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» How do you 'get rich' while having a regular wagie job and salary?
08-11-2024, 06:18 PM
#1
How do you 'get rich' while having a regular wagie job and salary?
How do you escape?
Quote
08-11-2024, 06:20 PM
#2
You can't
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
08-11-2024, 06:26 PM
#3
You don't, but you can make some smart decisions and live below your means so you live very comfortably later on.
Yeah Buddyyy! Light weight! Light weight baby!!!!
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08-11-2024, 06:27 PM
#4
$7,500 a month invested at 8% would get you $11.5m after 30 years.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
08-11-2024, 06:27 PM
#5
you dont
jobs were never meant to get you rich and escape
it's not some government or deep state conspiracy either they never promised you this
getting rich is a made up instagram/tiktok/youtube fantasy
jobs were never meant to get you rich and escape
it's not some government or deep state conspiracy either they never promised you this
getting rich is a made up instagram/tiktok/youtube fantasy
08-11-2024, 06:28 PM
#6
Originally Posted By lnvictus⏩
What net worth would you consider rich?
How do you escape?
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08-11-2024, 06:28 PM
#7
Let us know when you find out
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08-11-2024, 06:29 PM
#8
Originally Posted By Godfrd824⏩
Yes, it turns out all you need to do is save more than the average household income, pick investments which beat the market, pay no taxes, and do that for 30 years. LOL.
$7,500 a month invested at 8% would get you $11.5m after 30 years.
08-11-2024, 06:29 PM
#9
Just another Sunday night
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08-11-2024, 06:29 PM
#10
i don't about rich but you have to be willing to live way below your means. for example, living with 2, 3, 4 roommates where your rent is like $300/month. drive an old paid off car, only eat at home, wear cheap clothes until they wear out, etc. this can allow you to build up enough capital to have a shot at getting rich…if you don't get rich you might at least become very comfortable financially to the point where you can live better.
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08-11-2024, 06:30 PM
#11
1) understand that capital is the vehicle to wealth, not labour
2) understand that money is essentially worthless
3) “pay” yourself first, (in promotions, qualifications, time spend building your own business) never prioritise your employer
2) understand that money is essentially worthless
3) “pay” yourself first, (in promotions, qualifications, time spend building your own business) never prioritise your employer
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08-11-2024, 06:34 PM
#12
Originally Posted By JackyChin⏩
It's very doable for anyone with the drive to do so. OP is looking for that one weird trick, no such thing exists.
Yes, it turns out all you need to do is save more than the average household income, pick investments which beat the market, pay no taxes, and do that for 30 years. LOL.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
08-11-2024, 06:35 PM
#13
I know a dude who worked as an engineer for 15 years and retired because he just lived with his parents and never got married.
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08-11-2024, 06:35 PM
#14
Originally Posted By ProteinEnough⏩
6Mil
What net worth would you consider rich?
08-11-2024, 06:38 PM
#15
Originally Posted By BigGuyTruth⏩
yeah that's one way to go and why i don't crap on the idea of living with parents if you aren't married. even an average person making $50k/year could get way ahead if they worked and were tightwads that lived with their parents from say 18 to 33.
I know a dude who worked as an engineer for 15 years and retired because he just lived with his parents and never got married.
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08-11-2024, 06:39 PM
#16
Get into crypto in 2016, sell in 2021
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08-11-2024, 06:40 PM
#17
You gotta save some money. You ain't getting rich until you have at least like $50k in the bank that you can put toward some other venture.
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08-11-2024, 06:42 PM
#18
Originally Posted By OliverHomeless⏩
Imagine thinking that holding currency has any relevance to wealth creation
You gotta save some money. You ain't getting rich until you have at least like
$50k in the bank
that you can put toward some other venture.
This is why you’re homeless
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08-11-2024, 06:44 PM
#19
Invest, gamble, inheritance, start your own business, climb the corporate ladder to director or higher levels, try side jobs / hobbies that may produce an income or even turn into a whole new career/business.
If you had $250k a year ago (Aug 11 2023) put into NVDA it would be $641k today (Aug 11 2024), and would've peaked at $832k June 18 2024.
One route IMO is to try to buy a house/condo, regardless of interest rates. Refinance when the interest rates go down (and your equity has gone up a fair bit to boot). Then at that point your mortgage will likely be below most people's rent bills, and the disparity between your mortgage and people's rent will grow inevitably over the decades, enabling you to save more money per month than average renters by a landslide. Just requires ponying up the down payment, and accepting the outrageous monthly payments at the start for 5ish years till the payment drop can occur from a substantial refinance.
If you had $250k a year ago (Aug 11 2023) put into NVDA it would be $641k today (Aug 11 2024), and would've peaked at $832k June 18 2024.
One route IMO is to try to buy a house/condo, regardless of interest rates. Refinance when the interest rates go down (and your equity has gone up a fair bit to boot). Then at that point your mortgage will likely be below most people's rent bills, and the disparity between your mortgage and people's rent will grow inevitably over the decades, enabling you to save more money per month than average renters by a landslide. Just requires ponying up the down payment, and accepting the outrageous monthly payments at the start for 5ish years till the payment drop can occur from a substantial refinance.
08-11-2024, 06:47 PM
#20
save and invest half your income
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08-11-2024, 06:47 PM
#21
I've thought about this.
Your best two choices:
-Excel at your wageslave job. Learn absolutely everything. Become the go to guy. After that it's a matter of putting in hours after work to advertise and get a customer base for your business
-Start a business in another field.
The choice I'm looking at is #1, but I need to get in with a bigger General Contractor so I can learn more
Your best two choices:
-Excel at your wageslave job. Learn absolutely everything. Become the go to guy. After that it's a matter of putting in hours after work to advertise and get a customer base for your business
-Start a business in another field.
The choice I'm looking at is #1, but I need to get in with a bigger General Contractor so I can learn more
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08-11-2024, 06:56 PM
#22
Originally Posted By lnvictus⏩
How old are you now (ballpark if you want) and what's your salary (ballpark if you want)? Do you live in a HCOL, MCOL, or LCOL area?
6Mil
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08-11-2024, 06:58 PM
#23
When you decided to leave your 9-5 job to create the job of your dreams:
https://x.com/victor_bigfield/status/1822544397902151727
https://x.com/victor_bigfield/status/1822544397902151727
08-11-2024, 06:58 PM
#24
You just need to 10x!
08-11-2024, 06:58 PM
#25
Starting early in a good career is the answer, impossible to do in hindsight obv. I grew up being told everyone had to go to university if you wanted to get ahead. Turned out to be a bunch of bs that just gave everyone student debts and no practical skills.
Meanwhile the guys who went into the trades (builders, plumbers, electricians, HVAC etc) aged 16 started earning money immediately with no student debt and by the age of about 32 their house was fully paid off and looking at buying a holiday home. I still can't get over how much of a scam university was.
Meanwhile the guys who went into the trades (builders, plumbers, electricians, HVAC etc) aged 16 started earning money immediately with no student debt and by the age of about 32 their house was fully paid off and looking at buying a holiday home. I still can't get over how much of a scam university was.
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08-11-2024, 07:03 PM
#26
Originally Posted By UrAGeek⏩
i was expecting a hawk to come down and grab it right at the edge of the water
When you decided to leave your 9-5 job to create the job of your dreams:
https://x.com/victor_bigfield/status/1822544397902151727
https://x.com/victor_bigfield/status/1822544397902151727
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08-11-2024, 07:05 PM
#27
Originally Posted By superfunk⏩
University isn't a scam, it just requires more effort to be above average.
Starting early in a good career is the answer, impossible to do in hindsight obv. I grew up being told everyone had to go to university if you wanted to get ahead. Turned out to be a bunch of bs that just gave everyone student debts and no practical skills.
Meanwhile the guys who went into the trades (builders, plumbers, electricians, HVAC etc) aged 16 started earning money immediately with no student debt and by the age of about 32 their house was fully paid off and looking at buying a holiday home. I still can't get over how much of a scam university was.
Meanwhile the guys who went into the trades (builders, plumbers, electricians, HVAC etc) aged 16 started earning money immediately with no student debt and by the age of about 32 their house was fully paid off and looking at buying a holiday home. I still can't get over how much of a scam university was.
Maybe im wrong, but a STEM degree + Learning everything will probably put you at $150k salary. From there its saving and investing. The most millionaires come from engineer backgrounds.
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08-11-2024, 07:26 PM
#28
Originally Posted By JackyChin⏩
You can't
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
There are only 4 ways to become rich ($10m+ wealth):
- Own a business
- Find other rich people and manage their wealth for a percentage (CEO, hedge fund manager)
- Inheritance
- Crime
I suppose there are certain high-paying careers which could lead to the low end of rich if you work until age 70 (specialist medical doctor, biglaw, high finance) but the on-ramp to those careers generally starts in your early teens and by your early 20s those doors are all but closed.
That's not true. Section 8 rental properties can get you to 10mil in about twenty years once you start scaling.
The biggest myth pushed onto people is "saving" money. Money is useless when saved. You should be spending/investing ALL OF IT.
Have 30k? rental property
Made another 30k? the longer that sits in the bank the poorer you become. Buy another rental property
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08-11-2024, 07:29 PM
#29
Originally Posted By swoleyo⏩
Once you own 20 rental properties, you're running a business.
That's not true. Section 8 rental properties can get you to 10mil in about twenty years once you start scaling.
The biggest myth pushed onto people is "saving" money. Money is useless when saved. You should be spending/investing ALL OF IT.
Have 30k? rental property
Made another 30k? the longer that sits in the bank the poorer you become. Buy another rental property
The biggest myth pushed onto people is "saving" money. Money is useless when saved. You should be spending/investing ALL OF IT.
Have 30k? rental property
Made another 30k? the longer that sits in the bank the poorer you become. Buy another rental property
08-11-2024, 07:29 PM
#30
Originally Posted By swoleyo⏩
That's both own a business and crime.
That's not true. Section 8 rental properties can get you to 10mil in about twenty years once you start scaling.
The biggest myth pushed onto people is "saving" money. Money is useless when saved. You should be spending/investing ALL OF IT.
Have 30k? rental property
Made another 30k? the longer that sits in the bank the poorer you become. Buy another rental property
The biggest myth pushed onto people is "saving" money. Money is useless when saved. You should be spending/investing ALL OF IT.
Have 30k? rental property
Made another 30k? the longer that sits in the bank the poorer you become. Buy another rental property
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
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