How do People Become Wealthy?

53 replies
  • OFF TOPIC
  • |
How do People Become Wealthy? Is there a secret to their success? Is there a blueprint or certain guide lines and rules the Rich follow that the average Joe is missing?
  • Profile picture of the author David Beroff
    Most people become fabulously wealthy by posting hundreds of questions to Warrior Forum, gathering the answers, and selling the results as WSO's. Why do you ask?
    Signature
    Put MY voice on YOUR video: AwesomeAmericanAudio.com
    {{ DiscussionBoard.errors[10628845].message }}
  • Profile picture of the author agc
    People become wealthy by planning and executing until their unearned income exceeds their requirements. And beyond.

    I figured this out way too late in life, about 10 years ago when working for a hedge fund. Starting way too late, I still managed to plan and execute on it however, and no longer have to work. However, I had the luxury of a high income in NYC to work with. For most people there is simply no way to get there in 10 years.

    Nobody really ever explains this to you when you're young, and that's a real shame.

    So many in their 20's are digging themselves a financial hole that will take them 20 years to get out of.
    {{ DiscussionBoard.errors[10629146].message }}
  • Profile picture of the author bizgrower
    Look up Dave Ramsey and books like The Millionaire Next Door

    Most wealthy people did it by investing in real estate. (I think about 80% of millionaires.)

    Example: You could buy up to a 4-plex and the qualifying is the same as for a single family residence. Live in one unit, basically for free, and have three rental payments coming in. Of course you need to have financial reserves/income for repairs and vacancies. Oddly enough you want tenants with poor credit so they can't buy their own, but you want them to have good backgrounds otherwise.

    Another example:
    I had a high school teacher who did at least one fix and flip property every summer. And he had some long term rental homes as well.

    Try to invest or save as much of your income as possible. Wealthy APPEARING people use loans
    to buy toys and fancy cars and too much house... Truly wealthy people keep their credit good
    and pay cash for vacations, appliances, TVs, toys and cars (unless they get a 0% or low interest loan) and live well within their means. Wealthy people will take out a loan if it is for something that will return more value-like real estate.

    Learn how money, interest, IRA's and tax breaks really work:

    When I was in the mortgage lending field, I had a prospect who had good income and high credit score because he kept up on all his bills... However, at the time I dealt with him he had teenagers and nothing in the bank for their college. He also allowed a large bank talk him into buying his new Chevy Suburban with a third mortgage on his home - just so he could get the mortgage interest tax deduction break. (Bank loan officers get commissions or bonuses or referral fees, so they may not have your best interests at heart.)

    So, he has this Suburban on a 15 year loan at probably 9% interest because it was his third mortgage on his home - higher risk. The Suburban will be wore out and worth nothing before he has it paid off. The tax break may not have been legal because it was not for home improvement and amounted to maybe 1/2 of a percent on the loan. So it maybe made the loan like 8.5% instead of the 9%. At the time, GM was offering 0% or 2% financing on new cars for a five year term.

    Which sounds better for a car loan - 2% interest for five years, or 8.5% for 15 years?
    (5 year old Suburban that's paid off could still be sold for 10-15 thousand.)

    Conservative investing in the stock market is another way, but I really don't know enough
    about it.

    Dan
    Signature

    "If you think you're the smartest person in the room, then you're probably in the wrong room."

    {{ DiscussionBoard.errors[10629295].message }}
  • Profile picture of the author irawr
    Banned
    Originally Posted by DURABLEOILCOM View Post

    How do People Become Wealthy? Is there a secret to their success? Is there a blueprint or certain guide lines and rules the Rich follow that the average Joe is missing?

    Define Wealthy. I consider that to be 100m+

    No matter what they did, the vast majority accomplished it with multiple income sources. There's very few Bill Gates/Mark Zuckerbergs in the club of people > 100m.

    So they had a business that was working, then took the profits from that, got something else working, and kept scaling it up.

    It could be something as simple as stocks that actually pay dividends.

    There's only one rule: Use money as a tool.
    {{ DiscussionBoard.errors[10629650].message }}
  • {{ DiscussionBoard.errors[10629792].message }}
    • Profile picture of the author butters
      Lottery, 100% the only way!
      {{ DiscussionBoard.errors[10629917].message }}
      • Profile picture of the author rosario1990
        Originally Posted by butters View Post

        Lottery, 100% the only way!
        All not can win the lottery. It's only for the lucky people.
        {{ DiscussionBoard.errors[10630118].message }}
        • Profile picture of the author butters
          Originally Posted by rosario1990 View Post

          All not can win the lottery. It's only for the lucky people.
          Thank you for clarifying that for me, here I was actually thinking if I bought a ticket I had a 100% chance of winning. Maybe I should change my strategy.
          {{ DiscussionBoard.errors[10630300].message }}
  • Profile picture of the author Dano101
    Originally Posted by DURABLEOILCOM View Post

    How do People Become Wealthy? Is there a secret to their success? Is there a blueprint or certain guide lines and rules the Rich follow that the average Joe is missing?
    How do basic videos become viral?

    You never know.

    Now imo. If you were born wealthy with unlimited financial and other sources; Then that is not success. Especially since you were born with money and connections.

    So I would direct the Thread question to the guy that didn't have nothing at all to begin with. But then may their money via a hope and prayer with a $100 Investment.
    {{ DiscussionBoard.errors[10630064].message }}
  • Profile picture of the author DWolfe
    They invest more than they spend. They let their money compound over long periods of time. They repair stuff that is broken if it needs to be replaced they buy second hand. They buy real assets instead of stuff.

    I tend to agree with bizgrower about real estate and read the Millionaire Next Store (great book). Even poor people that come here and purchase properties in bad areas have become wealthy.

    Stocks can make you wealthy if you invest in high quality companies and hold them overtime. Some will set stop losses and move out if the stock declines 25 percent in a short period of time. Buffet only invested in businesses he understood and actually stayed out of the dot com boom and bust.

    Investing in businesses that make money is another way, lend some cash for a percentage on the returns, usually a decent start up and some luck.

    Some people would consider wealth not having good health, not worrying about money, and good friends and family relations. So you would have to determine what is important to you to determine true wealth.

    Far as financial I have read books by Susie Orman, David Bach, Robert Kiyosaki, several Donald Trump books, Mark Ford and others. You can also subscribe to financial letters, like the Palm Beach Letter or value investing by Tim Price both at prices below $100.00 for a years subscription .

    The more you spend on educating yourself, you may get a better understanding what is actually involved to obtaining real wealth. Good Luck in your search.
    Signature


    You can earn 10% average annual returns on your investments - https://app.groundfloor.us/r/m2aa7b
    {{ DiscussionBoard.errors[10630100].message }}
    • Profile picture of the author irawr
      Banned
      Originally Posted by DWolfe View Post

      Far as financial I have read books by Susie Orman, David Bach, Robert Kiyosaki, several Donald Trump books, Mark Ford and others. You can also subscribe to financial letters, like the Palm Beach Letter or value investing by Tim Price both at prices below $100.00 for a years subscription .
      Well, at least one of those books you can throw in the garbage can.
      {{ DiscussionBoard.errors[10630206].message }}
  • Profile picture of the author raydp
    The only sure way is to take great care to choose the right parents!

    Ray
    Signature

    {{ DiscussionBoard.errors[10630340].message }}
  • Profile picture of the author Zodiax
    They win the lottery
    Signature

    'I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion'
    -Muhammad Ali

    {{ DiscussionBoard.errors[10630546].message }}
  • Profile picture of the author agmccall
    They make a lot of money, but I could be wrong

    al
    Signature

    "Opportunity is missed by most people because it is dressed in overalls and looks like work." Thomas Edison

    {{ DiscussionBoard.errors[10630547].message }}
  • Profile picture of the author Kay King
    There are various levels of "wealthy" from comfortable to sinfully rich.

    What they all have in common is simple: they routinely earn more than they spend.
    Signature
    Saving one dog will not change the world - but the world changes forever for that one dog
    ***
    One secret to happiness is to let every situation be
    what it is instead of what you think it should be.
    {{ DiscussionBoard.errors[10630691].message }}
    • Profile picture of the author Claude Whitacre
      Originally Posted by Kay King View Post

      There are various levels of "wealthy" from comfortable to sinfully rich.

      What they all have in common is simple: they routinely earn more than they spend.
      I swear, I was going to say, "They spend less than they earn".

      But "Quick Draw" Kay King beat me to it.
      Signature
      One Call Closing book https://www.amazon.com/One-Call-Clos...=1527788418&sr

      What if they're not stars? What if they are holes poked in the top of a container so we can breath?
      {{ DiscussionBoard.errors[10632270].message }}
      • Profile picture of the author yukon
        Banned
        Originally Posted by Claude Whitacre View Post

        I swear, I was going to say, "They spend less than they earn".
        I'm sure the average person just doesn't understand how that works. It doesn't matter If a person earns $30 thousand a year or $30 million a year, the concept of managing money is the exact same. If you don't have it, don't spend it.

        My inlaws are a prime example, they earned roughly $200K a year between the two of them but they struggle in their retirement because they tried to keep up with the Joneses in their career years.
        {{ DiscussionBoard.errors[10632342].message }}
    • Profile picture of the author agc
      Originally Posted by Kay King View Post

      There are various levels of "wealthy" from comfortable to sinfully rich.

      What they all have in common is simple: they routinely earn more than they spend.

      Actually, I think of wealthy as being "their money (unearned / investment income) earns more than they need (spend)".
      {{ DiscussionBoard.errors[10634450].message }}
  • Profile picture of the author Zodiax
    What if you only make a dollar per day.

    Can you become wealthy off of that?

    How do you manage that?
    Signature

    'I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion'
    -Muhammad Ali

    {{ DiscussionBoard.errors[10632460].message }}
    • Profile picture of the author Write Now
      Originally Posted by Zodiax View Post

      What if you only make a dollar per day.

      Can you become wealthy off of that?

      How do you manage that?
      Invest in a method that allows you to turn that $1 into $2 and then scale.
      {{ DiscussionBoard.errors[10632891].message }}
  • Profile picture of the author quadagon
    I think it's amazing that the subject of money management doesn't come more on the Warrior Forum. I suppose it's 'get rich quicks' slightly less attractive sibling.

    For most people there are small changes you can make which can have a big impact on your wealth perception.

    One of the biggest changes that needs to be made is mental and that's not easy. A lot of society is let down by an education system that fails to teach money management as a life skill.

    So let's go with some quick hits. These are in no particular order.

    1). Pay yourself first

    Choose an amount, either a fixed amount or a percentage of your wage and pay it to yourself. Put it into a savings account each month and as time goes on keep upping the amount until it gets to around the 20% mark. This may take a few years but that's ok.

    2). Pay your bills.

    There are a few ways of doing this. You can have different bank accounts, or jam jars or envelopes choice is yours. Name each one after a different bill and pay into each the amount of the bill. Do this on pay day so you know the money's accounted for.

    3). Add a jar

    Create an emergency fund. As quick as you can try and get this to a £/$ 1000. This is a fund to cover household emergencys like broken washing machine. If need be fill this jar before you pay yourself.

    4). You know it's coming jar

    You have 11 months to save for Christmas put some away little and often to ease the burden in December and January.

    5). Cut your bills

    Be frugile yourself and cut your energy bills
    • Cook tonight's and tomorrows dinner in the same oven.
    • turn electrical items off at the wall
    • turn lights off
    • turn heating down a couple of degrees and put it on later.
    • Layer up before turning the heating on.

    Shop around for a new provider. You can make big savings on your monthly bill. If you get a cheaper price switch but continue to put the old amount into the jar. This is what I call save and save again.

    Do the same for all your bills.

    If your mobile contract is coming up switch to payg. Keep your old phone and pay the difference into your jar. Reaseach shows most people vastly over estimate their usage needs.

    6). Create a meal plan for the week.

    Boring I know but create a meal plan and have it reuse ingredients so you are not cooking all the time. For example a ham can do a dinner a soup and sandwiches. Chicken can be nice leftovers on Monday. Oh and always take a packed lunch.

    7). Use a shopping list

    Another boring one but you spend less with a list.

    8). Drop a brand

    Try a different cheaper brand and see where you can save money on your shop. Also don't buy deals unless they are on your list.

    9). Never buy a new car

    They are a liability not an investment. As soon as you buy a car it drops in value. The second hand market is a buyers market you can get great bargains. Remember buy with insurance and running costs in mind.

    10). Haggle

    Everything you buy try and haggle a deal. If you are shopping online check for codes/coupons and cash back offers. Pay the difference between what you bought it for and the asking price into a jar. Save and Save again.

    11). Repair don't replace

    12). Use things until they break

    Don't buy new for the sake of new. How many pens that you don't need do you lying around.

    13). Repurpose

    Turn clothes to rags. Jeans into shorts. T shirts to pyjamas etc.

    14). Have a round up jar.

    A round up jar is simple. After you've been shopping you will have spent something like 10.51. In your mind round it up to 11 and put the 0.49 into a round up jar.

    There's more but I think you get the idea. Stop spending, cut your bills and save the difference.

    When I go shopping I always ask myself a question is this a need purchase or a want purchase?

    On the flip side to save and save again there is earning more:

    1). Clear out the clutter

    Sell everything you don't need or use. Have a yard sale or sell online (just remember fees).

    2). Do overtime

    3). Work harder at work

    This is especially true in sales environments. Enjoy work but understand why you are there. You might as well earn as much as you can whilst there.

    4). Get a second job or freelance

    Give these a go. You'll see these make big changes relatively quickly. It can even get fun and at the end of a year you'll have saved more than you ever will have thought.

    To take things further you need to look at investments in stocks and shares and the creation of a pension pot. It's really important to plan for the future.
    Signature
    I've got 99 problems but a niche ain't one
    {{ DiscussionBoard.errors[10632984].message }}
    • Profile picture of the author Zodiax
      Originally Posted by quadagon View Post

      I think it's amazing that the subject of money management doesn't come more on the Warrior Forum. I suppose it's 'get rich quicks' slightly less attractive sibling.

      For most people there are small changes you can make which can have a big impact on your wealth perception.

      One of the biggest changes that needs to be made is mental and that's not easy. A lot of society is let down by an education system that fails to teach money management as a life skill.

      So let's go with some quick hits. These are in no particular order.

      1). Pay yourself first

      Choose an amount, either a fixed amount or a percentage of your wage and pay it to yourself. Put it into a savings account each month and as time goes on keep upping the amount until it gets to around the 20% mark. This may take a few years but that's ok.

      2). Pay your bills.

      There are a few ways of doing this. You can have different bank accounts, or jam jars or envelopes choice is yours. Name each one after a different bill and pay into each the amount of the bill. Do this on pay day so you know the money's accounted for.

      3). Add a jar

      Create an emergency fund. As quick as you can try and get this to a £/$ 1000. This is a fund to cover household emergencys like broken washing machine. If need be fill this jar before you pay yourself.

      4). You know it's coming jar

      You have 11 months to save for Christmas put some away little and often to ease the burden in December and January.

      5). Cut your bills

      Be frugile yourself and cut your energy bills
      • Cook tonight's and tomorrows dinner in the same oven.
      • turn electrical items off at the wall
      • turn lights off
      • turn heating down a couple of degrees and put it on later.
      • Layer up before turning the heating on.

      Shop around for a new provider. You can make big savings on your monthly bill. If you get a cheaper price switch but continue to put the old amount into the jar. This is what I call save and save again.

      Do the same for all your bills.

      If your mobile contract is coming up switch to payg. Keep your old phone and pay the difference into your jar. Reaseach shows most people vastly over estimate their usage needs.

      6). Create a meal plan for the week.

      Boring I know but create a meal plan and have it reuse ingredients so you are not cooking all the time. For example a ham can do a dinner a soup and sandwiches. Chicken can be nice leftovers on Monday. Oh and always take a packed lunch.

      7). Use a shopping list

      Another boring one but you spend less with a list.

      8). Drop a brand

      Try a different cheaper brand and see where you can save money on your shop. Also don't buy deals unless they are on your list.

      9). Never buy a new car

      They are a liability not an investment. As soon as you buy a car it drops in value. The second hand market is a buyers market you can get great bargains. Remember buy with insurance and running costs in mind.

      10). Haggle

      Everything you buy try and haggle a deal. If you are shopping online check for codes/coupons and cash back offers. Pay the difference between what you bought it for and the asking price into a jar. Save and Save again.

      11). Repair don't replace

      12). Use things until they break

      Don't buy new for the sake of new. How many pens that you don't need do you lying around.

      13). Repurpose

      Turn clothes to rags. Jeans into shorts. T shirts to pyjamas etc.

      14). Have a round up jar.

      A round up jar is simple. After you've been shopping you will have spent something like 10.51. In your mind round it up to 11 and put the 0.49 into a round up jar.

      There's more but I think you get the idea. Stop spending, cut your bills and save the difference.

      When I go shopping I always ask myself a question is this a need purchase or a want purchase?

      On the flip side to save and save again there is earning more:

      1). Clear out the clutter

      Sell everything you don't need or use. Have a yard sale or sell online (just remember fees).

      2). Do overtime

      3). Work harder at work

      This is especially true in sales environments. Enjoy work but understand why you are there. You might as well earn as much as you can whilst there.

      4). Get a second job or freelance

      Give these a go. You'll see these make big changes relatively quickly. It can even get fun and at the end of a year you'll have saved more than you ever will have thought.

      To take things further you need to look at investments in stocks and shares and the creation of a pension pot. It's really important to plan for the future.
      You should do consulting.
      Signature

      'I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion'
      -Muhammad Ali

      {{ DiscussionBoard.errors[10633052].message }}
      • Profile picture of the author quadagon
        Originally Posted by Zodiax View Post

        You should do consulting.
        It's something I'm passionate about a big percentage of wealth is about education.

        The number of lottery winners who go bust highlights this best for me. They've the money but not the money management to make it last so they continue in their bad habits but on a larger scale. The result is the same.

        All new starters at my company get money management advice in their first year and have the option to continue with it whether they continue to work for us or not.

        My aim is to get this into schools.
        Signature
        I've got 99 problems but a niche ain't one
        {{ DiscussionBoard.errors[10633065].message }}
        • Profile picture of the author agc
          Originally Posted by quadagon View Post

          It's something I'm passionate about a big percentage of wealth is about education.

          The number of lottery winners who go bust highlights this best for me. They've the money but not the money management to make it last so they continue in their bad habits but on a larger scale. The result is the same.

          All new starters at my company get money management advice in their first year and have the option to continue with it whether they continue to work for us or not.


          My aim is to get this into schools.
          Good for you! I truly applaud this investment in your employees.
          {{ DiscussionBoard.errors[10634453].message }}
    • Profile picture of the author yukon
      Banned
      Originally Posted by quadagon View Post

      I think it's amazing that the subject of money management doesn't come more on the Warrior Forum. I suppose it's 'get rich quicks' slightly less attractive sibling.

      For most people there are small changes you can make which can have a big impact on your wealth perception.

      One of the biggest changes that needs to be made is mental and that's not easy. A lot of society is let down by an education system that fails to teach money management as a life skill.

      So let's go with some quick hits. These are in no particular order.

      1). Pay yourself first

      Choose an amount, either a fixed amount or a percentage of your wage and pay it to yourself. Put it into a savings account each month and as time goes on keep upping the amount until it gets to around the 20% mark. This may take a few years but that's ok.

      2). Pay your bills.

      There are a few ways of doing this. You can have different bank accounts, or jam jars or envelopes choice is yours. Name each one after a different bill and pay into each the amount of the bill. Do this on pay day so you know the money's accounted for.

      3). Add a jar

      Create an emergency fund. As quick as you can try and get this to a £/$ 1000. This is a fund to cover household emergencys like broken washing machine. If need be fill this jar before you pay yourself.

      4). You know it's coming jar

      You have 11 months to save for Christmas put some away little and often to ease the burden in December and January.

      5). Cut your bills

      Be frugile yourself and cut your energy bills
      • Cook tonight's and tomorrows dinner in the same oven.
      • turn electrical items off at the wall
      • turn lights off
      • turn heating down a couple of degrees and put it on later.
      • Layer up before turning the heating on.

      Shop around for a new provider. You can make big savings on your monthly bill. If you get a cheaper price switch but continue to put the old amount into the jar. This is what I call save and save again.

      Do the same for all your bills.

      If your mobile contract is coming up switch to payg. Keep your old phone and pay the difference into your jar. Reaseach shows most people vastly over estimate their usage needs.

      6). Create a meal plan for the week.

      Boring I know but create a meal plan and have it reuse ingredients so you are not cooking all the time. For example a ham can do a dinner a soup and sandwiches. Chicken can be nice leftovers on Monday. Oh and always take a packed lunch.

      7). Use a shopping list

      Another boring one but you spend less with a list.

      8). Drop a brand

      Try a different cheaper brand and see where you can save money on your shop. Also don't buy deals unless they are on your list.

      9). Never buy a new car

      They are a liability not an investment. As soon as you buy a car it drops in value. The second hand market is a buyers market you can get great bargains. Remember buy with insurance and running costs in mind.

      10). Haggle

      Everything you buy try and haggle a deal. If you are shopping online check for codes/coupons and cash back offers. Pay the difference between what you bought it for and the asking price into a jar. Save and Save again.

      11). Repair don't replace

      12). Use things until they break

      Don't buy new for the sake of new. How many pens that you don't need do you lying around.

      13). Repurpose

      Turn clothes to rags. Jeans into shorts. T shirts to pyjamas etc.

      14). Have a round up jar.

      A round up jar is simple. After you've been shopping you will have spent something like 10.51. In your mind round it up to 11 and put the 0.49 into a round up jar.

      There's more but I think you get the idea. Stop spending, cut your bills and save the difference.

      When I go shopping I always ask myself a question is this a need purchase or a want purchase?

      On the flip side to save and save again there is earning more:

      1). Clear out the clutter

      Sell everything you don't need or use. Have a yard sale or sell online (just remember fees).

      2). Do overtime

      3). Work harder at work

      This is especially true in sales environments. Enjoy work but understand why you are there. You might as well earn as much as you can whilst there.

      4). Get a second job or freelance

      Give these a go. You'll see these make big changes relatively quickly. It can even get fun and at the end of a year you'll have saved more than you ever will have thought.

      To take things further you need to look at investments in stocks and shares and the creation of a pension pot. It's really important to plan for the future.





      Good post.

      The repair part can save a lot of money. Example my freezer went out on my side-by-side fridge. I was considering buying a new fridge but the old one still looks new & then I looked around at the price of a new fridge ($1,500). No thanks.

      I didn't want to spend the money on something like a fridge so I got on Youtube to try & figure out If I could repair the freezer, sure enough my make/model of fridge had a step-by-step tutorial on repairing the freezer. It was actually a very simple fix, remove 4 screws, unplug, remove the part & reverse for installation. The new freezer part cost around $50 [USD] including shipping. That was about 6 months ago, the fridge/freezer still works great today.

      I have nothing to do with this business other than a happy customer but here's the site for appliance parts & their Youtube channel with repair videos. Maybe it will help someone else.

      BTW, a local appliance repair guy charges $100 per hour for labor only. I did the entire job in less than 30 minutes & had no idea what I was doing other than watching the Youtube tutorial, lol. The downside is I waited 2 days for shipping the part.
      {{ DiscussionBoard.errors[10633098].message }}
  • Profile picture of the author Whintaked40
    people starts the business,seel things online and do hard work and becomes wealthy.
    {{ DiscussionBoard.errors[10633094].message }}
  • Profile picture of the author nickherc
    A: You have to work your ass off.

    B: You inherit money.

    C: You win the lottery or something to that extent.

    That's the whole secret of getting rich =).
    {{ DiscussionBoard.errors[10633856].message }}
  • Profile picture of the author Jill Carpenter
    Along the lines of losing weight - but translated into "spend less, make more"

    Signature

    "May I have ten thousand marbles, please?"

    {{ DiscussionBoard.errors[10634598].message }}
  • Profile picture of the author Proud Asian
    Banned
    [DELETED]
    {{ DiscussionBoard.errors[10634758].message }}
    • Profile picture of the author Jill Carpenter
      Originally Posted by Proud Asian View Post

      hard working peoples always have good ending.
      In the ground, like everyone else?
      Signature

      "May I have ten thousand marbles, please?"

      {{ DiscussionBoard.errors[10634762].message }}
  • Profile picture of the author Jonathan 2.0
    Banned
    I know for certain that it all starts with your mindset. If you think people only get wealthy by "luck" (like winning The Lottery) then your chances of being wealthy would be slim.
    Signature
    "Each problem has hidden in it an opportunity so powerful that it literally dwarfs the problem. The greatest success stories were created by people who recognized a problem and turned it into an opportunity."―Joseph Sugarman
    {{ DiscussionBoard.errors[10635955].message }}
  • Profile picture of the author daniel27lt
    It takes a lot of perseverance and never giving up in what every your doing in life, even if it has nothing to do with making money or trying to get wealthy. I hope this has helped
    Signature
    Download Free PLR Products to give away to build your list. Find all the most up-to-date PLR on the market.
    {{ DiscussionBoard.errors[10635957].message }}
    • Profile picture of the author David Beroff
      Originally Posted by daniel27lt View Post

      ...even if it has nothing to do with making money or trying to get wealthy.
      Really? Hrm. I'd rebut that, but I'm too busy watching cat videos and playing video games 16 hours a day.
      Signature
      Put MY voice on YOUR video: AwesomeAmericanAudio.com
      {{ DiscussionBoard.errors[10635966].message }}
    • Profile picture of the author quadagon
      Originally Posted by daniel27lt View Post

      It takes a lot of perseverance and never giving up in what every your doing in life, even if it has nothing to do with making money or trying to get wealthy. I hope this has helped
      Actually knowing when to give up is one of the most important lessons you can learn in life/business.
      Signature
      I've got 99 problems but a niche ain't one
      {{ DiscussionBoard.errors[10635999].message }}
      • Profile picture of the author Jonathan 2.0
        Banned
        Originally Posted by quadagon View Post

        Actually knowing when to give up is one of the most important lessons you can learn in life/business.
        I think it depends how you look at it. A person could "give up" something that isn't working (like a Website or Business) yet still keep persevering with their goal/dream (being a Millionaire).

        Although I don't know if IM is 100% suitable for every person, I think the reason why Newbies/Beginners fail is because they give up on their goal too soon.
        Signature
        "Each problem has hidden in it an opportunity so powerful that it literally dwarfs the problem. The greatest success stories were created by people who recognized a problem and turned it into an opportunity."―Joseph Sugarman
        {{ DiscussionBoard.errors[10636024].message }}
  • Profile picture of the author agc
    WTF are you people talking about?
    {{ DiscussionBoard.errors[10636130].message }}
    • Profile picture of the author Jonathan 2.0
      Banned
      Originally Posted by agc View Post

      WTF are you people talking about?
      Lol. For those that are struggling with IM - Don't give up.
      Signature
      "Each problem has hidden in it an opportunity so powerful that it literally dwarfs the problem. The greatest success stories were created by people who recognized a problem and turned it into an opportunity."―Joseph Sugarman
      {{ DiscussionBoard.errors[10636135].message }}
      • Profile picture of the author agc
        Which has exactly what to do with 'how to get wealthy'?

        Have you personally achieved wealth?

        For that matter, how do you personally define 'wealthy'?
        {{ DiscussionBoard.errors[10636230].message }}
        • Profile picture of the author David Beroff
          Originally Posted by agc View Post

          Have you personally achieved wealth?
          If you're going to insist that the only people who may answer the question are those who have actually done it, then we'd have to knock out over one million members here. Then, once you consider only the people who are actually wealthy, most of them are way too busy to bother reading this thread.
          Signature
          Put MY voice on YOUR video: AwesomeAmericanAudio.com
          {{ DiscussionBoard.errors[10636292].message }}
          • Profile picture of the author agc
            Originally Posted by David Beroff View Post

            If you're going to insist that the only people who may answer the question are those who have actually done it, then we'd have to knock out over one million members here. Then, once you consider only the people who are actually wealthy, most of them are way too busy to bother reading this thread.
            True. But it sure would make the one or two legit responses 1) a lot easier to find and 2) a lot less distorted by noise.

            Every idiot has an opinion on how either how to get rich (even though they're making, oh I dunno like median incomes at best), or anything and everything that's wrong with "rich people" (anyone with a nickel more than they have). But let's face it... if you've never actually rebuilt a transmission in a 2006 M5, or at least studied the matter intensely for more than 15 minutes, you are probably not much qualified to tell anyone else how to do it. Ditto for becoming wealthy.

            fwiw, I've made it. I can clock out tomorrow. But a large part of how I made it is about reducing ridiculous "needs" to reasonable needs and building income producing assets that aren't subject to the whims of Google or the owners of various affiliate programs.

            I'm only bringing in 7k a month in rent, and maybe another 30k/yr in dividends (or "distributable earnings"), but hey, I can live on a lot less than 100k per year, so I consider myself as having met the definition (that I set for myself about 10 years ago) for what wealthy means. unearned income > required income.

            Now I'm debating setting a higher bar vs clocking out. A much tougher decision that I expected 10 years ago!!

            Aat one point I was working on putting together a book with what I've learned.... but realizing just how stupid people really are, coupled with the outright hostility you get when you put yourself out there, just crushed my interest in trying to help anyone (at least in any publicity driven way).
            {{ DiscussionBoard.errors[10636622].message }}
  • Profile picture of the author Sara20
    I will say the next! There are no same exact ways for success! It is a very personal thing! You can have a lot of rules about it, but it will be only theoretical! Very important to have a lot of possibilities in education, in traveling! Also, your friends it is one of the best keys to your success! Wealthy persons don’t have friends as homeless, silly and lazy people! They respect their time, money and ideas!
    {{ DiscussionBoard.errors[10636681].message }}
    • Profile picture of the author David Beroff
      Originally Posted by Sara20 View Post

      I will say the next! There are no same exact ways for success! It is a very personal thing! You can have a lot of rules about it, but it will be only theoretical! Very important to have a lot of possibilities in education, in traveling! Also, your friends it is one of the best keys to your success! Wealthy persons don’t have friends as homeless, silly and lazy people! They respect their time, money and ideas!
      The irony here, folks, is that the real Sara Paxton would actually be one of the few qualified to answer the question, having a US$5M net worth; (source). Too bad she couldn't remember her own birthdate when she joined the forum.
      Signature
      Put MY voice on YOUR video: AwesomeAmericanAudio.com
      {{ DiscussionBoard.errors[10636770].message }}
      • Profile picture of the author Sara20
        Originally Posted by David Beroff View Post

        The irony here, folks, is that the real Sara Paxton would actually be one of the few qualified to answer the question, having a US$5M net worth; (source). Too bad she couldn't remember her own birthdate when she joined the forum.

        Good luck))) I think that your minds is so INTERESTING for me)))))))))))))))))))))))))))))))))))))))))))))))) ))))))))))))))
        {{ DiscussionBoard.errors[10636942].message }}
      • Profile picture of the author agc
        Originally Posted by David Beroff View Post

        The irony here, folks, is that the real Sara Paxton would actually be one of the few qualified to answer the question, having a US$5M net worth; (source). Too bad she couldn't remember her own birthdate when she joined the forum.

        Last edited on 14th Apr 2016 at 04:35 AM. Reason: found ever-so-slightly more reliable source
        Originally Posted by http://networthtomb.com

        Average person will take these years to reach Sara Paxton net worth. 44
        If that's not reliable then nothing is. Good to know the "average person" will be able to retire in comfort with $5m after working 44 years. lol
        {{ DiscussionBoard.errors[10638462].message }}
        • Profile picture of the author David Beroff
          Originally Posted by agc View Post

          If that's not reliable then nothing is. Good to know the "average person" will be able to retire in comfort with $5m after working 44 years. lol
          Heh. I'd said "ever so slightly more reliable". The prior link that I had posted was even worse. This one at least made some attempt to run the numbers, based on the films that the actress was in.

          Personally, I don't really care about Paxton, nor did I even know who she was before this thread. But when someone signs up for WF with a clip-art avatar instead of their own picture, Tineye is your friend.
          Signature
          Put MY voice on YOUR video: AwesomeAmericanAudio.com
          {{ DiscussionBoard.errors[10638484].message }}
          • Profile picture of the author bizgrower
            Originally Posted by David Beroff View Post

            Heh. I'd said "ever so slightly more reliable". The prior link that I had posted was even worse. This one at least made some attempt to run the numbers, based on the films that the actress was in.

            Personally, I don't really care about Paxton, nor did I even know who she was before this thread. But when someone signs up for WF with a clip-art avatar instead of their own picture, Tineye is your friend.
            Thanks for the Tineye info. I've been curious about how to do a reverse image search.
            (Years ago there was an overfunded company trying to do just that. Never perfected the technology
            and went under or was bought out - I can't remember - but, the founder walked away with multi-millions
            of dollars.)
            Signature

            "If you think you're the smartest person in the room, then you're probably in the wrong room."

            {{ DiscussionBoard.errors[10638614].message }}
            • Profile picture of the author Zodiax
              Making a lot of money doesn't mean you are wealthy - although a lot of people will tell you otherwise.

              If you go to a person who has a high-income thinking they will teach you the secrets of wealth, you are likely to be very disappointed, figuring that the average US adult has about $203,000+ in debt.

              http://money.usnews.com/money/blogs/...ancial-freedom

              Appearances are often deceiving - especially when it comes to matters of money.
              Signature

              'I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion'
              -Muhammad Ali

              {{ DiscussionBoard.errors[10638798].message }}
              • Profile picture of the author agc
                Originally Posted by Zodiax View Post

                Making a lot of money doesn't mean you are wealthy - although a lot of people will tell you otherwise.

                If you go to a person who has a high-income thinking they will teach you the secrets of wealth, you are likely to be very disappointed, figuring that the average US adult has about $203,000+ in debt.

                http://money.usnews.com/money/blogs/...ancial-freedom

                Appearances are often deceiving - especially when it comes to matters of money.
                Exactly. It's the UNEARNED income that is key.

                Top be fair, early, when young, focus on ways to increase your earnings power. Each 5% bump in earnings power at 20, is equivalent to 2x your current earnings over a 40 year career.

                Meanwhile, don't wreck yourself with debt for crap you don't even need, and start saving some, and work on money management and budgeting.

                Once your savings start to be large enough to invest for income, you can start working on investments and wealth management.

                money management is not wealth management. money management is how not wealthy people accumulate the capital that can be turned into wealth.
                {{ DiscussionBoard.errors[10638942].message }}
  • Profile picture of the author Jonathan 2.0
    Banned
    Originally Posted by DURABLEOILCOM View Post

    Is there a blueprint or certain guide lines and rules the Rich follow that the average Joe is missing?
    To answer your question more directly, the Average Joe/most people have a whole set of "programming" and beliefs/mindsets that are preventing them from becoming wealthy.

    This is something I learned from a program called "Self-Made Wealth". (YouTube it.)
    Signature
    "Each problem has hidden in it an opportunity so powerful that it literally dwarfs the problem. The greatest success stories were created by people who recognized a problem and turned it into an opportunity."―Joseph Sugarman
    {{ DiscussionBoard.errors[10636823].message }}
  • Profile picture of the author agc
    on a related note, whats up with princess? She can a full ban rather than a timeout??
    {{ DiscussionBoard.errors[10638540].message }}
    • Profile picture of the author David Beroff
      Originally Posted by agc View Post

      on a related note, whats up with princess? She can a full ban rather than a timeout??
      Two months; back in late May. PM me if you can't wait until then for your perfectly Princesserrific posts.
      Signature
      Put MY voice on YOUR video: AwesomeAmericanAudio.com
      {{ DiscussionBoard.errors[10638544].message }}
  • Profile picture of the author Oziboomer
    A quick reminder that nearly all businesses show you the way to save yourself to wealth but most people are blind to the message that is in front of them each and every time they buy something...

    Here is an example.



    All you need to do to get wealthy, apart from generate adequate revenue, is save and then get a return on those savings.

    Adverts like the one above "SHOW" people what to "SAVE"

    Ever wondered why when people "save money" buying something and they don't benefit?

    Just save the "SAVINGS" shown to you quite clearly everywhere.

    When you recognise this simple method wealth creation becomes automatic.

    However...most people spend their savings rather than invest them for their future,.

    Best regards,

    Ozi
    {{ DiscussionBoard.errors[10638781].message }}
  • Profile picture of the author barbling
    Like many people said... they invest in themselves first.

    The 'I Will Teach You To Be Rich' Blog

    Joshua Kennon – Thoughts on Business, Politics, and Life from a Private Investor

    are two of my fav sites for such things.

    Additionally, wealthy people don't waste their money.

    They don't buy what they don't need....

    ... nor do they try to keep up with the Joneses.

    They fly below the radar, quietly saving for their family and the future.

    They might also take advantage of discounts at grocery stores (ie, Shoprite has a 50-70% off section on food that supposedly expires on the same day/tomorrow. It feeds the family and works great.... and the money saved is money you can use to pay yourself once more).

    Not rocket science by any stretch of the imagination.
    {{ DiscussionBoard.errors[10638834].message }}
  • Profile picture of the author akki26
    people become wealthy by doing some different task in life & giving there best in that......................................
    Signature
    *Please read the Forum Rules about Signatures
    {{ DiscussionBoard.errors[10645385].message }}

Trending Topics