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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.
> I know too many people that use their money to consume. All those dumb poor people wasting their money on food.
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How does money get you social skills?
If you’re poor and rude, you’re just an asshole. But if you’re rich and rude, well, then you’re “eccentric.”
Don't believe me? See how most people treat or think about rich children, who have no accomplishments beyond being born wealthy.
Earlier quoted context omitted.
If you're asking how to get rich without luck, then of course luck is not part of the equation. If you're asking how to get rich at all , then getting lucky is a valid strategy. This article is about the former.
That is not how luck works. How do you "strategize" luck ?
If you're starting from a position where you're rich, and you're trying to explain why, luck is a valid explanation.
If you're starting from a position where you're not rich, and you want to get rich, you're best concentrating on the things you can control rather than complaining about things you can't control.
If we define rich as not having to work, it could be achieved with a low income, but low expenses. At an extreme, perhaps, self-sufficiency, using knowledge and technology (even robots?) instead of back-breaking stope subsistence farming. You would be rich, but also poor.
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 ?
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.
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That is the premise behind those points and the ones raised by the op: Luck is never part of the equation, just ask your average rich guy from rich families.
What’s your definition of rich here? Because earlier you said “born in a rich country”, so I guess about a billion of us qualify? Assuming you meant something else, most rich people in America are first generation rich. Of course, growing up here in a middle class or upper middle class household didn’t hurt, but they’re not rich because someone dumped $5mm in their bank account when they turned 18.
OP could have started by defining it instead of doing spaghetti moves with a bunch of confused definitions. I am assuming he meant "wealth" for "rich" (as he ended the article with a joyful play on that).
If you are trying to "get rich" in comparison to your local community as in "Wealth is having assets that earn while you sleep", then being born in a rich country will give a huge leverage to acquiring those assets in poorer countries or any other acquisition/opportunistic startegy that eventually increases your passive income.
If you are trying to "get rich" in comparison to the whole world, as in comparison to the 7.6 billion of us you could just get any job because living in a "rich" country automatically makes you an outlier and monetizing your time is enough to make you "rich" by any other poorer country standards.
If you are trying to "get rich" in comparison to the richest persons on the whole world. Well, good luck with that in a poor country ;)
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?
2. Avoid industries with boom and bust cycles. Additionally, avoid career paths that may become irrelevant in 20-30 years.
3. Instead, learn skills that will always be useful, regardless of the state of the economy. Typically this means the trades, but be careful there - certain trades are too dependent on a good housing market. Most medical fields (like nursing) are also pretty secure. Also consider boring fields like accounting or certain governmental positions. Many government jobs are a bit more stable than the open market - you are sacrificing income for reliability.
4. For bonus points, pick a field that allows you to easily freelance. In the future, when you have enough money and want more time, you can scale your work hours down.
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?
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?
Many people in developing countries have less than $1,000 in monetary/material assets, but have plenty of free time and a decent level of security.
They may not have the nicest house in the nicest location (a tin or concrete square box on a dirt road in a rural location with no jobs), but they are not in any immediate danger in terms of crime or disease.
Another way to create this by proxy in the US is by living in a camper van or large car or perhaps a cheap used RV and parking in one of the millions of free locations we have in the USA (BLM land, national forests, street parking, private land negotiated with a friendly owner).
But if you were wondering like, you know, where can I get a free house with no property taxes in a nice city neighborhood with free health insurance, I'm afraid it doesn't exist unless you are the child of a rich and loving parent.
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?
Though to me living here it seems that people are still all the time complaining and demanding more and more, though we have more safety nets than about any other place on earth.