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How do you get rich? (pg. 2)
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| Magnus |
| I've got a couple of ideas that I think would work but I need money to start them. That is the thing with rich people. They have the money to throw into an idea to start it up. Somebody like me with the ideas I have, I'd need to get funding or something. As for how to get rich, like the others have said, its about working smart. |
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| JBDreamerie |
| quote: | Originally posted by Magnus
I've got a couple of ideas that I think would work but I need money to start them. That is the thing with rich people. They have the money to throw into an idea to start it up. Somebody like me with the ideas I have, I'd need to get funding or something. As for how to get rich, like the others have said, its about working smart. |
not always true:
look at michael dell, dropped OUT of UT his senior year to continue expanding something he did in college (at no cost); now he's one of the richest guys in the world
look at andrew carnegie; immigrated into the US with NOTHING; worked up the ranks of a railroad/steel company; his modern worth equivalent would have been 80 times what gates has.
it's called entrepreneurship; you develop something, and go to venture capitalists; if it looks good, they give you money.
countless examples in the US |
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| Marc Summers |
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| Ygrene |
| quote: | Originally posted by BadBadNeil
How to get rich
1) Marry into wealth
2) Be born into wealth
3) Invest money
There is short and long term wealth. Compounding wealth over the course of 40 years with annual contributions will build long term wealth for retirement. Short term wealth is based a lot on research, timing, and luck. Short term gains taxes will kill you and penny stocks are only for the bold. Lots of money though if you time things right, Dell stock if bought $1,000 when it first issued is worth 35,000% more today! If you knew this you'd be a wealthy man.
4) Working hard often isn't enough.
There are hundreds of millions of people who work hard every day and will never amount to anything and are lucky to make $1mill total their entire lives. You need to set goals, nothing can ever be enough, and you can never settle. You have to be smarter than everyone else.
5) Luck plays a big part as does timing.
Sure it may take a visionary to know when something may become big but many visionaries each day fail and you don't hear about them because they lost all their money in their vision. You of course hear about the big names like Gates, Mark Cuban, Google Guys, etc who came at the perfect time. Part of that is luck and part is being smart. I'm sure even Mr. Gates didn't know the computer would be this big. It also takes a visionary to start an idea but a soldier to stay the course. Look at how many search engines failed before Google, how many pc makers failed around Dell, etc.
6) Know business.
The vast majority of people I know who are wealthy have some association with business and knowledge of business. Whether they took classes in college, have an MBA or whatever, it gives them an upper hand. Knowledge of business allows you to work in fields of money if you so desire or allows you to build your own business and empire. It is important to not only know your business but know your market and have a solid business plan.
7) Real estate is a good investment. With historic averages >8% it is a pretty good and stable investment. The day of the speculator I think is dead however, there are still markets to get into but lot of overvalued markets now as well, especially in LV, Cali, SF, etc. Land is always a good investment because you can never get more land. This land I was looking at in Ocala FL is now worth 300% when I was thinking of buying it, doh! I should have bought 50acres and sold it, I'd be up over half a mil. Land in smaller states such as CT, NJ, RI etc are also at a big premium. Big developers are paying people small fortunes for land to build condos on.
8)Money breeds money. Sure you have a higher lifestyle when you have money but still. Look at all the moviestars for example buying and selling homes like it was a shirt for us. They buy for $15mil, sell 5 years later for $30mil, bam big profit. They can afford the $15mil house though to make the other $15mil. It is much easier to make money when you have a decent amount and people will cut you breaks, deals, etc to have your money invested with them.
9) Low overhead is a good business. Google is a good example, they don't make a single thing. Everything is virtual, they don't have to ship products, manufacter anything, they sell space on a virtual billboard for billions of dollars. You also have less to worry about like product support. An example of a high overhead business would be a restaurant because you have to buy food, prepare it, clean the area, wash dishes, and make sure everything is consistantly good so the customers don't go elsewhere. Thats why so many restaurants fail and their profit margin is generally so low. It is a challenge to consistantly keep packed.
10) Have a great jumpshot, great vertical leap, and make your freethrows. You will be rich in no time!
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| JBDreamerie |
also, couple more things:
you have to be smart, and you have to want it. really want it.
i don't want to sound elite or whatever, but a majority of people out there are extraordinarily stupid. you have to be better than them.
and if you say, yea, i want it, you have to be able to answer the question, do i believe in this enough that i can drop everything and go after it? and would i be willing to go through with this until the very end?
i took a character-evaluation test for my job last summer, and one of the possible outcomes was a dominant (D) characteristic. only 5% of the population is like this. most often, you have to be this if you want to start your own business. if you get pushed around, or if you're one of those quiet types, give up, nothing's going to happen.
you have to go for the jugular, go for the kill, have no mercy. |
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| Marc Summers |
| I hate rich people. You shouldn't get rich by abusing capitalism, which is an unfair economic system to begin with. You should strive to become a great person, even if it requires you to sacrifice things that make life more comfortable (Nice car, nice house, etc.). I'd rather be a poor man who changed the world, than a rich man who just capitalized his gains. |
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| JBDreamerie |
| quote: | Originally posted by Marc Summers
I hate rich people. You shouldn't get rich by abusing capitalism, which is an unfair economic system to begin with. You should strive to become a great person, even if it requires you to sacrifice things that make life more comfortable (Nice car, nice house, etc.). I'd rather be a poor man who changed the world, than a rich man who just capitalized his gains. |
:haha: :haha: :haha: :haha: :haha: |
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| Marc Summers |
| quote: | Originally posted by JBDreamerie
:haha: :haha: :haha: :haha: :haha: |
Explain. |
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| DjConfessions |
| i can make pretty good oney buying usb cables at cost and selling them out my trunk |
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| Purple |
| quote: | Originally posted by Marc Summers
I hate rich people. You shouldn't get rich by abusing capitalism, which is an unfair economic system to begin with. You should strive to become a great person, even if it requires you to sacrifice things that make life more comfortable (Nice car, nice house, etc.). I'd rather be a poor man who changed the world, than a rich man who just capitalized his gains. |
You mean someone like Mother Teresa? |
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| Slylee |
one my boss' main clients is a millionaire....actually all of them all but they're all crooks. hahah (i work for a white collar criminal defense attorney and most of his clients are doctors busted doing medicare fraud or guys who sell/sold counterfeit pharamceuticals).
no but seriously, one of them is really cool and he's very smart. he came up with some software that helps pharamceutical sales. like one main site u go to that keeps track of sales or some . i couldn't even begin to explain it, but he ws the first to come up with it.
then he came up with an idea for a website that helps people with unused registered domain names. like let's say you thought of some catchy website name but didn't (and couln't) do anything with it. well he came up with a site/company that helps find uses for your domain name by other companies. sold it 2 years ago for 3 million.
oh and about "how you get rich". you don't necessarily have to be extremely smart, as in, book smart like bill gates... you have to bust your ing ass, that's how. the money's not gonna show up at your doorstep. |
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| timmyboy2 |
like Bill Gates for example he started Microsoft at the beginning of the PC revolution but there arent many new tech revolutions like that left.
or my uncle who started out digging wells (with a drilling machine)
then he bought land with oil in Texas and when oil went up to $80 a barrel he got rich |
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