How to get rich?

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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)

 
Most Helpful
Apr 30, 2019 - 6:54am

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.
 
May 1, 2019 - 4:32pm

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
 
Apr 30, 2019 - 8:52am

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.

Array
 
Apr 30, 2019 - 9:44am

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.

 
Funniest
Apr 30, 2019 - 3:55pm

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/
 
May 1, 2019 - 1:23pm

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 1, 2019 - 1:49pm

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

Array
 
May 6, 2019 - 5:04pm

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

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