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How to get rich without getting lucky

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Re: How to get rich without getting lucky

#511

Post by isolli »

pc86 wrote: post #373
isolli wrote: post #163

Earlier quoted context omitted.

> because I had good insurance through my employer However, you only get this peace of mind without being rich thanks to Obamacare (whose days may be numbered...). Before, you had to be rich to self-insure against the following events: - What if you lose your job? It could take you longer to find one again than whatever Cobra covers, or a pre-existing condition could make individual insurance unaffordable. - What if…

> However, you only get this peace of mind without being rich thanks to Obamacare Well that's really weird since this was in 2009.

Sure you had good insurance then, but you could have easily lost it by losing your job. And before Obamacare the only way to be absolutely safe from the negative outcomes I listed was to be rich.

Re: How to get rich without getting lucky

#512

Post by apineda »

anExcitedBeast wrote: post #275
pc86 wrote: post #120

Earlier quoted context omitted.

Assuming that "rich" means "don't need to work at all, for the rest of your life, to keep a roof over your head and food on your table," none of what you listed require being rich. > The ability to secure the best medical care for yourself and your family in a country where this takes money to do. I can only speak to the US but this is much more an insurance issue than a wealth issue. When I made $30k a year I had a…

>Assuming that "rich" means "don't need to work at all, for the rest of your life, to keep a roof over your head and food on your table," none of what you listed require being rich. Yup, I believe that's their point. If you realize the reason you want to be rich can be had for less cost than actually becoming rich, you can save yourself a lot of time and stress. Anecdotally, I cut my salary by 60% this year to direct…

Are you willing to share what you are pursuing? I'm curious. I'm feeling a bit hamsterwheely myself right now and am constantly looking at the horizon for an alternative approach that could work for me.

Re: How to get rich without getting lucky

#513

Post by jacquesm »

liftdd wrote: post #508
afpx wrote: post #114

Earlier quoted context omitted.

Another strategy I’ve seen work very well: Find out where high-status or wealthy people congregate for recreation. Pay close attention to their culture, mannerisms, language, and dress. Practice emulating them until sufficiently skilled. Frequent the same places as them until some begin to recognize you and believe you are one of them. Then, make them actually enjoy your company. In modern times, this would probably…

I'm 23 so please excuse my ignorance. I've been struggling with the marriage benefits personally. There are the extra single taxes, rates for insurance, etc. However, in the US, with the amount of divorce (alimony / child support) it seems less than optimal to view marriage as an asset. Or am I totally off the mark?

If you get into marriage thinking of alimony and child support I'd advise to hold off.

Re: How to get rich without getting lucky

#514

Post by starchild_3001 »

jandrese wrote: post #443
11thEarlOfMar wrote: post #158

The highest probability for success for the 'everyday person': - Earn as much as you can from your own work. Take a 2nd job, change to a higher paying job, ask for more responsibility and a raise at your current job, go back to school for a more lucrative degree, ... - Spend much less than you earn. Economize, share an apartment, buy an inexpensive car, shop at Trader Joe's and Costco, .... - Learn how to invest. Thi…

- Make sure you don't marry, or if you do absolutely don't have kids. - Become a hermit Saving money was so easy before I had kids. Once you have kids you need a car big enough to transport them. You need a house big enough to hold them. The missus insists that just going camping isn't really a vacation and they need to see some sights (real travel). And travel with kids isn't cheap. You gotta start getting the famil…

I do agree with your assessment that kids are the biggest expense and possibly the biggest joy in life. Well it’s a risk and difficulty worth for many of us. But do your math.

After certain age family is the biggest and maybe the only close friend.

Social ties are important and usually healthy. Having kids and family can also be very motivating. After all, why do we live?

Re: How to get rich without getting lucky

#515

Post by ConfusedDog »

fnbr wrote: post #466
ConfusedDog wrote: post #388

Earlier quoted context omitted.

Which fields have artificial gatekeeping? Do you have any examples? I'm not familiar with the term and couldn't find it online...

Investment banking is one, another is corporate law. It's incredibly difficult to get a job in either field without a degree from a top school, with top grades. Google hires lots of people with degrees from state schools (or without degrees!). That's not the case at, say, McKinsey. Neither job inherently requires a degree from a top school, but it's almost a prerequisite to get the job.

So, "artificial" would mean compliance-based validation? Good examples, thanks!

Re: How to get rich without getting lucky

#516

Post by ConfusedDog »

stcredzero wrote: post #413
ConfusedDog wrote: post #388

Earlier quoted context omitted.

Which fields have artificial gatekeeping? Do you have any examples? I'm not familiar with the term and couldn't find it online...

Which fields have artificial gatekeeping? Massage Therapy is one. This varies state to state in the US, but you have to have a license.

Thanks!

Re: How to get rich without getting lucky

#517

Post by jpetso »

rconti wrote: post #446
sametmax wrote: post #422

Earlier quoted context omitted.

I'm just amazed, not mad.

As a childless American with 3 cars, 1 motorcycle, and 3 bicycles... I must say that plenty of folks would find your "don't have kids" comment equally bizarre. And on the flipside, cars are cheaper than kids :)

My reading of the GP's comment was that those were not suggestions, but a mere observation, where out of many possible and viable alternatives, one is utterly dominant to the point where the others aren't generally considered as alternatives anymore.

Re: How to get rich without getting lucky

#518

Post by mistermann »

encoderer wrote: post #281
falcolas wrote: post #233

Earlier quoted context omitted.

Yeah. It's gone on long enough that I'm wondering the exact same thing. Of course, if it doesn't, that return to mean is going to be a real bitch to ride out.

What mean exactly? Companies are more profitable than x years ago, our economy is bigger, etc. The mean you think exists perhaps doesn’t?

Printing money can achieve both of those, but it isn't necessarily sustainable. When I was younger, I would have said it isn't sustainable, but now I'm not so sure.

Re: How to get rich without getting lucky

#519

Post by fnbr »

ConfusedDog wrote: post #515
fnbr wrote: post #466

Earlier quoted context omitted.

Investment banking is one, another is corporate law. It's incredibly difficult to get a job in either field without a degree from a top school, with top grades. Google hires lots of people with degrees from state schools (or without degrees!). That's not the case at, say, McKinsey. Neither job inherently requires a degree from a top school, but it's almost a prerequisite to get the job.

So, "artificial" would mean compliance-based validation? Good examples, thanks!

In this case, yes :)

u/stcredzero's example is also a great one, as over-regulation is a massive problem. However, it's not as much of an issue for higher paying jobs, which I think are more relevant when we're discussing high-end software engineers.

Note: I'm discussing over-regulation. There's a very strong case for heart surgeons to be highly regulated. There's a weaker case for having strict regulations for hairdressers.

Re: How to get rich without getting lucky

#520

Post by tonyarkles »

spking wrote: post #316
thanatropism wrote: post #292

Earlier quoted context omitted.

I just said this elsewhere on this thread, but I'll make it shorter: the hedonic treadmill is a bitch. If you're having $4 lattes once a week, they're worthless. If you have a $100 dinner twice a year... man, those are nice.

Recently my wife and I were discussing one of the big benefits of rural living being far less easy access to impulse $4 lattes, In-N-Out drive thrus and the like. A trip to a major suburb becomes a planned event (and more meaningful), just like those $100 steak dinners.

My wife and I lived in a small town about 20-30 minutes from the nearest major city. This was enough, for us, to significantly change our eating habits. There was a nearby small-town grocery/post office/liquor store where you could grab small things, but if you needed anything beyond the basics, you had to make a trip into the city. When it's a 1hr round trip, you're not just going to go grab McDonalds, especially when there was shitty weather. It was great, and I'm going to be trying to re-adopt that soon when I start working from home again. (She had to commute to town for work when we were out there, I didn't... which is why she was way more interested in moving into the city than I was :))
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