honestly, if I can retire by age 55 and move somewhere south like one of the Carolinas or Arizona or New Mexico and then either start or join a gigging blues band (as I'm a guitarist and keyboard player) then I will do that for the walking around money.

Retirement should be one of the happiest days of a person's life, and you should all do whatever you can to make that day get here sooner than later.

I know that's hard to imagine for some of you who haven't even really had their careers start yet, but there is nothing more beautiful than compound interest.

Start putting 10% of your income away into medium-high risk investments right away (unless you are within 5 years of retirement - then you should be more modest). Find a calculator out there and see how much money you can make in 40 years if you do this - it's insane.

Let the money work for you - don't work for it forever.

OoOOOOOOOOOOoooooooOOOOOOhhhhhhhhh pass the kleenex.

Damn Flagpole, that's pretty responsible for a Democrat.

Unfortunately most democrats don't think ahead like you.

Most spend and complain that they can't succeed because of "X" and someone owes them "Y"

But I give you props for being responsible. Debt is a serious problem.

Debit IS a serious problem. Ever thought od telling your president that?

He's not the best, but better than Kerry.

What are some good medium risk investments? Individual stocks?

Republican abc123 wrote:

Damn Flagpole, that's pretty responsible for a Democrat.

Unfortunately most democrats don't think ahead like you.

Most spend and complain that they can't succeed because of "X" and someone owes them "Y"

But I give you props for being responsible. Debt is a serious problem.

I'm socially liberal yet fiscally conservative. Mostly a conservative Democrat. See, we Republicans and Democrats can get along after all.

flagpole...what if you die or get cancer before 59 1/2?

was your uptight life still worth it bud? make no mention of the wife and kids

ddddd wrote:

flagpole...what if you die or get cancer before 59 1/2?

was your uptight life still worth it bud? make no mention of the wife and kids

ddddd,

DUUUUUUDE!!!!

What if I do die before 59 1/2? Am I supposed to live my life as if I WILL?

And, who says my life is uptight? What sacrifice have I made that is depriving me of great joy? Cable television? Hardly. My rabbit ears get 11 channels as it is, and I don't watch that much TV anyway. Is my almost 10-year-old car a sacrifice? Why? I'm only 4 miles from work - why do I need to drive that distance in a very expensive car? If it weren't for the fact there are busy streets between here and home I'd either run or bike in. My three-bedroom house with the attached two-car garage is big enough for my family of 4. A bigger house just means there's more to clean, and while I'm not weathly enough to shell out the money for a maid, that means it would take me away from things I like doing better - like running and playing my guitar and my piano and playing with the kids and wife.

Tell me, exactly what am I missing by not spending tons of money? I could always reconsider if you make a good point. There are two choices - spend all the money you make as soon as you make it, or don't. I choose to not. Money doesn't buy happiness, so why spend it as if it does?

Dude get your ass out of your cookie cutter Stepfordville existence and go live a little. Travel, experience, grow as a person.

You are living in a prison of your own creation and you are serving a life sentence.

Flagepole, You have it all wrong. I'm rich because I am smarter than you, not because I work longer or harder.

The poor will be with us always. Sorry Willy!

They can pay someone ELSE to do it for them.

Tony Robbins wrote:

Dude get your ass out of your cookie cutter Stepfordville existence and go live a little. Travel, experience, grow as a person.

You are living in a prison of your own creation and you are serving a life sentence.

haven't you been following flagpole's recent travels? he seems to travel and experience quite a bit. i think what he is talking about is not spending $50,000 on a car, not needing to buy a $800,000 house, not needing a $2000 tailored suit and so on. the lack of cable is sort of weird but i increasingly find parents of smaller children doing this. spending money doesn't necessarily equal experience.

I have a friend that is rich and decided to give running a go. Did pretty well in just a few short years. Made it to the elite level but never really went further because he was too much into his old life style. He had to maintain his "image". Never really sacrificed everything like others do. Feel sorry he is so shallow. He might have been better than expected. Guess he will never know.

good points.

now thats what I'm talking about! :-) i love you Flagpole willy! clearly this shows you are at a high level of inner sanctimony with yourself and your environment, and thusly are able to maintain a harminous and synergistic perspective in everyday interactions and nuances. i truly believe in you, and i know you have it in you to make a positive impact on others who may be in need of your blissful teachings and wisdom. to find one's bliss: it is a truly wonderfully fulfilling and beautiful thing. i pray that all may experience their bliss during their lifetime. thank you. :-) love and godspeed,

Patricia R.

Why is everyone talking about rich people running or not running. why is that even relevant? i don't get it. what does being rich have to do with whether you choose to run or not?

Tony Robbins wrote:

Dude get your ass out of your cookie cutter Stepfordville existence and go live a little. Travel, experience, grow as a person.

You are living in a prison of your own creation and you are serving a life sentence.

Tony Robbins,

Ha! You think I haven't TRAVELED?! I've been in every state in the US except for Hawaii and Alaska, and I plan to visit both some day. I just got back from a 10-day vacation to the Outer Banks. Granted, the only two other countries I have been to are Canada (which I love) and The Bahamas, but I will get to other countries (and soon). I have relatives in Germany with a standing invitation to visit them.

As far as experiences go, I'll chalk up the following as pretty damn good ones:

1) I've played music on stage with John Lee Hooker.

2) I've played music on stage with Brad Gillis.

3) I've run a 50-miler.

4) I've run a 40-miler up a mountain and back down.

5) I've backpacked all over this great country of mine including a great trip to Yosemite during which I camped out at the top of Yosemite Falls - it was awesome.

6) There are many more things, but that's all I feel like typing for the moment.

One of the things that is for sure true is that when I travel, I do it better and more economically than most. I should in fact write a book on the subject.

You just go ahead and tell yourself that the big trip you take every other year is worth it and it is the SOLE reason you are struggling to make ends meet. The reality is that the big trip-taking of yours is just a symptom of your attitude toward spending money - you buy all the extras that aren't needed. You have a nicer car than really necessary and cable TV and on and on. If you ONLY took that big vacation and saved all the time and invested like you should, then you could make it work, but you don't, and you use your "look-at-me-and-see-how-worldy-I-am" attitude to rationalize spending more money than you should.

Once again, no LATER than age 59 1/2 and I will be DONE with working AT ALL. I will have a blast before then as I always have, but it will be even better afterwards. You can keep working until you are 70 or more if you like, but for me, no thanks.