Timeline for How do I build wealth?
Current License: CC BY-SA 3.0
6 events
| when toggle format | what | by | license | comment | |
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| Apr 28, 2013 at 20:33 | comment | added | John Bensin | @MichaelKjörling Have you ever been to a country where endemic corruption is a major open secret? There's no need to make the lie believable; everyone already knows the truth regardless. | |
| Apr 28, 2013 at 13:53 | comment | added | user |
Right, I see now what you mean as I look again. Still, even a casual glance at the numbers say that "I live very frugally" is not a way to afford to buy a multi-million property on a few-tens-of-thousands annual income. If you're going to lie, at least make it believable. :)
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| Apr 28, 2013 at 13:51 | comment | added | John Bensin | @MichaelKjörling Of course there's something more going on; that was the point, hence why I said it was in a country known for its corruption. | |
| Apr 28, 2013 at 13:14 | comment | added | user | So you're saying that he was able to buy a property worth on the order of one-hundred times his annual salary by "living very frugally"? Sorry, that just doesn't quite add up. I'd say there was pretty obviously something more to it. If he'd socked aside even $15K/year for 25 years at 10% growth, he'd still "only" have about $1.5M; even 3% interest on the remaining say $1M would gobble up more than his entire income at $30K/year. And that's not even considering taxes. | |
| Apr 27, 2013 at 17:39 | history | edited | John Bensin | CC BY-SA 3.0 |
added 307 characters in body
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| Apr 27, 2013 at 17:34 | history | answered | John Bensin | CC BY-SA 3.0 |