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THANK YOU FOR MAKING ME RICH!!!!!
February 20, 2009
4:59 pm
Roc
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Do you want to know the secret to getting wealthy??? I'll tell you exactly what happened to me, this article will definitely change your life, read on and enjoy!!!

Firstly, let me tell you a little bit about my situation that has led me to this incredible wealth that I am experiencing today. I am 35 yrs old, male, still living at home with my parents, make $60,000/yr gross income, pay nothing for rent, food, utilities and I drive a 2008 BMW paid for with cash, my bank accounts total $425,000.00. I have never received an inheritance, never won the lottery, had started working full time after college at age 21.

Ahhhh yes, the beauty of compounding interest, the formula I=Prt (Interest = Principle x Rate x Term) is how it all started. Each year I would purchase RRSP's to the maximum amount and buy mutual funds with them(This was before the stock market crash of 2001). I then sold the mutual funds in 2001 and put the money towards a downpayment on a house in 2002. My downpayment was $130,000.00, the house was purchased for $258,000.00. Sold the house 3 yrs later at $324,000.00, where I received a cheque for $200,000.00.

I took this $200,000.00 and purchased a 1 YR GIC paying 5% in 2005(Yes, Interest rates were high back then). I made $10,000.00 in interest, then for the next 3 Yrs I would continue buying short term GIC's, T-Bills, etc., maximimizing RRSP's, using the tax refund from the government to purchase more GIC's and depositing everything into a now high interest savings account with People's Trust earning 3.60%. Today my combined total in bank accounts is over $425,000.00!!!

I am basically earning interest on top of interest, since every month the interest is paid to my account and carried forward to the next month. Hopefully my life story helps you in your quest to financial freedom, remember to start early, contribute to RRSP's, buy safe investments like GIC's, Bonds and T-Bills and the like. I would not be where I am today if it weren't for my parents, so I'd like to say to them "Thank you for making me Rich"!!!!

February 20, 2009
6:31 pm
The Donald
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That is not the secret to wealth and financial freedom. That is living at home with your parents at the age of 35.

Ahhhh yes, the beauty of compounding interest, the formula I=Prt (Interest = Principle x Rate x Term) is how it all started.

This is the formula for simple interest, not compound interest.

When is the movie about your life coming out?

February 20, 2009
8:55 pm
jeremywong
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To Roc:

I don't see how you can call yourself rich. If you were to buy a home again, you'd have to drain your cash reserves. Your net worth is still less than the price of an average bungalow on the poor side of Vancouver.

I'm perplexed as to why you're excited about earning 3.6% interest. As someone who has earned 5% interest should know, earning sub-4% interest is not a triumph, it's a tragedy. You missed your chance to lock in 5-yr 5% GICs in 2005, 2006, and 2007; now you're jumping for joy over a paltry 3.6%, while the rest of your money makes only 3%.

For a 35-year-old, you display a surprising lack of perspective and maturity. Yours is not a story of success; it's a story of mediocrity. You moved back in with your parents to save money, and we're suppose to think that's financial freedom?

What is your line of work? It doesn't involve math, does it? The formula for compound interest is I = P(1+r)^n - P.

February 21, 2009
8:37 am
Mike
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"I am 35 yrs old, male, still living at home with my parents, make $60,000/yr gross income, pay nothing for rent, food"

Ok, you make $60k a year, live with your parents and PAY NO RENT and give them NOTHING FOR FOOD? I'll go with the majority and say... LOOOOSER. Time to leave the nest eh. Let your parents have their life back. They don't want a bum in their house. So when are you going to retire and fullfill your destiny of an unemployed bum living at home paying no food or rent till your parents pass away?

You know your using your parents right?

Take some of that money and buy some morals and dignity... Oh wait, no matter how much digital numbers are in your bank account you can't buy that.

That's a life lession you have yet to learn young dark jedi.

Mike

July 22, 2009
10:05 am
Max
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Lol that thread is priceless, I know Peter will probably close it if we start back the discussion but RoC just made a reference to that thread in another part of the forum.

So, now I'm 22. I'm getting my M.D. grade in 2 years. Will start in residency at $41,000$ the first year, 44,000$ the 2nd, $47,000 the 3rd, $51,000 the 4th, then $55,000 my last year of residency in orthopaedic surgery. After that if I work away from Montreal, my annual income will be around $200,000. I just have to tell my parents to sell their house and move on to Roberval or Gaspé where my salary gets a +25% bonus and tell them to buy a house there. I'll leave my girlfriend in Montreal and I will live at my parents house paying no food, no facilities, no rent. I will accumulate $200,000 per year starting from age 29 to age 35, that's $1,200,000 in total. There is taxes on that but of course since I have a lack of comprehension in mathematics I won't bother to try to understand what are taxes. Anyways it's not important because I'm gonna be a millionnaire and I won't have to go to "Who wants to be a Milionnaire" and risk to look like an idiot because I won't be able to answer 1 cultural question because I do nothing else in my life except working and leeching my parents.

I would not like to thanks my parents for this because my parents aren't doctors so I'm not from them. I'm from GOD itself. My parents are poor assholes who can't manage to be millionnaires so I'll just continue leeching them till their death.

Hourray!

The day you become free is the day you work for fun.

July 22, 2009
5:02 pm
Mike
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LOL!

I love the between the lines "use people to be rich" parts! RoC should be a salesman or banker.

Does anyone have his parents email address? I'm sure they would be "thrilled" to know he is thanking them for "his" success!

Mike

July 30, 2009
11:05 pm
Hornswoggler
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Say what you will of the guy (Roc), but he's got himself financially setup for life.

Nothing feels better than a nice fat bank account and the peace of mind that goes along with it.

July 31, 2009
12:23 am
Selby
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Not a fantastic state of affairs but better than a lot of others.

July 31, 2009
4:28 am
Hornswoggler
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Reading Roc's rags to riches story inspires me to save so please don't knock him. I'm nowhere near where he is in wealth. But I'm working hard at putting away every penny I earn. Its pure joy watching the nest egg in the bank account grow and building a quiet fortune.

Every morning I wake up and think to myself "by the end of today, i'll have a few more coins to my name". I get a warm, fuzzy feeling.

I used to think I must be quite poor relative to other people as I could not see how I could afford a lifestyle many were living. I saw people living to the max i.e. buying expensive cars, houses, taking vacations..etc while I was wearing cheap walmart shoes and clothes. What I thought is they had all these things paid for up front. Come to find out these folks are all upto their necks in debt and living paycheck to paycheck. These are the same people screaming about how 'independant' they are when they are one step away from passing on their humungous debt to the rest of taxpaying society. Govt gladly robs savers with near 0% interest rates to dish out money to these folks for their votes. Yea they are independant allright!

July 31, 2009
8:32 pm
Roc
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Thank you Hornswoggler!!!!! At last a true fan of mine who doesn't mock my advice or ridicule my suggestions!!!

Yep it's official, People's Trust has just lowered their rate to a disappointing 2.10%!!!! Which basically means I will be ending my relationship with them sometime in August. So what do I plan on purchasing with my money there you ask???

Being a bit of a "thrifty conservative" individual, I plan on making a very practical purchase since 2.10% is totally unacceptable!!!! My age as you know is 36, I'm in what is called a mid life crisis(I ask myself about my purpose here, when will I move out of my parents basement, etc.). I currently have no social life, girlfriend, work a 9-5 job...more or less just wasting time.

So I've decided to purchase a brand new 2009 Red Ferrari California sports car, with a 4.3 V8 DOHC, 454 HP @ $300,000.00!!!!! This is definitely a life changing purchase and will surely get the attention I desire as I'm driving down to the beach to pick up girls!!! What do you guys think? Or should I get a $300,000.00 motor home loaded to the nines? Your input could help determine my future!!!!!Thanks for your help!!!!

Roc

July 31, 2009
11:57 pm
Hornswoggler
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As your only official fan here Roc, I must say the idea of spending 300 grand on a ferrari is insane.

You have the good fortune of having accumulated a nice bundle of money at your age. You are way ahead of 95% of people in your age group. The idea of throwing it away on a Roc-mobile is just horrifying.

I have at most 1/3rd of your fortune although i'm a little younger and started my career later than you due to an illness. I aspire to be where you are financially (minus the ferrari) some day.

August 1, 2009
12:06 pm
guest
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Roc: I'll give you a hint as to what you should do. It's somewhere in between leaving your money sitting there as cash and blowing it all on a supercar.

September 11, 2009
6:02 pm
Prag
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Roc, if you really want to blow that kind of money on a vehicle, instead of a Ferrari you should get a Tesla Roadster electric sports car. They are faster than Porsches and Ferraris anyway (you can even see YouTube videos of them racing to prove it) and electric cars, aside from simply being way cooler and more environmentally responsible, will attract more intelligent women who are more than just dumb gold diggers. Plus, the Tesla Roadster costs around $100,000 which is more frugal than a Ferrari. You'll never need to pay for an oil change or gasoline ever again. http://www.teslamotors.com/

Tesla will be opening a Toronto dealership in 2010. They are expanding all over the world now (originally from California).

You could also wait until the Chevy Volt plug-in hybrid comes out in 2010 for about $45,000 but it lacks the sports car acceleration or appearance, and sometimes requires gasoline on really long drives. It might be a good option as well. The thing is, with brand new models like the Volt I generally prefer to avoid the first model year until the bugs are ironed out. The Tesla is on its second iteration and a safer bet in that respect.

Good luck!

December 26, 2010
10:14 am
RetirEd
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$20K will get you a brand new motorcycle that can eat any Ferrari on the road. A used one is an even better deal. BTW, it will only attract women that will leave you if you don't keep the cash flowing.

Invest in appreciation, not depreciation.
RetirEd

December 26, 2010
5:35 pm
kilarney
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girls like harleys because they shake while they sit on them!

December 28, 2010
10:04 am
benzilla
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Roc, you've done a great job of saving money, working hard and making personal sacrifices... it'd be a shame to see you throw most of that away on a silly sports car! If you must then at least go for the Tesla suggestion. Otherwise I recommend putting half in a 5-year GIC somewhere around 3.5% and use the other half to buy silver, which has doubled in value over the last year and is likely to continue rising steadily as many government currencies continue to become devalued through massive spiraling debts and inflation

December 28, 2010
2:09 pm
toto
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I think Roc is kidding , he wouldn't blow all his money on a car, when you come into wealth it motivates you to hang on to it.

I lived with my parents until I married at 25, an yes thanks to living there I saved a lot of money, because of that situation I was motivated to keep accumulation wealth and am now a millionaire at 48, no inheritance , was a office manager for a dentist and retired at 40. My husbankd has a job with Telus and makes a modest salary, we live off my intest and sock his away. We couldn't have children, I know that makes a huge difference.

I know all the tricks to being frugal and it paid off, it's not what you make, it is what you can squirrel away. It is nice to tel people about our situation on this forum because no on would know that we have wealth, we live way below our means and love it! Our families don't know because we have siblings that are deep in debt and our parents would want us to give them money, we think they need to help themselves and start making better choices.

Thanks for listening

December 29, 2010
3:09 am
mike
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toto said:
I know all the tricks to being frugal and it paid off, it's not what you make, it is what you can squirrel away. It is nice to tel people about our situation on this forum because no on would know that we have wealth, we live way below our means and love it! Our families don't know because we have siblings that are deep in debt and our parents would want us to give them money, we think they need to help themselves and start making better choices.


Toto, you are indeed a very smart (and wise) cookie. We do the exact same things as well and like yourself, our friends and familes do not know how much we really have either, I think if they did their attitudes and expectations would change quite a lot. Like you in real life, one does not brag about their richness, only those of lower class brag (that is how you can tell "new money"). But it does leave you in a peculiar situation where you want to share the "True road to riches" (which is your line above about spending and saving) with others, but not to give away you are weathly either, thus you have no strong "it worked for me, see how rich I am" example.

I'd like to share also that the more money you have the less it changes your life (if you are not changing your lifestyle because of it) and the more you come to realise that the accumulation of money isn't as important in life as before. Yes, you need money to live, but beyond that, it's just numbers. Family and friends is more valuable.

Congratulations on your success.

Have a great day

December 30, 2010
9:35 am
toto
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Thanks for thr reply and yes, I agree, money can't be the center of your life, when my husband retires in a few years we are planning a complete reversal and going to a spending plan. it may be difficult to make the change but we know it is necessary.

Also, thank for the encouragement, best wishes

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