~ archived since 2018 ~

How do I become rich

poocoke69 · 2018-03-15T19:47:02+00:00

I know there's a ton of posts out there on specifically what to do in terms of finance / etc but I need someone to point me in the right direction based...

poocoke69

March 15, 2018

6 upvotes

/r/askTRP

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Post Information

Title	How do I become rich
Author	poocoke69
Upvotes	6
Comments	76
Date	March 15, 2018 7:47 PM UTC (8 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/84pd7t/how_do_i_become_rich/
Archive Link	https://theredarchive.com/r/askTRP/how-do-i-become-rich.125823 https://theredarchive.com/post/125823

Comments

[–]Imalwaysrightred 36 points37 points38 points 8 years ago (4 children) | Copy Link

[–]htbf9 points10 points11 points 8 years ago (2 children) | Copy Link

[–]poocoke69[S] 2 points3 points4 points 8 years ago* (1 child) | Copy Link

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[–]poocoke69[S] -1 points0 points1 point 8 years ago (1 child) | Copy Link

[–]WISE_TURD-1 points0 points1 point 8 years ago (0 children) | Copy Link

Real estate is one of the inly investments where the bank will give you a loan of 80% of the investment (assuming a 20% down payment).

Leverage is really what makes rentals a good way to make money fast.

I like blending the "sure thing" approach with the "all in" approach. Let me explain.

Dollar cost averaging (google this) low-risk etfs and investing AT LEAST 30% of your take home pay. Yes, equities (stocks) will likely fall some day. But if you use this strategy early and go hard as a motherfucker, it'll work.
Rentals funded with debt. Real estate is a pretty safe bet, so levering up is a nice way to increase your returns. If you go this route, you can have exponential growth by continuing to buy and buy properties. The real key is to not get screwed over by the first three properties. My buddy's dad is fucking loaded from doing this.

Crypto is fine. I wouldn't do more than 5% of my portfolio. You might not have a portfolio, so maybe say three months' worth of take home pay or so tops. Always have a little cash on the sidelines in case that shit drops off hard af so you can double down.

Stocks are great because they're liquid and hassle free. That's why i've avoided real estate.

Get a roth ira, max that shit out, put it in a couple low cost vanguard etfs, and forget it's there.

Read 4 hour workweek if you're considering starting a side business. Peace.

[–]bigjoewanghoe99 1 points1 points1 points 8 years ago [recovered] | Copy Link

A lot of guys on here are going to downplay you and try to act 'alpha' due to the demographics of this forum. You aren't going to get a real answer on here. Attend Computer Science competitions, go to tech/programming conferences and network and try to find a mentor.

GoLang and Python are all great programming languages and blockchain development is a big thing nowadays; I think you're on the right track. If you don't have the funds to invest (knowing that you are a college student) you probably don't; you aren't going to be a millionaire from crypto. It's all hype now and scam artists are making bank off of kids who didn't get the chance to invest in bitcoin 15 years ago.

Once you get a stable job start investing in the stock market. Make connections; it's 70% connections/ 30% hard work.

[–]poocoke69[S] 0 points1 point2 points 8 years ago (4 children) | Copy Link

Cool I'll look into those languages for sure. I think I'm learning python in two years so that's probably already a given. I was thinking of getting into blockchain development as a possible career path. Extra curricular for comp sci in my school are mostly for experienced people, so I'm still working on that. I have a decent amount of funds from small business schemes I ran through in high school plus regular part time jobs. I actually had a little btc and made a little over a thousand during the big boom but haven't sold yet and I'm slowly accumulating more and more. The only coins I'm investing in are XMR and btc.

As for connections, I think it's just a matter of me putting myself out there/ CS extracurriculars. As you can see from the other alpha wannabe comments, I'm decent at getting what I want from other people. And besides that, I am getting a few real and helpful answers. Appreciate it

[–]NewBoomAction0 points1 point2 points 8 years ago (2 children) | Copy Link

[–]poocoke69[S] 0 points1 point2 points 8 years ago (1 child) | Copy Link

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[–][deleted] 4 points5 points6 points 8 years ago (9 children) | Copy Link

[–]poocoke69[S] 0 points1 point2 points 8 years ago (8 children) | Copy Link

[–][deleted] 1 point2 points3 points 8 years ago (7 children) | Copy Link

Look, I know you're getting your panties in a wad because you don't understand. The point is that you don't understand. I want to make you aware that you don't understand so that hopefully it clicks for you because, whether you want to talk about being "triggered" or not, I hope that you succeed.

You don't seem to understand that betting on crypto is not creating value, and you don't understand the tremendous amount of value that you're going to have to create to become rich. Your "social ability" isn't creating any fucking value. Your "knowledge" isn't creating any fucking value. Your degree sure as shit isn't creating any value. Otherwise, you wouldn't be posting asking about this shit.

Are you in debt for your degree? Do you know what the job market is like for your degree? Are you going to go get a job after school is over, or are you going to work for yourself? Even if you come out of school making $100,000/year right off the bat, how long is it going to take you to become a millionaire? Even in that pie-in-the-sky scenario, it'll never happen if you don't get your shit together right now.

Let me give you some examples to think about that will help to lead you in the right direction:

Are you getting paid on the regular right now for any skill set that you have right this moment? If not, do you have any idea how to? What value can you offer? Where can you find people who will pay for the value that you have to offer?
Do you have any idea how investing works? And I don't mean "crypto lol, lol crypto." Crypto is a crapshoot whether you like it or not. Are you paying your taxes like you're supposed to on all of that? Do you have any idea what the tax implications are?
Can you consistently motivate yourself to work 80 hours/week doing shit that you don't really want to be doing? Do you realize that learning to motivate yourself is a skill that can be honed?
Are you absolutely killing it in your classes? Are you the top of your class in every class? Do other students envy you for how over-the-top incredible you are at everything you do?
Do you know how to use a budget? Do you track all of your money at all times? What software do you use to do it? Do you understand double-entry accounting? How is your money working for you? (and for fuck's sake don't answer this with your gambling in crypto)

Hit me back, and let's talk about this and see if we can give you some direction.

[–]poocoke69[S] 0 points1 point2 points 8 years ago (6 children) | Copy Link

[–][deleted] 0 points1 point2 points 8 years ago (5 children) | Copy Link

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