How to get rich?

Most of us work in finance to make a good living. Since finance is getting more competitive though I feel that it's not the straight forward way to money that it used to be. How do you structure your finances and what do you do to make sure to get rich in the long run?

Comments (36)

Apr 30, 2019

start ultra rich

    • 1
  • Developer in Accounting - Audit
May 5, 2019

sell drugs

Most Helpful
Apr 30, 2019

Define Rich? What is your time frame? What is your risk tolerance?

  1. In general I would get very knowledgeable (so you get comfortable) with several types of investments including RE (not reits but actual RE including commercial).
  2. Don't invest in things you don't understand or are not comfortable, even if you see others killing it. Use that as a motivator to educate yourself so you catch the next wave.
  3. Once your comfortable, pull the trigger.
  4. Good balanced portfolio of Equity, Alts, RE.
  5. Build your own business is a great way to either generate a serious asset or enough cash flow to fund an asset through investment.
    • 5
May 1, 2019

I agree and would add that very few people become "rich" from W-2 income alone. The name of the game is saving as much of that salary income as possible so that you can execute the strategy outlined by @rickle above.

    • 1
May 1, 2019
rickle:
  1. Build your own business is a great way to either generate a serious asset or enough cash flow to fund an asset through investment.

Wait what? The business comes before the assets?

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May 1, 2019

Sorry worded poorly.

Build a business. It:

  1. Becomes a valuable asset to sell (like any other equity), or
  2. It generates great cash flow for you to use to invest in other assets.

No order to any of this other than:

  1. Work hard / earn lots in either a job or your own business
  2. keep overhead low
  3. Invest the rest
    • 1
Apr 30, 2019

Want to know the best way to have a quick $100k by trading stocks?

Start with $200k.

In all seriousness, rarely anyone gets rich working for someone else.

Apr 30, 2019

@rickle made a good point, define "rich".

I would add, the basic premise to get rich is take what you make, take our our expenses, and whatever is left is what you can save. Based on that savings, and growth, figure out how long it can take you to get to your "rich" number. In theory, that'll work for anyone. In practice, you may die before it accumulates, then you have to boost income, or lower costs.

Apr 30, 2019

just stop

Apr 30, 2019
  1. Make Money
  2. Save Money
  3. Invest Money

^
Anything else is fancy, if you are good at fancy things, do fancy things to speed up the process above.

    • 1
Apr 30, 2019

buy my course

heister:

Look at all these wannabe richies hating on an expensive salad.

https://arthuxtable.com/

    • 1
Apr 30, 2019

Give me a 10% finders fee to tell you to buy @GoldenCinderblock 's course

Apr 30, 2019

ok

Apr 30, 2019
GoldenCinderblock:

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May 1, 2019

Whoa dude are you Tai Lopez?

@ me next time, champ. I don't want to have to talk to you again about this.

May 1, 2019

just curious, why are you the "Golden Cinderblock"?

May 1, 2019

golden parachute for fans of self-sabotage
or something
idk man it sounds nice

heister:

Look at all these wannabe richies hating on an expensive salad.

https://arthuxtable.com/

Apr 30, 2019

Buy low, sell high
it's literally that easy

thots and prayers

Apr 30, 2019

Capitalism: find something people want, sell it at a price they agree to, keep your costs lower than that price, profit. Make more profits until you feel rich.

Apr 30, 2019
Apr 30, 2019

"Until you feel rich" this is what is important

Funniest
Apr 30, 2019

I've been buying up people's names as domains, linking it to stupid shit, and offering to sell them to them for a grand. No offers so far, but a lot of people are quite upset at me. My brother's girlfriend's mom is really mad that her daughter's name .com links to a picture of me flashing gang signs.
long game though. long game.

heister:

Look at all these wannabe richies hating on an expensive salad.

https://arthuxtable.com/

    • 13
May 1, 2019

The boring answer is to simply live frugally, save, and invest your money wisely, and realize that you'll become rich when you're older.

My experience is that when people ask "how do I become rich", they simply mean

"How do I become rich before 30/40/50"

"How can I retire before 40"

etc.

Almost every rich person I know, falls into these two categories

1) Invested in real-estate

2) Started a company

But they all share one thing: They worked regular jobs for many, many years, and thus had money to invest - when opportunity presented itself. They're now in their 50's / 60's, have more money than they'll ever need, and are living the good life. No shortcuts.

May 6, 2019

When you say living the good life, what kind of net worth are we talking

May 7, 2019

Good life is all about cash flow, not necessarily NW

May 8, 2019

The older I get the more I feel that there really are no shortcuts in life

May 1, 2019

Its easy just buy my 3 step system for 97 easy payments of $19.99

But for real Felix Dennis (founder of Maxim) wrote a book on this called "How to Get Rich" and it's pretty comical. Worth a read

May 6, 2019

Separating "cash in" from "time spent" is the only way to become wealthy; until you do this you're going to be stuck in slave mode. You need to be in a position where you're actively building systems and automating yourself out. The only thing you should ever spend time on = learning how to build better systems & staffing those systems accordingly. This lets you scale ridiculously fast. Without good systems you end up being stuck "in the business" as opposed to working "on" the business. The more idiot proof the systems you can build the better because assuredly an idiot will come along one day and ru(i)n your system. It's very beautiful when you have many systems spitting out delicious profits you can use to do things like saunter around in your new vicuna Kiton suit and eat all the spicy chicken you can dream of.

*adjust chicken spice to taste

May 6, 2019

I've just read E-Myth Revisited.

It goes into depth about what m_1 describes here.

The idea is that your business is the product.

May 6, 2019

Would you agree that it is easier to create systems that scale well in a business that is a product over a service business?

May 7, 2019
Comment
May 8, 2019