Key to Being Rich Is Having Fun?

Question

I see alot of people ask about how to make money but tend to not ask themselves a question, which is what do I enjoy to do. Alot of millionaires become wealthy because they make a hobby into money. So I think the key is to find what you are good at and then create a plan on how you can use those attributes to make money. I mean if you are going to be pursuing a trade to become wealthy and support you throughout life it should be quite entertaining as well. What do you think?

Answer 1

Well a great example is Richard Branson (my favourite rich person!). He's loaded and has a great time with his money. He also is involved in a number of philanthropical ventures which is important as well as business ventures that all mean something to him and hold his interest. That's the way to live even if you're not rich.

Answer 2

There are a ton of ways to becoming rich. Some are born into it, some luck into it, and others work hard to earn it. Regardless of how they spend it, or are perceived as such, they all have one thing in common on their way to the top: their inflows exceed their outflows.

In other words, to become wealthy, you have to save more than you spend.

Look at any wealthy person and you'll see that this is true, no matter how they became rich. At some point in time, their income exceeded their spending, and from that point on, they were bound to become wealthy. It was a foregone conclusion.

Take for example a lottery winner making $15k a year. A $1 Powerball ticket and suddenly, they're an overnight $100M richer. But are they wealthy?

The reverse of the income/spending function is also true, because once your spending exceeds your income, you're destined to be poor.

That same Powerball winner goes on a crazy spending spree and blows all his or her winnings on a crazy Vegas Vacation (obviously, just a wild example). The next week, he/she is destitute.

Saving money IS making money.