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Reply to "Is it possible to get rich solely through frugality, saving & investing?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]As I already posted, we bought Apple when we were young and now we have >10 million. It's a combination of luck, time and some industry knowledge. I can't tell you whether there is one miracle stock right now, OP, but it never hurts to invest in high-tech and internet-based businesses. Stay away from biotech, though, that's extremely risky (I work in biotech). [/quote] Love to hear how you played this. How much did you invest? It was 2000? What was your income and your parents wealth? I was dabbling investing in 2000 but my income was $50k with $40k in student debt and dirt poor parents I was also sending money to. I invested some but stuck to index funds because that was the responsible things and paid off loans (because that’s a “guaranteed” rate of return) but would have loved to plow life changing money into Apple. I was involved in tech somewhat, and saw the value in things like their embracing USB before anyone else, etc. [/quote] We were as poor as church mice, OP, but at the time Apple was very cheap and very vulnerable. A little bit before 2000, before Steve Jobs was invited back to lead the company. We're in our 40s and 50s now, so it took the major part of our adult life to get to this point! Don't get hung up on what-ifs, focus on what else is out there for you right now. My BILs are all what-if-fing right now, because my husband urged them to buy and keep Apple stock, and they decided it was too hot and they sold early on. I've also had good luck with Amazon - bought when it was cheap years ago as well. Netflix and Google have worked well too.[/quote]
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