The world’s richest woman alive, Gina Rinehart, recently gave some advice for the rest of us on how to become wealthy and successful. She said “There is no monopoly on becoming a millionare.” and encouraged more people to become rich. Here is the advice she gave… She urged anyone who is jealous of the wealthy to spend less time drinking, smoking, or socializing, and spend more time working hard, investing, and building. She believes that the rich who invest in the country are actually helping the poor and young by giving them an opportunity to work and make something of themselves. So there you have it. Advice from the top 0.0001%. I plan to drink less and invest more so I can become successful too ^_^ Maybe not billionaire status, but at least a millionaire some time in my 30s. Fiscal update details for August below.
- Part-Time Work = $900
- Dividends = $300
*Discretionary Spending:
- Eating Out = $100
- Others = $100
*Net Worth: (MoM)
- Assets:
- Cash = $4,300 (+$1,100)
- Stocks = $76,000 (+$1,100)
- RRSP = $30,500 (–$700)
- Home = $248,000
- Liabilities:
- Mortgage = $205,900 (-$300)
- Margin Loan = $16,900 (-$1,000)
- RRSP Loan = $8,300 (-$900)
*Total Net Worth = $127,700 (+3.0%)
August wasn’t a bad month, mostly thanks to the US stock market. Enbridge and some REITs in my RRSP didn’t do so well though. Increased my LOC limit at the bank by $10,000 just in case I need the extra liquidity for a major purchase in the future. I’m going on a family road trip with my folks today. Should be fun. I won’t be back until mid September so probably no posts until then, sorry :0(
* Numbers are rounded to the nearest $100.
Very impressive for such a young man, as you mentioned most youngins are more interested in partying than saving and investing. Have you check out Nr Money Mustache yet? You could do like he did, zero to retirement in 9 years, the key, he had his fiscal house in order before getting married and having kids
Rob
Haven’t been to his site yet, but wow, only 9 years of work and then retirement. I’ll have to check him out later.
He runs a great blog, which I have to admit that I’m a bit envious of him, other than creating epic shit, he’s done nothing to promote his blog, yet he’s risen to the top!
Those are good tips by her! If you want to be rich, then you have to make sacrifices to get there. Don’t go out and party, travel, spend, etc. I prefer more of a balance though that involves all that in moderation. Saving should hurt a little bit, and you shouldn’t get to do everything you want to do. That’s how you know you’re doing a good job saving 🙂
Ah saving can be a little difficult. Luckily I don’t have many friends to go party and travel with lol.
The funny part of your linked article is the comments of those insulted by it. Also, I second Rob’s comment about MMM and early retirement. Great progress!
Never noticed the link, great choice
Nice progress 🙂
Aye, thanks mate.