New most helpful quote on how to be a millionaire/ billionaire

[GON]

Little Sunday supplement to this thread:

Doyle Brunson once shared why he told his son never to chase quick money — and it has nothing to do with the dollar amount.
Years ago, after a long night at the poker table, a young player asked me something that stuck with me:

“Doyle, if you had to start over with nothing, no bankroll, no name — what would you do?”
I looked him in the eye and said:

“I’d build it the same way I did before — with discipline, patience, and the willingness to sit through the bad hands.”

Because here's the truth about money:
Anyone can win it.
Very few can keep it.

You hit a jackpot? Great. But luck doesn’t make a man wealthy — habits do.

A guy who grinds the small stakes, respects the game, and never blames the cards…
That guy? He’s already rich — in character, in patience, in endurance.

So what separates winners from gamblers?

The smart ones play the long game.

The broke ones chase heat, tilt on a loss, and call it “bad luck.”

I once told my boy:
“Don’t chase the money. Chase the edge. If you earn your wins, money’ll come find you.”

Then I shared a story:

There was a young dealer I knew back in the day. Quiet guy. Watched every hand. Treated every player like a world champ.
Other dealers mocked him — said he was too soft.
Fifteen years later, he was running the biggest card room in Vegas.
And the guys who laughed? Still grinding graveyard shifts.

Wealth isn’t loud. It’s steady.

Money is just the scoreboard. Character is the strategy.

And if you can’t fold when you’re beat,
you’ve got no business sitting at the table.

 

[Dave Hess]

Money isn’t everything in life, it helps make life easier.

Younger folks really need to get on a strict budget and involved with their finances and planning for retirement.

Impulse spending kills your financial future.

*** Edit ***
I convinced a 24 year old to open a Roth IRA. He will be happy in 35 years.

 

[bioilcurious]

delete

 

[Astro14]

I think part of the problem in this thread is that it conflates millionaires and billionaires.

They are not even close to the same thing.

Millionaire is something that can be achieved though disciplined investing.

Billionaire is a very different thing - that requires success in business.

So, is the thread about how to become a millionaire?

Or the habits of billionaires?

Those habits, those keys to success, are very different between the two groups.

 

[Cujet]

You're not gonna obtain wealth by working for someone.

Good wisdom, but has not always been true. For many years, large companies with government contracts had a slew of higher end employees who became exceedingly wealthy. IBM is a perfect example, remember, a very large number of IBM 'executives' did exceedingly well.

Where do you think the money for 50-70 foot yachts traditionally came from? Yup, IBM, Kodak, AT&T, GE and others with massive state and federal contracts.

 

[Cujet]

I think part of the problem in this thread is that it conflates millionaires and billionaires. They are not even close to the same thing. Millionaire is something that can be achieved though disciplined investing. Billionaire is a very different thing - that requires success in business. So, is the thread about how to become a millionaire? Or the habits of billionaires? Those habits, those keys to success, are very different between the two groups.

My entire career was working for top Billionaires. The majority of my career was for one very brilliant man. I enjoyed observing his methods, his choices, his plans. Despite being reasonably intelligent, I could never replicate his methods. He was quite a visionary. Example: He invented the Geometry Engine for rendering 3D graphics, which turned into the video card, and AI.

And yes, the wealth of a mega Billionaire is far beyond the local yacht club. Just one of his 300 foot toys:

And private jet:

 

[Pablo]

My entire career was working for top Billionaires. The majority of my career was for one very brilliant man. I enjoyed observing his methods, his choices, his plans. Despite being reasonably intelligent, I could never replicate his methods. He was quite a visionary. Example: He invented the Geometry Engine for rendering 3D graphics, which turned into the video card, and AI.

And yes, the wealth of a mega Billionaire is far beyond the local yacht club. Just one of his 300 foot toys:

And private jet:

Was he unethical? All we need is one billionaire.

 

[Cujet]

Was he unethical? All we need is one billionaire.

No. Great guy. Hyper intelligent. I would not have worked for him for 3 decades if things were otherwise.

A Billionaire's wealth is in his companies, and his employees. The idea that his wealth is somehow hidden in a greedy piggy bank is wildly in error. Musk for example directly employs something above 140,000 people. Bezos employs 10X that.

Even my favorite company, Gulfstream Aerospace, providing jets to the ultra wealthy employs 20,000!

 

[fdcg27]

Anyone who earns a decent salary, practices frugality and saves and invests those pennies will easily achieve seven figure net worth.
Frugality is a discipline that brings one to that goal, not a goal in itself.
Would one have rather eaten a bunch of indifferent meals out or would he rather spend a month in Europe after retiring?
We chose the latter and are happy for it.
We did enjoy the trip, our second with another to follow next summer.
I think we'll take a ship over next time. Biz may be pretty nice but it's nothing like a ship, although much faster.

 

[JeffKeryk]

Anyone who earns a decent salary, practices frugality and saves and invests those pennies will easily achieve seven figure net worth.
Frugality is a discipline that brings one to that goal, not a goal in itself.
Would one have rather eaten a bunch of indifferent meals out or would he rather spend a month in Europe after retiring?
We chose the latter and are happy for it.
We did enjoy the trip, our second with another to follow next summer.
I think we'll take a ship over next time. Biz may be pretty nice but it's nothing like a ship, although much faster.

Living within your means is sound advice. But inflation can eat up the value of your savings...
Investment is, IMO, the surest way to get ahead. You should always make your money work for you, regardless of economic conditions.

 

[JHZR2]

Good wisdom, but has not always been true. For many years, large companies with government contracts had a slew of higher end employees who became exceedingly wealthy. IBM is a perfect example, remember, a very large number of IBM 'executives' did exceedingly well.

Where do you think the money for 50-70 foot yachts traditionally came from? Yup, IBM, Kodak, AT&T, GE and others with massive state and federal contracts.

The executives were paid to leverage the knowledge and worth of others to achieve an outcome. They were compensated for that performance. And sometimes for lack thereof.

 

[Al]

Who made the quote "The quote " one has to master the boring stuff".?.Someone who flips burgers, mows grass, watches paint dry? I have done all of those.

I think you have to work harder than anyone else.

 

[Pablo]

 

[97prizm]

“Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it."

- attributed to Albert Einstein

You also forget that Multi-millionaires Billionaires know of so many "Trusts" and "Foundations " that I'm fairly sure would raise alarms. They find or know ways to earn money that most of us I don't think have access to.

 

[MaximumMini]

Mr. Musk takes his "salary" in stock options, so I understand.
If those stock options have a current value of 50 million USD, he can then take out loans against that value to buy the things he wants or needs.
There may be other steps in the process but the point was he's a billionaire who pays very little in taxes (personally) since loans are not taxable income.
I'm not savvy on the exact process here...but this is the jist.

Very wealthy people either have a very good understanding of finance, or hire people who do for them.

 

[97prizm]

Mr. Musk takes his "salary" in stock options, so I understand.
If those stock options have a current value of 50 million USD, he can then take out loans against that value to buy the things he wants or needs.
There may be other steps in the process but the point was he's a billionaire who pays very little in taxes (personally) since loans are not taxable income.
I'm not savvy on the exact process here...but this is the jist.

Very wealthy people either have a very good understanding of finance, or hire people who do for them.

I still want to know how Jeff Bezos who reportedly "Only makes $85,000 per year" was able to buy a $500 Million dollar yacht? Then add in dock fees in the Tens of thousands and according to boating experts you can on average calculate ten percent of the yacht price in additional upkeep per year so 50 million in Bezos' case.

 

[SammyChevelleTypeS3]

.

I say the same exact thing all the time!

 

[Owen Lucas]

I still want to know how Jeff Bezos who reportedly "Only makes $85,000 per year" was able to buy a $500 Million dollar yacht? Then add in dock fees in the Tens of thousands and according to boating experts you can on average calculate ten percent of the yacht price in additional upkeep per year so 50 million in Bezos' case.

$80k is to keep him in a lower tax bracket. As mentioned earlier, he can take loans against his investment and stock. I don't understand the end game too well, but it seems like he doesn't have to repay the loans during his lifetime, there's some kind of a kick the can down the road trick.

 

[JeffKeryk]

You also forget that Multi-millionaires Billionaires know of so many "Trusts" and "Foundations " that I'm fairly sure would raise alarms. They find or know ways to earn money that most of us I don't think have access to.

I see so many people that think they know about money, finance, etc. Personally, I realize I know only a little... There is so much out there.
Check out the Schwab Wealth Advisory.

You many not be ready for such a program now, but you can get started with other programs.

 

[Pablo]

I see so many people that think they know about money, finance, etc. Personally, I realize I know only a little... There is so much out there.
Check out the Schwab Wealth Advisory.

You many not be ready for such a program now, but you can get started with other programs.

Well good point. After a certain amount of money and or stress it might be good to have a fiduciary advisor.

What are Schwab’s current fees?