Interesting Read - How to become a millionaire

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  1. #11

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    Raccoon, the person I was referring to is a local lass who isn't keen to deal with brokers; apart from MPF and the odd time deposit, she hasn't made any investments (she's 23).

    She's realised that it is likely the task of looking after her disabled brother will fall to her. As her parents haven't made any provision (i.e. can't afford) for his future, she feels she must. According to the studies, no-load funds outperform load ones and index funds outperform aggressively managed ones. But no-load index funds are difficult to find in HK for a small investor like her. Should you know of any, I pass on the information to her but, of course, explain they are not recommendations. Cheers.

    Last edited by Claire ex-ax; 20-10-2008 at 03:43 PM.

  2. #12

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    A great book that shows how people really become millionaires is "the Millionaire Next Door'.
    I have heard of this before and have been meaning to read it.

    But I guess not spending and preserving everything that is earned is bad for the economy. The US wouldn't have become a superpower had that been the mentality of the average Joe.

  3. #13

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    Wasting money seems to be an odd way to become a superpower!


  4. #14

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    well, in all fairness, I guess it's a combination of wasting money + being the largest economy + being the largest democracy + attracting the smartest minds + being the strongest military + selling weapons to rival's enemies, etc, etc!


  5. #15

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    Buffet speaks

    Be fearful when others are greedy, and be greedy when others are fearful.

    http://www.nytimes.com/2008/10/17/op...17buffett.html


  6. #16

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    Here's a millionaire's take on how to become a millionaire.

  7. #17

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    P&B

    Marc Faber aka Dr Doom has his two cents

    ''The federal government is sending each of us a $600 rebate. If we spend that money at Wall-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.'