How do I do it? I've realized over the past few months that I'm tired of working. The passion I once had for work is gone. I'm tired of depending on circumstances and other people, who are mostly undependable, to maximize my finances and am ready to become wealthy so I can live life on my terms relative to where I'm at now. I'm starting to look at what wealthy people actually do for starters, and I know that there are people on the forum who do well for themselves so I figured I would start here. How do you do it? Why do you stop at X level and not reach for the sky?
In the process of doing that on a few fronts. But I'd eventually want to get out from under the yoke of demanding customers. I'm keeping it part-time and including my wife as a partner, since she's not working at the moment and can tend to any customer needs. I'll put them on my list, along with Warren Buffet's three top books: Would an MBA help? I'm not looking to become the CEO of some other person's company.
Become wealthy is not easy or else everyone would do it. It takes balls and a risk for failure.... Or inheritance helps.
MLM'ers in 3... 2... 1... wait, it takes Google Alerts awhile, give it 24 hours and this thread is gonna turn into ****. Y'all will all be selling coffee by Monday.
It's an investment and will certainly get me a better job, which will give me more money to invest. However, I don't know if it will help me long-term for true wealth. I've looked into this casually. There is still a lot of work involved. I suppose you could build it up and sell it for a tidy profit. But I'm not looking to work my fingers to the bone building up a small business. I want to think bigger with long-term goals in mind. I don't want to make 500k a year and say it's great. I want to go bigger. I believe that is true to some degree, but on the other hand, most people are either ignorant, satisfied or scared. I look at my own success vs my parent's and the rest of the world. Compared to most of the world, most Americans are wealthy. But we aren't hungry, we have big tvs, cable, internet and plentiful food. There's no wonder that we aren't hungry, because we're full.
If you are willing to overlook the whole 95% failure rate of new businesses... A good book to read is Rich Dad, Poor Dad. However, the last third of the book discusses real estate which I don't necessarily agree with. But the majority of the book deals with saving money, not buying "stuff" that you don't need to keep up with the Joneses, building up money through saving and living below your means (again, if possible...many people live paycheck to paycheck in order to just survive). Best of luck in your endeavors
if you want to be rich slowly, minimize your spending and maximize your savings and don't try to keep up with the jones. if you want to be wealthy say within 7-10 years, leverage your money by getting into real estate or create a valuable product that is scalable to the masses.
I'll take a look at that. I've been aware of that book for a while but dismissed it somewhat because I thought it was a get-rich-quick book. I guess I should open my mind more. My loose goal (at the moment, based on my own gut feeling and very little knowledge) is 10 years. I think it's enough time to allow for some failures. Real estate is something that I'm seriously looking at because one of my closest friends is a self-made millionaire in that area. But I'd like to diversify in a few different areas to keep my funds safer.
A couple of things - If you start a business, try to do it with cash, not loans. Save up - it takes a lot of the risk out of the equation. Also, when talking about salaries...statistics show that the average millionaire works 60 hours a week and had an average salary between $75,000 - $150,000 a year. Also, they buy a 2 year old USED Honda or Chrysler, and reads 2 NON-Fiction books a month. And they cannot tell you who won American Idol. (they watch much less tv than the average American) They became Millionaires through savings and investing. They weren't flashy with money and many times you don't even know that they are millionaires. BUT...they can, and do pay cash for vacations, cash for cars, and don't stress about money. Yes, they live a good life, but they don't buy extravagant things. They value experiences over material things. They truly have a different mindset than the rest of America.
Yes, you can become wealthy when you are older by saving money and living below your means. When you are older you can have the best care possible in a upscale retirement home. If you want to be a baller in your prime you start your own business.
The Dave Ramsey material is great. I will be debt-free (minus the house) in August after 2 years of working the debt snowball. But he doesn't really teach you how to be rich now, he teaches you how to be rich when you retire. He teaches you how to save money, not necessarily how to make money. Pay off your debts, pinch pennies now, save every dollar you can...and you can retire rich. Of course, there's nothing wrong with that. Just thought I'd make that distinction.
I came up with a billion dollar invention, penis wipes like baby wipes but for your dick. How many times you need to clean your dick and there's no sink around?
Heh, no. Having a few million for retirement, even if you can get there, does not make you "rich" by any means. You can retire middle class, and hope you die before the money runs out. People in this thread posting about "millionaires" as if it's a magical plateau of the good life is very dated. It's not. That plateau was big when we were children, but now it is way north of that mark - maybe 10 million is more like it.
Typicall bigtexxx staying away from this thread. Dude doesn't want others to become billionaires like him.
