I mean you have bills every month that must be paid. Did they just say, "The heck with this month's rent if I go homeless I just go homeless and sacrifice this money on starting my own business or something wild and crazy like that. Did they more conservatively slave their way to financial freedom by nickel and diming the life savings on an investment, felt the love for what they do and like hocus freaking pocus ended up with a fat money bag. Somebody's got to explain this sh*t to me, because if none of you can't then there's no purpose of me working hard all my life for absolutely nothing. Rich people you have some serious explaining to do. I'm not talking about "How to get rich books for $19.99" Something that's a damn scam to make you $19.99 richer! Myself, $19.99 poorer. I'm on to that one. I want solid facts. No bulljive!
2006-11-30 10:01:03 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Most of them are born into it.
2006-11-30 10:03:33 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Well, I wish I knew because I'm still trying to make money, too.
But a lot of people who make good money but aren't financially independent still make more money than they need to pay their bills. Maybe they save $100 a month left over or maybe a bit more. Still, that is not going to make them rich any time soon.
My idea, which I haven't actually done yet, is to find out a lucrative profession where I can start as an assistant or freelance person who learns from an entrepreneur while I help with all kinds of grunt work and other things. The goal would be to learn how to start and run a business from them. Eventually I would save enough money and have enough knowledge that I would try to take on some of my own clients on the side. Then when I was making enough from that I could quit that job and work for myself.
The best areas for people without a lot to start with I think are real estate investment, real estate sales, both commercial and residential, stock brokerages, small media companies, etc. Try to find someone who can be a mentor. Even if you don't work for them directly, they can give you help and advice about where to start.
If you need any further education or qualifications and can find a way to get loans to finance that, that is another important way to start making more money.
Also try to start a business on the side and don't quit your regular job. Start small with selling services or a product and experiment and get lots of customer feedback. The security of your regular job is really important in the beginning before you get the business off the ground.
I don't think homelessness is going to help. Remember also that a huge number of rich people were born into families with money or connections (the latter are almost better than the former.) A smaller number of people started with nothing but made it big, but that is much, much more difficult so don't let it get you down if it isn't easy and it takes a while.
2006-11-30 10:11:51 · answer #2 · answered by braennvin2 5 · 0⤊ 0⤋
Most people have no concept of the drive, ambition, pain, terror, hopelessness, sacrifice etc... that real entrepreneurs deal with on their road to riches. Yes, some came from money. Others may just have a nice smile and some charm. Others are brilliant and worked 80 hours weeks for 10 years straight.
Ultimately, being honest and trustworthy, in addition to being willing to work longer and harder than everyone else, should pay off for most people.
Most have taken substantial risks to get where they got. They probably took every penny out of their home, their retirement, etc... to get started. Probably ate ramen noodles like college kids. Sweated blood and cried many times.
And yes, some lied, cheated and stole their way up. All we can do about that is hope it comes back to get them later.
And not to push the "how to" books, but everyone should borrow (not buy!) a copy of Rich Dad, Poor Dad. (I guarantee, ask 10 people and you'll probably get 3 copies, that they don't need you to return). Most people just don't realize the power of investments, and how to leverage them. This book can at least open your eyes to the idea that once you earned your money the hard way, it's time to make that money pay you back, over and over again. Also, it talks about the power of incorporation and tax avoidance. Massively important concepts. Easy idea in theory, impossible for most people to practice. Which is why they'll give you the book after reading it and never want it back, because they will never implement any of it.
2006-11-30 10:16:01 · answer #3 · answered by Anonymous · 2⤊ 0⤋
First, define RICH. Is $50K per year a lot, $70K, $100K??? To make this money, you either have to be in your own business or get a college degree in a good field (accounting, finance, law, computer science, Business administration). You'll have to work hard for the salary (no 40 hours a week here) and have a good attitude with your co-workers. Over the years, you'll get raises and bonuses. You don't spend these, instead you put the money into retirement accounts, buying a home, and savings accounts. You live below your means (at least 20% less than your gross salary). After 40 years of this, you retire with a few million in the bank and enjoy the good life.
Oh, by the way, most millionaires have jobs that pay less than $100K per year!
2006-11-30 14:39:00 · answer #4 · answered by Steve R 6 · 0⤊ 2⤋
Leverage of other people's work and time rather than simply using their own limited time and effort.They did it by thinking BIG in all that they did. For most people this means MONUMENTAL risk that could risk one's wellbeing. Most people are too afraid to make that kind of risk, but the rich could imagine it no other way. They'd rather be gone themselves then not be where they're supposed to be in their minds. Some did this by climbing the corporate ladder but not alot. Most are self employed entrepreneurs who use other people's work after hitting a certain point as leverage. Other regular citizens have gotten wealthy without knowing simply by using the ideology of getting multiple sources of income, rather than just one job. Having endeavors on the side which generate income naturally without work. Like MLM's and such if it suits them.
2006-11-30 10:11:24 · answer #5 · answered by Answerer 7 · 1⤊ 0⤋
Most rich people own their own companies. You will never get that rich by working for someone else. With a little luck and a lot of hard work you can move up at least one tax bracket. One thing to think about- it takes money to make money.
2006-11-30 10:10:33 · answer #6 · answered by buggirl 2 · 3⤊ 0⤋
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2016-10-08 00:48:39 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Apart from the inherited rich the others got rich by stepping on and back stabbing everyone around them...the way to the top is buy shitting on everyone..
2006-11-30 10:03:44 · answer #8 · answered by geordie.lady 6 · 1⤊ 1⤋
Just realize that many rich people come from old money that stays in the family for generations.
2006-11-30 10:02:59 · answer #9 · answered by Justcurious 3 · 4⤊ 1⤋
The old-fashioned way -- they inherited it.
2006-11-30 10:08:02 · answer #10 · answered by ndtaya 6 · 5⤊ 1⤋