You can't build wealth by not working your fingers to the bone. You have to be prepared to burn the candle at both ends while still maintaining your other responsibilities. The hardest million to earn is the first million. You can't think long-term without putting in hard work in the short term. Plain and simple.
I know a lot of people who are or are on the track to being very successful. Most of them are all doing it with real estate. Got several friends flipping old homes, another buying duplexes & 4 plexes, one buying and flipping/renting trailer homes and several doing real estate development. The all started with some seed money and just keep rolling it into deals without ever giving themselves raises. The key is buying something that you can add value to [rennovate] with some type of construction loan/private lender and then refinancing it with a standard mortgage or selling. Gotta use banks to make bank.
You are a smart guy and I like you. But how is getting back to where you started 3 years ago 'building' ?? Maybe I am seeing this all wrong but taking 3 years to get back to where you were 3 years ago?
I guess Trump is a bad example to defend. What I'm getting at (and mind you, this is from our experience at seeking funding) is that it takes more than just any fast talking douche off the streets to run a company. Venture Capitalists look for a CEO of a certain type; less Gordon Gecko, and more Dave Thomas/Andy Grove. The former can make you money but just as likely to screw you over if things don't go well.
But what about all of those people we need to impress? Can't let them down, huh? And people wondered why I started that thread where I asked if they cared about being rich.
My local chic fil a's owner is rarely there. Other then attending business meetings and staff meeting every couple weeks he doesn't do much hands on work with the restaurant itself. Ive had the chance to talk to a few employees there and I use to work with a bookeeper of the chick fil a
He can rob a bank. Or steal the coins people throw in fountains when they make a wish. Go to enough public places and he'll be looking at thousands of dollars per year. And then, he can always buff up, go down The Strip and, uh, offer his special services
In your spare time get a masters and PhD in Philosophy from the University of Phoenix -- then sit back and watch the money roll in... $$$
True wealth is a combination of free time to do what you want to do and health. If you are spending 16 hours a day working or if you are constantly dealing with health concerns...you may have a crap ton of money, but you're not wealthy. Taking the business route is really the only way to get there...but it's a very difficult road. I've always had a 10 year plan...and Im 2.5 years into it. Nowhere close to where I want to be, but with business, it's one of those things that starts taking off rather quickly once the ball starts rolling. It's a grind to get there...and I think only a very small percentage of people are cut out for it. I'll let you guys know in 7.5 years if I was cut out for it, haha.
Money that is just sitting in a savings account is losing value when one looks at 3% inflation versus an interest rate of .01% (Chase). Currently, I would not waste time investing in any bonds. Mutual funds are definitely the best way to go. There are a few mutual funds that one can use to accumulate wealth quickly. Here are two high-performing mutual funds: https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/316390772 https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/360873574
Was going to suggest the Richest Man In Babylon. My dad had me read that back when I was in high school, and I've been living on those principles ever since. I should be well taken care of by the time I retire.
That's nonsense. Great wealth is a product of a lot of things including factors that you can't control like luck, timing, trends, inheritance, legacy, etc. It strikes me how often the plain and simple adage is applied to things that are neither plain nor simple.
Unless you are inheriting a lot of money...you need to work your ass off...AND have things like luck/timing go your way.
I just dispute this notion that its all about hard work, that if you work hard you can be a millionaire too. It's like a fantasy carrot this notion that you can all be millionaires if you just work harder.
You're right...it's hard work plus things falling your way. Intelligent decisions can help out in cases where luck/timing/trends arent going your way...but in the end, pieces have to fall in place...pieces that arent always related to how hard one is working. However, you need the hard work, it is the most important part of the equation. Obviously just relying on luck or timing isnt going to do anything for anyone, unless you inherit money...or strike gold with the lottery.