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The legit way to get rich if you have the ability

Economics Finance Investing wealth

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7 replies to this topic

#1
Set and Meet Goals

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You get a masters degree in applied finance (investing) or something akin to that.  Get a job managing investment portfolios or if you want to earn more money but get less experience at investing you can become a investment banker.

 

You will get a high income and both your job education and employment are focused on or are specifically investing.

 

You and the people that took this career path as a subsection of society are on average the best investors in the world.

 

Use your high income and investing skills to invest for yourself in your free time until you earn enough from your own investments that you should quit your work and only invest for yourself.

 

Do this from a young age and you have good odds of becoming rich due to compound (exponential) growth of wealth through investments.

 

from there its up to you.

 

Its not simple, probably most people cant do it. It's just a proven path to get rich similar to how being a brain surgeon is hard but has a known route you go down to get it.

 

There is no get rich in a way that is both easy and obvious



#2
wjfox

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From a purely monetary perspective, it's obviously one of the career paths to get in to.

 

However, I get the impression it's a rather stressful industry to work in – long hours, lots of risk-taking, and potential legal problems if you fuck up.

 

Aspects of it seem unethical too, exploiting people and resources around the world.

 

Also, I think I'd find working with numbers all day rather boring.

 

I'd rather stick with a shorter work week, doing stuff I genuinely enjoy, at my current pay level. I work for a company that includes a Human Rights department and we're working to advance equality and the rule of law around the world. Plus my website and blog which aims to promote a better future for humanity. If my pension keeps growing at its current rate then I should be able to retire on £600K in about 25 years.



#3
Raklian

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Two surefire ways to become rich - 1. invent and sell a life-changing product, or 2. invest in real estate, like buying actual properties and renting them out to tenants.

 

They are already difficult to pull off to begin with.


What are you without the sum of your parts?

#4
funkervogt

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What counts as "rich"? 



#5
Raklian

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What counts as "rich"? 

 

At least $2 million in the bank account and $200,000 or higher in annual income.

 

Assets don't count at this point.

 

Let's be honest. Money does buy happiness above a certain level.


What are you without the sum of your parts?

#6
funkervogt

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So you wouldn't count $2 million in assets like real estate, stocks, or racecars? It can only be $2 million cash in your bank account? 



#7
Raklian

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So you wouldn't count $2 million in assets like real estate, stocks, or racecars? It can only be $2 million cash in your bank account? 

 

It doesn't matter, really. $2 million cash can be easily converted to any of the assets you listed, but it's important to have a sizeable liquid cash reserves because assets don't readily convert to cash. 


What are you without the sum of your parts?

#8
Erowind

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Liquid assets readily convert to cash. The price fluctuates but I could convert my crypto within 10 minutes and have cash in my checking account within the week. Something like a car or a house no. Stocks, mutual funds, crypto and other financial assets do often convert readily.

 

I think it's because my standards are way way lower than most people from the developed world but about 500k usd is rich to me. I could live off the interest of that for my entire life because of how frugal I am. Health insurance would be the only real challenge on about 25K per year to live off of. That's assuming bottom of the barrel returns. With proper diversification I'd expect to be making way more than 5% per year. My average yearly RIO for the past 4 years has been over 300%. That won't last forever, but I doubt barring world financial collapse I'm ever dropping below 15-20% yearly returns on average. I wouldn't live off 25K either. I'd live off of 20K and wager the other proportion of the portfolio on riskier asset classes. I already live on less than 10k a year currently so these numbers most people would considered impoverished look great to me!

 

Money only buys so much, beyond the necessities for one and their family asceticism can provide more than enough fulfillment. Most people posting here are in countries with access to grand natural beauty. Embracing what is free in our world is more than enough. And if it's not enough, books and games and most else can be bought second hand for cheap. Now, if I end up making a whole lot more one day and have the ability to donate to causes I support and offset my emissions I might consider luxuries like semi-weekly massages. But lambos and exuberance like that really aren't my thing.







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