Posted by E.Eka on September 09, 2004 at 16:14:25:
The key was taking the shell of what was said. It’s a general statement that could have been applied to man women, or dog, as long as they are able to do what was said.
“How do you get rich?” - Posted by Macaroni
Posted by Macaroni on September 08, 2004 at 20:34:08:
Can anyone provide a succinct, serious, verifiable, practical, AND true answer to this question:
“How do you get rich?”
For those that I consider rich ($500K per year, or $2 Million net worth), I would like to hear your answer to this question.
Please no philosophical tangents like “rich is a state of mind” or “what is wealth, afterall” or “as long as I can pay my bills I am rich enough for me”. I dont want to take this discussion in that direction. Rich for this discussion means ($500K per year, or $2 Million net worth) and up. So
“How do you get rich?”
Re: “How do you get rich?” - Posted by Jason
Posted by Jason on September 10, 2004 at 12:21:41:
I know you said that you don’t want to hear mindset stuff, but bottom line: You need to have wealth consciousness. You need to make yourself attractive to
$500,000 a year or $2,000,000. Thats exactly how I did it. There are a great many excellent books on the subject, too many to list here but I want to reccomend the book “Mindpower Into The 21st Century” by John Kehoe. Simply outstanding. Get it, read it and apply what you learn. You’ll be amazed at how fast the results come.
you lern to spel - Posted by Steve-WA
Posted by Steve-WA on September 10, 2004 at 11:44:12:
evidently, after reading some of these replies
Re: “How do you get rich?” - Posted by Dwight
Posted by Dwight on September 09, 2004 at 16:39:10:
I hear Paris Hilton is still single.
I thought that if I can just find a good idea I would be very wealthy. The problem is that the good idea is just a part of it. There is the patenting, marketing, etc etc.
I think the best way to get there is too have a never die attitude, intestinal fortitude type of approach and the right time/place will present itself. Just don’t miss it.
Re: “How do you get rich?” - Posted by GL(ON)
Posted by GL(ON) on September 09, 2004 at 16:27:11:
You get rich by spending less than you make. Is that succinct enough.
You can either increase your income or decrease your spending. Successful people do some of each.
Read The Millionaire Next Door. This is a study of actual American millionaires, the kind you find in any city or town in the US.
In almost all cases they are self employed, in some run of the mill business like dry cleaning, contracting or used truck parts. They all live comfortable but modest lifestyles considering their income level, and all have a very nice net worth.
Although I am not a fan of Donald Trump… - Posted by carlos
Posted by carlos on September 09, 2004 at 16:13:41:
he does consistantly make one point with regard to getting rich that virtually no one else mentions. You have to have an apptitude for it.
Re: “How do you get rich?” - Posted by Rob FL
Posted by Rob FL on September 09, 2004 at 12:57:38:
Find a niche and exceed your customers expectations by fulfilling that niche well. Use the income from your niche to buy income producing assets.
Re: “How do you get rich?” - Posted by John-Fl
Posted by John-Fl on September 09, 2004 at 12:30:41:
Become a polygamyst and have all your wives strip for you. If they’re good they can pull in $3-500 a night! Multiply that by 10 - 20 wives and you’re on your way.
Re: “How do you get rich?” - Posted by jasonrei
Posted by jasonrei on September 09, 2004 at 11:34:59:
I don’t make $500k, nor do I have a $2M net worth, but I’ll take a stab.
In the last 2 yrs I’ve done things that have increased my annual income many times over, and my income is steadily rising. I agree with Ron that LEVERAGE and SYSTEMS are extremely important. You either have to do something that benefits huge numbers of people, or you need to move high-end products.
I move real estate, a high-end product. I’m able to buy houses using leverage, and my buyers do the same. The systems are what keeps it all together. Keep strict tabs on bookkeeping, sales, maintenance, financing, and marketing.
That’s how you make big money being self-employed. Same applies to sales jobs I believe. I really don’t know how you make big bucks working for someone else, though I would guess that is how MOST people do it.
I just realized that I don’t know many people making that kind of money. Part of that may be because I’m 30 and most high-earners are in their 50’s and 60’s. Most of the people I BELIEVE make (or made) that kind of dough, I heard on tape (Ron Legrand, Charles Givens, Tony Robbins, Brian Tracy, etc.). As for the $2M net worth, I think your basic “save and invest conservatively over time” is the common answer.
Re: “How do you get rich?” - Posted by JT-IN
Posted by JT-IN on September 09, 2004 at 10:00:23:
Find something that you love to do, that is potentially quite profitable, and perform this avocation well.
You dedicate yourself to doing what others who fail, aren’t willing to do. You do these difficult tasks first.
You work for the love and satisfaction of accomplishments, not the love of what that work or money produces.
You possess the ability to block out distractions that keep the average individual from attaining what you describe above.
You consistently apply these principles and you will get rich; as you describe it… However, I would describe rich as a whole different set of numbers… but each to his own on the definitions…
(10-20 mil net worth qualifies as rich, IMO. Income isn’t much of a factor, as it only allows you to accumulate assets, if you are disciplined. I know people who make 500K per year, and have for years, and aren’t worth 1 million… They spend the money and live a great life, but they aren’t rich, just comfortable… and really miserable too.)
JT-IN
Re: “How do you get rich?” - Posted by Space Available
Posted by Space Available on September 09, 2004 at 08:46:14:
You didn’t give a time frame so I’ll give you the truest, most time-tested way to get rich. It’s a three-part answer.
- Time
- The power of compound interest.
- Tax avoidance (note - not tax evasion!)
If you religiously invest a certain dollar amount of your income each week/month/pay period into assets that pays interest, cash flow or dividends and let them accumulate you will eventually become “rich”.
If you do this within an IRA or 401K or buy investments that pay off in tax free dollars or are sheltered by the current tax law (depreciation), it will happen faster.
If you can get a higher than normal return, it will happen faster.
If the investment not only throws off cash but appreciates as well, it will happen faster.
If you can utilize leverage, it will happen faster.
If you can structure your investment so that it others are buying it for you (rent). it will happen faster.
If your investment is positively affected by inflation, it will happen faster.
As you can see, investment real estate neatly fits into most, if not all, of these categories.
Personally, I am accumulating single-family homes and holding them for 3-5 years. With sale proceeds I am investing into tax-free municipal bond trusts (currently, the Van Kampen Municipal Trust - VKQ is the stock symbol) that you can buy and sell like shares of stocks. Tax-free interest is paid monthly (current yield is about 6 1/2%). I’m reinvesting the interest into new shares periodically.
I personally beleive that we are currently experiencing the lowest tax rates that we will see in the rest of our lifetimes. If I’m right this type of investment will also appreciate as the value of an after-tax dollar goes up.
Re: “How do you get rich?” - Posted by ron
Posted by ron on September 09, 2004 at 24:11:13:
I’ve been to a ton of seminars, interviewed hundreds of investors, read so many real estate books.
Many things make you a millionaire, their are 2 big things that work in almost any business.
-
Leverage
-
Systems
-
Leverage, just this term I could right a book on, it’s beautiful and it’s the secret.
Leverage of money, leverage of time, leverage of effort
If you want me to go into detail on Leverage for you, email me back and I will. -
Systems, again I could write a book on this, systems, simply put, you learn from your mistakes, create systems that allow you to be the most efficient person you can be, and not make the same mistake twice.
Through real estate and the internet I have made $15k with 5 minutes in work, with systems, on the internet I have made up to $20k a month, just off 1 minute of work per day.
Leverage and systems, those two ideas are the key to becoming very wealthy.
By the way, once you have 1 million making 2 or 3 is almost nothing.
1 million dollars these days isn’t really that much.
“How do you get rich?” - Posted by Joe C. (AR)
Posted by Joe C. (AR) on September 08, 2004 at 23:43:04:
Persue a career that pays you a lot more than your willing to spend.
Re: “How do you get rich?” - Posted by Dave T
Posted by Dave T on September 08, 2004 at 22:13:21:
The mission of every business school in America is to train the next generation of corporate CEOs. I believe a CEO salary could get you there quickly.
Professional sports with multi-year, multi-million dollar contracts will do it too for the few with superior athletic ability. A few creative souls, often forced by necessity to beget the “better mousetrap”, sell the patent rights for huge sums.
There are many, many (hundreds, perhaps?) self-help books on the market that claim to have the exact recipe for achieving wealth – including the book that tells you how to marry a millionaire.
Work-at-home internet business promotions advertise potential incomes of $25K per month if you just spend $99 for their system. Wave theory, Q theory, option market, commodities market, and emerging technology stock market investment strategies are all promoted vigorously as the way to turn $10K into $500K overnight – even in a down market.
Yesterday, my mail carrier delivered an envelope stuffing promotion that suggested a $2500 weekly income was possible if only I invest $139 to enroll in their system. Other widely advertised paths to quick and huge wealth often involve some form of multi-level marketing.
Books, tapes, courses, and boot camps seem to be profitable, too. I read somewhere that Carleton Sheets sells about 750,000 courses each year. At $170 per, I will let you do the arithmetic. This niche is not limited to real estate, either. Just look at the income Tony Robbins generates from his motivational courses, books, tapes, and seminars.
Direct investment in real estate is also profitable. Buy below market, hold for income or flip for profit, repeated often enough will generate wealth. There are collateral opportunities for the same profit production with notes, contracts, and options. You can get rich slowly by buying and holding for rental income, or achieve wealth more quickly by actively flipping property.
In the end, it does not really matter how much money you make, how quickly you make it, or what business, occupation, or investment strategy you use to generate your income. Your wealth is determined only by how much money you keep. The key to accumulating wealth is to live well below your means. Spend less than you make and become a prodigious accumulator of wealth is the message in a book called “The Millionaire Next Door.”
The old classic answer… - Posted by Stew(NE)
Posted by Stew(NE) on September 08, 2004 at 22:12:09:
Start with a million dollars per year income and networth of 5 million and start buying Real Estate…
Hee-Hee
Re: “How do you get rich?” - Posted by Jeremy
Posted by Jeremy on September 08, 2004 at 22:01:08:
Dear Macaroni, What you have to do is start a macaroni factory. Get a business plan together. Make better macaroni than anyone else, put a team together that can produce it cheaper than anyone else, and then put a marketing team together to take the market…
I hope you relize that your question misses the point. You can lose everything or gain everything in ANYTHING! Don’t ever forget that. Find what you love, and become the best at it. Do make sure that you can duplicate it. My Dad is the best piano tech in this area, but it would be very hard for him to become financially rich in this.
You can become wealthy in mobile homes, buying and selling houses, landlording, notes, commercial real estate, buying businesses, starting businesses, building houses, apartment buildings, on and on and on.
I know of a man that is filthy rich (millions a year) from making those little plastic things to label the rows in your garden. Another man flys over his Christmas tree farm everyday in his hellicopter just for fun. Another makes commercials for TV. Another man I know buys and sells businesses and buys newer real estate for full market price with his millions in profit.
But if your mind doesn’t work right, none of these will work for you. It is not the vehicle that makes you rich, but you.
Not the answer your looking for? Too Bad Macaroni. The answer you are looking for is a fantasy. Most rich people that didn’t have it given to them think the same about some principles regardless of what they do. Focus on these and you’ll get there. Jeremy
Re: “How do you get rich?” - Posted by Sean
Posted by Sean on September 08, 2004 at 22:01:05:
Live within your income, save consistently, manage your money, don’t use credit to buy “stuff”. Listen to the Dave Ramsey show religiously and spend a few hundred on his FPU and follow it if you don’t get it from his show, or buy his book at your local bookstore.
There are pleanty of other books too, Richest Man In Babylon, Millionaire Next Door are 2 that come to mind.
Re: “How do you get rich?” - Posted by Jeremy
Posted by Jeremy on September 08, 2004 at 22:01:02:
Dear Macaroni, What you have to do is start a macaroni factory. Get a business plan together. Make better macaroni than anyone else, put a team together that can produce it cheaper than anyone else, and then put a marketing team together to take the market…
I hope you relize that your question misses the point. You can lose everything or gain everything in ANYTHING! Don’t ever forget that. Find what you love, and become the best at it. Do make sure that you can duplicate it. My Dad is the best piano tech in this area, but it would be very hard for him to become financially rich in this.
You can become wealthy in mobile homes, buying and selling houses, landlording, notes, commercial real estate, buying businesses, starting businesses, building houses, apartment buildings, on and on and on.
I know of a man that is filthy rich (millions a year) from making those little plastic things to label the rows in your garden. Another man flys over his Christmas tree farm everyday in his hellicopter just for fun. Another makes commercials for TV. Another man I know buys and sells businesses and buys newer real estate for full market price with his millions in profit.
But if your mind doesn’t work right, none of these will work for you. It is not the vehicle that makes you rich, but you.
Not the answer your looking for? Too Bad Macaroni. The answer you are looking for is a fantasy. Most rich people that didn’t have it given to them think the same about some principles regardless of what they do. Focus on these and you’ll get there. Jeremy
Re: “How do you get rich?” - Posted by cc
Posted by cc on September 08, 2004 at 21:51:37:
I would be posing that question only to someone who has met or exceeded your criteria for “rich.”