Accumulating wealth

[deleted] · 2019-10-27T21:34:45+00:00

Find a niche need or problem, validate demand for it, and formulate the best solution whether that be a product or service. Doesn’t get simpler than that. The other guy has a point, if it was easy everyone would be doing it. So it’s going to take a lot of work.

littleb0p33p · 2019-10-28T00:17:38+00:00

How do I get rich?

Do you think anyone knows the answer to that? Do you think any of us shlubs on this subreddit have a sure fire strategy to get rich?

Bet advice is ignore all these dweebs with their 'side hustle'. You ain't gonna make shit by being a YouTube personality, Instagram influencer, or whatever else bullshit gen Z considers work these days.

Everyone knows the lucrative career paths. Medicine, law, engineering, etc. Pick one. Get really good at it. Realize it will take 5-10 years to really see it flourish.

Or do something fun or 'follow your deams'. Nothing wrong with that but know going in you won't get rich. Anyone who tells you otherwise is a delusional faggot.

fannyfire · 2019-10-27T21:07:01+00:00

Getting side income is easy it’s just a matter of hustling. My dads side of the family is big into entrepreneurship. My dads got a business, his brothers got a business, their dad had a business and his dad had a business. The truth is that you need to find something to do and then pay other people to do the job for you while collecting what’s left. It really comes down to that. There are no secrets. The hardest part is finding something to do, doing it, doing it really well and then getting people to pay you for it.

The easiest money you can make is from investing in your companies 401K. I started at my company making $13/hr and increased my income to $20/hr and have nearly $50k over five years. At the current rate I’ll easily be a multimillionaire but it’s a slow game. I don’t have any business ideas but until then this is my “get rich slow scheme.” It’s a patient game that only a few people can play because it requires willpower and big picture thinking.

Startlivingfornow · 2019-10-27T20:49:14+00:00

There is no get rich quick scheme.

I’ve set up a side hustle that will allow me to pretty much do whatever I want in twelve more months.

But I’ll tell you now, I read every ‘money guru’ out there, tried every ‘passive income’ tactic, and followed those YouTube channels with 50 money making methods that you can do right now etc

I can 100% say that the only way to kick off a side hustle (unless you’ve got some extremely niche talent to leverage off), is to:

Pick an area you’re interested in.

Find out what the foundational skills in that area are.

Find out who the guys making it on skill alone are.

Put in massive amounts of effort to close the gap between you and them. Learn everything you can off one in particular.

If you can get one (or a student of theirs) to mentor you, that’ll cut your curve down significantly.

Also. . .

No matter what area you pick to develop your side hustle in, it’s always:

1) your ability to sell

2) your ability to do (take action) instead of being scared about not doing something that’s not ‘guaranteed’

If you learn sales you will have a MUCH higher chance of success than those who simply hustle on the side imo.

Sales is basically starting a business within a company from scratch while being given the security of a base salary. If you can successfully sell and do it again, you’ll learn the ‘grinding’ aspect of business.

There are still many other factors, but if you’ve got that down pat at the very least, you’re way ahead of 99% of people trying to start something.

They will never make it simply because they do not have the belief system that allows them to develop a business.

CarbonCommandant · 2019-10-27T23:42:21+00:00

r/wallstreetbets

Haytch1234 · 2019-10-29T06:16:15+00:00

Best way to accumulate wealth = Using leverage. Invest in property in in demand spots. You can negotiate higher rent. Get in demand skills- You can negotiate higher pay/income

You get the idea. Wealth will come by putting yourself in the best position possible. And you should focus on value.

Bring value.

the13thmonk · 2019-10-30T15:11:24+00:00

Hustle to increase your main stream of income. You need money to make money.

From there House hack. Accumulate money in a 401k and give hard money loans. Invest in stocks. Build multiple passive streams of income etc etc. Investopedia is your friend. You don't have to invent something incredible, just choose a traditional tried and true way of getting rich and you'll get there.

3 years ago I made $7 an hour. Now I make $80 an hour with 25% of my income coming from investments and on the path to quadruple that again in another 4 years.

I'm 24. You can do a lot in a relatively short amount of time.

prettyprincess91 · 2019-10-27T19:36:53+00:00

Save half of your income and start investing that in equity funds.

Jesusfeminist · 2019-10-27T19:43:14+00:00

Stick to one goal, stop spreading yourself into side hustles and go straight with one big project

Protocol_Apollo · 2019-10-27T19:55:33+00:00

Check out the personal finance sub

Nofapislit · 2019-10-27T21:01:42+00:00

Yea, make sure your career has potential to pay you at least 150k. Make sure your debt to credit ratio is 30% so if you have 10,000 worth of credit you should only have 3,000 worth of credit card debt due right now. Try to get your credit cards to increase your credit like and invest all of the money into stocks. Very very safe stocks. Ask a professional if you need advice. Continue poring money into those stocks. Also it's also a good idea to have a piano instructor, gym trainer, wordpress developer, digital marketing, etc. type of gig that you can do 10 to 20 hours a week and make $50 an hour doing anything less and you need to focus on getting a better career. Your career should pay you a minimum of $35 an hour before you worry about side hustles.

TheStoicTao · 2019-10-27T21:47:30+00:00

Invest monthly in index funds. Put in a set amount each month and don't touch it for a long time.

Giagle · 2019-10-27T23:58:52+00:00

Same story here

notpahimar · 2019-10-27T19:03:26+00:00

If it was that easy, everyone would be doing it and then there wouldn't be any money left in it.

zHelios · 2019-10-27T20:57:35+00:00

What does this have to do with trp?

Title	Accumulating wealth
Author	papaswampp
Upvotes	12
Comments	53
Date	October 27, 2019 6:27 PM UTC (6 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/dnxfiy/accumulating_wealth/
Archive Link	https://theredarchive.com/r/askTRP/accumulating-wealth.292969 https://theredarchive.com/post/292969

Comments