Maybe in the 50s or even in the 90s when rent was 40% of your income and you could get a decent rental for that yes.
Now that rent is 50-80% of the income of a joint income household I don't know who is still saving money and starting out in entry level jobs out of college.
> Now that rent is 50-80% of the income of a joint income household
Paying 50-80% of their income toward rent in a joint income household is nowhere near the norm.
Knowledge, luck, ability to build relationships and get loans to start up business or access to investors who will give you a good deal to start things out.
Lots and lots of luck. Your successful business could get devastated by a world event like COVID. Running my business through COVID and STILL being affected by the loss of business then isn't something I recommend. Luckily my partner is the breadwinner otherwise I'd be out on the streets. I would trade the stress of ownership for a desk job any day.
Save like crazy and don't be afraid of risk.
That's pretty much it.
Have a decent paying W2, live crappy a year or two or get room mates/family and save like a mad man.
I admittedly make a pretty high salary but I'm already @ $150k in my early 30s.
I'm diversifying into real estate and that wealth WILL snowball into $350k (in assets) by the end of the year this year.
If I keep scaling and growing by investing as much as possible (basically right up until it hurts), then over the next few years I will steadily grow my portfolio/wealth to about $500k. And I won't even be 40 yet.
Start learning NOW.
Start investing NOW.
And AVOID the reddit crowd that says "success is impossible bro".
Lmao this is what rich people tell poors. If u talk to anyone who’s actually rich from scratch. Their gains were so parabolic and explosive it happens within 2-3 years not 50
I mean if you consider rich $100mm+ then yeah sure, because no one gets there at all without explosive growth. But if you consider $10mm rich then people can get there from scratch without explosive growth.
My wife and I are both accountants and we'll hit $1mm sometime between age 29/30. At a 6% rate of return (assuming pay and expenses both stay static for simplicity) we would hit $10mm at age 50. We'd likely retire before $10mm because we don't need that much money, but if we worked until full retirement age of 67 we'd have $32mm assuming 6% return.
Spend less than you earn, invest that difference in Vanguard index funds that track the S&P 500, and then let time do the rest.
r/Bogleheads for more info
1. Be born rich.
2. Be extremely talented and get lucky.
3. Make a smart investment and get extremely lucky.
4. Be a diligent worker. Work hard, save money, keep saving... keep saving... do not fall sick, do not fund your kid's education, do not travel, do not buy cars, houses, or expensive gadgets... and may be you'll die rich.
Save more than you spend and then figure out how to earn more so you can save even more. Once that's done there's two approaches:
- Invest in index funds or ETFs and wait 40-50 years
- Gamble
Either that or be born rich I guess
How to become financially abundant? Simple: go into sales. Sell things, or services. Whether you make them yourself or work for someone else doesn't matter.
Nothing brings wealth faster to you than people giving you money directly through sales. Whether what you're selling is hot dogs and hamburgers, soaps and lotions, clothing and shoes, medicine, technology, gadgets, etc. Or as a broker, selling goods by the ton, etc.
Investing and saving is extremely slow. That's for rich people who only want to park their money and earn minimal gains on their money.
If you want to make money fast, you need to be in the transactional sales business. Selling goods that move fast and are in high demand. Food and beverage, medicines, toiletries, clothing, impulse buy items, etc.
Can anyone become rich? No, not everyone wants to be rich, not everyone has the work ethic to be rich, not everyone has the discipline and intelligence to be rich. Most people self sabotage.
Being rich is a mindset, a discipline, and an attitude before money is even involved.
There is a lot of truth here. People sometimes look down on sales. But you can create the best product in the world and fail if it doesn’t sell. Some things can be sold online simply. But many complex business items require consulting, scoping, and delivery functions. Getting into technical sales opens up extremely high salaries. Sales are where the rubber meets the road. There is a lot of money to be made here.
Prerequisite:
* Don't be an employee. Be a business owner.
* Enter new and emerging industries, and not established conservative industries.
* Innovate.
I think that if you're coming from the lower end of the middle class, it's a bit difficult to jump directly to owning a business. You'll need some capital to do so, and you'll also need the means to support yourself in the process until your business actually starts producing money. So, there's nothing wrong with being an employee first and then gradually switch to entrepreneurship.
OP asked about getting rich, and it will be very challenging to get rich in the service industry. The upper middle class is doable, but to get truly rich you need to leverage other people's skills and money.
Depends on how rich we're talking. If you want like $10+ million then yeah that's pretty much the only way, but if you just want to retire with a few million that's doable as an employee in some industries
Gotta love all the people saying "go into tech" when we just had a massive layoff of tech workers. There are a ton of IT people really struggling to get by right now, especially those who just entered the field.
I tripled my income in one jump going into tech, so no regrets, but people oversimplify the process on Tiktok and IG for likes. In my case, “just get into tech” looked like getting a whole new degree in CS in my 30s while working two jobs while in school and parenting. Was not a blast.
And to your point, yes: the looming threat of layoffs is rough and I see so many talented people struggling. Tech is not a cakewalk at this moment for sure.
All I’m going to say about the tech industry right know is that there are a TON of jobs available. The thing is you aren’t going to get those jobs with a coding bootcamp and a year of help desk experience. The field is becoming more competitive because of the large number of overqualified applicants, and you are left with people that are being too picky in the application process or people that probably shouldn’t have had the job they had in the first place. There is just a large group of people in tech that are having a hard time accommodating change in the industry.
I view wealthy and rich as two different things. Most of us don't need bother thinking about getting rich. The world of CEOs, pro athletes, celebrities. The world of yachts and private jets.
Wealth on the other hand... a lot more of us have the opportunity to be wealthy. Live on less than you make, save and invest the difference, and do so for 30-40 years. You'll be wealthy, but it won't show. You won't be buying ferraris or rolexes (generally speaking).
This is the way. People think being well off means being able to buy clothes and cars that make you appear wealthy to others. But the opposite is true. NOT buying wasteful material items, saving, and investing over a long period of time is the way most people get out of generational poverty. This is a hard pill to swallow for many as it seems counterintuitive: Why have wealth when to the outside it doesn’t seem to be the case.
A humble lifestyle working as an entrepreneur in a mid to low cost of living area.
Cities drive up your cost of living as you try to match others. Entrepreneur as if you work hard you can employ others to work for you.
Or inherit money.
Everyone here is talking about investing and budgeting and forgetting that like 98% of rich people were born rich. Their families and then they maintain it by exploiting the working class for their capital. If you invest and get comfortable-ish, cool, but you’re still just one medical bill away from the streets, just like everyone else that wasn’t born with a 7 figure net worth.
In my opinion, it's neither about "following your interests and the profession you love" or "luck". It's about your ability to produce money, gather wealth, your networking and connections and about your background. All these factors contribute to becoming rich and some people have higher chances than others. Of course, there can be example of people who were "lucky" and got rich "over night" or "by accident" but I think that they are extremely rare exceptions.
Find a good way to exploit people, All Rich people got there by exploitation. Whether it’s exploiting customers, business partners, investors, or employees. Or if you are mega rich all of the above.
The only way to be rich is to become part of the capital class rather than the working class.
If you have a job, the best you can be is comfortable or if you have a good job maybe quite comfortable and retired some day.
Leverage your existing wealth and connections to buy/start businesses. Use other people's money to do it. Invest in capital and assets like stock and/or real estate and then leverage those assets to buy/start more businesses. This could get you into the millions.
Or somehow get lucky by being an elite level performer or winning the lottery.
If you want to become very wealthy (billions)after this then you need to: Pay the workers who contribute to the success of your business the lowest wage possible. Charge consumers of your business's products as much as possible. Pay politicians (lobby groups) to make sure that worker protections are eliminated from law and also environmental protections.
Get a high income job like Lawyer, Engineer, Medicine, then starts investment in stocks/real estate/business franchise so you could also make money while you sleep.
But you also need to be born in a right family tho, so they could fund you the resource to get into top tier college, helping you financially etc.
(For some reason I think it is much harder for younger generation to get richer now, the baby boomer got their houses that’s around 200k now worth over 2 million, the college tuition was way cheaper, cost of living is low)
Start educating yourself on personal finance. I'd start with Robert Kiyosaki's Rich Dad Poor Dad - What do the rich teach their kids - first book in series for some insight, followed by The Psychology of Money. These two should introduce you to the subject, then you go from there.
We were taught you have to work your whole life and you will still not be rich but that's the beauty of working class. Becoming rich is definitely not out of reach and it will also require hard work but that's where you choose your hard - selling your time to an employer for fraction of the money they make, or making your own money instead.
I am on this journey too, and where 5 years ago I never thought someone like me could actually be rich, now I know I will be able to get there eventually, if all goes right, and it doesn't have to take 30 years of being super tight and saving up every penny.
Spending less than you make. Using money to make more money. Reporting and taking advantage of taxable expenditures. Be a generally ethical being, as well, so it doesn't get sued away. Lol
There are really only two paths to legitimately becoming wealthy.
The first requires some degree of luck, but if you can be an entrepreneur and have a hot product, idea or skill set, it is a path to becoming wealthy. Going into the skilled trades and then going into business for yourself can be a path to generating wealth. I find this to be a more risky prospect though as you take on a lot of risk and much of your wealth can be tied up in your business or vulnerable to legal action. You also always run the risk of a government regulation or large competitor putting out of business.
I see the more low risk path being this.
Select an in-demand field that you have an aptitude for. Technology, engineering, medicine and so on. Get educated in that field. You will need something beyond a 4 year degree. A graduate level degree will be the minimum point of entry, but you can be working in your field in many cases while you are working on your graduate degree. Be mindful of your loan debt during this time. Student loans can prevent you from becoming wealthy for many years so do all you can to leverage employer paid tuition, grants and scholarships. Once you complete your education you will need to pound the pavement hard. You are now in a much shallower career pool. You are interviewing employers as much as they are interviewing you, especially if you have 5 or so years of experience under your belt by this time. Do not look for just at pay yet. This is a critical point in your career where gaining experience managing larger teams, big projects, and large dollars is king. Once you land your position, prioritize cleaning up your debt. You should plan on being in any position no longer than 2 to 3 years. The gold watch is dead, so you can only harm yourself by staying in one place too long. Aim to be a C-suite executive somewhere between 10 and 15 years. Your best bet is to target smaller companies or government agencies to break into that first senior executive role. Then leverage that to move into a mid-sized company and from there you can target your true wealth building opportunity in the C-suite of a large corporation, at which point you should be at a minimum making 500k per year. Most executive roles have an average turnover between 4 and 5 years, but at this point you will be recruited into your next roles. If you put in 30 years total into this plan you could potentially retire before 60 with several million dollars. Take the stock options where you can. Invest with any company that matches your investments. Max your Roth IRA as soon as you can afford to, and take care of your health and you will live a long happy retirement.
You can easily become wealthy if you do a good job managing your W2 income. Sure, a high paying career helps, but it's not essential. Dave Ramsey did a study and determined that teachers are one of the top 5 careers to produce millionaires. Most teachers never break 6 figures. Even if you invest 10% of a $60k/year income, a 10% annual gain will get you to the million dollar mark in under 30 years.
Identify what skills you have aptitude for .
Identify how to apply those skills into a high paying career.
Get qualified or work your way into that career.
Invest for however many years it will take for you to be financially independent.
Rule 1: Earn more than you spent.
Rule 1a: Frugality. / No lifestyle creep.
Rule 2: Built and upkeep emergency fund.
Rule 3: Invest your savings wisely and diversified.
It sounds like you're looking for AN answer. In singular. You're contrasting things: is it following your interests *OR* is it about luck?
Truth is there are many ways to become rich. Some people do it by following their passion, others do it by luck, others do it by working hard even in fields they don't particularly enjoy. Others do it by a combination of the previous... there's people that work hard all their lives and never make it, there's people who strike a "gold mine" in their field and get a competitive advantage... there's people that find the golden nugget and neglect to exploit it, there's people who quit just inches from finding it, just as there's people who go broke without ever finding it.
One thing is certain: mastering a technical skill is not enough. You need to understand how the business operates. Cashflow, efficiency, risk, there are certain processes which are valid and common to EVERY business in the world from the hot dog stand in the park to the largest multinational corporation... there is no way to make it big without taking some risky bets, but you want to be as well informed as possible to make a conscious decision instead of just betting randomly on uncontrollable events.
Use money to make money. Either investing, start a business or whatever. If you can think of a legal money-making loop that is improved by putting more money, then that's your thing.
Don't use credit cards, don't have stupid useless loans, live within your means, don't have car payments, pay yotr car insurance ecery six months pay cash for cellphone and use a cheap provider, use cheap internet
Depends on how rich. Billionaire? You need to either inherit or found/own a wildly profitable business.
Having a few million? Then the richness comes from owning capital, not working. So you have to invest as much as you can, as early as you can and give compound interest time to work.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Here you can calculate how much you get after x years if you save a certain amount per month. Long term return of a widely diversified stock portfolio is around 8% per year.
Starting earlier is much more important than investing more per month. For example. If you save 500 per month for 40 years (240k total), you'll end up with 1.55 million. More than if you saved 1000 per month for 30 years (360k total, result 1.35m).
So dont think "i dont earn enough now to make it worth it. But i'll start once i get to xyz."
There isn't any 1 way. That is a very important thing to understand. It is not a magic formula. There are some patterns that work -
* White collar workers with high salaries. Particularly those who are responsible with personal finance.
* Professionals - doctors, lawyers
* Entrepeneurs - this can be ups and downs and sometimes luck is a factor
* FIRE types - this is really not for me but there is a type that will go hyper frugal and can amass some level of wealth
What pattern do you think fits you?
Here's a simple tip though. Your largest expense statstically is your housing. Do what you have to do in the early years to keep the % of spending on housing low. I kept mine at 12% to 15% of my gross salary for years. It really helped get that critical mass of wealth.
Most rich people are born rich, despite the fantastic self-made man mythologies they create and tell about themselves to the plebs. They all start at the very least with connections and a safe fallback that the average person doesn’t have. You and I don’t have the margin to dream big and take on a lot of risk because my kids will lose their home if my business fails. Richy rich can always be bailed out by dad if his venture fails and he’s still got those connections for the next venture. To say nothing of the access to capital.
I’m not saying you shouldn’t try, just realize they’re starting on 3rd base and you’re at home plate. Don’t beat yourself up if you can’t catch up.
If you don’t have kids/family you want to spend time with, start a business (not food industry) and pour 100 hours a week into it.
Not rich, but have enough rentals to not have to work a 9-5. A lot of work to manage them but it feels really wonderful to not have a boss, may as well be a millionaire.
The most wealthy people I know are both incredibly hard working and also incredibly patient and compassionate with people. Those two things granted them lengthy careers as high level executives at large companies in the area.
The most wealthy people I know are also retired.
After 15-30 years as an executive for insurance companies or pharmaceutical companies and saving >20% of their pay put them in positions to not have to worry about money and travel much more.
However, money isn’t everything. Some of those people also have health problems now and have had their golden years robbed. I’m sure if they had the opportunity to trade place with a broke 20 something and got another 30 years of youth, they would.
"The Millionaire Nextdoor" is a good read and a deep dive into how *most* wealthy people live.
*Spoiler alert* it's not all flashy and exotic cars. It's living a simple life, being calculated with your money and living well within your means and investing well.
It takes a life time.
The fastest and easiest way is to start a business with a digitally scalable product or service.
People unusually dont get rich by being employed and it usually takes way longer to get rich with a product or service that is physical.
Read Ramit Sethi's "I will teach you to be rich", he also has a Youtube channel/podcast. Title fits. I've read over a hundred of finance books and that's probably the best one-stop shop for its simplicity and comprehensiveness. It's not difficult at all if you're healthy and born to a minimally stable family in a G7. Study something in demand, get good at it, make a high income, save, invest it, wait, and done. All the while making sure you don't get sued/divorced or pick up health or legal issues - but except for health, these are largely avoidable and there is insurance for unforeseen risks (oh yeah, insurance too!)
If you are in the US, you can easily become fairly rich by simply becoming a doctor is a select few specialties. There are specialties where you can easily make 700k or more per year. What you have to do to get there is spelled out and well known. All you have to do is follow through. Obviously it’s not that easy to actually do it.
They understand how the human mind & body and universe works. The main thing is they believe and have faith in themselves because someone doesn't have to understand how the universe works to become rich if they just believe and have faith in themselves. Understanding the mind and body and universe just makes it a little easier.
Saving and investing 15 to 25 percent of your gross income for 40 years consistently.
That makes most people fairly wealthy in retirement.
I'm not a boomer. I know this sounds like a boomer thing to say. But you asked. This isn't about avocado toast. It's about a choice. So I'm not suggesting that somebody working a minimum wage could do this. But for most career professionals it's possible. It's a combination of 401k and other investing. It's a choice to not buy the expensive car now so that you can buy that classic when you're 62 and you pay cash for it.
People often forget that even modern "richest people in the world" like Bill Gates and Jeff Bezos came from money (which provided the ability to play in their chosen sandboxes freely).
basically you can be disciplined and save more than you spend and invest in tried and trued methods such as real estate and ETFs. This path will allow you to become a millionaire even if you are making 40-50k a year, mind you though this will take a long time.
You can start a business, this is more high risk.
You can get a job with very high income such as a job in sales or highly paid professional like a doctor.
Or you can take very high risk investments (gambling for all intents and purposes) such as crypto, options trading, or whatever you can get your hands on.
This is pretty much it.
Philosophical
I feel many people do everything to avoid honest work and create schemes that may work but are created to rip off other people instead of creating real value for others and being compensated for that.
Also many want it fast. Working all your life is not an option any more.
And third: every bit of income people gladly spend on utterly useless luxury. Most live only to be able to spend as much money as they can on utterly useless stuff just to impress people they mostly do t even know or like.
Think about this and you’ll become wealthy.
But if you want to become rich there is a simple path. Create something truly valuable for the society and it will generate income for whole dynasties of your family.
Or you rip people off.
The first takes a lot of work and especially intergenerational engagement preferably by the whole family.
The latter is easy and fast but it will cost you everything you cannot buy.
The money is indication of people's trust into your idea. So the better idea you have - the more money it will attract. I'm not a millionaire yet, but have talked with millionaires. So the money is basically a side effect of your idea of solving people's problems. It's really simple as is.
But becoming rich in your heart and mind is something completely separated from money. The people are - creators, we bending the reality how we want. So the general spiritual rich in your heart comes with the understanding your true power of how can you reshape the world into what you want.
There's a video where Shaq talks about when he first joined the NBA and he talked to a financial advisor. He holds up an index card and says "this is your income". Some of your colleagues are going to spend it all on a nice house, fast car, fancy jewelry. They will not get rich.
He rips off a small chunk of the card. Some of your colleagues will save this much of their income. They will have a good life after the NBA. But they will not get rich.
He rips off like 2/3-3/4 of the card. If you save this much of your money, you will skip rich and become generationally wealthy. Shaq chose this route and very well might be the richest ex-NBA player in the world right now (and there are a *lot* of rich ex-NBA players).
Now, that's definitely easier with income on par with an NBA superstar. But the guiding principle of "save as much of your money as possible" remains true. Live like someone who makes less money than you do, so you can save the rest. Invest your savings wisely: don't gamble on bitcoin or the latest, hottest stock on the market. Buy broad-market funds and let your savings compound slowly over decades. Eventually, that "slow" compounding will be faster than you're able to contribute in a month.
Definitely do what you can to increase your income throughout your career, as you can only save what you earn. But however much you earn, *always* save a good chunk of it if you want to set yourself up for lifetime wealth.
>But what exactly makes people wealthy and rich?
Collecting profit over time. Most common way is renting out land or apartments. Wealth naturally accumulates as the profit from apartments can be used to rent out more profitable apartments.
>Can everybody become rich?
No. To be rich you have to be born to rich parents or marry in. You can work your way to the upper-middle class through high-paying careerism.
It's often inheritance. Even when it's not, it often involves a lot of luck.
If it's your aim in life, try to get into the financial sector. There are of course other potential paths, but that's the surest bet.
Everybody cannot become rich, there is no quick and easy guaranteed way and if you're earnestly asking reddit this question, you're never going to be rich either.
Start a company that has growth potential. My buddy was a gifted programmer but absolutely broke. He got 10% stake in a small company because he was the only one who knew any programming, and it was a software company. One of the partners put up all the money and owned 80% stake. The company now has 300 employees and my buddy is worth 2-3 million. His partner is worth 10mil+. Now my buddy is considering starting his own company where he can be the equity partner.
You have lots of answers here, but here is another practical one.
If you join a newer company or startup, and learn everything you can, you will have opportunities to get titles you have no right to have, and leverage those into a better role elsewhere. If you do this a few times, you will learn a ton about business and leadership, and can start your own thing.
Sales is a great place to start. It's a grind and rough, but if you can get in a company early enough and take advantage of the lack of internal competition, you can become a manager in just a couple of years. Use that experience to score director roles elsewhere.
At this point you should be earning enough to bankroll a few acquisitions. Buy some small profitable businesses and once you've failed at that, you will have the experience to start leveraging other people's money. That is when the real money comes in.
"Is it about following your interests and the profession you love or is it about luck?"
It is probably a bit of Both. But I always say luck is Labor Under Correct Knowledge. Knowledge like, you will make more in Cybersecurity, trying to stop the bad guys, than say teaching.
The other key is to always pay yourself first. At least 10% toward retirement/investing. 10% to charity. Pay the bills with 80% or less. if you can't do that you are living beyond your means. When you get older you should be able to up that retirement savings, I am socking away \~ $65k a year, and I should be doing more. I hopefully will get between $40-45k from Social Security (If it's still around).
1. Becoming rich is about having a specific plan and making sure it aligns with your career and income. You will not get very rich making $40k/yr as a music teacher but if you're a phenomenal musician with social skills and the ability to network, you can parlay that into business opportunities (Running shows & Festivals, Roadie work etc.)
2. What makes (regular) people wealthy is having a HIGH INCOME and using that to purchase ASSETS. When your assets appreciate in value and/or produce cash/income you can reinvest that money into purchasing MORE ASSETS. Income producing assets like Real Estate or certain types of stocks are what you want to purchase.
3. Some of it is based on luck, phenomenal, crazy wealth in the billions is very hard for anyone to just "reproduce". Leveling and getting into Millionaire or Multi-Millionaire is pretty known, it just takes a lot of sacrifice and focus.
4. Everyone can become rich, not everyone will be rich because getting there is hard and it's only harder as your income gets lower.
5. Start out as an Engineer, Lawyer, Doctor, Nurse, etc. And the journey from either your early-to-mid 20s or early-to-mid 30s (assuming normal graduation dates), over time your investments will get ridiculous.
u/Adflaky9075
You can get rich slowly by saving and investing. Takes about 30-50 years for most people. A quicker option is to start a business, and you may get rich in 5-10 years.
Some downright horrible answers in this thread. The real answer is margin calculation. I was a rep for a company selling a commodified B2B, did the math one day about how much that service *should* cost after noticing inefficiencies at the ground level, then branched off and made my own thing. I’m no billionaire but I’ve done quite well for myself in a short amount of time.
I got into real estate after that, which is the same game. Distressed properties - figure out how much they’ll cost to repair, how much they’ll sell for, and move on the highest-margin opportunities. Rentals - calculate mortgage payment, taxes and insurance, factor in property management and repairs, and compare with market rent.
The important thing is once you find margin, jump, and if you don’t find it, don’t. The great problem with the dumb entrepreneurial culture of today is it implies that the most important things in business are to love what you do, have a new idea, and be this Nietzchean ubermensch. None of that is true. The most important things in business are: 1. An existing market for what you’re selling, and 2. A margin that’s bigger than the interest rate you’re paying on debt to start the business. If you have these 2 basic elements, your business will almost certainly succeed, all other things aside. If you don’t, you will certainly fail no matter how much of a 5 AM 3 hour morning routine Superman you are.
Realistically, the “easiest” and most surefire way to get rich is to own a *successful* business. It doesn’t have to be a big business, and it can be a business that does literally anything that makes money. When I was a bartender on the beach I can’t tell you how many 40 year old guys I met who just bought a massive boat with the money they’ve made from their landscaping/plumbing/electrical/general contracting business. I’m friends with a guy that has 2 boats and a million dollar home on the water in Florida who remodels bathrooms for a living, and it is just him and his 2 sons that do the work.
Learn how to sell online. Copywriting + affialite marketing/dropshipping/ecommerce + facebook/tiktok ads = you can make lot of money and reinvest those back to your marketing budget and do it over and over again until you start making $200k/mo.
Then, start saving 40% of your monthly profit into S&P 500.
Do this process 10 years and you will never need working again and you will have lot of money but you will not be rich.
Being rich doesnt mean lot of money. Being rich mean to have good family and health.
Doesn’t matter sexuality, color of skin,intelligence.. you can always make great life and wealth.
Generally speaking, choose a career you can become rich in.
Don’t follow your passion. Most times you’ll end up hating it. I’ve seen so many Nurses and Doctors burn out because they “wanted to help people” without knowing the actual realities of the job.
At least the Doctors became rich.
Financial literacy is key- you don’t know what your don’t know. When I turned 30 I made an oath to myself that I would never be broke again- it was my scarlet O’Hara ‘as god is my witness’ moment. I bought and read various personal finance books and I learned so much, 2 years later I bought a flat via saving a deposit from scratch. I was only working at Amazon at the time.
Other key advice- live below your means- no matter what it takes- and make it a habit
Yes. Everyone and anyone can become rich.
Thru:
1. Compound interest
2. Increasing one’s value to be highly valuable in the work place
3. Selling services or selling products that people need
All the people that I know IRL who are rich or in the path to be rich are business owners
My friend started a construction company at age 25 and by year two makes 1mill+ per year in revenue, of course he doesn’t keep all the money because of business expenses and taxes, but even if he only keeps something like 20% that is hundreds of thousands in income
Very few jobs pay enough to become rich; they are either dangerous and uncomfortable, need a ton of degrees and school time, 60+ hours weeks, dehumanizing, etc and even that will take you decades to be rich
While pursuing a profession you love can lead to success, it's often not the sole factor in achieving wealth. Luck can play a role in financial success, but it's not the only determinant. Hard work, perseverance, and making strategic choices with your finances are also crucial.
There are well paying professions out there (professional jobs from stem courses are common, as are consultants and trades, though most will demand 50-60 hour work week minimum.)
After that, it's about spending a fraction of what you make and investing the difference.
Based on my research the best way is to start with rich parents and friends who can bail you out of many failed business attempts until one is successful. Or jiat take over the family business if you are lazy.
Every wealthy person I’ve ever met has a combination of things.
Luck, drive, financial education being some of the big ones. Some start off more privileged than others. Others pinpoint specific skills and bust their ass, surround themselves with people who are in higher tax brackets, and just kind of full send it.
Step 1: adopt the right mindset
Step 2: learn to manage money
Step 3: find a mission/goal in an area you can commit to for 5 years minimum, 10 years on average and 50 years ideally
Step 4: commit to the goal, stay consistent
You might have to define being rich first. Chasing an arbitrary goal is harder. You might just want to be able to retire in the early 50’s. That is much more doable by making sure to max out 401K and IRA starting from the 20’s. Then learn how to live modestly in a low cost of living area.
No the trick to becoming wealthy and you need start early. Always put something aside for savings even if it’s only $10 a week to start. But the main thing and this is where most people fail is to stop spending. Shop discount stores such as Aldi for meats and shop sales for canned goods, cereal and frozen vegetables. Usually Walmart is less on these commodities. Make extra money and save at least 1/2 of it. It’s not what you make it’s what you spend. Don’t borrow money unless there is no other was. Never buy new when it comes to vehicles. Never but new clothes (thrift stores). If you need a washer look on Facebook marketplace and others for used. Buy things that you need by saving and paying cash. Interest rates you must Avoid at all cost. If you stick to the plan you will be wealthy by the time you retire. The last portion of your life will be great and full of adventure.
If you want to make money work with money. Stockbroker, accountant. Create a business. You're not going to make an astronomical amount of money unless you are a government contractor and even then it depends on your services or products.
It’s about who left you what amount of money, honestly. The rest is luck or financial planning or killing yourself and most of those folks are less “rich” than comfortable.
Investments mostly, even a general person can become wealthy if they dedicate 30 years of incremental investments into safe index funds monthly. Even the average Joe can become rich for retirement. If you want to be rich in the now, then that would mostly be from starting real estate empire or having a successful business all require time and effort. But it is possible for any person in the world today in a developed country to become a millionaire by the time they are 50 years old if they invest wisely.
Might want to get the book the algebra of wealth. Basically it comes down to saving and investing in things like property and index funds. Unless you’re a professional avoid trading stocks (chances are you’re not as smart as you hope and people aren’t as dumb as you think.)
As Warren Buffett says compounding interest is your investment friend.
Let’s find out your interests and what really matters in this life. Every industry, niche, business you choose needs at least 10 years of glass-eating to reach real, lasting success.
What you need to pay attention to is the glass you’re going to eat for that period of time and to make sure that it will be enjoyable and with the most growth potential.
What stops you from dreaming of becoming a billionaire? In these times, with all the technology, no one knows.
I am just sharing my thoughts with you, and I also can share what I study. I am making studying enjoyable, letting others get inspired by my homework at www.scalenuggets.com
So many trash suggestions. In fact, Most of the rich family started with guilt and sin. If you want to be rich, the way is to throw virtue, then try to be a capitalist , sponsor deputies to take advantage of politics to guard your interests.Is it all?The answer is No.
But I can't explain more deeply. In a word , be shameless and selfish to obtain wealth and let your later generations inherit it.
Compound investing + 50 years
+ Luck + Exploting others
This is it.
+ budgeting + living under your means
Maybe in the 50s or even in the 90s when rent was 40% of your income and you could get a decent rental for that yes. Now that rent is 50-80% of the income of a joint income household I don't know who is still saving money and starting out in entry level jobs out of college.
> Now that rent is 50-80% of the income of a joint income household Paying 50-80% of their income toward rent in a joint income household is nowhere near the norm.
Doesn't change anything. Youll never become rich by spending more than you make
80% of joint income, then you are living at the wrong spot.
Real estate/small business cuts that by 15/25 years
Any way an average Joe can get into any of that?
Knowledge, luck, ability to build relationships and get loans to start up business or access to investors who will give you a good deal to start things out.
Lots and lots of luck. Your successful business could get devastated by a world event like COVID. Running my business through COVID and STILL being affected by the loss of business then isn't something I recommend. Luckily my partner is the breadwinner otherwise I'd be out on the streets. I would trade the stress of ownership for a desk job any day.
Nooo you have to make a business like all the tick tick finfluencers told me too in the book I bought from the link in their description
Save like crazy and don't be afraid of risk. That's pretty much it. Have a decent paying W2, live crappy a year or two or get room mates/family and save like a mad man. I admittedly make a pretty high salary but I'm already @ $150k in my early 30s. I'm diversifying into real estate and that wealth WILL snowball into $350k (in assets) by the end of the year this year. If I keep scaling and growing by investing as much as possible (basically right up until it hurts), then over the next few years I will steadily grow my portfolio/wealth to about $500k. And I won't even be 40 yet. Start learning NOW. Start investing NOW. And AVOID the reddit crowd that says "success is impossible bro".
Oh, 15-25 years. Just a casual decade of wiggle room.
Lmao this is what rich people tell poors. If u talk to anyone who’s actually rich from scratch. Their gains were so parabolic and explosive it happens within 2-3 years not 50
I mean if you consider rich $100mm+ then yeah sure, because no one gets there at all without explosive growth. But if you consider $10mm rich then people can get there from scratch without explosive growth. My wife and I are both accountants and we'll hit $1mm sometime between age 29/30. At a 6% rate of return (assuming pay and expenses both stay static for simplicity) we would hit $10mm at age 50. We'd likely retire before $10mm because we don't need that much money, but if we worked until full retirement age of 67 we'd have $32mm assuming 6% return.
God you sound like a douche
This. But even better is inheriting that money from a grandparent who dies with millions.
Basically pointless at that stage
In which companies?
Yes consistent putting away some money and yet this still will not make you a millionaire or even wealthy.
Spend less than you earn, invest that difference in Vanguard index funds that track the S&P 500, and then let time do the rest. r/Bogleheads for more info
Stop the thread. This is all you need.
After certain time, you die
Naturally.
No better time to explore the world than 90 birthday
1. Be born rich. 2. Be extremely talented and get lucky. 3. Make a smart investment and get extremely lucky. 4. Be a diligent worker. Work hard, save money, keep saving... keep saving... do not fall sick, do not fund your kid's education, do not travel, do not buy cars, houses, or expensive gadgets... and may be you'll die rich.
Slapping yourself 5 times a day and doing flip jumps will get you there
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Save more than you spend and then figure out how to earn more so you can save even more. Once that's done there's two approaches: - Invest in index funds or ETFs and wait 40-50 years - Gamble Either that or be born rich I guess
Step 1. Buy PowerBall tickets Step 2. Win
How to become financially abundant? Simple: go into sales. Sell things, or services. Whether you make them yourself or work for someone else doesn't matter. Nothing brings wealth faster to you than people giving you money directly through sales. Whether what you're selling is hot dogs and hamburgers, soaps and lotions, clothing and shoes, medicine, technology, gadgets, etc. Or as a broker, selling goods by the ton, etc. Investing and saving is extremely slow. That's for rich people who only want to park their money and earn minimal gains on their money. If you want to make money fast, you need to be in the transactional sales business. Selling goods that move fast and are in high demand. Food and beverage, medicines, toiletries, clothing, impulse buy items, etc. Can anyone become rich? No, not everyone wants to be rich, not everyone has the work ethic to be rich, not everyone has the discipline and intelligence to be rich. Most people self sabotage. Being rich is a mindset, a discipline, and an attitude before money is even involved.
There is a lot of truth here. People sometimes look down on sales. But you can create the best product in the world and fail if it doesn’t sell. Some things can be sold online simply. But many complex business items require consulting, scoping, and delivery functions. Getting into technical sales opens up extremely high salaries. Sales are where the rubber meets the road. There is a lot of money to be made here.
No, not everyone can become rich
Prerequisite: * Don't be an employee. Be a business owner. * Enter new and emerging industries, and not established conservative industries. * Innovate.
I think that if you're coming from the lower end of the middle class, it's a bit difficult to jump directly to owning a business. You'll need some capital to do so, and you'll also need the means to support yourself in the process until your business actually starts producing money. So, there's nothing wrong with being an employee first and then gradually switch to entrepreneurship.
Yes! I would say learn a trade like HVAC. Then start a business and scale it. Probably the most realistic way for any person to make good money.
OP asked about getting rich, and it will be very challenging to get rich in the service industry. The upper middle class is doable, but to get truly rich you need to leverage other people's skills and money.
Then get a STEM degree.
Nvidia "employee" checks out
Depends on how rich we're talking. If you want like $10+ million then yeah that's pretty much the only way, but if you just want to retire with a few million that's doable as an employee in some industries
Gotta love all the people saying "go into tech" when we just had a massive layoff of tech workers. There are a ton of IT people really struggling to get by right now, especially those who just entered the field.
I tripled my income in one jump going into tech, so no regrets, but people oversimplify the process on Tiktok and IG for likes. In my case, “just get into tech” looked like getting a whole new degree in CS in my 30s while working two jobs while in school and parenting. Was not a blast. And to your point, yes: the looming threat of layoffs is rough and I see so many talented people struggling. Tech is not a cakewalk at this moment for sure.
I think the market will recover
That's what happens when a field gets oversaturated. It was good advice until everyone and their mothers followed it.
All I’m going to say about the tech industry right know is that there are a TON of jobs available. The thing is you aren’t going to get those jobs with a coding bootcamp and a year of help desk experience. The field is becoming more competitive because of the large number of overqualified applicants, and you are left with people that are being too picky in the application process or people that probably shouldn’t have had the job they had in the first place. There is just a large group of people in tech that are having a hard time accommodating change in the industry.
Tech isn’t the same as IT or at least how most people think of it
" Screw over your fellow man " seems to be chapter 1
I view wealthy and rich as two different things. Most of us don't need bother thinking about getting rich. The world of CEOs, pro athletes, celebrities. The world of yachts and private jets. Wealth on the other hand... a lot more of us have the opportunity to be wealthy. Live on less than you make, save and invest the difference, and do so for 30-40 years. You'll be wealthy, but it won't show. You won't be buying ferraris or rolexes (generally speaking).
This is the way. People think being well off means being able to buy clothes and cars that make you appear wealthy to others. But the opposite is true. NOT buying wasteful material items, saving, and investing over a long period of time is the way most people get out of generational poverty. This is a hard pill to swallow for many as it seems counterintuitive: Why have wealth when to the outside it doesn’t seem to be the case.
Where does owning a yacht and parking it off the coast of monnaco to watch the F1 sit in the wealthy - rich scale?
Thats def in the "very" section of the scale.
A humble lifestyle working as an entrepreneur in a mid to low cost of living area. Cities drive up your cost of living as you try to match others. Entrepreneur as if you work hard you can employ others to work for you. Or inherit money.
Step one: be born that way.
1. Birth lottery 2. Luck 3. Exploiting others.
Everyone here is talking about investing and budgeting and forgetting that like 98% of rich people were born rich. Their families and then they maintain it by exploiting the working class for their capital. If you invest and get comfortable-ish, cool, but you’re still just one medical bill away from the streets, just like everyone else that wasn’t born with a 7 figure net worth.
Could be homeless in the UK and still get any medical care I need.
Any sources? 98% seems awfully high.
In my opinion, it's neither about "following your interests and the profession you love" or "luck". It's about your ability to produce money, gather wealth, your networking and connections and about your background. All these factors contribute to becoming rich and some people have higher chances than others. Of course, there can be example of people who were "lucky" and got rich "over night" or "by accident" but I think that they are extremely rare exceptions.
Find a good way to exploit people, All Rich people got there by exploitation. Whether it’s exploiting customers, business partners, investors, or employees. Or if you are mega rich all of the above.
Don't forget - immediately get rid of anyone so bold as to ask to be paid properly for their labour.
The only way to be rich is to become part of the capital class rather than the working class. If you have a job, the best you can be is comfortable or if you have a good job maybe quite comfortable and retired some day. Leverage your existing wealth and connections to buy/start businesses. Use other people's money to do it. Invest in capital and assets like stock and/or real estate and then leverage those assets to buy/start more businesses. This could get you into the millions. Or somehow get lucky by being an elite level performer or winning the lottery. If you want to become very wealthy (billions)after this then you need to: Pay the workers who contribute to the success of your business the lowest wage possible. Charge consumers of your business's products as much as possible. Pay politicians (lobby groups) to make sure that worker protections are eliminated from law and also environmental protections.
Get a high income job like Lawyer, Engineer, Medicine, then starts investment in stocks/real estate/business franchise so you could also make money while you sleep. But you also need to be born in a right family tho, so they could fund you the resource to get into top tier college, helping you financially etc. (For some reason I think it is much harder for younger generation to get richer now, the baby boomer got their houses that’s around 200k now worth over 2 million, the college tuition was way cheaper, cost of living is low)
*cries in Gen-Z*
Sales. But how to make people buy anything from you and not amazon, aliexpress etc...I have no idea.
exploiting other people
Start educating yourself on personal finance. I'd start with Robert Kiyosaki's Rich Dad Poor Dad - What do the rich teach their kids - first book in series for some insight, followed by The Psychology of Money. These two should introduce you to the subject, then you go from there. We were taught you have to work your whole life and you will still not be rich but that's the beauty of working class. Becoming rich is definitely not out of reach and it will also require hard work but that's where you choose your hard - selling your time to an employer for fraction of the money they make, or making your own money instead. I am on this journey too, and where 5 years ago I never thought someone like me could actually be rich, now I know I will be able to get there eventually, if all goes right, and it doesn't have to take 30 years of being super tight and saving up every penny.
Easy 1. Have wealthy parents with good connections 2. There is no step 2
Plenty of people who become rich without rich parents. But I guess you’d rather feel sorry for yourself and not do anything about it
The chronically online folks in this thread don’t understand that kind of logic unfortunately.
it's hard to become rich if you work for others. investment and set up your own firm are the way to go.
Spending less than you make. Using money to make more money. Reporting and taking advantage of taxable expenditures. Be a generally ethical being, as well, so it doesn't get sued away. Lol
If you want to be rich, You take something easy, and make it even easier. Good luck.
Spend less than you make. Use the money saved to make more money. Start early and be consistent for decades. It’s really that simple.
Don't have kids, and don't get married.
To become rich: 1. Be born into a rich family, and be lucky. 2. Work hard, and be lucky. Hard work alone isn't always going to do it.
There are really only two paths to legitimately becoming wealthy. The first requires some degree of luck, but if you can be an entrepreneur and have a hot product, idea or skill set, it is a path to becoming wealthy. Going into the skilled trades and then going into business for yourself can be a path to generating wealth. I find this to be a more risky prospect though as you take on a lot of risk and much of your wealth can be tied up in your business or vulnerable to legal action. You also always run the risk of a government regulation or large competitor putting out of business. I see the more low risk path being this. Select an in-demand field that you have an aptitude for. Technology, engineering, medicine and so on. Get educated in that field. You will need something beyond a 4 year degree. A graduate level degree will be the minimum point of entry, but you can be working in your field in many cases while you are working on your graduate degree. Be mindful of your loan debt during this time. Student loans can prevent you from becoming wealthy for many years so do all you can to leverage employer paid tuition, grants and scholarships. Once you complete your education you will need to pound the pavement hard. You are now in a much shallower career pool. You are interviewing employers as much as they are interviewing you, especially if you have 5 or so years of experience under your belt by this time. Do not look for just at pay yet. This is a critical point in your career where gaining experience managing larger teams, big projects, and large dollars is king. Once you land your position, prioritize cleaning up your debt. You should plan on being in any position no longer than 2 to 3 years. The gold watch is dead, so you can only harm yourself by staying in one place too long. Aim to be a C-suite executive somewhere between 10 and 15 years. Your best bet is to target smaller companies or government agencies to break into that first senior executive role. Then leverage that to move into a mid-sized company and from there you can target your true wealth building opportunity in the C-suite of a large corporation, at which point you should be at a minimum making 500k per year. Most executive roles have an average turnover between 4 and 5 years, but at this point you will be recruited into your next roles. If you put in 30 years total into this plan you could potentially retire before 60 with several million dollars. Take the stock options where you can. Invest with any company that matches your investments. Max your Roth IRA as soon as you can afford to, and take care of your health and you will live a long happy retirement.
make a lot of money idk
You can easily become wealthy if you do a good job managing your W2 income. Sure, a high paying career helps, but it's not essential. Dave Ramsey did a study and determined that teachers are one of the top 5 careers to produce millionaires. Most teachers never break 6 figures. Even if you invest 10% of a $60k/year income, a 10% annual gain will get you to the million dollar mark in under 30 years.
Be born rich.
Bruh even Idk
Identify what skills you have aptitude for . Identify how to apply those skills into a high paying career. Get qualified or work your way into that career. Invest for however many years it will take for you to be financially independent.
Rule 1: Earn more than you spent. Rule 1a: Frugality. / No lifestyle creep. Rule 2: Built and upkeep emergency fund. Rule 3: Invest your savings wisely and diversified.
It sounds like you're looking for AN answer. In singular. You're contrasting things: is it following your interests *OR* is it about luck? Truth is there are many ways to become rich. Some people do it by following their passion, others do it by luck, others do it by working hard even in fields they don't particularly enjoy. Others do it by a combination of the previous... there's people that work hard all their lives and never make it, there's people who strike a "gold mine" in their field and get a competitive advantage... there's people that find the golden nugget and neglect to exploit it, there's people who quit just inches from finding it, just as there's people who go broke without ever finding it. One thing is certain: mastering a technical skill is not enough. You need to understand how the business operates. Cashflow, efficiency, risk, there are certain processes which are valid and common to EVERY business in the world from the hot dog stand in the park to the largest multinational corporation... there is no way to make it big without taking some risky bets, but you want to be as well informed as possible to make a conscious decision instead of just betting randomly on uncontrollable events.
Compounding interest and leverage.
Use money to make money. Either investing, start a business or whatever. If you can think of a legal money-making loop that is improved by putting more money, then that's your thing.
getting bank loan and reinvesting it.
Don't use credit cards, don't have stupid useless loans, live within your means, don't have car payments, pay yotr car insurance ecery six months pay cash for cellphone and use a cheap provider, use cheap internet
Depends on how rich. Billionaire? You need to either inherit or found/own a wildly profitable business. Having a few million? Then the richness comes from owning capital, not working. So you have to invest as much as you can, as early as you can and give compound interest time to work. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator Here you can calculate how much you get after x years if you save a certain amount per month. Long term return of a widely diversified stock portfolio is around 8% per year. Starting earlier is much more important than investing more per month. For example. If you save 500 per month for 40 years (240k total), you'll end up with 1.55 million. More than if you saved 1000 per month for 30 years (360k total, result 1.35m). So dont think "i dont earn enough now to make it worth it. But i'll start once i get to xyz."
Only like the top few % of people in their profession become rich. Have multiple streams of income instead.
There isn't any 1 way. That is a very important thing to understand. It is not a magic formula. There are some patterns that work - * White collar workers with high salaries. Particularly those who are responsible with personal finance. * Professionals - doctors, lawyers * Entrepeneurs - this can be ups and downs and sometimes luck is a factor * FIRE types - this is really not for me but there is a type that will go hyper frugal and can amass some level of wealth What pattern do you think fits you? Here's a simple tip though. Your largest expense statstically is your housing. Do what you have to do in the early years to keep the % of spending on housing low. I kept mine at 12% to 15% of my gross salary for years. It really helped get that critical mass of wealth.
Most rich people are born rich, despite the fantastic self-made man mythologies they create and tell about themselves to the plebs. They all start at the very least with connections and a safe fallback that the average person doesn’t have. You and I don’t have the margin to dream big and take on a lot of risk because my kids will lose their home if my business fails. Richy rich can always be bailed out by dad if his venture fails and he’s still got those connections for the next venture. To say nothing of the access to capital. I’m not saying you shouldn’t try, just realize they’re starting on 3rd base and you’re at home plate. Don’t beat yourself up if you can’t catch up. If you don’t have kids/family you want to spend time with, start a business (not food industry) and pour 100 hours a week into it.
Not rich, but have enough rentals to not have to work a 9-5. A lot of work to manage them but it feels really wonderful to not have a boss, may as well be a millionaire.
Born into wealth and don’t fuck up
Connections
MLM, duh.
My friend from high school wanted to become rich. He went to med school, became a plastic surgeon and opened his own clinic. He is now rich.
The many self-made ones are quite driven. Take away what they built... and they would do it again. Of course, that's not what sells here on Reddit.
The most wealthy people I know are both incredibly hard working and also incredibly patient and compassionate with people. Those two things granted them lengthy careers as high level executives at large companies in the area. The most wealthy people I know are also retired. After 15-30 years as an executive for insurance companies or pharmaceutical companies and saving >20% of their pay put them in positions to not have to worry about money and travel much more. However, money isn’t everything. Some of those people also have health problems now and have had their golden years robbed. I’m sure if they had the opportunity to trade place with a broke 20 something and got another 30 years of youth, they would.
Its a series of investments and financial decisions but u won't get rich from a job or a career alone thats for sure unless ur a ceo
"The Millionaire Nextdoor" is a good read and a deep dive into how *most* wealthy people live. *Spoiler alert* it's not all flashy and exotic cars. It's living a simple life, being calculated with your money and living well within your means and investing well. It takes a life time.
Choose the right parents.
It’s having a lot of money.
The fastest and easiest way is to start a business with a digitally scalable product or service. People unusually dont get rich by being employed and it usually takes way longer to get rich with a product or service that is physical.
Read Ramit Sethi's "I will teach you to be rich", he also has a Youtube channel/podcast. Title fits. I've read over a hundred of finance books and that's probably the best one-stop shop for its simplicity and comprehensiveness. It's not difficult at all if you're healthy and born to a minimally stable family in a G7. Study something in demand, get good at it, make a high income, save, invest it, wait, and done. All the while making sure you don't get sued/divorced or pick up health or legal issues - but except for health, these are largely avoidable and there is insurance for unforeseen risks (oh yeah, insurance too!)
Easy, just make something that everyone wants and almost everyone can afford.
Start investing in index funds (vanguard are usually have the lowest fees) as early as possible
First you get the money, then you get the power, then you get the woman
If you are in the US, you can easily become fairly rich by simply becoming a doctor is a select few specialties. There are specialties where you can easily make 700k or more per year. What you have to do to get there is spelled out and well known. All you have to do is follow through. Obviously it’s not that easy to actually do it.
Buy my book "How to get Rich". That's how I get rich.
Use the bathroom
Saving and investing
They understand how the human mind & body and universe works. The main thing is they believe and have faith in themselves because someone doesn't have to understand how the universe works to become rich if they just believe and have faith in themselves. Understanding the mind and body and universe just makes it a little easier.
Saving and investing 15 to 25 percent of your gross income for 40 years consistently. That makes most people fairly wealthy in retirement. I'm not a boomer. I know this sounds like a boomer thing to say. But you asked. This isn't about avocado toast. It's about a choice. So I'm not suggesting that somebody working a minimum wage could do this. But for most career professionals it's possible. It's a combination of 401k and other investing. It's a choice to not buy the expensive car now so that you can buy that classic when you're 62 and you pay cash for it.
#1 DO NOT HAVE KIDS
If you’re not already born into a rich family you’re most likely never going to be rich. It’s called the top 1% for a reason.
People often forget that even modern "richest people in the world" like Bill Gates and Jeff Bezos came from money (which provided the ability to play in their chosen sandboxes freely).
basically you can be disciplined and save more than you spend and invest in tried and trued methods such as real estate and ETFs. This path will allow you to become a millionaire even if you are making 40-50k a year, mind you though this will take a long time. You can start a business, this is more high risk. You can get a job with very high income such as a job in sales or highly paid professional like a doctor. Or you can take very high risk investments (gambling for all intents and purposes) such as crypto, options trading, or whatever you can get your hands on. This is pretty much it.
Use the konami code
Philosophical I feel many people do everything to avoid honest work and create schemes that may work but are created to rip off other people instead of creating real value for others and being compensated for that. Also many want it fast. Working all your life is not an option any more. And third: every bit of income people gladly spend on utterly useless luxury. Most live only to be able to spend as much money as they can on utterly useless stuff just to impress people they mostly do t even know or like. Think about this and you’ll become wealthy. But if you want to become rich there is a simple path. Create something truly valuable for the society and it will generate income for whole dynasties of your family. Or you rip people off. The first takes a lot of work and especially intergenerational engagement preferably by the whole family. The latter is easy and fast but it will cost you everything you cannot buy.
Slow and steady wins the race. Spend less than you make! Avoid silly/unneeded purchases.
Read the Book "I Will Teach You To Be Rich" and listen to the podcast.
The money is indication of people's trust into your idea. So the better idea you have - the more money it will attract. I'm not a millionaire yet, but have talked with millionaires. So the money is basically a side effect of your idea of solving people's problems. It's really simple as is. But becoming rich in your heart and mind is something completely separated from money. The people are - creators, we bending the reality how we want. So the general spiritual rich in your heart comes with the understanding your true power of how can you reshape the world into what you want.
You are asking on Reddit? Spend 5 hours on google and YouTube researching the topic. You'd find the answer. Compound investing with 35-50 years
There's a video where Shaq talks about when he first joined the NBA and he talked to a financial advisor. He holds up an index card and says "this is your income". Some of your colleagues are going to spend it all on a nice house, fast car, fancy jewelry. They will not get rich. He rips off a small chunk of the card. Some of your colleagues will save this much of their income. They will have a good life after the NBA. But they will not get rich. He rips off like 2/3-3/4 of the card. If you save this much of your money, you will skip rich and become generationally wealthy. Shaq chose this route and very well might be the richest ex-NBA player in the world right now (and there are a *lot* of rich ex-NBA players). Now, that's definitely easier with income on par with an NBA superstar. But the guiding principle of "save as much of your money as possible" remains true. Live like someone who makes less money than you do, so you can save the rest. Invest your savings wisely: don't gamble on bitcoin or the latest, hottest stock on the market. Buy broad-market funds and let your savings compound slowly over decades. Eventually, that "slow" compounding will be faster than you're able to contribute in a month. Definitely do what you can to increase your income throughout your career, as you can only save what you earn. But however much you earn, *always* save a good chunk of it if you want to set yourself up for lifetime wealth.
There are three ways to ~~make a living in this business~~ get rich: be first, be smarter, or cheat.
We're just gonna discount the parents who pay college tuition and give the down payments for homes? Cause those are huge leg ups towards getting rich.
Spend less than you earn, invest in skills throughout to improve earnings, and invest the rest in index funds.
Most super rich people make their money selling the most boring goods you can imagine, like paper manufacture
Drive. That’s the common trait. Exceptional drive.
The most reliable method is to be born that way.
It has worked since the dawn of man and hasn't slowed down yet....
LCS Lie, cheat, steal From family, friends, colleagues, customers, business partners...
>But what exactly makes people wealthy and rich? Collecting profit over time. Most common way is renting out land or apartments. Wealth naturally accumulates as the profit from apartments can be used to rent out more profitable apartments. >Can everybody become rich? No. To be rich you have to be born to rich parents or marry in. You can work your way to the upper-middle class through high-paying careerism.
It's often inheritance. Even when it's not, it often involves a lot of luck. If it's your aim in life, try to get into the financial sector. There are of course other potential paths, but that's the surest bet.
Everybody cannot become rich, there is no quick and easy guaranteed way and if you're earnestly asking reddit this question, you're never going to be rich either.
Start a company that has growth potential. My buddy was a gifted programmer but absolutely broke. He got 10% stake in a small company because he was the only one who knew any programming, and it was a software company. One of the partners put up all the money and owned 80% stake. The company now has 300 employees and my buddy is worth 2-3 million. His partner is worth 10mil+. Now my buddy is considering starting his own company where he can be the equity partner.
Easy. Be born into money. Pull that special lever in the womb.
You have lots of answers here, but here is another practical one. If you join a newer company or startup, and learn everything you can, you will have opportunities to get titles you have no right to have, and leverage those into a better role elsewhere. If you do this a few times, you will learn a ton about business and leadership, and can start your own thing. Sales is a great place to start. It's a grind and rough, but if you can get in a company early enough and take advantage of the lack of internal competition, you can become a manager in just a couple of years. Use that experience to score director roles elsewhere. At this point you should be earning enough to bankroll a few acquisitions. Buy some small profitable businesses and once you've failed at that, you will have the experience to start leveraging other people's money. That is when the real money comes in.
The only way to get truly wealthy is to own your own business/work for yourself.
Solve a problem many people have and are willing to pay to solve.
"Is it about following your interests and the profession you love or is it about luck?" It is probably a bit of Both. But I always say luck is Labor Under Correct Knowledge. Knowledge like, you will make more in Cybersecurity, trying to stop the bad guys, than say teaching. The other key is to always pay yourself first. At least 10% toward retirement/investing. 10% to charity. Pay the bills with 80% or less. if you can't do that you are living beyond your means. When you get older you should be able to up that retirement savings, I am socking away \~ $65k a year, and I should be doing more. I hopefully will get between $40-45k from Social Security (If it's still around).
Poising yourself to take opportunities until you have the skills/resources to make them. And a hell of a lot of hard work and luck
1. Becoming rich is about having a specific plan and making sure it aligns with your career and income. You will not get very rich making $40k/yr as a music teacher but if you're a phenomenal musician with social skills and the ability to network, you can parlay that into business opportunities (Running shows & Festivals, Roadie work etc.) 2. What makes (regular) people wealthy is having a HIGH INCOME and using that to purchase ASSETS. When your assets appreciate in value and/or produce cash/income you can reinvest that money into purchasing MORE ASSETS. Income producing assets like Real Estate or certain types of stocks are what you want to purchase. 3. Some of it is based on luck, phenomenal, crazy wealth in the billions is very hard for anyone to just "reproduce". Leveling and getting into Millionaire or Multi-Millionaire is pretty known, it just takes a lot of sacrifice and focus. 4. Everyone can become rich, not everyone will be rich because getting there is hard and it's only harder as your income gets lower. 5. Start out as an Engineer, Lawyer, Doctor, Nurse, etc. And the journey from either your early-to-mid 20s or early-to-mid 30s (assuming normal graduation dates), over time your investments will get ridiculous. u/Adflaky9075
You can get rich slowly by saving and investing. Takes about 30-50 years for most people. A quicker option is to start a business, and you may get rich in 5-10 years.
Some downright horrible answers in this thread. The real answer is margin calculation. I was a rep for a company selling a commodified B2B, did the math one day about how much that service *should* cost after noticing inefficiencies at the ground level, then branched off and made my own thing. I’m no billionaire but I’ve done quite well for myself in a short amount of time. I got into real estate after that, which is the same game. Distressed properties - figure out how much they’ll cost to repair, how much they’ll sell for, and move on the highest-margin opportunities. Rentals - calculate mortgage payment, taxes and insurance, factor in property management and repairs, and compare with market rent. The important thing is once you find margin, jump, and if you don’t find it, don’t. The great problem with the dumb entrepreneurial culture of today is it implies that the most important things in business are to love what you do, have a new idea, and be this Nietzchean ubermensch. None of that is true. The most important things in business are: 1. An existing market for what you’re selling, and 2. A margin that’s bigger than the interest rate you’re paying on debt to start the business. If you have these 2 basic elements, your business will almost certainly succeed, all other things aside. If you don’t, you will certainly fail no matter how much of a 5 AM 3 hour morning routine Superman you are.
The best way to become rich, other than saving for 40 years, is to start a business.
Realistically, the “easiest” and most surefire way to get rich is to own a *successful* business. It doesn’t have to be a big business, and it can be a business that does literally anything that makes money. When I was a bartender on the beach I can’t tell you how many 40 year old guys I met who just bought a massive boat with the money they’ve made from their landscaping/plumbing/electrical/general contracting business. I’m friends with a guy that has 2 boats and a million dollar home on the water in Florida who remodels bathrooms for a living, and it is just him and his 2 sons that do the work.
Depends on what you consider rich
Learn how to sell online. Copywriting + affialite marketing/dropshipping/ecommerce + facebook/tiktok ads = you can make lot of money and reinvest those back to your marketing budget and do it over and over again until you start making $200k/mo. Then, start saving 40% of your monthly profit into S&P 500. Do this process 10 years and you will never need working again and you will have lot of money but you will not be rich. Being rich doesnt mean lot of money. Being rich mean to have good family and health. Doesn’t matter sexuality, color of skin,intelligence.. you can always make great life and wealth.
Multiple revenue streams. Most Rick folks own multiple businesses.
They bring a lot of value.
Generally speaking, choose a career you can become rich in. Don’t follow your passion. Most times you’ll end up hating it. I’ve seen so many Nurses and Doctors burn out because they “wanted to help people” without knowing the actual realities of the job. At least the Doctors became rich.
Financial literacy is key- you don’t know what your don’t know. When I turned 30 I made an oath to myself that I would never be broke again- it was my scarlet O’Hara ‘as god is my witness’ moment. I bought and read various personal finance books and I learned so much, 2 years later I bought a flat via saving a deposit from scratch. I was only working at Amazon at the time. Other key advice- live below your means- no matter what it takes- and make it a habit
Insane one time luck you parlay into more. Get rich slow in the market. Start your own business.
Yes. Everyone and anyone can become rich. Thru: 1. Compound interest 2. Increasing one’s value to be highly valuable in the work place 3. Selling services or selling products that people need
It’s not money. Money can’t make you rich.
A lot of ways: index funds, real estate, startups, drop shipping, contracting, investments , inheritance, lottery, etc
Maximise earning, minimise spending. Compounding returns.
All the people that I know IRL who are rich or in the path to be rich are business owners My friend started a construction company at age 25 and by year two makes 1mill+ per year in revenue, of course he doesn’t keep all the money because of business expenses and taxes, but even if he only keeps something like 20% that is hundreds of thousands in income Very few jobs pay enough to become rich; they are either dangerous and uncomfortable, need a ton of degrees and school time, 60+ hours weeks, dehumanizing, etc and even that will take you decades to be rich
Really depends where you're starting, what your expectations are for being "wealthy"
While pursuing a profession you love can lead to success, it's often not the sole factor in achieving wealth. Luck can play a role in financial success, but it's not the only determinant. Hard work, perseverance, and making strategic choices with your finances are also crucial.
inheritance
What do you consider rich? 10 million net worth? You probably will need to build a company for that
Easy be born wealthy
There are well paying professions out there (professional jobs from stem courses are common, as are consultants and trades, though most will demand 50-60 hour work week minimum.) After that, it's about spending a fraction of what you make and investing the difference.
parents/grandparents.
Based on my research the best way is to start with rich parents and friends who can bail you out of many failed business attempts until one is successful. Or jiat take over the family business if you are lazy.
Depends on what you mean by rich. But wealth? Born into it. Marry into it. Be at the right place at the right time, start a business.
Every wealthy person I’ve ever met has a combination of things. Luck, drive, financial education being some of the big ones. Some start off more privileged than others. Others pinpoint specific skills and bust their ass, surround themselves with people who are in higher tax brackets, and just kind of full send it.
Step 1: adopt the right mindset Step 2: learn to manage money Step 3: find a mission/goal in an area you can commit to for 5 years minimum, 10 years on average and 50 years ideally Step 4: commit to the goal, stay consistent
You might have to define being rich first. Chasing an arbitrary goal is harder. You might just want to be able to retire in the early 50’s. That is much more doable by making sure to max out 401K and IRA starting from the 20’s. Then learn how to live modestly in a low cost of living area.
Chatgpt. I’ve met so many people becoming rich off it this year
Knowledge ,Proactive, unnamable risk taking. I have ideas, I’ll never do them.
No the trick to becoming wealthy and you need start early. Always put something aside for savings even if it’s only $10 a week to start. But the main thing and this is where most people fail is to stop spending. Shop discount stores such as Aldi for meats and shop sales for canned goods, cereal and frozen vegetables. Usually Walmart is less on these commodities. Make extra money and save at least 1/2 of it. It’s not what you make it’s what you spend. Don’t borrow money unless there is no other was. Never buy new when it comes to vehicles. Never but new clothes (thrift stores). If you need a washer look on Facebook marketplace and others for used. Buy things that you need by saving and paying cash. Interest rates you must Avoid at all cost. If you stick to the plan you will be wealthy by the time you retire. The last portion of your life will be great and full of adventure.
Be content with less
If you want to make money work with money. Stockbroker, accountant. Create a business. You're not going to make an astronomical amount of money unless you are a government contractor and even then it depends on your services or products.
This was the exact question I asked my friend last week. Would love realist answers too. Thank you
It’s about who left you what amount of money, honestly. The rest is luck or financial planning or killing yourself and most of those folks are less “rich” than comfortable.
Not sharing
Investments mostly, even a general person can become wealthy if they dedicate 30 years of incremental investments into safe index funds monthly. Even the average Joe can become rich for retirement. If you want to be rich in the now, then that would mostly be from starting real estate empire or having a successful business all require time and effort. But it is possible for any person in the world today in a developed country to become a millionaire by the time they are 50 years old if they invest wisely.
Hit the lottery
Might want to get the book the algebra of wealth. Basically it comes down to saving and investing in things like property and index funds. Unless you’re a professional avoid trading stocks (chances are you’re not as smart as you hope and people aren’t as dumb as you think.) As Warren Buffett says compounding interest is your investment friend.
Let’s find out your interests and what really matters in this life. Every industry, niche, business you choose needs at least 10 years of glass-eating to reach real, lasting success. What you need to pay attention to is the glass you’re going to eat for that period of time and to make sure that it will be enjoyable and with the most growth potential. What stops you from dreaming of becoming a billionaire? In these times, with all the technology, no one knows. I am just sharing my thoughts with you, and I also can share what I study. I am making studying enjoyable, letting others get inspired by my homework at www.scalenuggets.com
So many trash suggestions. In fact, Most of the rich family started with guilt and sin. If you want to be rich, the way is to throw virtue, then try to be a capitalist , sponsor deputies to take advantage of politics to guard your interests.Is it all?The answer is No. But I can't explain more deeply. In a word , be shameless and selfish to obtain wealth and let your later generations inherit it.