How to become wealthy

Throwawaysteve123456 · 2017-04-26T15:24:23+00:00

Finally a post I can probably answer better than 99% of posters here. Get over your bullshit millennial dream. You won't make 40 million dollars starting a business without getting a damn job first. You think someone is going to lend you 500k to start a business? Do you think you can turn 100k into 40 million in a few years on the stock market? No, you won't be able to. Here's a reality check. To make 40 million you'd have to be an entrepreneur, there's no other way. I'm assuming you don't have parents that will lend you 500k either. Your only option is to go to school/trade, make good money, live like a fucking peon during the prime of your life, and invest every fucking penny you have. Then after several years of working your balls off with almost no luxuries, you'll start to develop a base layer of capital that you can use to grow more capital. I'm just under 30 and just shy of a millionaire with net worth, put myself through university, and received no handouts once. The key was a high paying job (do your research, and they won't be easy jobs) with VERY meager living standards for a long time. My car is worth about three thousand dollars. I'm pretty sure I have the shittiest car out of my entire group of colleagues, and I can pretty much guarantee you I have more money than them. That is the only way man, anyone who says otherwise is full of shit. If you're 24 your best bet is to go into a lucrative trade; do your research, and look for what industries are growing. Find a speciality position that nobody wants to do, and charge your own rate. You may be able to get to 3-500k by 30, and maybe 3-5 million by 40. You likely won't ever hit 40 million in today's value of currency ever, hate to say it man. good luck.

resolutions316 · 2017-04-26T14:38:35+00:00

Why the FUCK would you want to make 40 million dollars?

You don't. Really, you don't. You just want to LIVE like you imagine rich people LIVE.

But you don't need that much money to do that. So ask yourself a better question:

What can I do to pay all my bills each month?

Answer: nearly fucking anything. My advice: learn a marketable online skill - web design, tech support, email marketing, online advertsing, anything.

Pick a specific industry - dentists, lawyers, massage therapists, whatever. Make sure that industry charges a significant amount to their clients.

Look around your local area. Find 10 local businesses in your industry that have shitty (whatever it is that you're doing). Email and call them all. Point out the issue, tell them what it's costing them, and tell them you'll fix the problem for them for FREE...in exchange for a referral and a testimonial, IF they're happy with the work.

Do the work. Crush it. 100% overdeliver. Have them be ecstatic. Ask for recommendations. Get glowing referrals, video if you can.

Then, build a list of 100 of the best, most ideal clients you'd like to work with for this thing. Email them all, letting them know you just worked with these other companies. Tell them you've noticed similar issues with their set ups, and you'd like to provide a free strategy session to them to help them sort it out.

On the call, give them your exact strategy. Hold nothing back. Learn all you can about their business and their problems. Make sure your strategy, which you outline in detail, solves those problems and provides massive value.

Then say nothing. Make THEM ASK you - "So, how much would it cost to have you do all this?"

Let them know. Close the business. Rinse, repeat.

TheRedStoic · 2017-04-26T15:25:19+00:00

I'm retired. "Economically".

You need to own production and limitation.

Without that you're forever the slave. So work towards owning things. You sitting on your ass needs to make you money. Once you're there for at least 50kpy after taxes (my measurement) then you're free.

Of course the minimum depends on how you spend and what you want.

Edit: my parents told me to check this when I was in highschool. You should look into it. (The first million is the hardest) and (benfords law).

TheBiss · 2017-04-26T13:44:33+00:00

You will never be truly wealthy working for someone else. Never. I have been self-employed now for seven years, and I am semi retired at 46. I started several e-commerce websites, and a bulk food store. I would say on average I work about 4 1/2 hours a day. My house is paid for, and my vehicles are paid for.

My five year plan involves something very different from what I'm doing now. I am going to open a glamour camping experience yurt village, with bed and breakfast and day spa. I'm going to take about a year off to tour the United States for the proper location, and then I'm going to build it. I will take my current house, turn it into men's dormitories, and rent to students at the college one block from my house.

crixusin · 2017-04-26T17:53:40+00:00

Everyone on here is talking about how you can make 40 million dollars, but no one is talking about how you can start on your way to make 40 million dollars, which is the more important question.

Once you have money, its easy to make money, its as simple as that. You need every single dollar that you spend to work for you. What does that mean?

1) Get rid of rent. Find a way to not pay rent, meaning you live with your parents, or you buy a place and invest into it. Once you have your own place, it actually helps you save money. Your rent will never change, but cost of living will continue to rise. But you won't be hit by those large hikes in rent. Also, more space = more storage = more bulk purchases. I cook a lot. Spices are expensive. When I rented, there was no way I could buy bulk spices because I didn't have any way of storing them. Now that I own a place, I have everything I would ever want, and I bought them for pennies on a dollar.

2) Make all your own meals. Stop eating out.

3) Cut down on your utilities. Cut out cable and use your parent's online logins to watch cable TV. This will save you a lot of money.

4) If you do the above two, you should be saving money. Once you have enough to save, you need to start investing it. I just made a lot of money on crypto for instance.

5) Buy another house/rent the one you already bought.

Rinse Repeat.

Learning how to code

I'm a software engineer. I get paid well by my employer, there is a lot of money to be made here. That doesn't mean I don't do my own thing on the side too.

hacking

This won't really make you any money, and I'm doubtful you even know what this entails.

MoarPill · 2017-04-26T13:43:24+00:00

Pretty much anyone with more than 1 or 2 million had a business of their own to some degree. Read the millionaire next door, it basically goes over what the typical millionaire looks like and how they became a millionaire.

underrdog · 2017-04-26T17:57:09+00:00

In soviet union there was old joke from real life - You must steal your first million.

banllama · 2017-04-26T14:58:04+00:00

You are delusional. /r/financialindependence is a must read

arthis1 · 2017-04-26T17:28:26+00:00

Funny enough, I became wealthy by coding and playing the stock market. You've answered your question.

gizmozed · 2017-04-26T20:33:31+00:00

Work very hard, manage your resources (money) very tightly, be very smart and finally have a great deal of good luck.

alexclarkbarry · 2017-04-27T08:13:55+00:00

Follow Bitcoin, research the next wave of internet innovation and jump on it. There is money to be made if you can program in the Ethereum Virtual Machine, Much more in demand than web development.

HF711 · 2017-04-27T04:25:48+00:00

Learn how to save. Have to understand that to make money, you have to grow money. In order to have success in any aspect of life, it is a combination of a ton of thought out decisions and sacrifices. Also understand that the stock market will always level out meaning that it is almost impossible to just beat the stock market. First, you have to have enough assets to protect yourself from any market correction. An index fund grows at an average of 7 percent per year. That means that money should be invested in safe blue chip stocks that will perform as the market does. But in general, make smart decisions, know when to cut bait, and don't let your ego beat you.

LordThunderbolt · 2017-04-26T14:48:43+00:00

You first need to establish a plan on how to get that income. First you need a time frame, so let's say you want $40M in 15 years. The math is as follows:

$40M / 15 years = $2,666,666.6

$2,666,666.6 / 12 months = $222,222.2

$222,222.2 / 4 sources of revenue = $555,555.5

So that means you would have to be generating $555,555.5 from 4 revenue streams a month, for 12 months, over 15 years, to behave $40M in your bank account. Good luck.

Title	How to become wealthy
Author	asaprocky96
Upvotes	18
Comments	54
Date	April 26, 2017 1:16 PM UTC (9 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/67o1rs/how_to_become_wealthy/
Archive Link	https://theredarchive.com/r/askTRP/how-to-become-wealthy.90160 https://theredarchive.com/post/90160

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