This time I got a true celebrity at my desk (No, it’s not Paris, I would prefer her elsewhere). But Jim, the bargain hunter from Blueprint for financial prosperity, has already been featured several times on NY Times and now is a guest in my modest blog.
Before giving the word to Jim, I’d like to remind you I’ve had other great guests before, so make sure to check them too.
SI: What’s your view on getting rich quick – can you play the Devil’s Advocate here? Would you bet all you have on a promising deal or you’d rather prefer slow and steady growth?
Jim: I think getting rich quick and gambling are two different things and nothing has anything to do with speed. Getting rich quick is just an idea that hucksters put into people’s minds, if you do this and this and this, you can get rich really really quickly so let’s get to it! Unfortunately, this means that there is no guaranteed get rich slow either. You could try slow and steady growth and then BAM!, because you were so slow, whatever you were doing becomes obsolete. If a deal seems promising and you’ve done your due diligence, and it still proves to be promising, invest what you can afford to lose. As for gambling, I certainly enjoy it in moderation, it’s a safe way to find excitement if you can control it.
SI Note: Hmm, so you mean I should not buy that cool e-book “Make Millions In 5 Minutes With No Effort At All!” that is offered for only
SI: You just left the corporate world few months ago. How does it feel like? If you are offered a 50% more money than you make now, are you getting back to a real job?
Jim: I enjoy the freedom of doing what I want and don’t feel burdened by the need to figure out what it is I should be doing. It’s a lot different when you’re running the show, you no longer have the benefit of relying on others making decisions and taking the responsibility for poor decisions. On the flip side, every dollar earned is your own and every minute you spend is on a project that benefits you both financially and from a personal satisfaction/achievement perspective.
It’s become less about the money and more about learning more and challenging myself to succeed. There’s only so much you can do with money and at 50% more, I’d have to be generating that level of income for my employer and so perhaps my hours would be longer in a traditional business. To be honest, unless the offer were put in front of me with a job descriptions, I can’t say. If it were an 40 hour week job and a 30 year contract, maybe, but probably not.
SI Note: Besides that there is always a chance that you’ll reach much higher income on your own in some future moment. With the job, you know, you can grow only so much. The possibility to fail/be fired is almost equal in both cases.
SI: I have a great investment plan (You’ll thank me for sharing it!). I’m going to sell a house, get the money and invest them in the best performing mutual funds. Then an year later I’ll sell the funds, buy my house back and go to Bahamas with the profits! What’s your take… is there something wrong with the plan?
Jim: That sounds like a fantastic idea, let me know how it goes.
Just playing, I’ll answer seriously. There are numerous flaws that will likely tank your plans to go to the Bahamas. First, your plan is a year long and depends on volatile investments (stock market) that may spike or tank (experts say this is more likely) in the next year, so don’t invest in the stock market for short term. Second, depending on how much equity you have, it probably represents a significant amount of your assets. Your house is a relatively safe asset in part, even if all goes poorly, you can live in it. Third, you’ll have to live somewhere so you’ll need to pay rent, if that’s less than your mortgage then your real savings is only that difference and the equity you extract.
Keep blogging and stay in your house.
SI Note: oh, well, bye bye Bahamas! Wait, I just got a better idea, I’ll sell the house and trade forex with the money. Then take the profits and go to Vegas…
We were a bit funny this time but I am sure you can distinguish the jokes and won’t sell your house. If you want some more fun and wisdom from Jim, make sure to subscribe to his feed now.