Comments on: Getting Rich Is Simple

By: empty spaces

empty spaces — Thu, 09 Mar 2006 09:31:54 +0000

It not the amount of money you have that makes you rich. Its the cashflow and the amount you spend.

if you eat into your principal amount of $1million every month, you may run out money. However, if you’re $1million generates 8k/month and you can live off 90% of that[reinvesting 10% to keep up with inflation], it’ll probably last you a long long time. of course you won’t be super rich on 8k/month but atleast you won’t have to work for a living.

By: James

James — Mon, 12 Dec 2005 00:34:07 +0000

Sometimes I’m skeptical of these sorts of arguements. The assumption is that one can reach a million dollars based on consistent savings and investing and consistent returns on investment. However, the experience of the last few years has shown us that returns will NOT always be consistent, and this the projections that Harry Domash makes may not accurately reflect economic reality.

In fact, its seems to me that people who have a lot of money tend to be more actively involved in its growth, most often by running a successful business or by some other enterprise.

In sum, Harry Domash’s article may be misleading in that it over-simplifies what it actually takes to become a millionaire, which is a lot, a lot of work.

By: Seattle

Seattle — Sat, 10 Dec 2005 02:54:59 +0000

I completely agree that discipline in saving + restraint in spending is a great way to become a millionaire. It’s a depressing to look at how inflation erodes the value in the future. Sigh.

By: Loi Tran

Loi Tran — Thu, 08 Dec 2005 22:00:01 +0000

I like reading Harry Domash’s writing. Saving 500 a month won’t get you rich in the future, but it’s a good start. People just have to save and invest more. Getting rich is simple, but it is not easy.

I don’t like calculations of future returns assuming high rates of returns such as 10%. It’s better to be more conservative and realistic using a 4% real rate of return (6-8% before inflation) instead of 10% because it’s a more conservative and realistic number. Harry Domash’s site is a good source of information. http://www.winninginvesting.com

By: Matt Hartrich - Buffalo, NY

Matt Hartrich - Buffalo, NY — Thu, 08 Dec 2005 07:40:43 +0000

Discipline can solve many problems.

By: Retire at 30

Retire at 30 — Thu, 08 Dec 2005 03:25:31 +0000

Great post. I Read MSN Money frequently and have generally enjoyed their articles. Your post made me think of a similar MSN article that gets the time point accross much better about how investing the proceeds of 4 summers of work at age 16 would likely turn into $1,000,000 by retirement: http://moneycentral.msn.com/content/Investing/Startinvesting/P73751.asp