Comments on: April Spending http://7m7y.com/2009/05/11/april-spending/ Learn how to make $7 million in 7 years ... a NEW guided learning experience. Join now! Thu, 04 Aug 2011 07:45:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Making Money 201? « http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1786 Making Money 201? « Fri, 22 May 2009 08:02:25 +0000 http://7m7y.com/?p=1898#comment-1786 [...] Josh has made a huge financial windfall; but, it comes with a warning (read the comments on his post) … even so, he represents the desires of pretty much anybody who wants to get ahead of the [...] [...] Josh has made a huge financial windfall; but, it comes with a warning (read the comments on his post) … even so, he represents the desires of pretty much anybody who wants to get ahead of the [...]

]]> By: Adrian http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1785 Adrian Wed, 13 May 2009 00:22:22 +0000 http://7m7y.com/?p=1898#comment-1785 @ Josh - yeah, see a good tax accountant :) @ Josh – yeah, see a good tax accountant :)

]]> By: Ryan http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1784 Ryan Tue, 12 May 2009 22:12:05 +0000 http://7m7y.com/?p=1898#comment-1784 I need to start using a new font for sarcasm. ;)) I need to start using a new font for sarcasm. ;) )

]]> By: Scott http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1783 Scott Tue, 12 May 2009 19:16:36 +0000 http://7m7y.com/?p=1898#comment-1783 Awesome work on the windfall Josh! That's exactly what i'm talking about. Keep focusing on managing your money like a champ and watch it work its way to you! :) Awesome work on the windfall Josh! That’s exactly what i’m talking about. Keep focusing on managing your money like a champ and watch it work its way to you! :)

]]> By: Ryan http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1782 Ryan Tue, 12 May 2009 16:54:43 +0000 http://7m7y.com/?p=1898#comment-1782 @ AJC - While you could be right about rocks in my head, I should probably start using a different font for sarcasm! I didn't even know what our resident dare devil had done with his entire life savings! @ Josh - I'm REALLY glad it worked out for you Josh, but I agree with the others, as I'm sure you do too, Don't press your luck or you will likely be on the other end of your admirable tithes. @ AJC – While you could be right about rocks in my head, I should probably start using a different font for sarcasm! I didn’t even know what our resident dare devil had done with his entire life savings!
@ Josh – I’m REALLY glad it worked out for you Josh, but I agree with the others, as I’m sure you do too, Don’t press your luck or you will likely be on the other end of your admirable tithes.

]]> By: Josh http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1781 Josh Tue, 12 May 2009 13:13:02 +0000 http://7m7y.com/?p=1898#comment-1781 @ Mark, Thanks man, it truly is a great testimony. @ Adrian, wise words from a wise man. any advice on how to miniize taxes? @ Mark, Thanks man, it truly is a great testimony.

@ Adrian, wise words from a wise man.
any advice on how to miniize taxes?

]]> By: Mark http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1780 Mark Tue, 12 May 2009 04:26:05 +0000 http://7m7y.com/?p=1898#comment-1780 Congratulations Josh! This is great news and great testimony. This must be a great month. Happy belated birthday! Congratulations Josh! This is great news and great testimony. This must be a great month. Happy belated birthday!

]]> By: Adrian http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1779 Adrian Tue, 12 May 2009 03:59:51 +0000 http://7m7y.com/?p=1898#comment-1779 @ Josh - If you MM201'ed any harder, you'd burst :P Seriously, MM101's the most important skill that you need to learn so that you have a base to work from and a fall-back: 1. I would encourage you to grab the <a href="http://www.amazon.com/Jesse-Livermore-Worlds-Greatest-Trader/dp/0471023264" rel="nofollow">book</a> about Jesse Livermore - The World's Greatest Trader. I want you to see that he became rich and broke FOUR separate times (then, blew his own head off) ... I don't want this to happen to you. Once you really FEEL this, move to 2. - otherwise wait ... nothing produces discipline better than the inevitable major loss :) 2. Once you are TRULY 'on board', I want you to break your 'windfall' into three easy (well, equal) pieces: - Trading Account: do more of what you just did, and hope to repeat (just remember NOT to put all of your position into one investment ... ONLY invest into one 'event' what you would be happy to lose 100% of without suffering unduly) - Passive Investment Account: Buy a rental; or buy/hold 'boring stocks' that you would be happy to own forever ... fight the urge to trade even these stocks. - Savings Account: Keep this in a separate part of your 401k or in cash - better yet, buy your own condo (rent it out also, until you are ready to move in). Always remember this '3 easy pieces' approach to windfalls and you won't ever go broke ... Rich 1; Broke 0; Head [Intact] - not a bad scoreline ;) @ Josh – If you MM201′ed any harder, you’d burst :P

Seriously, MM101′s the most important skill that you need to learn so that you have a base to work from and a fall-back:

1. I would encourage you to grab the book about Jesse Livermore – The World’s Greatest Trader. I want you to see that he became rich and broke FOUR separate times (then, blew his own head off) … I don’t want this to happen to you. Once you really FEEL this, move to 2. – otherwise wait … nothing produces discipline better than the inevitable major loss :)

2. Once you are TRULY ‘on board’, I want you to break your ‘windfall’ into three easy (well, equal) pieces:

- Trading Account: do more of what you just did, and hope to repeat (just remember NOT to put all of your position into one investment … ONLY invest into one ‘event’ what you would be happy to lose 100% of without suffering unduly)

- Passive Investment Account: Buy a rental; or buy/hold ‘boring stocks’ that you would be happy to own forever … fight the urge to trade even these stocks.

- Savings Account: Keep this in a separate part of your 401k or in cash – better yet, buy your own condo (rent it out also, until you are ready to move in).

Always remember this ’3 easy pieces’ approach to windfalls and you won’t ever go broke …

Rich 1; Broke 0; Head [Intact] – not a bad scoreline ;)

]]> By: Debbie http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1778 Debbie Tue, 12 May 2009 02:00:34 +0000 http://7m7y.com/?p=1898#comment-1778 @josh first - Happy Birthday. second - WOW... !! @josh first – Happy Birthday. second – WOW… !!

]]> By: Josh http://7m7y.com/2009/05/11/april-spending/comment-page-1/#comment-1777 Josh Tue, 12 May 2009 02:00:24 +0000 http://7m7y.com/?p=1898#comment-1777 lol,.... kids, don't try this at home. Adrian, when are we starting MM-201, I'm jumping out of my skin here? lol,…. kids, don’t try this at home.

Adrian, when are we starting MM-201, I’m jumping out of my skin here?

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