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Millionaires

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Comments

  • Registered Users Posts: 36,054 ✭✭✭✭ ohnonotgmail


    Old Bill wrote: »
    Can you point to any billionaires that haven't f**ked people over ?

    warren buffet.


  • Banned (with Prison Access) Posts: 299 ✭✭ Old Bill


    warren buffet.

    Buffet made his fortune by asset stripping companies.


  • Registered Users Posts: 1,435 pumpkin4life


    The single worst characteristic about Irish people = bitter and jealous of people who do better than them in any walk of life. Crab in a bucket mentality.


  • Registered Users Posts: 36,054 ✭✭✭✭ ohnonotgmail


    Old Bill wrote: »
    Buffet made his fortune by asset stripping companies.


    You clearly havent a clue how the man has made his money. He is not an asset stripper. He invests for the long haul.

    http://www.newyorker.com/magazine/2012/12/10/warrens-way


  • Banned (with Prison Access) Posts: 299 ✭✭ Old Bill


    You clearly havent a clue how the man has made his money. He is not an asset stripper. He invests for the long haul.

    http://www.newyorker.com/magazine/2012/12/10/warrens-way


    You only have to look at what he did to Cadbury he destroyed that company.

    Also when buffet talks about "used cigars" in his own book he means asset stripping.


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  • Registered Users Posts: 10,754 ✭✭✭✭ Andy From Sligo


    The single worst characteristic about Irish people = bitter and jealous of people who do better than them in any walk of life. Crab in a bucket mentality.

    ah its not just exclusive to the Irish ...


  • Registered Users Posts: 10,754 ✭✭✭✭ Andy From Sligo


    havent met him yet, be nice to meet him one day but the fella David McGowan who's setting up the Quirky Glamping Village in Enniscrone in county Sligo - I would perceive him to be down to earth after listening to him on radio and TV and not phased at all by his money/wealth*

    (*EDIT: I'm presuming he is a Millionaire)


  • Registered Users Posts: 36,054 ✭✭✭✭ ohnonotgmail


    Old Bill wrote: »
    You only have to look at what he did to Cadbury he destroyed that company.

    Also when buffet talks about "used cigars" in his own book he means asset stripping.


    i dont think you understand what the phrase asset stripping means.


  • Registered Users Posts: 5,430 ✭✭✭ Claw Hammer


    I thought you were.
    You interpreted a comment about the source of your pension as a complaint about the pension itself?
    You were corrected for incorrectly claiming that you were funding your pension. From the Irish Independent of Wednesday last:-
    "The reason we can describe the entire public-sector pension structure as a debt pyramid is because public-sector pensions are not based on some investment that makes money or some dividend or some return to savings - as is the case with everyone else's pension.".

    Your response to this is a personalised attack sneering at someone (you think) does not have such a pension arrangement.

    I'd also like to know how you reached the conclusion that we spend 40 years moping around if you're not even employed in the public sector? Perhaps it's your ingrained dislike of public sector employees that gives you this picture in your head.
    You don't know where I am employed (if at all).
    I'd be very grateful if you could explain how I'll be financially better off when I retire. You suggested I ask an actuary, but why should I go to that expense when you so clearly have all the answers?
    I said that many former public sector workers are better off in retirement than when they were supposedly working. That is present tense.
    I did not say that any or every current public sector worker will be better off when they retire. That is future tense. It appears to me that you have difficulties with literacy as well as numeracy. Your attempt to immediately demand how you personally will be better off is typical of the public sector me me attitude. 40 years of that level of discourse from colleagues would break any sane person.
    If you want personalised financial advice or analysis then you will have to do what people in the real world do; pay for it.


  • Registered Users Posts: 11,204 ✭✭✭✭ Ush1


    This was an interesting little thread apart from all the waffle about public service pensions!


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  • Registered Users Posts: 27,430 ✭✭✭✭ steddyeddy


    But people are unwilling to close it for themselves. Unwilling to finish school, or go to college, or take a full time job. It's nice to dream. Live the good life, having lots of money to spend without having to work but that's not how these things go. Also, money isn't everything.

    Nearly right Lexie. Unwilling or unable would have been more realistic.


  • Registered Users Posts: 1,857 ✭✭✭ Ragnar Lothbrok


    I really wasn't going to bother replying to this, but some of the things you typed really just got on my nerves!
    You interpreted a comment about the source of your pension as a complaint about the pension itself?
    You were corrected for incorrectly claiming that you were funding your pension.

    I didn't claim I was funding my full pension myself. I merely pointed out that I have a rather large pensions deduction taken out of my pay every fortnight, along with a Pension Levy. That is not open to question - it's there every fortnight on my pay slip in black and white.
    From the Irish Independent of Wednesday last:-
    "The reason we can describe the entire public-sector pension structure as a debt pyramid is because public-sector pensions are not based on some investment that makes money or some dividend or some return to savings - as is the case with everyone else's pension.".

    Ahhhhh........the Independent. That well-known champion of public servants.
    Your response to this is a personalised attack sneering at someone (you think) does not have such a pension arrangement.

    I deny the "sneering" accusation. I have no idea whatsoever what your pension arrangements are and to be perfectly honest, I'm not interested. Your own arrangements are your own business.
    You don't know where I am employed (if at all).

    Correct. However, you did state that you were formerly employed in the public service, and that the reason you got out was the thought of spending 40 years discussing football and being in a job that you found utterly boring.

    I said that many former public sector workers are better off in retirement than when they were supposedly working. That is present tense.
    I did not say that any or every current public sector worker will be better off when they retire. That is future tense. It appears to me that you have difficulties with literacy as well as numeracy.

    I'll ignore the unfounded and incorrect personal insult there.

    However, at the risk of being branded virtually illiterate again, I have to say that you still don't explain yourself too well here. How is anyone with a public service pension better off in retirement than when they were working? Please don't just tell me they are, please give me examples if you have them.
    Your attempt to immediately demand how you personally will be better off is typical of the public sector me me attitude. 40 years of that level of discourse from colleagues would break any sane person.
    If you want personalised financial advice or analysis then you will have to do what people in the real world do; pay for it.

    I thought it was a valid point - you gave me the impression that I would be better off when I retired, I wondered how. I still do!

    I can assure you that I certainly don't have a "me, me" attitude in either my personal or professional life. I'm actually very dedicated to my job (as are the majority of the people I've worked with over the past 30 years). I genuinely believe that as public servants we have a responsibility to the public to do our jobs to the highest standard.

    Once again, your sentiments in the above betray your utter contempt for the public service as a whole. I do hope my comments here are literate enough for you :rolleyes: There seems to be little point in continuing this discussion.


  • Registered Users Posts: 1,857 ✭✭✭ Ragnar Lothbrok


    Ush1 wrote: »
    This was an interesting little thread apart from all the waffle about public service pensions!

    Sorry :o


  • Registered Users Posts: 5,430 ✭✭✭ Claw Hammer



    I didn't claim I was funding my full pension myself. I merely pointed out that I have a rather large pensions deduction taken out of my pay every fortnight, along with a Pension Levy. That is not open to question - it's there every fortnight on my pay slip in black and white.



    :rolleyes: There seems to be little point in continuing this discussion.

    Your salary was reduced by what purport to be pension reductions. No money is put into a pension fund of any sort arising from this. Therefore you do noty fund in whole or in part your pension. That is beyond question, whether the Isish Independent is good enough for you or not.

    How hard you work or how much you deserve the pension or why anyone else doesn't seek to avail of the same pension is not relevant.

    You can fool some of the people some of the time but you can't foll all of the people all of the time.


  • Registered Users Posts: 11,036 ✭✭✭✭ Geuze


    Your salary was reduced by what purport to be pension reductions. No money is put into a pension fund of any sort arising from this. Therefore you do noty fund in whole or in part your pension.

    You can fool some of the people some of the time but you can't foll all of the people all of the time.

    This is incorrect.

    All PS pay the PRD, at up to 10.5%, typically 10%.

    Most PS also pay the standard pension cont of 6.5%, payable by most PS all the time.


  • Registered Users Posts: 5,430 ✭✭✭ Claw Hammer


    Geuze wrote: »
    This is incorrect.

    All PS pay the PRD, at up to 10.5%, typically 10%.

    Most PS also pay the standard pension cont of 6.5%, payable by most PS all the time.
    What part of "no pension fund" do you not understand?


  • Registered Users Posts: 259 ✭✭ lcwill


    Holograph wrote: »
    Exactly. A millionaire is someone who has at least a million in the bank right now, a lump sum. Not someone whose entire lifetime's earnings add up to at least a million.
    And those who would claim "A public servant with a high pension is a millionaire" know this in fairness. :)
    It's just anti public service straw-clutching.

    I'd say not many millionaires have a million sitting in the bank. Most understand that you build wealth by putting your money to work - buying stocks, property, investing in business - in other words buying some kind of assets that grow in value or generate cash flow.


  • Registered Users Posts: 5,146 ✭✭✭ Rented Mule


    lcwill wrote: »
    I'd say not many millionaires have a million sitting in the bank. Most understand that you build wealth by putting your money to work - buying stocks, property, investing in business - in other words buying some kind of assets that grow in value or generate cash flow.

    A proper diversified portfolio that earns you more money than you spend.


  • Registered Users Posts: 1 Loughy999


    I have worked with a company that claimed to make millionaires through coaching and using the web. Their claims are correct, I made €18,000 in one day.

    In the US there are 1,700 new millionaires A DAY!!!!! 84% of these new millionaires did not inherit their wealth.

    The company is Nerdz(dot)ie


  • Banned (with Prison Access) Posts: 5,106 ✭✭✭ PlaneSpeeking


    Loughy999 wrote: »
    I have worked with a company that claimed to make millionaires through coaching and using the web. Their claims are correct, I made €18,000 in one day.

    In the US there are 1,700 new millionaires A DAY!!!!! 84% of these new millionaires did not inherit their wealth.

    The company is Nerdz(dot)ie

    Oh SO reported for advertising and dodgy ads at that!


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  • Registered Users Posts: 10,453 ✭✭✭✭ WoollyRedHat


    No more than people who expect to live a life of luxury but are horrified at the thoughts of a day's work.

    Don't begrudge people with money, nor do I begrudge kids of people with money benefitting from their parents success.

    Me neither... now any chance of a few bob?


  • Registered Users Posts: 7,579 ✭✭✭ SureYWouldntYa


    Oh SO reported for advertising and dodgy ads at that!

    Some day one of these things will actually be real and we wont know it


  • Banned (with Prison Access) Posts: 5,106 ✭✭✭ PlaneSpeeking


    Some day one of these things will actually be real and we wont know it

    I used to have a colleague who swears blind that he reported a dodgy email to work that allegedly turned out to be the first Bitcoin mining programme and he would have been a billionaire!

    I tend towards the sceptical!!!!


  • Closed Accounts Posts: 778 Jack Moore


    valoren wrote: »
    Millionaires.

    Imagine a husband and wife, with a baby on the way, who, 40 years ago, at age 30 came into a small inheritance of $2500.
    They decided to invest this along with an additional $2500 of their own savings.

    They like the look of Coca Cola. It's been around for 90 years they reckon and has a straightforward, understandable business, they sold soft drinks.
    So they invested the 5k at $82.25 per share for 60 shares in the company in October 1976.
    They received a small dividend every 3 months but it was so small that they kept it aside.
    Eventually it became a bit larger and on the advice of a business friend, they instructed the stockbroker to re-invest the dividend instead.
    The dividend would be more shares, which themselves provided a dividend. Money making money.
    The investment does well for a few years, and the wife decides to invest an additional $2,500 every 5 years into Coke stock without fail.

    Feeling a bit more confident, the husband decides to invest his yearly savings into other enterprises.
    With a banking background, with a firm grasp on the industry, through the 80s/90s/00s, he dollar cost averages his savings over time into Enron, WorldCom and Lehman Brothers although he also invests in Royal Dutch Shell, Johnson & Johnson and Colgate Toothpaste as well along the way.
    With the coke investment chugging along, he wants to 'diversify'. These investments begin making great returns, so he decides to focus on other industries and plans to let them compound, just like Coke.

    Today, 40 years later, they are retired.
    They never touched the investment and went about living their lives, while saving and investing.
    Not through several market panics where the share price crashed, oil crises, global terrorism, gulf wars, booms and busts.

    After a total investment amount of $20,000 over 40 years, they would now hold 39,629 shares in Coca Cola through stock splits and reinvested dividends. The value of the shares would be $1,651,000.

    Their dividends will amount to gross $12,820. More than double than they invested initially way back when (5k).
    Every 3 months.
    The yearly dividend will be $51,280.

    As they have cleared their mortgage on their modest 3 bed semi, they are Millionaires through nothing but budgeting, forward planning, discipline and patience.

    But you wouldn't think it to look at them. No Mercs or Rolex watches or status symbols. They can well afford them but it's not their thing.
    Note: The Enron, WorldCom and Lehman Brothers investments are worth $0. The annual dividend will be $0.

    With the additional savings and profitable investments they made through their lives they don't worry about money.
    They have told their daughter that the shares will be her's when they pass away.
    She is shrewd enough to understand that selling the shares will incur taxes etc.
    The Coke dividend alone would currently pay for her mortgage and her monthly expenses.

    She knows that she may invest herself in her generations WorldComs but she knows that Coke is the golden goose and it will never be touched as the board of directors raise the cash dividend modestly every year.
    That snowball will be allowed to roll down the hill, reinvested for more shares and more and more dividends.

    She figures that when she herself passes away her own children's money worries will be non-existent, and their children etc etc.
    Intergenerational wealth which began with a modest investment way back in 1976.

    You would never bregrudge anyone who had an investing success story like that.

    Initial investment 5k plus 2.5 k a year is not 20k over 40 years


  • Banned (with Prison Access) Posts: 5,106 ✭✭✭ PlaneSpeeking


    Jack Moore wrote: »
    Initial investment 5k plus 2.5 k a year is not 20k over 40 years

    He said 2.5 every 5 years though.


  • Registered Users Posts: 5,430 ✭✭✭ Claw Hammer


    He said 2.5 every 5 years though.

    He said 2.k a year for 5 years though.


  • Banned (with Prison Access) Posts: 5,106 ✭✭✭ PlaneSpeeking


    He said 2.k a year for 5 years though.
    The dividend would be more shares, which themselves provided a dividend. Money making money.
    The investment does well for a few years, and the wife decides to invest an additional $2,500 every 5 years into Coke stock without fail.

    Au contraire.


  • Registered Users Posts: 36,054 ✭✭✭✭ ohnonotgmail


    He said 2.5 every 5 years though.
    He said 2.k a year for 5 years though.



    The investment does well for a few years, and the wife decides to invest an additional $2,500 every 5 years into Coke stock without fail.


    To me that reads like they are putting in 2,500 every five years. I dont see how you could get 2,500 a year for 5 years from what was written.


  • Registered Users Posts: 5,430 ✭✭✭ Claw Hammer


    To me that reads like they are putting in 2,500 every five years. I dont see how you could get 2,500 a year for 5 years from what was written.

    Whatever, they seem a right miserable pair of **** anyway.


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  • Banned (with Prison Access) Posts: 5,106 ✭✭✭ PlaneSpeeking


    Whatever, they seem a right miserable pair of **** anyway.

    I wouldn't mind asking them for a digout!


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