hi all
I’ve just finished reading John Burley’s excellent book and got the impression(could be very wrong) that: if I focus on the long term and invest all my saved money to a good managed fund like “Vanguard”, which he recommended in his book explicitly, i will become a millionaire in 20 or 30 years time.
so it seems to me that as long as i save hard and put all my money into a good fund, i can invest like a fool and still become a millionaire later on. is this what John wanted to say or did i get him very wrong?
do you happen to know ANYONE who is investing like this?
thanks for any comments
KENHi ken
20-30 years is a long time, why not do it in 5 years, it can be done.
Nothing against Vangaurd but why pay someone else to do it, read all you can, talk to those who have done it and fast track the process.
regards westan
Hi Ken
i’ve just started reading Robert Kiyosaki’s new book “who took my money”, when i was reading it i was thinking of you or rather your question. i haven’t got too far into it but it may be worth a look as it explains getting there a lot quicker.
regards westan
thanks for your comments. actually i bought <who took my money> today and find it so fascinating!
I asked the question coz at the bottom of my heart i’ve been suspecting this “managed fund” approach for sometime now. so i risked making myself “look stupid” and made the post.
but on the other hand, according to John Burley, there are different levels of investors and you just can’t skip any level. and it’s very important to reach level four, which basically means pay off your debts, save money and invest what you’ve saved into a managed fund!! and ONLY after reaching level 4 you could possibley move to the next higher level!
unfortunately this is what EXACTLY being scoffeed at in RK’s <who took my money>, although in his book <guide to investing> he also mentioned all the different levels of investors.
so now i’m a bit confused…any more comments or help?
cheers
KENHi ken
i reckon that knowledge is essential but the whole process can be short tracked. I’m a big fan of R.K. he has helped me (not personally but through his books) push my self look for opportunities and most importantly think in a new way.
I’m all for learning and doing things quickly but safely
regards westan
Ken,
John Burley and Kiyosaki are great teachers and have a lot of good advice. They both promote financial intelligence. Read some more and you’ll start to figure out what is best for you.Although the more you read the more conflicting information you get. But it has made these guys and others rich, so there is not only just ‘one way’.
The most important part I believe is action and persistency. Dont get too stressed mate, you’ll soon figure out your own method and 10-20 years time, or even sooner, you too can be a millionaire! I hope this helps, Good Luck!
Cheers, G7
I haven’t seen Kiyosaki’s latest book yet, but I’m interested that he now seems to scoff at John Burley. I’ve believed for a while now that they’ve had a falling out, because I’ve read/heard them say before how good friends they were – and then I heard RK bag JB (not by name), and now they just don’t mention each other.
Ken, what John says is true – but it will take 30-40 years, and who knows what $1Mil will buy in that timeframe.
i do agree with the level 4 thing also (except I’ve put all money into property – oops). The level 4 is where you have your automatic investment plan, and put 10% of your money each pay into. This is a really good habit, and is pretty much ‘safe’ish money, but is also BORING.
However, as Westan said, to make your Mil in 5 years is far more fun, and quite easy if you have a strategy. So you do this as well, knowing that you have a backup of your AIP if things turn reeeal bad.
Cheers
Mel
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