View Full Version : What do rich people do to get...well, rich?


sammy
12-08-2007, 03:26 AM
I have always passed by gorgeous houses and fought the urge to knock on doors and ask the residents how they earned what they have...was it inheritance, stocks...are they doctors and lawyers? What is the secret? I am currently unemployed after spending five years in the Army and then having my second son. My goals are to finish my BS in Business and either pursue photography or open a bar/billiards hall....but, I still want to know...how did THEY do it? Cause try as I may, I will probably never reach that level.

TheWiseOne
12-09-2007, 12:56 AM
They are usually business owners/entrepreneurs or business executives

ihatetheyankees
12-09-2007, 10:26 PM
they get money.ask 50 Cent

TheMaleVersionOfParisH
12-10-2007, 07:56 PM
I Dont Have To Do Something Because Of My Parents!!!!WooHoo!

AliK
12-11-2007, 05:26 PM
Whatever they did, they spent a lot of time and money in school.

Ok
12-12-2007, 02:56 PM
Rich parents or hard work, and got lucky.......

supersaiyan4elby
12-13-2007, 12:26 PM
Its all a matter of chance even if they have a plan its not guranteed to work your either lucky or your not.

wwwwwwweeeeee
12-14-2007, 09:56 AM
i'm sure they have secrets that can't be told...well bill gates was smart....he could've gone to harvard, but he didn't

Angie
12-15-2007, 07:26 AM
I think the only answer is studying and working, others perhaps bad business, but good or bad ever is working hard and don`t lose the time.

Jerry
12-16-2007, 04:56 AM
i guess people just get lucky off Stocks, or swindled their way for that house. I mean look at L. Ron Hubbard, who would of thought people would actually fall for the alien empire religon hahaha.Like i said lucky

CookieMonster
12-17-2007, 02:26 AM
The people that I know with the most money have their own businesses. There is a book called The Millionaire Nextdoor that basically stresses the importance of investments and savings as well as living within your means as necessary things to become wealthy. No matter how much mney you make, if you dont do those 2 things, you will always be broke.EDIT: I have both doctors and a lawyer in my family. It is a myth that these are the ways to go to make money. Being an entrepreuner is the way to go.

Dude8499
12-17-2007, 11:56 PM
Many of them work hard, got an education, and chose a profession that pays well.

caliguy
12-18-2007, 09:26 PM
The quickiest way to become rich is buy houses and rent them out . Some rich I have meet go to college and have there own buisness other just went into buisness without a college education , some got rich of of buying houses then renting them out ,then later on selling some then buying more .So basically they buy as many houses as they can when there one hundred thousand each and now alot of the houses are worth 500,000 or more. Also this one guy I don't know him personally but he bought houses in mission beach for 100,000 each and he rented them out then he sold each of them for a million each or more.

Unknown
12-19-2007, 06:56 PM
For the most part you got the answers right on your guess. first of all i am a manager at where i work, and i work in a medical office for two doctors. now based on my experience it' s being a doctor, lawyers and invest in stock. the # 1 thing that makes most money i will have to say is relator's

BradyM
12-20-2007, 04:26 PM
A lot of people do unethical things to earn that money. You would be surprised. I used to drive by this incredibly nice house every day until one day I saw the owner getting arrested. Turns out he was a drug kingpin.

Pelagius
12-21-2007, 01:56 PM
I like your idea of a military-styled billiards bar featuring attractive female business students.We rich become so by taking rare but rational gambles that suceed because we are lucky or smart (we never shall know which).And never borrowing except to invest in a venture or asset that will earn us more than the cost of the loan.Follow a policy of strict economy (except with your life).(To be exact, riches and wealth are two different things; I am lucky to have both.)

CuriousJ
12-22-2007, 11:26 AM
Be innovative. Offer something no one else has. Create a monopoly! Make something already offered better, cheaper, quicker! Forget being an executive --> you can be rich but not have time! Set an even better goal, work half as much as the average person but make twice as much! I'd much rather live in an average house with an average car and be able to enjoy it without burdens and hang with the family. Better yet -- travel like whoa!BE INNOVATIVE. Keep a journal of ideas, and ask yourself can this be done better? If so, make it better, offer it, and make the $$$. Income has 2 groups: Wage x hrs. worked Profit*You can have both, but why not increase the profit side so you can cut the hrs worked side? To do that, think of an idea that'll create a PASSIVE INCOME! (Money that doesn't require you to be there to be earned.)I love talking about this stuff, it gets me so pumped to graduate and get out there! I've got tons of business ideas, and whenever I get a new one in the spur of the moment, i type it into my cell so I don't forget it. If you want to talk about the stuff -- add me to your contacts and we can go back & forth and talk about possible ideas.

ItsThatGuy
12-23-2007, 08:56 AM
About 75% of them were born rich. Of the rest, some were just really lucky, some were crooks, and some a combination of both.It's part of our culture that we like to believe you can do well if you're smart and you work hard. The work ethic, the 'Horatio Alger' story.And while I'm sure it does take brains and hard work, it also depends largely on luck and birth. The person who started from nothing, born in a ghetto for instance and became a successful businessman, is very rare. If you were to poll people who were successful--got advanced college degrees, became successful doctors or lawyers or whatever, you'd find that 80-90% of them came from well-to-do families that could afford to send them to a good school for 6 or 8 years, then give them enough to get a business or practice started.If you look at the 'super-rich', the great families like Rockerfellers, Melons, Duponts, etc., you find that in nearly every case there was some major crime or fraud involved, usually having to do with a 'sweetheart deal' on a government contract.In the last few years, wealth has become greatly concentrated in the US. It is more concentrated now than any time since the age of the 'robber barons' in the 19th century. The very rich are getting richer and richer while the rest of us are struggling to stay in the same place. Republicans like to brag that hundreds of millionaires were created during Reagan's two terms, but the truth is that hundreds of thousands of homeless were also created. Not everyone who's poor is lazy, and not everyone who's rich is wise and hard-working.

Ashley2009
12-24-2007, 06:26 AM
Networking and a good college education. I totally agree with the answerer who wrote about renting out houses. I bought a small condo and I rented it out and Im about to buy another condo and rent it out.. I'm a penny pincher. I buy with cash and never on credit. Never say never and anything is possible.

richardt0053
12-25-2007, 03:56 AM
If you want to start with a great salery with lots of opportunity(minimum starting salery for those who graduated from Baruch $130,000 to start) try an MS in Financial Engineering.,one year past the BA/BS.................You have to work where the money is.....................it is in financial...............go to the best school(you make friends/contacts there) and get the best grades.....it makes a difference.Good Luck.............

qleophathyr
12-26-2007, 01:26 AM
Get to know the right people.

CR
12-26-2007, 10:56 PM
People that think luck is the key will forever be doomed to the situation they are currently in. But, actually I was lucky. I was lucky my parents cared enough to have the number of children they could afford. I was lucky that my parents cared enough to make me do my school work first. I was lucky to have teachers that cared about me because I respected them. I was lucky to graduate from college Magna because I learned to study early. I was lucky to work in my business from the bottom up. I was lucky to have the guts to apply for and receive an SBA loan. I was lucky to marry a supportive, intelligent wife. I was lucky to work 90 hours a week to build my business. I was lucky to pay over $50,000,000.00 in wages, payroll tax, insurance, workers comp and unemployment tax over the last fifteen years. I was lucky to fall asleep all those nights early on when I didn't know if I had enough money for that weeks payroll. I guess people are right - it was all luck.

JP
12-27-2007, 08:26 PM
Most people get that way either by 1) working hard (rarely the case)2) getting lucky3) screwing other people overIt is most often a combination of 2 and 3

whatnowwwww
12-28-2007, 05:56 PM
Get a job where you are in charge of sending all our jobs to China. Those guys make tons of dough.Word on Main Street is that "If you build a better mousetrap, the world will beat a path to your door." ("Be innovative," someone said.) This is for losers. On Wall Street and at Harvard Business School, they know better. Word there is "Labor Arbitrage." That is, "Get your old fashioned, poorly designed mousetraps manfactured by slaves in China who work for 30 cents an hour, and destroy all competition, and you can have a big house in the suburbs."This only works for a generation or two, and then there is nobody left in America with a decent job, and no matter how cheap your mousetraps are (or Christmas tree ornaments, or whatever), you won't be able to sell them to the unemployed.I am superbly wealthy. But I did it the old fashioned way, as a life-long career criminal, and I cannot recommend that path to anyone. Although it worked for me, I was extraordinarily lucky, and no one should expect a similar outcome.Luck is on your side if you are a member of the generation in charge of destroying the American economy and replacing it with a false economy, as is currently underway. However, most of those "jobs" (CEOs, CFOs, COOs, etc.) are already filled, and the occupants are about ready to jump the sinking ship and move to the Bahamas, anyway. Have you been to the carribean lately? It looks like Beverly Hills--full of rich American corporate executives (what I call criminals) and their wives and children attendending "American style" schools, and soon they will have no use for America at all and they won't be back. At THAT point, maybe the rest of us can build a factory and make some cars or furniture or toys or something, and be innovative and make some money. Until then, Sayonara ("It is so.").

OliverW
12-29-2007, 03:26 PM
Firstly congratulations on asking the question, for those who ask questions rather than make assumptions are the ones who will succeed. However, you need to be careful who you ask, for if you ask someone who has not created wealth then you will be filled with negative innacurate answers. You must understand that wealth is purely a mindset and nothing else. A doctor is not wealthy because he/she is on a large salary and drives a nice car. Those people have taught themselves to trade time for money like 98% of the population. The other 2% create wealth through passive income. And there lies your answer. ANYONE can become wealthy. Are your friends holding you back? Get rid of these dream stealers. Education is the key. If you were to take one piece of advice get hold of both 'rich dad, poor dad'books by Robert kiyosaki. Then go out out and find wealthy people and ask them how they did it. Everything you need to get started in your wealth creation can be found there!