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How to get rich without getting lucky

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Re: How to get rich without getting lucky

#81

Post by infinite8s »

thomasahle wrote: post #54
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.

> I know very few people that got rich without getting lucky > [they] invested their income smartly (retrospectively!). This sounds like a contradiction?

You missed the "very few people that got rich without getting lucky". With the full phrase both statements are in agreement.

Re: How to get rich without getting lucky

#82

Post by Aaargh20318 »

ahmetkun wrote: post #61
Aaargh20318 wrote: post #42

Earlier quoted context omitted.

> I know too many people that use their money to consume. All those dumb poor people wasting their money on food.

But you have to eat, don't you?

Exactly. So why criticise people for spending money on consumption when they need it to stay alive.

Re: How to get rich without getting lucky

#84

Post by Aaargh20318 »

tomaha wrote: post #58
Aaargh20318 wrote: post #42

Earlier quoted context omitted.

> I know too many people that use their money to consume. All those dumb poor people wasting their money on food.

There is a difference between consuming and getting what you need to live.

To consume, verb. 1. eat, drink, or ingest (food or drink).

Re: How to get rich without getting lucky

#85

Post by hguhghuff »

Is Naval rich?

I think the most valuable advice in getting rich is from people who are moderately rich.

Advice from people who aren’t rich is stupid.

Advice from billionaires seems irrelevant because their circumstances are so exceptional.

How did the friend of a friend make $20million ... there’s an interesting question.

I could give you advice on how to not get rich.... just make what are in hindsight a constant flow of wrong decisions about things that could have led to financial gain. I’m an expert at that.

Re: How to get rich without getting lucky

#86

Post by fwdpropaganda »

keiferski wrote: post #33

I’m going to take a contrarian view and say: figure out why you want to be rich, first. For most people, money is a proxy for respect, status, power, security, social skills, romantic attraction from others, free time, or otherwise. If you can ignore the constant “only rich people are meaningful human beings” message that is blared 24/7 from western culture, you might find that it’s easier to just go after what you w…

I guess you didn't read until the end.

> When you're finally wealthy, you'll realize that it wasn't what you were seeking in the first place. But that's for another day.

Re: How to get rich without getting lucky

#87

Post by simion314 »

adrianN wrote: post #56
keiferski wrote: post #33

I’m going to take a contrarian view and say: figure out why you want to be rich, first. For most people, money is a proxy for respect, status, power, security, social skills, romantic attraction from others, free time, or otherwise. If you can ignore the constant “only rich people are meaningful human beings” message that is blared 24/7 from western culture, you might find that it’s easier to just go after what you w…

Any tips on getting security+free time without becoming rich first?

If you can work remote as a developer you can find a cheap home, you reduce your spending, work part time. You will have enough remaining time.

Then the problem is to find a way to be happy enough, you can have enough money but be unhappy.

Re: How to get rich without getting lucky

#88

Post by davedx »

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 ?

Put as much of your monthly income into a Vanguard fund as you can afford.

Most of my money is in this one: https://americas.vanguard.com/institutional/mvc/detail/mf/ov...

You might want to put some into a fund that comprises bonds, though they've performed poorly (for my investments) in recent years. If you're young (Also: this is a long play. Leave it there.

Re: How to get rich without getting lucky

#89

Post by zeth___ »

55555 wrote: post #83
zeth___ wrote: post #15

I disagree with everything that guy says and as of two months ago I am a millionaire before I turn 30. Pessimism is what keeps you from following the herd of lemmings over the cliff.

How did you make your money?

Change jobs every 6 months or less, insist on a raise between each one. I'm earning just shy of 300k now. I don't see it stopping in the next decade either.

Re: How to get rich without getting lucky

#90

Post by davedx »

whataretensors wrote: post #65
plop_ wrote: post #21

Earlier quoted context omitted.

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

Don't listen to risk-averse engineers. You are young, invest in high risk things you believe in. Make it an active investment if you can. Recognize who is giving you boring advice(index funds), look at the risk levels in their life, and then disregard them if they don't take chances on anything. At a young age your risky investment % should be at it's highest. The exact amount will depend on your appetite.

Easier said than done. What high risk (low effort) investment opportunities are there for non accredited investors?

I guess there's real estate but I don't know if that qualifies as 'high risk'...

And cryptocurrencies, but I'd call that 'gambling' not 'investment' :)

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