How to best attain wealth?

[Safety First]

Hello all,

I thought it would be nice to gather the perspectives of the board on the best ways to amass wealth.

Assuming it won't be by hoisting a sandow trophy at the Mr. Olympia contest. How do you all plan to gain the most wealth you possibly can? (Assuming that is some of your goals)

This is an open thread. Thoughts about business, thoughts about different kinds of employment, real estate, the stock market etc.

 

[rubisean]

Being debt free is first.... I know some of y'all have heard of Dave Ramsey.

 

[Oregongearhead]

Live frugally ; save all excess money and buy used on most items . Eat more meals at home (learn to cook) and drive a economical (used) car/truck . Dont go to bars and dont gamble . Do not develop an expensive habit like drugs or drinking (or HGH) . Stay away from greedy & needy women that are looking for the best of everything (that you pay for) Learn to save money , not spend it . Theres more....

 

[ickyrica]

The two largest factors I have to thank for my vast riches would be education and effort. You can go somewhere with either one of them but when you combine the two things get fun. Mix a little good luck in there every now and then, good times.

 

[TenPin]

Hello all,

I thought it would be nice to gather the perspectives of the board on the best ways to amass wealth.

Inherit it ... by far the best way to become amass serious wealth
It last the longest ( from generation to generation) and managed well continues to grow. Occasional examples of miss management but the majority of super rich have got rich this way

Saving that ... get lucky ... there are millions of people who have great ideas , work super hard but make only moderate progress. The self made super rich tend to also have had a huge slice of luck ( golden triangle of right place / right time / right idea) that propelled them forward.

My penultimate suggestion is nepotism. A large slice of really high achievers have got there because they came from a certain family , went to a certain school or their dad is a member of a certain golf club. The chances of the average joe - irrespective of how intelligent he / she is of getting to the board of a 500 company by the time they are 35 without nepotism helping them along the way is slim . It does happen but it’s by far the exception not the rule.

And finally marry into wealth ... job done !

 

[Safety First]

The two largest factors I have to thank for my vast riches would be education and effort. You can go somewhere with either one of them but when you combine the two things get fun. Mix a little good luck in there every now and then, good times.

You're funny

 

[T&H]

Get cash back credit card, charge everything you can monthly like food, gas, Bill's, and pay off the balance each month. I've earned probably 2,000 in a few years doing that while paying zero interest. Not a huge way but free money.

Quit paying rent and buy a home. Try and pay it off asap. Get older vehicles instead of new ones.

 

[Safety First]

Live frugally ; save all excess money and buy used on most items . Eat more meals at home (learn to cook) and drive a economical (used) car/truck . Dont go to bars and dont gamble . Do not develop an expensive habit like drugs or drinking (or HGH) . Stay away from greedy & needy women that are looking for the best of everything (that you pay for) Learn to save money , not spend it . Theres more....

Good stuff.

 

[Safety First]

Inherit it ... by far the best way to become amass serious wealth
It last the longest ( from generation to generation) and managed well continues to grow. Occasional examples of miss management but the majority of super rich have got rich this way

Saving that ... get lucky ... there are millions of people who have great ideas , work super hard but make only moderate progress. The self made super rich tend to also have had a huge slice of luck ( golden triangle of right place / right time / right idea) that propelled them forward.

My penultimate suggestion is nepotism. A large slice of really high achievers have got there because they came from a certain family , went to a certain school or their dad is a member of a certain golf club. The chances of the average joe - irrespective of how intelligent he / she is of getting to the board of a 500 company by the time they are 35 without nepotism helping them along the way is slim . It does happen but it’s by far the exception not the rule.

And finally marry into wealth ... job done !

Won't be able to do either of those unfortunately lol

 

[JP1979]

Get a job that pays you more than you need then save it... the formula is really simple. The first part of it is step one, you can save every penny of nothing and you will still have nothing. Gotta have something to save first.

 

[TenPin]

Won't be able to do either of those unfortunately lol

Crime it is then !

 

[Safety First]

Crime it is then !

Ah I can't lol I have a life I can't gamble with. I'm very happy lol but I am in the market to "amass wealth" and thus am hunting legal means.

@JP1979
Your point is definitely a given. I have that. I'm Interested in creating serious wealth though and that is something I would like to start targeting. I'm 24. Newly into my career field, and doing well.

@Tiredandhot I love the point about buying a home.

 

[Safety First]

Any of you guys interested in getting into business, real estate, or stocks???

 

[rubisean]

Any of you guys interested in getting into business, real estate, or stocks???

I want to flip houses during retirement

 

[Safety First]

I want to flip houses during retirement

Yes, this is a very intriguing concept. How would you fund your plans to flip houses? How would you start?

 

[Oregongearhead]

Any of you guys interested in getting into business or stocks???

I hear cannabis sells is climbing in stock bigtime....
I have also noticed an increase interest in MK-677 lately (poor mans GH), babyboomers want to look younger and will pay anything to achieve it . Take stock in "forever young" products , they"re Hot !

 

[rubisean]

Yes, this is a very intriguing concept. How would you fund your plans to flip houses? How would you start?

Ha, my youngin wants to be the money guy.

 

[Oregongearhead]

Yes, this is a very intriguing concept. How would you fund your plans to flip houses? How would you start?

Thats a moneymaker , in the right location . I do part-time carpenter work for a guy that flips houses . We just took a $150K house and made it a $260K house in less than 3 months and for less than $25K.

 

[rubisean]

Thats a moneymaker , in the right location . I do part-time carpenter work for a guy that flips houses . We just took a $150K house and made it a $260K house in less than 3 months and for less than $25K.

That is what I am talking about...
I was blessed with a mind and hands that can fix anything with relative ease.

 

[Safety First]

Thats a moneymaker , in the right location . I do part-time carpenter work for a guy that flips houses . We just took a $150K house and made it a $260K house in less than 3 months and for less than $25K.

85K in 3 months not bad.