Is Entrepreneurship the only real way to become wealthy?

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September 5, 2018

I believe TRP is focusing too much on women lately and I rarely ever see posts about personal finance and success. (even though I know TRP is about sexual strategies, self-improvement is itself a sexual strategy in my opinion)

I'm currently 18 and have got another year of High School before graduating so I started thinking about which path to take after that.

My main goal in all honesty is money. I heard so many times that "aiming for riches" is bad but honestly it's just bluepill thinking. I've read many books about personal success and I realised that aiming for riches is good as long as you are persistent in what you do and do not fear failure.

So I thought about getting into Economics' university.

The point is, I really often read that graduating in universities is useless if you want to reach a 7 digits net worth. They just turn you into a slave. Yes, I see people who earn around $120.000 a year and in 8-9 years they might reach the 1 million counter. But you'll get that only if you work hard 12 hours a day for someone who earns your money in a much smaller period of time.

Starting a business is advised often here and I understand why. But can you really start a business without having any educational background about how money work and the overall economic system?

I mean, you increase your risks of business failure by not knowing shit about money and finance, and honestly I don't know how a 18 year old guy could know this stuff, considering the fact that my family never taught me anything neither school did.

I know the internet is full of information, but I know some sites such as Investopedia and It's hard for a total beginner to understand the concepts, and it confuses me so much not knowing where to start.

Could you give me a general advice about how to get educated about this stuff in a self-taught manner, and your thoughts on Economics' degree? Is Entrepreneurship the only way to pass the 6 digits counter? Thank you in advance.

Post Information
Title Is Entrepreneurship the only real way to become wealthy?
Author lifeisweirdasfuck
Upvotes 127
Comments 145
Date 05 September 2018 02:19 PM UTC (2 years ago)
Subreddit askTRP
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[–]Endorsed Contributorleftajar177 points178 points  (39 children) | Copy

When you work a job, you are selling your time at a fixed rate.

People can (and do) jack that rate up pretty high. Last I checked, a world-class neurosurgeon makes $350k a year.

That's nice, but as others have noted, that means the moment you stop working, you stop making money.

Becoming an entrepreneur changes the equation. Instead, you're selling units of product. Or subscriptions. Or whatever other metric.

This produces a big shift in mindset.

You see, when you're receiving a salary, there's a perverse incentive against working hard. If you bust your ass and don't get a raise/promotion, then that makes you a sucker, doesn't it?

But if you're selling units, it trains you to think differently:

  • Instead of trying to "run out the clock," you're actively engaged in trying to hit sales numbers.
  • You train yourself to look for actions with disproportionate results.
  • You become a fucking sensei of task-prioritizing.
  • You learn to be decisive.

I've been an entrepreneur for 7 years, during which time I've mentored a half-dozen other successful entrepreneurs.

If I ever became an employee again, and I wouldn't, they'd guaranteed make me a VP of something. Why? Because I've had 7 years experience strategizing, prioritizing, managing people, and being relentlessly decisive. Not many people can do that, and you sure as shit won't learn it from being an employee.

So, where do you start? That's a whole 'nother comment or post.

[–]1Shyrk76 points77 points  (8 children) | Copy

Is this a post you are interested in contributing? I would fucking love to read your perspective/words of wisdom.

[–]Endorsed Contributorleftajar75 points76 points  (7 children) | Copy

Thanks, I appreciate hearing that.

Sure, I've got a lot to say about making more money, either as an employee, freelancer, or business owner. A big part of that will be starting an e-commerce business from scratch.

Thing is, if I'm putting that much effort into it, I'd be inclined to do a YouTube channel/Podcast rather than anonymously posting on TRP, as I am interested in keeping my real identity separate from all this delicious misogyny.

[–]1Shyrk32 points33 points  (0 children) | Copy

… And monetizing that content is exactly in line with the concepts you’re here discussing. Understood.

[–]cirrusice10 points11 points  (2 children) | Copy

I feel like E-commerce is oversaturated. Almost every item on Amazon has 50+ sellers. How do you compete in an area like that?

[–]Endorsed Contributorleftajar19 points20 points  (0 children) | Copy

As opposed to drop-shipping, where you're just reselling cheap Chinese crap at a markup, we sell original products that we designed in-house to be better than our competitors' products.

[–]SLAP-HAPPY253 points4 points  (0 children) | Copy

The channel/podcast you speak of is something I’d love to tune into. Please consider sharing a link with me if you commit to this idea!

[–]Endorsed Contributorbalalasaurus2 points3 points  (0 children) | Copy

Start a patreon or something. I’d contribute.

[–]hamagiclamp2 points3 points  (0 children) | Copy

delicious misogyny


[–]jackandjill2210 points11 points  (5 children) | Copy

Being an entrepreneur sucks you have tech skills on par with others in your job market & also have business experience/sense to understand how to negotiate all the finer points of what you're doing, when you work for a company all the shit is handled for you; the legal and contract aspects. So, you just run on autopilot doing the technical work. Entrepreneurs have to be scrappy and savvy it isn't for everyone including the long hours required to do it because you rarely are billed for all the work you're doing. That said you also have to have a business model that's competitive; ahead of the curve & most people suck at that too.

[–]Endorsed Contributorleftajar20 points21 points  (4 children) | Copy

For me, the first indicator of future entrepreneurship was a profound dissatisfaction with how my employer ran their company.

I remember realizing one day, "they could fire 2/3'rds of the training department while simultaneously improving training outcomes. Why the fuck don't they do that?"

If you find yourself thinking those sorts of thoughts, you might be right to run your own business.

[–]jackandjill221 point2 points  (3 children) | Copy

I agree. But it's not easy there's a big jump between thinking it and actually carrying the task out. You're going to fuck up and make mistakes trying to set it up.

[–]Turkerthelurker6 points7 points  (2 children) | Copy

You're going to fuck up and make mistakes trying to set it up.

Aka the TRP attitude towards women & dating, applied to business.

[–]jackandjill227 points8 points  (1 child) | Copy

Bud, I've seen people have a bad week in their ventures & threaten their house. This ain't a normal breakup with a bitch and be depressed for a month fuck up.

[–]Turkerthelurker3 points4 points  (0 children) | Copy

Bud, I've seen people have a bad week in their ventures & threaten their house.

Obviously there's possibilities between a black/white risk/no risk lifestyle. You can mitigate risks.

What is the point of this whataboutism?

[–]Helpcalculus8 points9 points  (1 child) | Copy

One thing you forgot to mention is that once your mindset shifts, you start looking at small income streams in a "How can I scale this up" manner.

[–]Endorsed Contributorleftajar3 points4 points  (0 children) | Copy

This is totally correct.

[–]5xEBITDA3 points4 points  (0 children) | Copy

Best comment ITT

[–]jamesbond81813 points4 points  (0 children) | Copy

This is awesome. I’d love to hear more from you!

[–]fashraf3 points4 points  (1 child) | Copy

I'm an entrepreneur looking to get into the 9-5 game. your points about strategizing/prioritizing etc. are pretty good ways to sell myself when i start doing interviews. with your permission, id like to use that line. The problem i was having when looking for a job earlier was that people looked down on entrepreneurs. hopefully i could use this to my advantage to sell myself better.

[–]clausternn4 points5 points  (0 children) | Copy

Why do you need his permission. It's just two words. It's not like he came up with a quote that will be quoted by entrepreneurial books for years to come.

[–][deleted] 2 points3 points  (7 children) | Copy

Are you wealthy? Cash wealthy.....

[–]Endorsed Contributorleftajar17 points18 points  (6 children) | Copy

Depends on your definition of "wealthy." Overall assets, yes, I have a fair amount. Liquid cash, no.

I only "make" 50k/year, which I pay myself to cover living expenses. Many multiples of that number are generated by my businesses, which I then reinvest to avoid taxes.

I have virtually zero desire to waste money on bullshit like new cars, as I could simply reinvest that money to make even more money. I'll need to generate a lot more revenue before I'm tempted to inflate my lifestyle.

[–][deleted] 1 point2 points  (1 child) | Copy

How much longer do you expect until your making the big money?

[–]Endorsed Contributorleftajar0 points1 point  (0 children) | Copy

1-2 years

[–]BeeBopJoe1 point2 points  (0 children) | Copy

I like your approach and your attitude towards managing money.

[–]clausternn0 points1 point  (2 children) | Copy

You have no interest in turning that into passive income and then stop working for good? Just do whatever you want for the rest of your life?

That would be my dream. Get to $1 million and then just live off of the investments and travel the world and never work again. But maybe that sort of attitude is why I'm not an entrepreneur.

[–]Endorsed Contributorleftajar2 points3 points  (1 child) | Copy

Nah. It's way more fun to create things that people want. Dude, to spend months prototyping something, then sign the production contract, then promote the product, then release it and pop a bunch of sales revenue... man, that's a good feeling. Dopamine to the max.

Besides, the more money I make, the larger the scope of awesome stuff I can create. My newest company has the potential to be world-changing, and I fully intend to pursue that possibility.

[–]clausternn2 points3 points  (0 children) | Copy

There must be two kinds of men. I have a friend like that, he's an entrepreneur, actually quit his decent job while our country was in the middle of a recession to start his business. That takes massive balls. He has a business and still doesn't stop thinking about new business ideas. Also think Elon Musk, even after becoming massively rich the dude doesn't stop creating shit.

Not me though. Literally the only interest I have in creating stuff would be for the money it would make. As soon as I made a million or two I'd drop out and focus on things I actually enjoy. Like traveling.

[–]Epoch_Diamond2 points3 points  (0 children) | Copy

I don't think you checked because a general surgeon makes at least 350k, specialists more like 500k and a top neurosurgeon can make close to a million a year.

I actually came here to mention that medicine is one of the only careers that allows you to make 5-10x normal salaries.

Good post though.

[–]thisisnotme__--1 point2 points  (0 children) | Copy

So, where do you start? That's a whole 'nother comment or post.

I just want to thank you for your good grammar, specifically the spelling of 'nother.

I typically hate hearing people say "a whole 'nother," but since you spelled it properly, it's actually pleasant.

[–]SpiderAlpha330 points1 point  (0 children) | Copy

You should probably make a separate post on this. I am an aspiring entrepreneur , currently studying Computer Science in my third year of engineering and I'm looking forward to starting a tech business after graduation.

[–]Junted0 points1 point  (1 child) | Copy

I would think the traits in your last sentence can all be components of lets say a construction project manager on a big project. What would you think?

[–]Endorsed Contributorleftajar0 points1 point  (0 children) | Copy

A business is like a machine, with different parts. A construction project manager oversees one part of the machine, probably called "operations." That doesn't mean he knows a ton about sales, marketing, overall business strategy, admin, or any other part of the machine.

You can't compare a "head of ____" to an owner or CEO who is constantly thinking 10,000 feet above the ground level.

[–]chumjetze0 points1 point  (0 children) | Copy

Solid advice, but you're way off on your neurosurgeon number. A world class neuro (or heart surgeon for that matter) who has billionaires, royalties and celebrities flying in from all over the world to be treated by him easily banks more than 1 million $ a year. Easily.

[–]danp640 points1 point  (3 children) | Copy

I wanna be a neurosurgeon

[–]Endorsed Contributorleftajar2 points3 points  (2 children) | Copy

Go for it. Be prepared to have top GPA during high school and college. Be prepared to spend shitloads of time volunteering and med-related internships, while studying your ass off for the MCAT. Be prepared for three more years of intense medical school, following by another 2-3 years of residency. Then tack on another 2-3 years for the neurosurgical specialty.

You will likely be 30 or 31 by the time you are a full-fledged neurosurgeon making the money.

Not trying to discourage you; rather, you should know what it takes and make sure it's something you really want.

[–]wrightedgeworthy2 points3 points  (0 children) | Copy

I think you forgot to mention to say good bye to social life and sleep. Also need to be ready to get called by the hospital at any time including 2 AM at weekend

[–]Epoch_Diamond1 point2 points  (0 children) | Copy

This is filled with incorrect details and it's bothering me so

High school GPA doesn't matter, I dropped out of high school

Med school is 4 years

Residency is all at least 3 years. Surgery is 4. You will be at least 33 if you do everything right. 31 if you're absolutely dedicated to doing it as early as humanly possible. As the top comment is wrong, top neurosurgeons clear closer to a million a year.

[–]mrthrowaway41329 points30 points  (0 children) | Copy

Junior in college here.

Economics and Finance major. I'm applying to big banks, you can make a large salary there. You'll learn about investments, my family owns two houses in a shitty town and that grown me interested in alternative investments and real-estate investments.

I recommend Economics, you will learn about the most important thing to anyone, money.

Also I recommend a fraternity, just find the right one. I now have 100+ brothers, which 80 of are business majors. A couple of them now works at J.P, Secret Service, BoA. A couple will be entrepreneurs. Some might do well, some might not, but we're here for them. Make friends that will set you for life.

[–]CainPrice58 points59 points  (11 children) | Copy

People who earn 120k a year do not reach millionaire status in 8-9 years. If you earn 120k a year, about 35k of that is taxes. Plus you're probably spending another 2k or so on medical insurance premiums, 20-30k on rent/mortgage depending on where you live, at least 2k on gasoline, clothes, and dry cleaning, and you haven't even eaten yet. And I'll bet you like having the internet at your residence and owning a cellular telephone. And cars and shit around the house break all the time. And people don't give you electricity and natural gas and water and pick up your garbage for free.

[–]Clevername1234025 points26 points  (2 children) | Copy

I make 115k. Living in SF and student debt I only save about 10k a year.

I'm not mega frugal but not extravagant. Milionaire status needs something beyond a moderately high salary

[–]CainPrice9 points10 points  (1 child) | Copy

Exactly. Especially in a high cost of living location like the bay area, six figures is nothing. Your taxes are 30% of your income, give or take. If your employer has benefits, you probably pay for insurance and put whatever amount your employer matches into your 401k. Then you have to pay rent, electricity, gas, water/sewer, cable/internet, cellular, gasoline, buy groceries, dry cleaning if your job requires you to wear dressy clothes, make a student loan payment, make a car payment if you don't fully own your vehicle, and God forbid if you need new clothes, a car repair, or some other incidental this month.

Shit like taking a girl out for drinks can actually become a hardship.

Saving 10k a year when you're only making 115k in the bay area is actually doing a really good job.

[–]Clevername123401 point2 points  (0 children) | Copy

It isn't that dire. COL is pretty normal except for rent, which is exorbitant. I pay 2k month rent instead of the 1k I was, but salary also went up 45k.

[–][deleted] 2 points3 points  (2 children) | Copy

I make 120k a year in the Midwest, and only have about 30k saved up, excluding my 401k. Big salary means big morgage and other expenses

[–]CainPrice5 points6 points  (1 child) | Copy

Very true. A lot of guys who make lots of money tend to spend lots of money rather than living frugally.

This is especially true of married and cohabiting guys. A guy trying to please a woman is more likely to mortgage a 4-bedroom in the suburbs for 3k a month instead of living in a studio apartment in a rough part of town for 1.2k a month. And the woman's going to want cable TV, the newest rose gold iPhone, girls' nights every other Friday where she goes to a trendy bar and spends 15 bucks per drink, and to decorate the house with various crap from Amazon, Pottery Barn, and Bed Bath and Beyond. Not to mention going out to eat a few times a week. 20 dollars here, 50 dollars there, 100 bucks a month for this or that doesn't sound like a lot when you make 120k a year, but all of those little things add up to a guy being just barely in the black every month.

[–]MrRoxo6 points7 points  (0 children) | Copy

A woman can work for all that shit you're talking about and spend her own money on it.

[–]boy_named_su4 points5 points  (4 children) | Copy

eh, i was making 120k for a few years and was saving about 75k

this includes the tax rebate you get from 401k/RRSP

[–]BeeBopJoe1 point2 points  (1 child) | Copy

If u dont mind me asking, whats your profession?

[–]boy_named_su1 point2 points  (0 children) | Copy

Data Scientist

[–]Zkdog0 points1 point  (1 child) | Copy

You have to know that your situation is extraordinarily out of the norm right?

[–]boy_named_su3 points4 points  (0 children) | Copy

Eh, I coulda spent most of it like everyone else. I made a dedicated effort to cut expenses and maximize saving

Not everyone has that discipline, and people with wives/kids wouldn't be able to do that, but the average Joe could. Also I live in Vancouver, which is very expensive

[–]freeligious18 points19 points  (0 children) | Copy

Starting a business is inherently risky and most of the business owners I know are far from wealthy. More importantly, if you have to ask if it's something you should do, then that's a sign that maybe it isn't. Entrepreneurship chooses you. The drive to build that business should be so strong that you almost can't help but to go out and get started and most likely wouldn't even consider asking random people on Reddit if it's a good idea.

Sales is also another viable path to millionaire status. You need to choose the right field and you need to be willing to work your ass off, but the money is there.

Regardless of what path your choose, if you aren't willing to work your ass off, get the whole millionaire thing out of your mind. The self-made millionaires who had an easy path are anomalies.

If you're uncomfortable with the idea of putting in 10-12 hour days on a regular basis and for years in a row, then you might be happiest if you focus on adjusting your income expectations. There is nothing wrong with that, many if not most people prefer a "comfortable" lifestyle that doesn't require them to work so hard or for so many hours and they are more than happy to forego higher income levels to have that comfort.

[–]nabosch34 points35 points  (1 child) | Copy

Learn a skill that benefits other businesses and teach it to yourself on the side. The skill should be lucrative and ahead of it's time i.e. they don't teach you much about it in business school.

Go to business school to learn accounting and finance and above all make connections with other future business owners that will give you their money. That's what I did.

[–]SteveStJohn9 points10 points  (0 children) | Copy

above all make connections with other future business owners that will give you their money.


[–]Senior EndorsedMattyAnon11 points12 points  (5 children) | Copy

My main goal in all honesty is money. I heard so many times that "aiming for riches" is bad

Aiming for riches is great.

Yes, I see people who earn around $120.000 a year and in 8-9 years they might reach the 1 million counter.

Not really. $90k after taxes, save half, that's 20 years to reach $1m. The interest is barely covering depreciation of the dollar.

Could you give me a general advice about how to get educated about this stuff in a self-taught manner, and your thoughts on Economics' degree? Is Entrepreneurship the only way to pass the 6 digits counter? Thank you in advance.

Look at it this way.

You want eg $1m. So does EVERY OTHER FUCKER out there.

So you gotta be good. It's going to be a lot of work. Forget "investing" as a way to make money, this is a complete fucking myth for young people / beginners. You need expertise that takes years to accumulate, and not everyone can invest and profit. So how can YOU win at this? Well, you gotta get good and better than most other people.

Is Entrepreneurship the only way to pass the 6 digits counter?

No, it's just one way.

There's also:

  • Highly paid job
  • Domain expertise and consulting
  • Luck / investing (very expensive if unlucky)

Here's a tip for you: avoid anything where you get free money. This is always risky and usually involves someone else winning (eg crypto currency, stocks and shares, etc).

TL;DR: It's hard. Get good.

[–][deleted] 10 points11 points  (2 children) | Copy

I think people who say you shouldn't 'chase riches' use that as a buffer against working harder and to rationalize why they're poor

[–]Senior EndorsedMattyAnon4 points5 points  (0 children) | Copy

Spot on

[–]lifeisweirdasfuck[S] 1 point2 points  (0 children) | Copy

Yeah exactly. That's the same thing with those "you are getting too big! stop lifting or you'll look ugly" comments people make. People don't want you to become alpha

[–]geppetto1230 points1 point  (1 child) | Copy

The sad reality is that risk-adjusted you have the highest expected outcome of beeing employed.

If you wouldn't adjust it for risk, the best option is to put all money on lottery. So with beeing employed comes (relative) stability of a job and an expected outcome / salary with minimum variation. With entrepreneurship comes high risk of failure which means 90% low salary and 10% super high income, meaning expected income is even lower than employed but with much higher variation (goes to 0 and to millions).

So if you optimize risk adjusted and per hour invested over your lifetime per expected outcome you will go as employee. It's tricky and deviating from the average means in practical terms you get paid for taking the risk.

Or on other words again, the better your base you can rely on, the higher risk you can go without ending on the street. Fail cheap and fail fast especially if it's your money.

[–]Senior EndorsedMattyAnon1 point2 points  (0 children) | Copy

Or on other words again, the better your base you can rely on, the higher risk you can go without ending on the street.

Great comment right here, OP

[–]satellite77910 points11 points  (9 children) | Copy

Software engineering can get you hundreds of thousands per year for senior roles if you're good and you can find companies where you don't need to work for more than 8hrs/day. You would need to live in SF Bay area/NYC/Seattle as salaries are not comparable everywhere. B.Sc is often enough and some engineers don't even have a degree (rare though).

[–]1RPSigmaStigma12 points13 points  (5 children) | Copy

You would need to live in SF Bay area/NYC/Seattle

Nah, go to Houston or Durham NC. Cost of living will be much cheaper and you can make good money in those kind of areas. Most big tech companies set up big campuses in areas that have low cost of living and low cost of doing business like Texas and RTP.

[–]Turkerthelurker7 points8 points  (0 children) | Copy

I'd throw Kansas City, Austin, & Nashville into that mix. Also, working remotely becomes an option depending on your role.

[–]UshankaDalek2 points3 points  (0 children) | Copy

+1 for software in a low-COL city, if one has the talent! Nominal salary may be lower, but after taxes, your take-home pay might end up being more for comparable work.

[–]satellite7790 points1 point  (1 child) | Copy

It all depends on how much cheaper low COL area is and how much lower are the salaries. $250k in Durham is much better than $300k in Bay area, but $150k probably is not.

[–]lampshade28182 points3 points  (0 children) | Copy

But, you also have to take into account of where you want to live. I live in a very expensive city and I know that. I just love living here. I grew up in a small town/city and don't think I could go back to that just for money.

[–]mustardplug10 points1 point  (0 children) | Copy

Don’t live in Durham though, because Durham is a piece of shit. Live in Raleigh or Cary or Apex. Source: I’m from the area.

[–][deleted] 0 points1 point  (2 children) | Copy

if you're good

Note that it's not a career can finess your way through. Good means gifted, and there's a ton of weaponized autism in the industry that may render you not so competitive in comparison.

[–]satellite7791 point2 points  (1 child) | Copy

What do you mean by "weaponized autism"?

[–]Warbring3r0 points1 point  (0 children) | Copy

The people being hired by Google/Uber/etc. for hundreds of thousands a year are very, very talented at coding and architecture, not just anyone is capable. You generally need to be very senior and have >10 years of high quality experience before you break into the hundred of thousands. Source: my Uber offer was $579k/year but only 0.5% of applicants are accepted to Uber and even fewer get offers like mine, only about 10% of engineers at Uber are senior enough to get a starting offer >$400k. I have 13 years of experience and a good “pedigree” plus I made it through the grueling interview process. I know that sounds arrogant and I don’t mean it like that, I just want people to be realistic about software engineering compensation, making hundreds of thousands per year is not the average case, and you can’t BS your way to that kind of comp. It took 4 years of hard work and luck before I started making even $100k/year.

[–]TerminallyChill947 points8 points  (0 children) | Copy

I studied econ and graduated last year. I immediately jumped into tech sales with a goal to get an MBA and transition into entrepreneurship in the future. A great resource that helped me to understand working for someone vs working for yourself was a book called "Efficiency" by Wall Street Playboys. It's a great read that based on this post I think it'd be a great place to start for you.

[–]creating_my_life32 points33 points  (14 children) | Copy

Go read the millionaire next door. Wealth is created by savings, not income. Think about that. It makes PERFECT sense. It doesn't matter how much you earn if you can't save it.

True wealth is created by compounding interest. Saving your first chucks of money are hugely important.

MOST ALL startup/small business fail. When they fail, they cost you capital and opportunity cost.

In the US, you should easily be worth $1MM by your early 30s if you're earning $100k/yr. If you can't achieve this, you're living in the wrong area (junior techie living in SF), or you're spending too much (how's that new car again?).

If you work hard for the The Man, you should be able to have a $4MM+ net worth by your late 40s. (note, that is in 2018 dollars, mentally adjust for inflation.)

go read mr. money mustache.

at 18 years old you have no value to offer a business. figure out what you're good at. figure out what you like to do. go find a company doing that and LEARN. At some point you will find a problem to solve and go for it.

[–]Lib3rtarianSocialist2 points3 points  (11 children) | Copy

Saving your first chucks of money are hugely important.

What can a 16 year old do in this regard? For great future benefit.

[–]Im_Hitler4 points5 points  (1 child) | Copy

Youve been given some good advice however it could be a little complicated.

To keep it simple just start building good habits and practice delayed gratification. Dont be tempted by your friends or let them get to you because you brought your own lunch instead of buying or because you dont have brand new clothes all the time.

Put whatever you can away and save it. Even if after you budget you aren't left with much dont be discouraged. It will grow and right now its about building good habits that will continue as your income grows.

[–]Lib3rtarianSocialist0 points1 point  (0 children) | Copy

Thank you for the advice. Building good habits and practicing delayed gratification is something I am actively trying to do.

or because you dont have brand new clothes all the time.

Sensible. I will let go of that pressure.

[–]Turkerthelurker2 points3 points  (1 child) | Copy

Experiment and make small gambles in stocks or cryptos to learn how trading works (crypto is actually decent for this with how volatile the market is).

The other 90% should be in safe investments. Property, a 401k, index funds, precious metals, rare earth metals, etc. I'm no expert, so make sure you research your options. Don't react with your long term investments. Markets can change a lot from year to year.

Most importantly, invest in yourself. Take every possible opportunity to learn a new skill, and show genuine interest. As I've grown older one thing I've noticed is that there are a ton of successful guys yearning to mentor anyone that shows enthusiasm and promise. Giving a shit about anything is a rare trait these days - even their own kids tend to lack that passion (from being raised privileged).

[–]Lib3rtarianSocialist1 point2 points  (0 children) | Copy

Thank you for the advice. I will look into all available options and weigh them. And I'll have to find people willing to teach youngsters valuable things or mentor.

Giving a shit about anything is a rare trait these days - even their own kids tend to lack that passion (from being raised privileged).

I see that. I will be a hypocrite if I don't acknowledge the privileges I have. Let's make use of that fact and turn potential into actuality. Have a good day.

[–]cat_magnet0 points1 point  (3 children) | Copy

Put aside a weekly amount of what you earn (10 - 20%) invest in $1000 blocks. Buy Vanguard ETFS. It will make a huge difference if you start now.

[–]Lib3rtarianSocialist0 points1 point  (2 children) | Copy

Thank you.

invest in $1000 blocks.

$1k is a huge amount of money for me. $120 or so is all that I have!

[–]cat_magnet0 points1 point  (1 child) | Copy

Yea the brokerage fees are too high to buy shares in lesser amounts. Just put 10% aside until you have a $1000.

[–]Lib3rtarianSocialist0 points1 point  (0 children) | Copy

Okay. Are they available for countries other that the US? I am from an underdeveloped country.

[–]ardu-0 points1 point  (2 children) | Copy


[–]Lib3rtarianSocialist0 points1 point  (1 child) | Copy

Okay. I will search for what is viable.

[–]ardu-1 point2 points  (0 children) | Copy

[–]wrightedgeworthy0 points1 point  (1 child) | Copy

"Wealth is created by savings, not income."

I don't know if this is the most mistaken thing I've ever heard about wealth. Do you think any billionaire get their money from saving their money in bank? Hell fucking NO.

Increasing income is the only way to get real wealth. I don't mean income from working overtime or that slave shit, but actually make business and make your own income. It will be hard and a lot of you will fail, but it will be worth it for the succesful.

[–]creating_my_life0 points1 point  (0 children) | Copy

I think we're going to need to agree to disagree. You sound like you're young, and your perceptions of finances are naive.

But let me throw you a bone. There are two distinct levels of "wealth" you and I are talking about. So in some ways we are both correct.

For a net worth of $5MM+ by your 50s, which is a VERY comfortable, upper upper middle class life, that is incredibly doable and achievable by Working For The Man and earning it through savings and index fund investments. Most every American who sets this as a goal and diligently works toward this can achieve this. That's what makes savings a great path to wealth.

And, in your example, "billionaire", or a net worth of $1,000MM, is not at all achievable through savings. It is only achievable by the stars aligning and some incredibly fortunate things happening, mostly around starting businesses. I would even say this is true for the $100MM+ net worth range. But here's the deal, only a handful of people in the world will ever achieve this, and it takes as much luck as anything. In reality it is a stupid goal because it can't be achieved.

But shooting for $5MM? And working a great career, saving, and investing in index funds? Absolutely doable.

Virtually all businesses fail. Even the successful ones barely get by. There's LOTS of risk going down that path.

Go read "The Millionaire Next Door". It is THE reference work on how high-net-worth people got that way. Seriously.

[–]jrr6415sun4 points5 points  (3 children) | Copy

Graduating from a university is not useless. It's not about becoming a slave, you get a lot of knowledge, and the biggest thing is connections. If you want to be an entrepreneur connections will get you far. At the very least having a degree is something to fall back on if your business fails.

I know doctors who make 200k-250k a year and just clock in and out without much effort. Being an entrepreneur is a 24/7 job.

[–]WellShit23-2 points-1 points  (2 children) | Copy

I'm studying health science in university rn and am curious what specialization have these 200-250k people chosen?

[–]jrr6415sun-1 points0 points  (1 child) | Copy

I do business at an ophthalmologist's office and I know the doctors there make over $200K, but they are all doing surgeries. Retina specialists make even more.

I know anesthesiologists are one of the top earners in the medical field so they probably make that or more.

If you're just a general internal medicine doctor at a hospital you probably aren't making $200K, you will have to specialize.

[–][deleted] 2 points3 points  (0 children) | Copy

Good fucking luck getting into med school. Discussing how much money you can make as a doctor is like discussing how much you could make as a competitive athlete. This isn't the 1950s where you needed a pulse to get in. Today you'd better be categorized under some affirmative action to get in with averagely high grades or your chances are slim to none.

When it comes to trying to get into med school. Have a decent backup plan or you will get fucked like 99% of med school hopefuls.

[–]MemphisBro4 points5 points  (1 child) | Copy

Be careful who you get your business advice from. Too many people out here dropshipping or selling tuppaware acting like they run a huge enterprise. You wanna know the hard to swallow truth, you can’t just walk off your job and say I’ll never be an employee again, and listening to these “theories” from self proclaimed entrepreneurs won’t do you much good. Your first step before you consult anyone is save a large pile of money. At least 10% of every paycheck going into an account not touched for a year. Check back after that time so you can start your business or invest.

[–][deleted] 1 point2 points  (0 children) | Copy

10%? Try 50%

[–]SteveStJohn2 points3 points  (0 children) | Copy

> Is Entrepreneurship the only way to pass the 6 digits counter?

No, it isn't. There are lots of ways to get rich. The Law (here in the US) is extremely lucrative. As with anything there are rich and poor in the field.

You can learn great skills toward that end in college, and also in the military. Which (here in the US again) is a great way to earn that college degree without any debt.

Most of the guys I know that have made the money you're talking about, impressed somebody who then lifted them up to another level. In some cases they stayed in the same job, but now had richer clients (a lawyer friend). In other case, the guy was given a partnership opportunity in a business. The young man brought work effort and the older man brought cash and wisdom. Yet another guy took his military and police background to the Middle East after 9/11 is making 6-figures, tax free, with basic living expenses covered (he also only sees his family 4 months a year).

Just remember: anything worth doing is worth doing for money.

[–]xddm26534 points5 points  (0 children) | Copy

If you want to become rich you have to learn about the different types of investments: Real estate, stocks, bonds, businesses, etc. Not just a quick glance either, there's a ton of information that takes months of studying to absorb

Each has its own risk/reward ratio and the younger you are the more risk you should take

[–]MicMacMacleod3 points4 points  (3 children) | Copy

Take a job consulting out of college. They pay ~$100k per year starting, send you all over the world, and work you enough so that you won't have time to spend your money. Rent a shithole apartment in whatever city you're located in, and invest as much as you can (preferably something paying dividends, like real estate). By the time you exit consulting into a cushy management job, you'll have a few hundred thousand through investments and hopefully some passive income.

[–]POSiX1 1 points [recovered]  (2 children) | Copy

Out of college with what degree? How can I learn more?

[–]_flashpoint0 points1 point  (0 children) | Copy

Engineering, finance/Econ, computer science, math, and statistics are all great choices.

I work in tech consulting and these are where we draw the majority of our incoming college hires.

[–]boy_named_su3 points4 points  (0 children) | Copy

You need to work as a wage-slave for a few years:

  1. To learn from your boss
  2. To save money to start your own business
  3. To find problems that need solving

Then you can start your own business

[–]light-----------dark10 points11 points  (0 children) | Copy

Economics is a good choice.

Wealth can be created without being an entrepreneur, but it can take longer.

If someone is making $120 -$200 k a year, there’s plenty of opportunity to live below their means, save save save, invest invest invest, and repeat.

You can also join a start-up as an early employee - hopefully it’s a good enough idea that the business gets acquired or IPOs.

[–]Toussant2 points3 points  (0 children) | Copy

Of course not, climbing the corporate or craftsmanship ladder has higher median wealth with lower risk of failure. Investments allow income when not working and pretty much all high income individuals have lots of investments; they're not sitting in a savings account.

focusing too much on women

It's actually unnecessary to go roundabout. You'll see some of the best naturals as relatively bum-my but have an active social life. The gym rat chad with an average job is more common than the renaissance man chad.

You need to find an intersection between your interests and a promising path to wealth. An econ major is a good way to explore it if you don't know what your interests are. Just don't let school get in the way of your education; you have to keep pursuing the details of what you're interested in.

[–]1atticusfinch19732 points3 points  (1 child) | Copy

Practical example: myself. I'm a successful self-employed personal trainer and gym owner.

Got out of school (barely graduated) and got a decent full time job making $35,000 a year managing corporate fitness sites (this was fifteen years ago). Had my own part time gig (training) making about $30 an hour about 5 hours a week.

I did the math. $35k a year hourly for the hours I was putting in was about $17.50 an hour (working 2000 hours a year or 40 hours times 50 weeks). I could work 30 hours a week at $30 an hour and make $45k a year training full time. Plus in theory my ceiling is unlimited because I can raise my rates, work more hours - I just need to be able to find and retain clients. So sitting in a corporate job made zero sense to me. I pulled the plug and didn't look back.

It meant a lot of shit eating and heavy work hours, plus stress from variable income. If you can't handle that, don't waste your time. Ask yourself if you like security. One month I had literally half my clients decide to vanish up to the cottage for the summer and my income got cut in half, literally within a two week period. It's stressful.

Now I make $80 an hour and work about 25 hours a week actually with clients. You do the math. Plus have income from my gym and passive income from other trainers. Next year I'm planning on reducing my hours and hopefully still bringing in 125k but only working 20 hours a week. And if I want to I can make more.

Make your time valuable for what you do, and then create multiple streams of income. Even $200 a week is an extra 10k a year.

Even on top of all of that, know what: I'd still get the degree. It gives you a fall back position and ability to get a job if the bottom falls out, plus you are super young and have ten years to figure it out. Get an education. I didn't have one which is why I had to go all in on working for myself, but if I had the choice I would have gotten a degree as well because it would have opened a lot more doors.

Working for yourself isn't the only way - but it is very effective. Just be aware of the pitfalls and that you have to work your ass off.

[–]lifeisweirdasfuck[S] 0 points1 point  (0 children) | Copy

That's an interesting story! thanks for your input

[–][deleted] 5 points6 points  (0 children) | Copy

Your goal should be self-sufficiency for now.

[–]Helpcalculus1 point2 points  (0 children) | Copy

can you really start a business without having any educational background?

Yes, and you will most likely fail. That's why you don't take a 100k loan for your first business. Be fine with failing and look at it as a payment for a practical class. I'd been failing for 1.5 years until I managed to launch a successful business.

my family never taught me anything neither school did

And they never will. It is up to you to try and fail. I've learned that failure is the best teacher. You know how older people keep saying "You'll understand when you grow up"? It's like that. Right now you don't understand how failure could be your biggest friend. But when you fail, learn from your failure and try again, that's when you'll understand the true benefit of failure.

[–]lifeisweirdasfuck[S] 1 point2 points  (0 children) | Copy

Wasn't expecting to make such a discussed topic in here, thanks for everyone's input

[–]emaciated_pecan1 point2 points  (0 children) | Copy

You noted that people who say ‘aiming for the riches is bad’ is blue pill thinking.

As cliche as this may sound, it’s important to aim for something that you love or something that interest you. Otherwise, you could be creating your own prison.

In addition, money will not bring you happiness but it makes things a lot easier.

Go get the money but don’t forget to balance it with things you love.

Try things out and figure out what you like, you find yourself through your actions.

Balance entrepreneurial isolation with friends, events, conferences, etc.

It’s easy to fall into grind mode and shut out the world. It’s hard to balance being an entrepreneur while pursuing what you love.

Just some thoughts to consider from my experience.

[–]MartinMcFlyy2 points3 points  (1 child) | Copy

Yes. You can become the highest paid exec at a company. It all stops when you die or retire. Building a business or acquiring assets is the only way to make your wealth last for generations after you are gone. Assuming you taught your family the ins and outs of money and asset allocation and management. Otherwise they will probably sell all your shit and ball on on dumb shit.

Edit: I must add that you must really want it. And be able to persevere through failures because you WILL fail. Being able to get back up as quickly as possible is what will determine your success. Learn from other people’s mistakes. The world isn’t all trial and error.

[–]jrr6415sun0 points1 point  (0 children) | Copy

You can be a high paid exec at a company and still get money after you retire. There are pensions and also investments, with all that money you made you could easily make a lot in dividends alone.

[–]abudun791 point2 points  (0 children) | Copy

You're on the edge of discovering that you live in a shit country.

And to answer your initial question: No. You might be lucky, but it's not how it usually ends and it's not the only way. That dream of this minimum chance of being lucky enough and make it(!!!!) is what keeps you all going.

[–]ownthatshitmanup0 points1 point  (0 children) | Copy

Don't choose economics unless you're going to be an investment banker. The only jobs that's quickest to 6 figures straight out of college is investment banking and working as an engineer in top tech firms (google, facebook, etc.). Everything else is a lie, always ask the salary and growth over the years when you network with grads, you need to hear the numbers yourself. Always ask for the exact figure. Now you know something I wish I knew before.

[–]imtheoneimmortal0 points1 point  (0 children) | Copy

money is about how value do you have and do you produce
if you make music you start making 0€ then you make 10€ then you try to increase your value (people want you to perform live, you make soldout)
This is for everything: soccer, music, influencer...

[–]Warbring3r0 points1 point  (0 children) | Copy

Define wealthy. I work at startups for preIPO stock and have had one successful IPO (Trulia) and two upcoming IPOd with significant stock (Pinterest and Uber). I’m not going to be a billionaire doing this but my hourly rate is pretty nuts, esp if Uber and Pinterest have very successful IPOs.

[–][deleted] 0 points1 point  (0 children) | Copy

My definition of "wealthy" is if I decide to cash in my chips tomorrow and live my days out I could do so comfortably.

[–]Peterd900 points1 point  (0 children) | Copy

No. You can become wealthy many different ways but it us much harder at a company where bosses take credit and grab all of your good ideas.

In my view, getting rich is a long term process that requires discipline and is highly correlated with taking good risks. Very few people are willing to make business best and they will never be rich.

[–]red_matrix0 points1 point  (0 children) | Copy

As long as you're working for someone else you are selling your time. Some people make great money song this: models, CEOs, celebrities, etc. For the rest of us, entrepreneurship offers a path to unlimited wealth, the risk is high but so is the reward.

[–]kellykebab0 points1 point  (0 children) | Copy

Here is an interesting article about income by profession. Entrepreneurs are only briefly covered, but this should give you a rough idea of how lucrative established professions can be.

If you don't already have a good business idea that you are committed to, you should definitely go to college. You will learn far more than you know now and will make good contacts and improve people skills.

If starting a company is your goal, you can work on this at college and if you happen to get something worthwhile going, you can always drop out then.

The people who skip or drop out of college and become multi-millionaires are a) incredibly rare, and b) already had a business or two going beforehand that they decided to pursue.

[–]screechhater0 points1 point  (0 children) | Copy

Mark Cuban has a lot of insight.

Here is my advice.

There is a lot to learn in any field and nothing gets you prepared to do something like an expert than hands on experience. So, get a job in a small company and volunteer for everything you can that solidifies your expertise

Your expertise is what you get paid for. No matter what your field, it boils down to expertise. So, the other day I paid an IT guy to come in and in 7 minutes he had a serious bullshit problem squared away. 270.00 am hour and s what I paid him. He told me I had 53 minutes left so he went through 7 pc and gave me a report on what I’m looking at coming my way.

I own my own business I make over 100k. Guess what the big secret is ? I show up on time, I do what I say I am going to do, and I do it very well.

[–][deleted] 0 points1 point  (0 children) | Copy

More power to you if you want to try, but don't be blind to how many fail. It's no different than people who want to become rappers or house flippers. They caught a bug by watching it on tv or online and think they can be the next chosen one. You see only the handful that have made it and not all those who blew up their finances trying. If you can pull it together, then of course entrepreneurship is the best. But it it is not the only way. I've bene hourly or salary all my life and am doing better than a lot of people who make much more than me. I learned how to invest and not eat at Olive Garden every night. I've also driven shitty cars forever. Just saying entrepreneurship is not the only route.

[–]V-Vanguard0 points1 point  (0 children) | Copy

There's multiple ways to become wealthy, it all depends on you.

You can always invest money in stocks, real estate or even cryptocurrency if you think it will boom again.

Or you can work in a high-degree field and make a good salary...

Or you can even go in sale department jobs where you earn comission? based on your performance.

I suck at English, but there's multiple way to make money, you'll need to find your own way to make some money

[–][deleted] 0 points1 point  (0 children) | Copy

The point is, I really often read that graduating in universities is useless if you want to reach a 7 digits net worth. They just turn you into a slave. Yes, I see people who earn around $120.000 a year and in 8-9 years they might reach the 1 million counter. But you'll get that only if you work hard 12 hours a day for someone who earns your money in a much smaller period of time.

Read from where? Bud, if you were a genius that didn't need to go to university, you wouldn't be on TRP. Smarten up and go to college like the rest of us 'slaves'.

Could you give me a general advice about how to get educated about this stuff in a self-taught manner, and your thoughts on Economics' degree?

So you want to get rich... and want to major in Econ? You're 25 years behind. Do CS, Math or Engineering, work in a startup or Big 4, profit. Wall Street is dying, and even if you do make it there, that's where the real slaves work.

You're really ignorant right now, bluntly put. You've got a lot of research to do.

[–]Gouden_Eeuw0 points1 point  (0 children) | Copy

In my opinion being a entrepreneur is the only way. But first, what do you consider wealth? Wealth is nothing if you don't have time, wealth is nothing if you don't have health, wealth is nothing if you have to sit in a dark stinky office. At a regular job you just get paid for you time. Wealth = created by time and being physically there.

However, if you for example develop a service or product your wealth is not bound to time and being physically present. I believe that a educational background is not required. Sure education is required to get a job and mostly are the credentials to it. But think about the tech industry. Most guys haven't done a IT bachelor's, a lot was self taught just by reading on the internet and just being practical. At the end customers and a businesses only care if you get the job done.

For me personally, I used to think of doing a lifetime IT-oriented consultant career at a big firm. Then I started thinking. What am I doing? Working my ass off for something that isn't mine, for limited rewards, for tasks that I can't control, for a boss that can kick me out in the current SJW era?

Now I am doing everything to gather knowledge and meeting people that help me in developing services that don't have all the negative factors. I rather spend 5 years having fucked up and maybe going back to just being employed, than just not trying and settle for mediocrity. Wealth is a game-changer, to me, higher than woman, higher than friends, higher than having fun in the short term instead of the long term.

[–]shitpommesfrites0 points1 point  (0 children) | Copy

You could easily(or well, not easily, but...) go into a leadership position and make bank. You don't have to start your own business to become an CEO/CTO or the something. Plenty money to earn, stock options, bonuses+++

[–][deleted] 0 points1 point  (0 children) | Copy

I am running my own small business currently in a field I have been working as an employee for 5 years prior to my company opening. It's a basic business, but it took real world experience (I'm 30), enough technical aptitude to perform all of the tasks required to actually get paid, and knowing how money works.

My accounting classes were chocked full of good information and I learned about the flow of money. People here are right, your mindset changes.

I think if you want to start your own company you should learn accounting 1&2 at least, marketing, and economics as you suggested too .. to start.

Then, I would find a field you are interested in and either work for a company or find a solution to a problem facing people within that industry. Business is fun, good luck.

[–]randomcaqitaLization0 points1 point  (0 children) | Copy

Learn by failure

Don’t start a business in something you’re familiar with, find a decent idea and learn everything about it. Watch your idea fail, try again, fail again and at some point things are bound to go right.

Realize you know nothing so avoid huge risks

[–]NiggaFromCompton0 points1 point  (0 children) | Copy

learn how to trade stock options. there is no career in the world where you can make more money than trading stock options

[–]Antonio_Bolotin0 points1 point  (0 children) | Copy

Personally, I am finishing a Bachelor degree in Business and Administration. I can say that not all courses were useful for me, but there were courses which strongly developed myself, gave new and useful knowledge and so on. I understand that people gain success, there are real examples. Sometimes it is happens occasionally, sometimes not, anyway it can be. If you want to develop yourself without the education then I would suggest to read books and articles, watch Youtube and best way is to learn from people who have already gained something.

[–]Betmingo0 points1 point  (0 children) | Copy

Entrepreneurship is in my blood but I stuck with the standard path of college then career. I've started my side hustle earlier this year and my career has allowed me to be able to afford the luxury of doing my project right. I do not have to cut corners, I am self-funding and therefore retaining control of my project, I can hire full stack US development company for my project and website etc. There are many paths to wealth (freedom). Keep your mind open to your environment and circumstances and you will succeed. Good luck!

[–]IVIaskerade0 points1 point  (4 children) | Copy

can you really start a business without having any educational background about how money work and the overall economic system?


However, without a grounding in running a business (which you can get without an education, but you need to get it somewhere) you're probably going to fail.

It's hard for a total beginner to understand the concepts,

Which is why you need to find someone who can at least give you a basic idea of what to do and what not to.

how to get educated about this stuff in a self-taught manner,

Get a RobinHood account and start paper trading. It'll take a while and you'll lose everything multiple times, but you'll get the hang of things.

[–][deleted] 0 points1 point  (3 children) | Copy

What is this robinhood you speak of?

[–]IVIaskerade1 point2 points  (2 children) | Copy

Literally google it.

[–][deleted] 2 points3 points  (1 child) | Copy

As opposed to figuratively google it?

[–]IVIaskerade1 point2 points  (0 children) | Copy

You might be one of the three people on the internet who still uses bing, I don't know.

[–]No1Buck-1 points0 points  (9 children) | Copy

Do not major in economics, it is a worthless degree. Accounting is the only non-worthless business degree.

[–]Check-Your-Posture 1 points [recovered]  (6 children) | Copy

Why?What about an MBA or Masters in Finance?Or Finance generally for that matter.

[–]No1Buck1 point2 points  (5 children) | Copy

Worthless unless you have family connections. In which case it doesn't really matter what you major in.

[–]Check-Your-Posture 1 points [recovered]  (4 children) | Copy

So you're basically saying that all proper jobs(Wall Street level) are not possible to obtain?Even going to one of those Target universities and getting a good GPA?

[–]No1Buck1 point2 points  (2 children) | Copy

Pretty much, I'm talking about regular people here, not people from wealthy families with connections. For regular people, accounting is the only non-worthless business degree.

[–]TerminallyChill940 points1 point  (1 child) | Copy

I agree if you mean a random no name State school. Although An econ degree from a top institution like U Chicago is powerful and will open up many doors in the financial sector. Even a finance degree from a school with a highly ranked (Target) undergrad business program would be useful.

[–]No1Buck0 points1 point  (0 children) | Copy

Yeah like I said, economics is worthless for regular people. Not those who go to Chicago.

[–]No1Buck0 points1 point  (0 children) | Copy

Pretty much, I'm talking about regular people here, not people from wealthy families with connections. For regular people, accounting is the only non-worthless business degree.

[–]ownthatshitmanup0 points1 point  (0 children) | Copy

Accounting is just as worthless unless he plans to go to Big 4 audit, which is not the best choice. If he wants to get into investment banking he is better off doing maths/engineering/physics, or computing if he wants to do software engineering. I've heard of people getting into Wall st with econ/finance, but not accounting.

[–]SteveStJohn0 points1 point  (0 children) | Copy

Accounting is the only non-worthless business degree.


[–][deleted] -2 points-1 points  (1 child) | Copy

Last I checked, real estate millionaires outnumber all others 7 to 1. It's probably double that by now. You dont have to be smart, just savvy, constantly making connections and increasing your brand awareness. If done properly, you could end up as president of USA. Real estate man, it really is that simple.

[–]APSTNDPhy1 point2 points  (0 children) | Copy

This is the past not the future.

You can kill a man, but you can't kill an idea.

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