How do I get rich

[Gogar]

Originally Posted by szyzygy

I like playing guitar, running, video games, learning about cars.

Yep, I'm going with the "Lotto" crowd.

[tabs]

Originally Posted by Gogar

Yep, I'm going with the "Lotto" crowd.

I'm going to stand in the middle of a Golf Course in Nebraska with my Golf Club held high in the air during a Thunder Storm....

[RWebb]

Originally Posted by tabs

you need a part-time business where your wife can contribute. Something you like that can make you some dinero..that you can save (low overhead expense).

yeh - pimp her out

[pavulon]

Originally Posted by Dueller

I was in law school with an anesthesiologist who was there on disability....drawing $13K/mo because he was disabled due to drug addiction. L keed u not.

Ya...makes claiming an addiction/abuse "disability" attractive even if you're not using at all. I can't feel too sorry for the insurance company as they simply pass the cost along in higher premiums for everyone else.

[nostatic]

Originally Posted by Gogar

Yep, I'm going with the "Lotto" crowd.

Nonsense. Everyone knows there aren't enough guitar players in the world...that totally is the best way to get rich.

[szyzygy]

Originally Posted by tabs

First problem is that you don't think like rich folks do...rich folks wnat the money and not the Porsche..Porsche is OVERHEAD EXPENSE...

You got a day job, now you need a part-time business where your wife can contribute. Something you like that can make you some dinero..that you can save (low overhead expense). YOu will need to put in a bunch of years living at the bone..to build up capital. Way below income level. Ten years ago I could have suggested where you could have put that capital, but now...everything is a role of the dice...

All in all I think Big Cap stocks that pay healthy dividends along with Google and Apple are still good bets. Perhaps rental property

Cool, thanks. I can live cheaply, the wife is another story though. Maybe if shes working she'll cut back, too.

[Zeke]

Whatever it is, it will involve repetition of service.

[red-beard]

Originally Posted by ronster

Invest in the sins alcohol, tobacco, prostitution, gambling (don't gamble invest in gambling) and last but not least invest in death. Yep, open a mortuary, embalming business or crematory. Everybody gotta die sometime.

The Boomers aren't dying yet. Soon, but not yet...

[szyzygy]

Originally Posted by ronster

Invest in the sins alcohol, tobacco, prostitution, gambling (don't gamble invest in gambling) and last but not least invest in death. Yep, open a mortuary, embalming business or crematory. Everybody gotta die sometime.

I used to want to be a mortician as a kid..now I help people protect their assets from death, longevity

[Hugh R]

Originally Posted by HardDrive

Your free to borrow my strategy: Knock up an anesthesiologist.

BEST answer yet!

[HHI944]

Rob a bank? Sell cocaine?

[Don Plumley]

You are mistaking Cause and Effect.

When you have lots of money, you typically don't have time. The converse is painfully true. Truly "rich" people have enough funds to support the lifestyle they enjoy and the time to enjoy it.

Now it's true that there are a fair number of people that become reasonable wealthy for being at the right company/in the right industry at the right time.

There are a large percentage of people that through owning a small, moderately successful business, do better than average because the business (remember, it has to make reasonable profit first) can help subsidize lifestyle/entertainment expenses.

There are folks that like moving numbers around, making deals, figuring out a better way to skin the cat. Some of these folks make an absolute killing on Wall Street - as brokers, dealers, money managers, etc. It's falling out of favor a bit, but over history, bankers tend to rebound and do well. So if you have a head for figures and like playing that game, that's a reasonably good way to make better than average money. On the periphery, there are small bubbles of activity, such as residential mortgage brokers in SoCal a few years back that were making serious coin. Most of them never saw the signs and cashed out, so many/most are BK today.

Usually the people that are the happiest and most successful have followed the simple rule, do something you love and you'll never work a day in your life. While it helps that the "thing you love" can generate a reasonable income, at the end of the day how you judge your own personal success in life is rarely measured by a bank account of a collection of depreciating assets.

YMMV.

[pavulon]

BTW...what $N is considered rich?

[szyzygy]

Originally Posted by Don Plumley

You are mistaking Cause and Effect.

When you have lots of money, you typically don't have time. The converse is painfully true. Truly "rich" people have enough funds to support the lifestyle they enjoy and the time to enjoy it.

Now it's true that there are a fair number of people that become reasonable wealthy for being at the right company/in the right industry at the right time.

There are a large percentage of people that through owning a small, moderately successful business, do better than average because the business (remember, it has to make reasonable profit first) can help subsidize lifestyle/entertainment expenses.

There are folks that like moving numbers around, making deals, figuring out a better way to skin the cat. Some of these folks make an absolute killing on Wall Street - as brokers, dealers, money managers, etc. It's falling out of favor a bit, but over history, bankers tend to rebound and do well. So if you have a head for figures and like playing that game, that's a reasonably good way to make better than average money. On the periphery, there are small bubbles of activity, such as residential mortgage brokers in SoCal a few years back that were making serious coin. Most of them never saw the signs and cashed out, so many/most are BK today.

Usually the people that are the happiest and most successful have followed the simple rule, do something you love and you'll never work a day in your life. While it helps that the "thing you love" can generate a reasonable income, at the end of the day how you judge your own personal success in life is rarely measured by a bank account of a collection of depreciating assets.

YMMV.

thanks - you make some good points.

Don't get me wrong, I'm pretty dang happy. Although I would love to play guitar all day long, I realize I am not going to make a good living at it. And I even have an expensive degree in music, because I used to believe I should do what I love the most. Oh well.
Now I balance doing what I need to do (work) with something I can tolerate (math, finance). It's not my favorite thing to do, but its fine.

That said, I want to make the most of my life and see how far I can go. Not in a totally dickish, ego-maniac kind of way though.

I love where I live and I love porsches, just want to learn from someone on here how to make it happen. Sounds like I am on the right track.

[szyzygy]

Originally Posted by pavulon

BTW...what $N is considered rich?

Quick estimate:

Owning a home here in socal: $8m
Porsche: $160k
kids education saved up:$200k
Money for annual expenses for life, after tax (assuming no inflation): $150k year.

The present value of all this is ~$12m (assuming I can get a perpetuity @4% to fund my annual expenses for life.)

[KevinTodd]

Get an orangish spray tan, hang out on the Jersey Shore, drink and screw with complete abandon, and you will actually get rich.....

[SeanPizzle]

First, I am not rich, so caveat the following with that.

Rich means different things to different people. For me, having a healthy family, no debt and some means of saving towards a retirement stream of income is rich. Rich is also spending time merrymaking with friends and family. Sometimes this merrymaking costs nothing more than time, good food, good wine and the logs in the fire pit, ie, not a lot.

I will tell you this: Unless you are born with it, wealth is created over what seems an excruciatingly slow period of time. Using the law of 7 (investment doubles over seven years), wealth can be created. Very rarely do people achieve much wealth working for others unless they can capture a piece of their employers revenue stream (ie, commissions on sales, investments, etc).

We too have been living on a single income in CA since our daughter was born 9 years ago. Yes, many of our peer groups with two incomes have more shiny baubles than we do, but we wouldn't sacrifice the investment we make into raising our daughter with skills, ethics, confidence and morals like we do.

I too lust over a 997 GT3. I mean LLLUUUUUSSSTTTT. Someday I will get one, but after I have my aforementioned retirement revenue stream locked up. I recently purchased a supercharged E36 M3 in pristine shape for about 20% of the cost of the 997 GT3's I was looking at. The driving experience is top notch, the car fits me well and it's a joy to drive. Not a P-car, but it suits me for now.

Good luck.

[szyzygy]

Originally Posted by SeanPizzle

First, I am not rich, so caveat the following with that.

Rich means different things to different people. For me, having a healthy family, no debt and some means of saving towards a retirement stream of income is rich. Rich is also spending time merrymaking with friends and family. Sometimes this merrymaking costs nothing more than time, good food, good wine and the logs in the fire pit, ie, not a lot.

I will tell you this: Unless you are born with it, wealth is created over what seems an excruciatingly slow period of time. Using the law of 7 (investment doubles over seven years), wealth can be created. Very rarely do people achieve much wealth working for others unless they can capture a piece of their employers revenue stream (ie, commissions on sales, investments, etc).

We too have been living on a single income in CA since our daughter was born 9 years ago. Yes, many of our peer groups with two incomes have more shiny baubles than we do, but we wouldn't sacrifice the investment we make into raising our daughter with skills, ethics, confidence and morals like we do.

I too lust over a 997 GT3. I mean LLLUUUUUSSSTTTT. Someday I will get one, but after I have my aforementioned retirement revenue stream locked up. I recently purchased a supercharged E36 M3 in pristine shape for about 20% of the cost of the 997 GT3's I was looking at. The driving experience is top notch, the car fits me well and it's a joy to drive. Not a P-car, but it suits me for now.

Good luck.

yep, sounds like I need to start my own business.

Congrats on the BMW! Sounds awesome.

I agree with you on that you can enjoy your life without money, or the things that matter the most don't cost anything. Still, I like really nice things and I like challenges and figuring things out. I want to figure out how I can earn more moolah.

[szyzygy]

Originally Posted by KevinTodd

Get an orangish spray tan, hang out on the Jersey Shore, drink and screw with complete abandon, and you will actually get rich.....

wow, she's pretty cute in the before picture. Probably was taken years before the "after" pic, too though

[SeanPizzle]

Originally Posted by szyzygy

Still, I like really nice things and I like challenges and figuring things out. I want to figure out how I can earn more moolah.

and that, my left leaning friends, is what this great country has been founded on. A man with a desire to better his lot in life should not be hobbled by .gov in the pursuit of wealth creation. I will cease before I PARF this thread.