[bull_area]

Hello everyone, I admire your success in life so that you could afford those beautiful F10's, I love this car so much, could you please help to point me in right direction in business so I could enjoy owning one too?
I am finishing college right now and I am searching for the right idea for making business, so I would like to congratulate you if you tell me how you are making that kind of fortune.
Right now I am stuck on old Merc CLK and knowledge I earned in school is enough for making only 10000 euro / year in my country so I need to make break through in business here, or go abroad and work hard in IT sector.

Please share your ideas with me.
Thanks

previous cars:
Nissan Sylvia 2.4 DOHC
Mitsubishi Eclipse 2.0
Mercedes CLK 320 W208

[MoneyJ]

Don't have an F10 yet, but likely buying 550i soon. Ph.D. chemical engineer in oil industry.

[Super6]

I would say:

1. Have multiple streams of income, do not rely on just one primary job to live off of.
2. Recognize needs vs wants
3. Never buy a want on credit
4. Take a step back to move forward. The old merc will eventually cost you more in maintenance then what its worth. I would suggest having a cheaper everyday car, something inexpensive and reliable. Then for your play car/weekend car have something expensive.......that slows down maintenance schedules, fuel expense, and overall expenditures.
5. Did you say (10,000 euro)????? If that is the case you and you have experience in IT you definitely need to sell everything and move to the US. You can add an extra "0" to that easily here.

I will be honest with you, if you are finishing college right now. Don't worry about an F10, that will come later, concentrate on getting the right start, you don't need an overly expensive car weighing down. Its a depreciable asset anyway.

(Budget Analyst, Real Estate Agent, Shade Tree Mechanic, X-Military)

[kthankzbye]

Go into real estate or become a stock broker. IT is a good field but if you do biomedical informatics/IT, it's even better. If I could do it over again, I would choose biomedical informatics/IT instead of being a doctor. The CIO I know at a certain hospital makes close to 500k/year.

[Grover432]

Get born to rich parents or if that is impossible, try to get adopted.

[///SAL]

Im a laborer

[Super6]

Originally Posted by Grover432

Get born to rich parents or if that is impossible, try to get adopted.

Originally Posted by ///SAL

Im a laborer

[BavariaExclusive]

Super6 very good advice.

No matter what you do in life just do it, live it and breath it. Hit your goals, never get distracted from your goals. Money will eventually follow.

[Grover432]

Originally Posted by BavariaExclusive

Super6 very good advice.

No matter what you do in life just do it, live it and breath it. Hit your goals, never get distracted from your goals. Money will eventually follow.

And if it doesn't, don't worry about it. I've had 8 BMWs a Toyota a Dodge truck and other vehicles. None of them made my life better or worse. Good health, good family, good friends are all you need.

[ajandhek]

Make pizza

[ezmaass]

Honestly, life and good fortune isn't about owning a BMW. But I'll say this - good for you that you're looking up to people who make themselves successful. Here in the US, this is a dying trait among our youth. Too many socialists who want stuff handed to them and think capitalism is evil, and not enough people who aspire to make their own way in life.

Money is a tool. It's a means to an end, but it shouldn't be the end game, itself. That's to say, desire money for what it can do for you in life - allow you to pursue a dream, retire, start a business, enjoy a hobby, take care of your family, etc. But don't desire money to have money. I've seen very few people made happy because they have money in a bank account. Many more, rather, I've seen happy because they understand how to deploy their financial resources to enrich their lives and the lives of those around them.

You'll start off by working for a living - that means, you need to get a job. In order to be successful, it'll help considerably if you LOVE what you do. So don't pick a profession because you think it'll bring in money. Pick a profession that you'll love and then find a way to make money with it. In most cases, maybe not all, this should be possible.

When you do pick your profession and begin working at it, give it 200%. When your 20-something-year-old buddies are kicking back at 5pm, keep your nose to the grindstone. Do whatever it takes to stand out from your peers at work. The name of the game is fast-track promotion and growth while you're in your 20's. This isn't for everyone... and realize, you DO sacrifice something here... mainly on the personal side of life. So don't go overboard. Still maintain some semblance of a life, find time to date, but don't waste time drinking until you pass out, playing video games, or other wastes of time (and brain cells).

Next, realize that the guys who DO the work get paid differently from the guys who MANAGE the guys who do the work. That's right - promotion. IT is a great field. I'm a software engineer by background. I haven't written code in a long time. I'm now a C-level at software company. It's a whole different ball game. So whatever business you go into - whether making widgets or delivering widget services - learn the business, itself. Learn how your product/service is sold, how it's marketed, who your clients are, how the financials work, distribution, partnerships, etc... learn it all. This is your key to moving up. A guy who writes code here in the US can make $50k - $200k a year depending upon skill, industry, geography, etc. But understanding the business, and rising above this, opens up all sorts of new earning potential. And quite honestly, it can be much more satisfying and enlightening. Not for everyone.

Your money makes money, not a job. So, while you're working on making a decent salary, learn to invest. Don't blow the money you're making on "stuff." A car is a depreciating asset, which means it's the exact opposite of an investment. While you're young, start off on the right foot. Open a brokerage account. Don't make stupid mistakes and convince yourself you know how to pick stocks, get sucked into get-rich-quick scams, or otherwise. Put your money into boring investments that make quality returns - anywhere from 5% - 8% a year. Get that ball rolling. Contribute regularly and make it almost like a game. The wealthiest people I know are compulsive about investing and saving... it's a challenge, a game.

As you start building a solid set of liquid investments, take time to educate yourself. After a few years of doing the "boring" stuff, you may want to get into some higher stakes and higher potential types of returns. At this point, you're making more money at work, so you have more capital to invest, too. There's great resources at the library or Internet (make sure it's credible) to learn about things like options trading and other derivatives. The market's not for everyone, and it can be higher risk, but it's a wonderful tool for building wealth if you're willing to spend the time to learn how it works. Most people go belly-up because they're unwilling to learn and simply throw money at what they think are "investments" (uneducated risks, really).

Beside the above advice, a few points to live by:

1. Live below your means. Never spend anywhere near what you make.

2. Debt is a terrible enemy that will starve you of opportunities. The two exceptions are education and real estate.

3. Don't waste money on rent. Despite what housing bears may say, real estate is still one of the best investments. Land is finite. The world's population is growing. Supply and demand. Just be wise about where you buy - find the cheapest property in the most desirable neighborhood. Location is the key factor. If the area has been in heavy demand historically (here in the US - NYC, Boston, LA, DC, etc) it's hard to go wrong. These areas will continue to appreciate. As I said above, this is one of the few exceptions where debt is OK - using someone else's money (especially at cheap interest rates) to buy real estate is a good thing.

4. Insurance. Make sure you're always properly insured - health, auto, property, liability, etc. The first time something terribly wrong happens in life (pray it doesn't, but it has good odds of occurring at some point), you can be financially wiped out without the right coverage. While some may see it as a waste of money (they're invincible), you'll take greater risks and feel more secure about moving forward in life if you're insured against the events that could bankrupt you. Insure yourself, in all areas of life, at levels appropriate to cover your assets and your potential liabilities.

5. Emergency Fund. While you're starting off in life, you may be tempted to either waste money on "stuff" or maybe even jump into more aggressive, long-term investments, like buying a piece of real estate. However, an emergency fund is key - make sure you have 6 months of living expenses in cash that you can pull upon if you needed.

6. Retirement. You're not going to be able to work forever, so start saving for retirement on Day 1 when you begin your first job. If your company offers a retirement plan, participate - if not, save on your own. The only things that help you with retirement savings are the amount you can save and the time you have to save. Time is on your side when you start young.

Some semblance of the above advice should get you to where you're looking to go. I think I've been very fortunate in life, but it's not just luck and good planning... it's also sacrifice. I've gotten to where I am in life because I was willing to give up some stuff along the way. As a case in point, when I was 22 years old and my friends were partying it up, I spent over 280 nights in hotels that same year on business travel working aggressively to make a name for myself and get ahead. I had considerably less social life than my friends in some of those early years. But in return, I was making a six figure salary by the time I was in my mid-20's. Today, I still continue to sacrifice - not nearly as much as I did back then, but nonetheless. My career requires me to travel, long nights on occasion, and plenty of stress with it. But some people may look at me, or others with similar stories here, and just see a big house, a nice car, fancy vacations, etc, and think it's just without compromise. It isn't. It's really solid planning, commitment, AND sacrifice.

If you can do these things, the money will come. Make sure you live honestly and earn a living honestly, too. If you don't, it'll catch up to you. And going back to my original sentiments, make sure that you're using your financial success as a means to an end - a way to enrich your life and those around you. Personal possessions are nice, and if you enjoy a splurge here and there, that's all well and good... but make sure you don't get wrapped up in believing that happiness in life is equated to those possessions... most of the people who make that mistake are very, very unhappy despite the beautiful cars in their garage.

Good luck as you set off in life! You have an exciting journey ahead of you!

[JesseIan]

Marketing and PR for a few companies, have an interview at Amazon for Marketing/PR soon.

Nothing wrong with the w208's, and any pictures of the Silvia? S-chassis are my roots!

[BavariaExclusive]

Originally Posted by ezmaass

Honestly, life and good fortune isn't about owning a BMW. But I'll say this - good for you that you're looking up to people who make themselves successful. Here in the US, this is a dying trait among our youth. Too many socialists who want stuff handed to them and think capitalism is evil, and not enough people who aspire to make their own way in life.

Money is a tool. It's a means to an end, but it shouldn't be the end game, itself. That's to say, desire money for what it can do for you in life - allow you to pursue a dream, retire, start a business, enjoy a hobby, take care of your family, etc. But don't desire money to have money. I've seen very few people made happy because they have money in a bank account. Many more, rather, I've seen happy because they understand how to deploy their financial resources to enrich their lives and the lives of those around them.

You'll start off by working for a living - that means, you need to get a job. In order to be successful, it'll help considerably if you LOVE what you do. So don't pick a profession because you think it'll bring in money. Pick a profession that you'll love and then find a way to make money with it. In most cases, maybe not all, this should be possible.

When you do pick your profession and begin working at it, give it 200%. When your 20-something-year-old buddies are kicking back at 5pm, keep your nose to the grindstone. Do whatever it takes to stand out from your peers at work. The name of the game is fast-track promotion and growth while you're in your 20's. This isn't for everyone... and realize, you DO sacrifice something here... mainly on the personal side of life. So don't go overboard. Still maintain some semblance of a life, find time to date, but don't waste time drinking until you pass out, playing video games, or other wastes of time (and brain cells).

Next, realize that the guys who DO the work get paid differently from the guys who MANAGE the guys who do the work. That's right - promotion. IT is a great field. I'm a software engineer by background. I haven't written code in a long time. I'm now a C-level at software company. It's a whole different ball game. So whatever business you go into - whether making widgets or delivering widget services - learn the business, itself. Learn how your product/service is sold, how it's marketed, who your clients are, how the financials work, distribution, partnerships, etc... learn it all. This is your key to moving up. A guy who writes code here in the US can make $50k - $200k a year depending upon skill, industry, geography, etc. But understanding the business, and rising above this, opens up all sorts of new earning potential. And quite honestly, it can be much more satisfying and enlightening. Not for everyone.

Your money makes money, not a job. So, while you're working on making a decent salary, learn to invest. Don't blow the money you're making on "stuff." A car is a depreciating asset, which means it's the exact opposite of an investment. While you're young, start off on the right foot. Open a brokerage account. Don't make stupid mistakes and convince yourself you know how to pick stocks, get sucked into get-rich-quick scams, or otherwise. Put your money into boring investments that make quality returns - anywhere from 5% - 8% a year. Get that ball rolling. Contribute regularly and make it almost like a game. The wealthiest people I know are compulsive about investing and saving... it's a challenge, a game.

As you start building a solid set of liquid investments, take time to educate yourself. After a few years of doing the "boring" stuff, you may want to get into some higher stakes and higher potential types of returns. At this point, you're making more money at work, so you have more capital to invest, too. There's great resources at the library or Internet (make sure it's credible) to learn about things like options trading and other derivatives. The market's not for everyone, and it can be higher risk, but it's a wonderful tool for building wealth if you're willing to spend the time to learn how it works. Most people go belly-up because they're unwilling to learn and simply throw money at what they think are "investments" (uneducated risks, really).

Beside the above advice, a few points to live by:

1. Live below your means. Never spend anywhere near what you make.

2. Debt is a terrible enemy that will starve you of opportunities. The two exceptions are education and real estate.

3. Don't waste money on rent. Despite what housing bears may say, real estate is still one of the best investments. Land is finite. The world's population is growing. Supply and demand. Just be wise about where you buy - find the cheapest property in the most desirable neighborhood. Location is the key factor. If the area has been in heavy demand historically (here in the US - NYC, Boston, LA, DC, etc) it's hard to go wrong. These areas will continue to appreciate. As I said above, this is one of the few exceptions where debt is OK - using someone else's money (especially at cheap interest rates) to buy real estate is a good thing.

4. Insurance. Make sure you're always properly insured - health, auto, property, liability, etc. The first time something terribly wrong happens in life (pray it doesn't, but it has good odds of occurring at some point), you can be financially wiped out without the right coverage. While some may see it as a waste of money (they're invincible), you'll take greater risks and feel more secure about moving forward in life if you're insured against the events that could bankrupt you. Insure yourself, in all areas of life, at levels appropriate to cover your assets and your potential liabilities.

5. Emergency Fund. While you're starting off in life, you may be tempted to either waste money on "stuff" or maybe even jump into more aggressive, long-term investments, like buying a piece of real estate. However, an emergency fund is key - make sure you have 6 months of living expenses in cash that you can pull upon if you needed.

6. Retirement. You're not going to be able to work forever, so start saving for retirement on Day 1 when you begin your first job. If your company offers a retirement plan, participate - if not, save on your own. The only things that help you with retirement savings are the amount you can save and the time you have to save. Time is on your side when you start young.

Some semblance of the above advice should get you to where you're looking to go. I think I've been very fortunate in life, but it's not just luck and good planning... it's also sacrifice. I've gotten to where I am in life because I was willing to give up some stuff along the way. As a case in point, when I was 22 years old and my friends were partying it up, I spent over 280 nights in hotels that same year on business travel working aggressively to make a name for myself and get ahead. I had considerably less social life than my friends in some of those early years. But in return, I was making a six figure salary by the time I was in my mid-20's. Today, I still continue to sacrifice - not nearly as much as I did back then, but nonetheless. My career requires me to travel, long nights on occasion, and plenty of stress with it. But some people may look at me, or others with similar stories here, and just see a big house, a nice car, fancy vacations, etc, and think it's just without compromise. It isn't. It's really solid planning, commitment, AND sacrifice.

If you can do these things, the money will come. Make sure you live honestly and earn a living honestly, too. If you don't, it'll catch up to you. And going back to my original sentiments, make sure that you're using your financial success as a means to an end - a way to enrich your life and those around you. Personal possessions are nice, and if you enjoy a splurge here and there, that's all well and good... but make sure you don't get wrapped up in believing that happiness in life is equated to those possessions... most of the people who make that mistake are very, very unhappy despite the beautiful cars in their garage.

Good luck as you set off in life! You have an exciting journey ahead of you!

That advice is priceless to who may utilize it. Takes a life time to figure out what you've told him in couple of paragraphs.

[///SAL]

Originally Posted by Super6

Believe it or not i sweep floors

[naamanf]

Fly heliwompters for my crazy uncle.

Everything ezmaass wrote is sage advice.

[Daddy Wagon]

I do as little as possible. Not born into $ either.

[immx]

Originally Posted by ezmaass

Honestly, life and good fortune isn't about owning a BMW. But I'll say this - good for you that you're looking up to people who make themselves successful. Here in the US, this is a dying trait among our youth. Too many socialists who want stuff handed to them and think capitalism is evil, and not enough people who aspire to make their own way in life.

Money is a tool. It's a means to an end, but it shouldn't be the end game, itself. That's to say, desire money for what it can do for you in life - allow you to pursue a dream, retire, start a business, enjoy a hobby, take care of your family, etc. But don't desire money to have money. I've seen very few people made happy because they have money in a bank account. Many more, rather, I've seen happy because they understand how to deploy their financial resources to enrich their lives and the lives of those around them.

You'll start off by working for a living - that means, you need to get a job. In order to be successful, it'll help considerably if you LOVE what you do. So don't pick a profession because you think it'll bring in money. Pick a profession that you'll love and then find a way to make money with it. In most cases, maybe not all, this should be possible.

When you do pick your profession and begin working at it, give it 200%. When your 20-something-year-old buddies are kicking back at 5pm, keep your nose to the grindstone. Do whatever it takes to stand out from your peers at work. The name of the game is fast-track promotion and growth while you're in your 20's. This isn't for everyone... and realize, you DO sacrifice something here... mainly on the personal side of life. So don't go overboard. Still maintain some semblance of a life, find time to date, but don't waste time drinking until you pass out, playing video games, or other wastes of time (and brain cells).

Next, realize that the guys who DO the work get paid differently from the guys who MANAGE the guys who do the work. That's right - promotion. IT is a great field. I'm a software engineer by background. I haven't written code in a long time. I'm now a C-level at software company. It's a whole different ball game. So whatever business you go into - whether making widgets or delivering widget services - learn the business, itself. Learn how your product/service is sold, how it's marketed, who your clients are, how the financials work, distribution, partnerships, etc... learn it all. This is your key to moving up. A guy who writes code here in the US can make $50k - $200k a year depending upon skill, industry, geography, etc. But understanding the business, and rising above this, opens up all sorts of new earning potential. And quite honestly, it can be much more satisfying and enlightening. Not for everyone.

Your money makes money, not a job. So, while you're working on making a decent salary, learn to invest. Don't blow the money you're making on "stuff." A car is a depreciating asset, which means it's the exact opposite of an investment. While you're young, start off on the right foot. Open a brokerage account. Don't make stupid mistakes and convince yourself you know how to pick stocks, get sucked into get-rich-quick scams, or otherwise. Put your money into boring investments that make quality returns - anywhere from 5% - 8% a year. Get that ball rolling. Contribute regularly and make it almost like a game. The wealthiest people I know are compulsive about investing and saving... it's a challenge, a game.

As you start building a solid set of liquid investments, take time to educate yourself. After a few years of doing the "boring" stuff, you may want to get into some higher stakes and higher potential types of returns. At this point, you're making more money at work, so you have more capital to invest, too. There's great resources at the library or Internet (make sure it's credible) to learn about things like options trading and other derivatives. The market's not for everyone, and it can be higher risk, but it's a wonderful tool for building wealth if you're willing to spend the time to learn how it works. Most people go belly-up because they're unwilling to learn and simply throw money at what they think are "investments" (uneducated risks, really).

Beside the above advice, a few points to live by:

1. Live below your means. Never spend anywhere near what you make.

2. Debt is a terrible enemy that will starve you of opportunities. The two exceptions are education and real estate.

3. Don't waste money on rent. Despite what housing bears may say, real estate is still one of the best investments. Land is finite. The world's population is growing. Supply and demand. Just be wise about where you buy - find the cheapest property in the most desirable neighborhood. Location is the key factor. If the area has been in heavy demand historically (here in the US - NYC, Boston, LA, DC, etc) it's hard to go wrong. These areas will continue to appreciate. As I said above, this is one of the few exceptions where debt is OK - using someone else's money (especially at cheap interest rates) to buy real estate is a good thing.

4. Insurance. Make sure you're always properly insured - health, auto, property, liability, etc. The first time something terribly wrong happens in life (pray it doesn't, but it has good odds of occurring at some point), you can be financially wiped out without the right coverage. While some may see it as a waste of money (they're invincible), you'll take greater risks and feel more secure about moving forward in life if you're insured against the events that could bankrupt you. Insure yourself, in all areas of life, at levels appropriate to cover your assets and your potential liabilities.

5. Emergency Fund. While you're starting off in life, you may be tempted to either waste money on "stuff" or maybe even jump into more aggressive, long-term investments, like buying a piece of real estate. However, an emergency fund is key - make sure you have 6 months of living expenses in cash that you can pull upon if you needed.

6. Retirement. You're not going to be able to work forever, so start saving for retirement on Day 1 when you begin your first job. If your company offers a retirement plan, participate - if not, save on your own. The only things that help you with retirement savings are the amount you can save and the time you have to save. Time is on your side when you start young.

Some semblance of the above advice should get you to where you're looking to go. I think I've been very fortunate in life, but it's not just luck and good planning... it's also sacrifice. I've gotten to where I am in life because I was willing to give up some stuff along the way. As a case in point, when I was 22 years old and my friends were partying it up, I spent over 280 nights in hotels that same year on business travel working aggressively to make a name for myself and get ahead. I had considerably less social life than my friends in some of those early years. But in return, I was making a six figure salary by the time I was in my mid-20's. Today, I still continue to sacrifice - not nearly as much as I did back then, but nonetheless. My career requires me to travel, long nights on occasion, and plenty of stress with it. But some people may look at me, or others with similar stories here, and just see a big house, a nice car, fancy vacations, etc, and think it's just without compromise. It isn't. It's really solid planning, commitment, AND sacrifice.

If you can do these things, the money will come. Make sure you live honestly and earn a living honestly, too. If you don't, it'll catch up to you. And going back to my original sentiments, make sure that you're using your financial success as a means to an end - a way to enrich your life and those around you. Personal possessions are nice, and if you enjoy a splurge here and there, that's all well and good... but make sure you don't get wrapped up in believing that happiness in life is equated to those possessions... most of the people who make that mistake are very, very unhappy despite the beautiful cars in their garage.

Good luck as you set off in life! You have an exciting journey ahead of you!

Best advice I've ever heard on a forum anywhere

[TheGr8Swami]

Originally Posted by ezmaass

Honestly, life and good fortune isn't about owning a BMW. But I'll say this - good for you that you're looking up to people who make themselves successful. Here in the US, this is a dying trait among our youth. Too many socialists who want stuff handed to them and think capitalism is evil, and not enough people who aspire to make their own way in life.

Money is a tool. It's a means to an end, but it shouldn't be the end game, itself. That's to say, desire money for what it can do for you in life - allow you to pursue a dream, retire, start a business, enjoy a hobby, take care of your family, etc. But don't desire money to have money. I've seen very few people made happy because they have money in a bank account. Many more, rather, I've seen happy because they understand how to deploy their financial resources to enrich their lives and the lives of those around them.

You'll start off by working for a living - that means, you need to get a job. In order to be successful, it'll help considerably if you LOVE what you do. So don't pick a profession because you think it'll bring in money. Pick a profession that you'll love and then find a way to make money with it. In most cases, maybe not all, this should be possible.

When you do pick your profession and begin working at it, give it 200%. When your 20-something-year-old buddies are kicking back at 5pm, keep your nose to the grindstone. Do whatever it takes to stand out from your peers at work. The name of the game is fast-track promotion and growth while you're in your 20's. This isn't for everyone... and realize, you DO sacrifice something here... mainly on the personal side of life. So don't go overboard. Still maintain some semblance of a life, find time to date, but don't waste time drinking until you pass out, playing video games, or other wastes of time (and brain cells).

Next, realize that the guys who DO the work get paid differently from the guys who MANAGE the guys who do the work. That's right - promotion. IT is a great field. I'm a software engineer by background. I haven't written code in a long time. I'm now a C-level at software company. It's a whole different ball game. So whatever business you go into - whether making widgets or delivering widget services - learn the business, itself. Learn how your product/service is sold, how it's marketed, who your clients are, how the financials work, distribution, partnerships, etc... learn it all. This is your key to moving up. A guy who writes code here in the US can make $50k - $200k a year depending upon skill, industry, geography, etc. But understanding the business, and rising above this, opens up all sorts of new earning potential. And quite honestly, it can be much more satisfying and enlightening. Not for everyone.

Your money makes money, not a job. So, while you're working on making a decent salary, learn to invest. Don't blow the money you're making on "stuff." A car is a depreciating asset, which means it's the exact opposite of an investment. While you're young, start off on the right foot. Open a brokerage account. Don't make stupid mistakes and convince yourself you know how to pick stocks, get sucked into get-rich-quick scams, or otherwise. Put your money into boring investments that make quality returns - anywhere from 5% - 8% a year. Get that ball rolling. Contribute regularly and make it almost like a game. The wealthiest people I know are compulsive about investing and saving... it's a challenge, a game.

As you start building a solid set of liquid investments, take time to educate yourself. After a few years of doing the "boring" stuff, you may want to get into some higher stakes and higher potential types of returns. At this point, you're making more money at work, so you have more capital to invest, too. There's great resources at the library or Internet (make sure it's credible) to learn about things like options trading and other derivatives. The market's not for everyone, and it can be higher risk, but it's a wonderful tool for building wealth if you're willing to spend the time to learn how it works. Most people go belly-up because they're unwilling to learn and simply throw money at what they think are "investments" (uneducated risks, really).

Beside the above advice, a few points to live by:

1. Live below your means. Never spend anywhere near what you make.

2. Debt is a terrible enemy that will starve you of opportunities. The two exceptions are education and real estate.

3. Don't waste money on rent. Despite what housing bears may say, real estate is still one of the best investments. Land is finite. The world's population is growing. Supply and demand. Just be wise about where you buy - find the cheapest property in the most desirable neighborhood. Location is the key factor. If the area has been in heavy demand historically (here in the US - NYC, Boston, LA, DC, etc) it's hard to go wrong. These areas will continue to appreciate. As I said above, this is one of the few exceptions where debt is OK - using someone else's money (especially at cheap interest rates) to buy real estate is a good thing.

4. Insurance. Make sure you're always properly insured - health, auto, property, liability, etc. The first time something terribly wrong happens in life (pray it doesn't, but it has good odds of occurring at some point), you can be financially wiped out without the right coverage. While some may see it as a waste of money (they're invincible), you'll take greater risks and feel more secure about moving forward in life if you're insured against the events that could bankrupt you. Insure yourself, in all areas of life, at levels appropriate to cover your assets and your potential liabilities.

5. Emergency Fund. While you're starting off in life, you may be tempted to either waste money on "stuff" or maybe even jump into more aggressive, long-term investments, like buying a piece of real estate. However, an emergency fund is key - make sure you have 6 months of living expenses in cash that you can pull upon if you needed.

6. Retirement. You're not going to be able to work forever, so start saving for retirement on Day 1 when you begin your first job. If your company offers a retirement plan, participate - if not, save on your own. The only things that help you with retirement savings are the amount you can save and the time you have to save. Time is on your side when you start young.

Some semblance of the above advice should get you to where you're looking to go. I think I've been very fortunate in life, but it's not just luck and good planning... it's also sacrifice. I've gotten to where I am in life because I was willing to give up some stuff along the way. As a case in point, when I was 22 years old and my friends were partying it up, I spent over 280 nights in hotels that same year on business travel working aggressively to make a name for myself and get ahead. I had considerably less social life than my friends in some of those early years. But in return, I was making a six figure salary by the time I was in my mid-20's. Today, I still continue to sacrifice - not nearly as much as I did back then, but nonetheless. My career requires me to travel, long nights on occasion, and plenty of stress with it. But some people may look at me, or others with similar stories here, and just see a big house, a nice car, fancy vacations, etc, and think it's just without compromise. It isn't. It's really solid planning, commitment, AND sacrifice.

If you can do these things, the money will come. Make sure you live honestly and earn a living honestly, too. If you don't, it'll catch up to you. And going back to my original sentiments, make sure that you're using your financial success as a means to an end - a way to enrich your life and those around you. Personal possessions are nice, and if you enjoy a splurge here and there, that's all well and good... but make sure you don't get wrapped up in believing that happiness in life is equated to those possessions... most of the people who make that mistake are very, very unhappy despite the beautiful cars in their garage.

Good luck as you set off in life! You have an exciting journey ahead of you!

Excellent! I just showed this post to my interns.

[combatbmw]

Get some people skills.

Get an education.

Work not toward promotion, but toward building your dreams.

Im a business owner.

My education (USC), I would say was about 15% of my success, the rest is the ability to communicate and constant thinking of what to do with my life, until I had a good idea, went with it, worked my ass off. And there you have it.

[f10inSD]

Personally I think owning a BMW has more to do with how you manage your income.

I know plenty of people with a decent income (100k) and they are in debt and can't afford a BMW. I guess my point is find something you love to do and be smart with your money... the BMW will come!

(I'm in law enforcement by the way)

[Hellraiserharris]

Master plumber here. Like most people say. You just got to know how to manage your money.

[silberma]

If you are into BMW's you are a status seeker. BMW's are very expensive to own and have high depreciation. My Nissan Maxima with a sport package is a much better value than any BMW. I enjoyed 3 Honda Accords with V-6's for many years. The only reason for my 2012 535i is that it is a hand me down from a family member.

If you must own one. The way to go is to buy a 3 year old CPO model for half the price of a new one or lease one. For these options you do not have to be rich.

There are more important things in life than buying status symbols.