Friday, March 10, 2006

How to Get Rich!


Out on a jog last night, I was listening to Rob Black's podcast and he was cracking me up.  He's a financial guy from somewhere in the SF Bay Area with a nightly drive radio show.  Can't pick it up here in the valley so I subscribe to the podcast feed (iTunes... RSS...).

Black was discussing a seminar coming to the Bay Area that included Donald Trump, Suze Orman, Tim Robbins, and Robert Kiyosaki.  The price tag for the seminar is something like $399 per person.  Black wondered out loud if anyone attending that seminar would learn anything that would help them become millionaires.  Oh, he said some other things about that seminar and those giving the presentations, but you'll have to listen to wednesday's podcast to find out.

Black said that most of the 7 million millionaires in America got rich from saving and investing over the course of their lifetimes.  (My addition would be that they avoided debt, too.)  And some got rich from inheriting wealth.  Paraphrasing, Black said "If you want to get rich, you have to do it like most of the 7 million millionaires in America.  You max out your retirement accounts (401k plans and IRAs), you invest monthly into a diversified portfolio of stocks over a long period of time, and with the rest of your money you sit on your sofa, watch movies, and eat corn chips."

I think most of America needs to work on that first part, but we probably all have that last part down pretty good!

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