How to increase wealth?

PM_ME_YOUR_SEXYNUDES · 2016-01-15T17:19:20+00:00

Fuck all this noise. You need two skills, and two skills only. First, you need to understand money and how to preserve and grow it. It doesn't matter how much you make if you can't keep it and make it work for you. Secondly, you need to be extremely good with people. They need to like you, and want to work with you. Read, "How To Win Friends and Influence People" as a start.

MattyAnon · 2016-01-15T18:03:53+00:00

lets say youre an engeenier(industrial) student, middle class, no job, 20 years old.

Been there, done that.

There's lots of ways, here's the basics:

People pay you for stuff they want. You gotta be able to give them something that they are prepared to pay you money for. Most of business and the job market is exactly this simple
Job = easy, safe, low to medium money
Contracting of various kinds = less easy, less safe, more money if you're good
Own business = hardest, riskiest, most money if you're great

So what does this mean? It means you do this:

Get very, very good at a few things
Get pretty good at a lot of other things
Get your work ethic / business professionalism down
Get awesome at interviews and contract negotiations. Never ever shy from the opportunity to do/practice these skills. They pay the most over your lifetime
Network, socialise, increase your SMV.

It's all a risk, so get used to it. Figure on bouncing around between your options. Never get in so deep you can't get out. Work hard. Keep an eye on your options. Network and socialise like crazy. Provide great value to those around you and those who employ you. Play the game, but don't be seen to be playing the game.

If you don't own it, figure on losing it. You don't want a contract that says "if I work hard I get X". What you going to do if they default, take them to court at great expense? No, you want to OWN the thing you're working on. Ownership = yours by default.

But you're not there yet. Work on your skills, get as good a job/position as you can, and get great.

It really helps if you choose something you enjoy and are passionate about. This reduces the effort of your working, and makes you better at it.

RedBigMan · 2016-01-15T20:17:21+00:00

There's only 2 ways to increase wealth...

1) Make more money.

2) Spend less money.

You can make more money by working to set up passive incomes. Stocks with dividends and other investments particularly the riskier ones which can grow at rates faster than inflation are what you want to do while you are so young. As you get older and closer to retirement you will want less risky investments.

weelittlebabyforme · 2016-01-15T17:09:22+00:00

Get a trade, yo. You want to make some big bucks? Well, without an education you're going to need to get your hands dirty. Although this may not be true in 5-10 years, I know of a guy who went to welding school for 7 grand and now makes 100k+. You will get burnt and have scars, but welding/iron work/craft jobs are there, you just need the experience. 7k and 2 years is nothing to make 6 figures. Don't do local work (the pay is horrible). Have a home base where you pay rent and then travel. You may have to stay in things called "man camps". Yep. they are as bad as it sounds. If you're in the US, the gulf, Texas, and oil fields are where the $ is. If you can be an engineer, you won't have to get your hands dirty but more school=more loans.

OrpheusV · 2016-01-15T17:11:01+00:00

Options:

1) To increase wealth, you need cold hard $$$. So pick up a part-time job. Preferably look on your university for jobs, any they have will pay more than minimum and are doable with a student workload in mind. That and it looks better on a resume if you've done some work while doing classes.

2) Look for internships. Based on age, you're either a sophomore or junior, most likely. Right now, if you don't have a job, you should be actively seeking out an internship if possible, or a part-time job otherwise. These are usually paying if the company's good, and are invaluable when you actually start seeking work in your industry after college.

You're going to just have to be patient. And for the love of god don't knock anyone up.

beefypork906 · 2016-01-15T17:09:03+00:00

The only way to become uber rich is by starting your own company by fixing a problem in society. Read millionaire fast lane.

FrogTrainer · 2016-01-15T17:14:46+00:00

If you're in college, minimize the amount you borrow. Student loans can be a noose around your neck for a long time. If that means work a part time shit job while in school... do it.

Become financially literate. This is crucial. If you an engineering student, you have the chops to take a few finance electives. You should leave school with no one knowing more about basic finance than you, other than actual finance majors.

abdada · 2016-01-15T19:28:33+00:00

Decrease spending completely.

I bought my first condo at 17 with money I saved working my ass off and not spending on fat girls, toys and video games. My parents were poor immigrants, too.

Now 25 years later, I still own that shack and it still brings in a consistent $550 a month in profits to 0 work.

I worked extra jobs and spent NOTHING of my income.

WhoIsOBrien · 2016-01-15T20:18:08+00:00

Step a step you get ahead.

Elfclan30 · 2016-01-15T20:35:37+00:00

thanks guys, thats why I like the red pill. Just look at the answers!

menial_optimist · 2016-01-16T08:40:21+00:00

Here's some great Benjamin Franklin quotes. For those that don't know, BF rose from dirt poor to one of the richest & most educated men in America.

“Buy What Thou Hast No Need of, and before Long Thou Shalt Sell Thy Necessaries”
“The Eyes of Other People Are the Eyes That Ruin Us. If All but Myself Were Blind I Should Want Neither Fine Clothes, Fine Houses nor Fine Furniture”
“Never Keep Borrowed Money an Hour beyond the Time You Promised”
“Gain May Be Temporary and Uncertain, but Ever While You Live, Expense Is Constant and Certain”
"Early to bed, and early to rise, makes a man healthy, wealthy and wise"
A man may, if he knows not how to save as he gets, keep his nose all his life to the grindstone, and die not worth a groat at last
Beware of little expenses; a small leak will sink a great ship
Wise men learn by others’ harms, fools scarcely by their own
He that goes a borrowing goes a sorrowing
Tis easier to suppress the first desire than to satisfy all that follow it
When you run in debt; you give to another power over your liberty
Well done is better than well said.
Some people die at 25 and aren't buried until 75.

kokoro2 · 2016-01-15T17:11:06+00:00

[permanently deleted]

Title	How to increase wealth?
Author	Elfclan30
Upvotes	6
Comments	23
Date	January 15, 2016 4:47 PM UTC (10 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/413vop/how_to_increase_wealth/
Archive Link	https://theredarchive.com/r/askTRP/how-to-increase-wealth.159326 https://theredarchive.com/post/159326

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