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How to get rich without getting lucky

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Re: How to get rich without getting lucky

#21

Post by plop_ »

tomaha wrote: post #13
jacquesm wrote: post #8

I know very few people that got rich without getting lucky and none of them would have been rich if they had followed this list. The majority of them simply went into finance, consulting or real estate at a young age and invested their income smartly (retrospectively!). After the first million rolls in if you're young enough compound returns will take care of the rest if you can postpone altering your life-style.

But one important part of their success was to invest their income. I know too many people that use their money to consume. Investing early in your life is what makes the difference. It's very easy to spend it on little things and claim to not have anything to invest.

Do you have advices for young people in long term investments ?

Re: How to get rich without getting lucky

#22

Post by jacquesm »

plop_ wrote: post #21
tomaha wrote: post #13

Earlier quoted context omitted.

But one important part of their success was to invest their income. I know too many people that use their money to consume. Investing early in your life is what makes the difference. It's very easy to spend it on little things and claim to not have anything to invest.

Do you have advices for young people in long term investments ?

Go read mr money Mustache (but take it with a grain of salt and ignore the cult bits) and 'the millionaire next door'

https://www.mrmoneymustache.com/ (the older stuff is better, he's making bank through the blog so caveat emptor)

https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

Re: How to get rich without getting lucky

#23

Post by jacknews »

"Wealth is having assets that earn while you sleep."

If you are earning wealth while you sleep, it must be coming from somewhere. Either it is illusory (eg interest, which is cancelled by inflation), or it is being generated by other people working.

"Understand that ethical wealth creation is possible."

Thus, this statement is dubious in the context of "wealth while you sleep".

Re: How to get rich without getting lucky

#25

Post by dirktheman »

jacknews wrote: post #23

"Wealth is having assets that earn while you sleep." If you are earning wealth while you sleep, it must be coming from somewhere. Either it is illusory (eg interest, which is cancelled by inflation), or it is being generated by other people working. "Understand that ethical wealth creation is possible." Thus, this statement is dubious in the context of "wealth while you sleep".

Would you consider people who work for you unethical, then?

Re: How to get rich without getting lucky

#26

Post by jacquesm »

Patient0 wrote: post #6

I would recommend reading "How to get rich" by Felix Dennis. He had a sense of a humour, but was quite wise too.

It's a hilarious book but it's not too thick on good advice, the most actionable bits boil down to 'be ruthless'.

Felix Dennis rode a wave and rode it well, there are more Felix Dennises in the world (every European country had their own it seems), so it was more a matter of place and time than anything in particular about Felix Dennis.

I found his take on being wealthy very refreshing, for that reason alone it is a good book to read. But do pirate it, wasting money on books with titles such as 'How to get rich' is counter to the writers wishes ;)

Re: How to get rich without getting lucky

#27

Post by nopinsight »

jacknews wrote: post #23

"Wealth is having assets that earn while you sleep." If you are earning wealth while you sleep, it must be coming from somewhere. Either it is illusory (eg interest, which is cancelled by inflation), or it is being generated by other people working. "Understand that ethical wealth creation is possible." Thus, this statement is dubious in the context of "wealth while you sleep".

You can create software/automation system that works/creates value for users. As a creator, you can ethically derive wealth from that value even when you are asleep.

Added as part of a reply:

Certain systems create value in excess of individual components you put into it. (That system may include a variety of resources that you pay market costs for, not only just your personal labor.)

The creator of the system can earn that excess value because it wouldn't otherwise exist. There is a term for this in an Intro to Economics textbook I read a long time ago, but I can't recall.

Re: How to get rich without getting lucky

#28

Post by v3gas »

iicc wrote: post #24

> The Internet has massively broadened the possible space of careers. What does "space of careers" mean?

Space is a concept from math which basically means dimensions. It's just a fancy way of saying "there are more career opportunities now because of internet".

Re: How to get rich without getting lucky

#29

Post by jacknews »

nopinsight wrote: post #27
jacknews wrote: post #23

"Wealth is having assets that earn while you sleep." If you are earning wealth while you sleep, it must be coming from somewhere. Either it is illusory (eg interest, which is cancelled by inflation), or it is being generated by other people working. "Understand that ethical wealth creation is possible." Thus, this statement is dubious in the context of "wealth while you sleep".

You can create software/automation system that works/creates value for users. As a creator, you can ethically derive wealth from that value even when you are asleep. Added as part of a reply: Certain systems create value in excess of individual components you put into it. (That system may include a variety of resources that you pay market costs for, not only just your personal labor.) The creator of the system can ea…

technically, yes, but you had to work to create it, and probably have to continue to work to maintain it in the face of competition.

If you have created some kind of lock-in which allows you to extract rent indefinitely from some initial effort, then you have some degree of monopoly, which would be ethically questionable.

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