Can't understand for the life of me why someone with all the money in the world would be sat posting on the misc 24/7. Like, surely you would have better things to do with your time, like bang sloots on some yacht somewhere in the south of France maybe? Some serious trolling going on itt.

Investing is effectively an offshoot of compensation. Higher compensation = more $$$ to invest = increased ability to make bigger returns on your investments

Also I don't agree that successful people are overconfident. If they're virtuosos in their field and are confident in what they do because their ability has been proven ad nauseum over the course of their lifetime/career, then their confidence is justified. If someone is full of unjustified confidence and they take on a high-risk endeavor, chances are they're going to fail


High achievers (aka the successful) tend to have a moderate risk tolerance and take on tasks that are challenging but doable. This ties back to a concept known as N-Ach, Need for Achievement:https://en.wikipedia.org/wiki/Need_for_achievement
People with high N-Ach are those who will grind away endlessly at something until they've mastered it. IMO part of that is rooted in having a healthy amount of insecurity about your skill/ability -- you never feel you're quite as good as other people or as good as you could be, so you continue grinding until you surpass the current masters. Even then, if you're smart, you don't think you're the best, because believing your own hype is what leads to complacency and loss of your position at the top

You're performing mental gymnastics to justify your views because your ego can't cope with not being right.

3 paths to wealth
- Stocks
- Business
- Real Estate

Having a high income =/= wealth which I have no doubt we both agree on, but for people with high incomes it's easier to get traction in any of the above categories, so there will no doubt be a solid concentration of already high income people making their money from a salary. But almost NOBODY in the 1% is making their wealth through their job outside of the highest paid lawyers, surgeons, etc. They are the exception by far. This accounts for a very low % of the 1%. My sources verify this as well. You're trying hard to cope by ignoring the data and interpreting it like you would a holy book - picking and choosing what you'll accept and how you accept it. The data shows the extremely low amount of 1%er income coming from employment, but you're trying to say herp derp the business income is reflective of their salary because of the way its dispersed. LMFAO, you don't think that the fukking poll info didnt take into account a drawl from an LLC as income will be salary vs "business income". What a dope.

Why can't you be bothered to read the damn statistics? I'm absolutely baffled. Reading is now "mental gymnastics"?

I'm sitting in my office in a Big Law firm as we speak. I make over $300K. The person in the office to my right makes over $300K. The person in the office to my left makes over $300K (over $1M in his case). My clients make over $300K. I've cited studies clearly indicating that the majority of people who make over $300K are executives, lawyers, doctors (including dentists), and people in finance.

I have statistics. I have anecdotes if you prefer (although I wouldn't know why). I am quite clearly correct. And it's frankly not my problem that you don't understand how partners, executives, and successful physicians are compensated (not a salary).

Remind me not to buy my next cell phone from you.

What book are you smokin?

Old but still makes the point as not much is changing. You're making the huge assumption that a huge analytics firm collecting such data is not going to differentiate between the income sources appropriately and that wages earned by working as a partner, etc will not be recorded in the correct bucket. Thats a pretty large assumption on your part and your entire argument hinges on that. Just lol


Oh and you can keep mentioning phone sales all you want but it doesn't serve to make a point or further your arguments as that isn't what I do.

Matthew 6:33

gtfo

and that kind of negativity is why you are where you are.

I have no idea how to convey this simple point to you. The professionals I'm talking about don't take their income as salary. That's not a revolutionary point or mental gymnastics. It's just simple reality. If you don't understand that, fine, but you're living in an alternative reality.

Which is?

Not sure how you’re allegedly a big shot lawyer when you aren’t very perceptive. How did my last post not make it clear that not only do I understand perfectly what you are talking about, but I’m also pointing out how that doesn’t change anything. Yes a partner will have a drawl from an s Corp, love whatever structure - but these companies that perform high level analytics and do studies don’t just look at the surface, hey examine the source of the income and even though it may be on a monthly, quarterly or annual withdrawal schedule, the source the work is still employment. Unless you can prove otherwise that isn’t how they are allocating the measurements of income into the correct buckets, then you don’t have a case.

And even then proving that top doctors/lawyers etc have a presence in the 1% does not refute the data that the vast majority are there through business/investments rather than a wage. Not sure why you’re fighting facts so hard.

Yup

Learn how to exploit people’s tendencies to waste time on free content for hours every day because they have nothing better to do. Like FB, IG, forums like this, smartphone apps etc, and monetize it with ads.

The great part about the Internet is people don’t have to spend money to make you money. Time and energy is exploited for financial gain

I'm not a big shot lawyer. I'm a pretty ordinary figure in Big Law. And the reason I don't agree with you is that you're objectively wrong -- not because I'm lacking in perception.

The Brookings Institute -- the source of your data -- makes the exact same point that I've made here:https://www.brookings.edu/research/m...o-do-about-it/. Specifically, they point out that non-wage salary includes proprietor income.

More to the point, the source of your data notes the following:

"So, if they’re not in Silicon Valley making awesome stuff, where are the 1 percent working?Top answer: doctor’s offices. No industry has more top earners than physicians’ offices, with 7.2 percent. Hospitals are home to 7 percent. Legal services and securities and financial investments industries account for another 7 and 6 percent, respectively"

Congratulations on being definitively wrong. Enjoy this infographic from your own source showing that I'm right.



So sorry. You lose.

in b4 trailerbrah has legitimate financial advice for us

Once you start making a lot of money, the name of the game changes from how to make money, to how to keep more of your money, and that is why I am starting a non profit organization.

Why bother dude? You keep hitting this guy with facts and he keeps coming back with strictly opinion based responses. I'm starting to think troll.

mrawatts

im moving to dallas in oct.....you have connections ?

semi srs

for gay stuff? yes

[QUOTE=ChristianMR post_id=1559986341]I'm not a big shot lawyer. I'm a pretty ordinary figure in Big Law. And the reason I don't agree with you is that you're objectively wrong -- not because I'm lacking in perception.

The Brookings Institute -- the source of your data -- makes the exact same point that I've made here:[URL=https://www.brookings.edu/research/make-elites-compete-why-the-1-earn-so-much-and-what-to-do-about-it/]https://www.brookings.edu/research/m...o-do-about-it/[/URL]. Specifically, they point out that non-wage salary includes proprietor income.

More to the point, the source of your data notes the following:

"So, if they’re not in Silicon Valley making awesome stuff, where are the 1 percent working?[b]Top answer: doctor’s offices. No industry has more top earners than physicians’ offices, with 7.2 percent. Hospitals are home to 7 percent. Legal services and securities and financial investments industries account for another 7 and 6 percent, respectively[/b]"

Congratulations on being definitively wrong. Enjoy this infographic from your own source showing that I'm right.

[IMG]https://i0.wp.com/www.brookings.edu/wp-content/u

So sorry. You lose.[/QUOTE]
All that chart proves is that of the top earners, those fields have the highest concentration of said earners. Yes there are some people who earn enough to qualify from their jobs. These are the minority. My original statement still stands - the three paths to wealth are GENERALLY going to be stocks, RE or business.

[QUOTE=reverse79 post_id=1559988641]mrawatts

im moving to dallas in oct.....you have connections ?

semi srs[/QUOTE]


Depends, if you are in tech then possibly

You're hopeless. Have fun making things up and ignoring facts, including data from your own sources. I'm out.

Anything is possible if you work for it

I just got awared via PM that lexbrah does G4P...

Not my bag but mirin his hustle LMAO

Ahh that would explain the “service” explanation.

LMAO (nohomo?)

"If you're remotely aroused by my body, then there is literally no reason why u shouldn't be clearing off the new products I've added to my Amazon Wishlist to help contribute towards my physical development."

^^^ heavily paraphrased and synonymised to stop detectives

That is a quote from him

I've changed many, many words but the message is the same.

This, I doubled my hourly rate last time I switched jobs, plus I got a $15k raise after my first year at that position.

Is your position all commission? IT sales? That's what I wanna get into.

Huge if true

Next year I am projecting where you want to be. Similar situation as you as well. 5 years I plan to be bringing in over 500k a year. Here is what it is taking.
Day job pulls a little over 100k before bonuses. Also have benefits. Bonuses typically add another 20kish. Same as you it just wasn't enough.
Started 1 side business this year in July. Projected to bump my income another 30k after expenses. Also working on getting another side business going with the plan for this to eventually take over as the main source of income.
It's taking everything to do this. Having to sort of slack at main job to focus on planning and accounting for side businesses. I have no free days. I may have a free night once every 2 weeks.
Wake up between 6-6:15. No alarm, wake up from sun or my daughter waking up.
Go get dressed, shave, maybe shower my head if I have bad bed head.
Coffee and maybe a smoothie if my wife made them (she's up at 5-530 usually)
If I have to go to regular job out the door by 6:55 (job is 2 minutes away)-work until 4 (skip lunch)
Schedule for regular job is 4 9's and a 4.
After work either go work on side business 1 or continue getting things ready for side business 2. 1 can require a 20 minute drive or going home depending one what needs to be done. 2 is strictly home right now. If I am working at home I will take a break at 530-630 for dinner and bath time for my kid. Then its back to work until about 730-830. Finally wind down for 1-2 hours.
930 shower and read
lights out by 10, though sometimes I will stay up until 11. This is more the typical day though

Weekends are just spent working on the side gigs or catching up on household chores.
Right now working time is about 80 hours a week with equal time spent between all 3 sources of income. Before I started this I had a very long conversation with my wife about what it was going to take from both of us and how long I expected this to go on. Additionally I told her there was always the possibility I could fail (doubtful but possible)

My week breaks down like this. 168 hours in a week.
56 Hours sleeping
112 Hours left
80 Hours working
32 Hours left
16 hours for family time
16 hours left
2 hours for chores
14 hours for morning and evening free time/bathing/etc.

The good part about my job though is that I do have a lot of down time and am able to kick back and misc./game occasionally.

To be successful to the point of financial non-chalance (not having to worry about getting retirement, college funds set up, housing payments, buying what you want, family vacations etc.) takes a huge amount of sacrifices, but if you're smart and plan accordingly it can be a relatively short amount of time compared to your whole life. My only regret is not getting started sooner. I turned 18 in 2008. The economy was in a prime spot for new companies to take advantage of the upswing after 2011.

I don't normally post chit like this, but I think you're landing in the "Profession" bucket, like myself. I don't hate my job, but I don't love it either.



I'd also add to this thread and say that working for yourself shouldn't be romanticized. Even setting up some passive income stream is going to be a lot of work initially, so be prepared for that. Working for a business on a salary has a lot of advantages,especiallyif you value your free time and family.

The ideal state I'd like to land here is either:
1. Having a decent passive income stream with minimal overhead.
2. Being my own boss and consulting (i.e. no upper ceiling) <40 hours p/w. If the bottom falls out, I can still go back to corporate work.
3. Working longer hours on something I actually love, and am passionate about.

The thing is, even if you have (1), you're gonna need some of (3).

In my mid-30's now, and that's normally where the existential crisis occurs (not a bad thing really)

Stop asking the misc, no one here actually wants to help you, its strictly e-bragging and vague motivational posts but no actual advice outside of the obvious which you most likely already know