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Originally Posted by fuzebox
I guess there are different perspectives to life.
To answer the $50k question, why would you need $50k tomorrow? I can't think of any reason why that would happen based on my situation and where I live. In fact, I'm almost at the point where I could stop working today (I am 26) and live an average comfy life until I'm 80 without working another day (including investment interest, rebills, residual traffic signups, etc). A lot of this has to do with the economy where I live. I understand where you're coming from with this thread, but the "what if" question with the $50k number is pretty silly imo.
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Not silly at all if you put some thought behind it. For example, a person living in the US might have something happen to their health that isn't fully covered by medical insurance. That could eat up $50K right there easily.
Someone in your family could come to you with a sob story and needing that amount for any number of things.
It was meant as an example, to further a point, not to be dwelled upon and taken too literally. The point is that someone who hasn't planned for their future and is living paycheque to paycheque only won't be able to come up with that kind of money. And being able to raise that much cash and actually doing it are two different things. Just because one can doesn't mean one should. Leave it invested, obviously.
Quote:
Originally Posted by fuzebox
Of course everyone should plan for the future and use long term thinking, but I don't think throwing all your money into RSPs and mutual funds is the be all and end all.
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For the sake of clarity here I never said they were. I mentioned them only because they're a good start, but any good investment adviser worth their salt would have you better invested than just that. I'm happy to say I am more diversified than that, but I'm not about to lay out all my investments here. It's a pearls before swine thing, you understand. :D
Quote:
Originally Posted by fuzebox
I'm young, I'm smart, I have a shitload of technical skills and I can adapt. If adult goes down tomorrow, I'll find another way to make money pretty quickly. The internet isn't going anywhere, and there'll always be ways to make money. "Recessions" do not affect people willing to work hard and smart.
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You're probably right but of course there are no guarantees on that. I'll say this though... if I had thought this way when I was in my 20's I would have a lot (and mean a LOT) more than I do now. By what you said earlier in your post it sounds like you're on the right track, which is great. There's a lot of money to be made in this business, opportunity everywhere like you said. But it's what you do with that money that matters. I've seen way too many in adult who made a killing in their early years and are now flat broke.