What are your tips for acquiring wealth and riches?

[prawn_86]

I would also argue that lawyers, accountants ect are just middle class. There are ways to make good money in parts of finance but you are always constrained by your employer.. if you have the skills go out on your own and you will prosper much more.

Depending on the type of job you may also get a comission so therefore directly correlates to the amount of work you put in. Plenty of guys working for hedge funds getting paid millions of dollars pa basic, plus comissions. One of the higher end salaries is Aussie Greg Coffey who was being paid 250m pa working for someone else

As SKC said lawyers, accountants etc it just depends on what area of that profession. I hear a rumour that Packers personal lawyer is up around the $5m pa wage. Not bad if you can get it

 

[tech/a]

If you think a job cannot make you rich then you are in the wrong job!

More likely your just not qualified for a job like those you describe.
These jobs ARE limited to a very small % of the population.

Working for yourself is not limited even a dunce like me can do it!
I couldnt be a Corporate Lawyer of Commercial Airline pilot.
You wouldnt want me performing Surgery,or Dentistry.
I and many here would never be employed by a hedge fund---too DUMB!

Getting wealthy from a Job isnt any easier than working for yourself.

 

[nukz]

If you think a job cannot make you rich then you are in the wrong job!

It's more i just don't care about having a job lol i prefer to do things my own way and hate the idea of the corporate ladder and what you need to do to climb it.

It depends on your way of thinking, if your in the mind set of somebody who creates for themself then you won't last long in jobs anyway.

 

[prawn_86]

Getting wealthy from a Job isnt any easier than working for yourself.

No but i dont think it's any harder. Either way you still have to apply yourself in ways that others in the same field do not.

 

[skc]

It's more i just don't care about having a job lol i prefer to do things my own way and hate the idea of the corporate ladder and what you need to do to climb it.

It depends on your way of thinking, if your in the mind set of somebody who creates for themself then you won't last long in jobs anyway.

Nothing wrong with that. It's just not what you were saying a few posts ago.

Who has ever created great wealth through employment lol, or is this thread about becoming middle class lol

you have to create/invest for yourself or inherit... working for somebody else is not going to get you there, this is the problem with the education system teaching us to work for somebody else.

Also, being an employee doesn't necessarily mean you can't create things for yourself... it all depends on the role/circumstances.

------------

No but i dont think it's any harder. Either way you still have to apply yourself in ways that others in the same field do not.

Completely agree. There are different ways to get rich so the point is to be open to all ideas and find a path that suits you. Don't give up on one path because of wrong information / idea (e.g. No one ever gets rich working as an employee).

 

[Dowdy]

Too much emphasis from some member here that working for yourself is the way to wealth but stats show (these are just rough stats from memory) that around 80-90% of business fail within the first 2 years.

Most people who try to become their own boss work extremely hard/ long hours. There is no 9-5 routine and forget about it all when you get home - you're working 7 days and the only time you get a break is when you sleep. The main reason people start their own business is for independence and not particularly extreme riches.



As with people who work, if you work hard you'll earn the big bucks. Sales reps, for instance, can earn big bucks if they work hard for it. My friend used to work at Dick Smiths. He said some of the top sales reps earn over 100K but like I said before...

It's not what you earn, it's what you save

 

[tech/a]

Too much emphasis from some member here that working for yourself is the way to wealth but stats show (these are just rough stats from memory) that around 80-90% of business fail within the first 2 years.

Yes thats true.(many fail) Came close to bankruptcy twice myself but the question is "tips"---- thats mine.

Most people who try to become their own boss work extremely hard/ long hours. There is no 9-5 routine and forget about it all when you get home - you're working 7 days and the only time you get a break is when you sleep. The main reason people start their own business is for independence and not particularly extreme riches.

Dont know where you get that from would love to see your stats but I feel its a personal hypothesis. I switch on to work when I arrive in the office and switch off when I leave. I have employees who worry more about my company than I do. Perhaps its their pay packets that they cant get elsewhere?

As with people who work, if you work hard you'll earn the big bucks. Sales reps, for instance, can earn big bucks if they work hard for it. My friend used to work at Dick Smiths. He said some of the top sales reps earn over 100K but like I said before...

It's not what you earn, it's what you save

Some of my guys with cars bonuses and Fringe benifits earn close to what your touting.
Its about consistency $100k gives you a better lifestyle but Ill argue it wont give you wealth. Perhaps your and my definition of wealth are vastly different.
$100k a year is a good wage in my view.
$500k plus is an income---however derived which will bring you sustained wealth.

You keep on about this saving thingy.
Whats the point of having a million in the bank earning 5% interest when it can be working way harder for you?
Once we get a dose of inflation---and we will---your Cash will erode faster than a sand castle at high tide!

 

[Dowdy]

Yes thats true.(many fail) Came close to bankruptcy twice myself but the question is "tips"---- thats mine.



Dont know where you get that from would love to see your stats but I feel its a personal hypothesis. I switch on to work when I arrive in the office and switch off when I leave. I have employees who worry more about my company than I do. Perhaps its their pay packets that they cant get elsewhere?




Some of my guys with cars bonuses and Fringe benifits earn close to what your touting.
Its about consistency $100k gives you a better lifestyle but Ill argue it wont give you wealth. Perhaps your and my definition of wealth are vastly different.
$100k a year is a good wage in my view.
$500k plus is an income---however derived which will bring you sustained wealth.

You keep on about this saving thingy.
Whats the point of having a million in the bank earning 5% interest when it can be working way harder for you?
Once we get a dose of inflation---and we will---your Cash will erode faster than a sand castle at high tide!

You're looking at it from a different perspective.

You're the multi-millionaire with several employees who has been in business for several decades (correct me if i'm wrong)

I'm staring out my business, working from home, with no employees (except my mum, who works for free) that has a 2nd job to bring in extra $$$.

Regarding your quote

Dont know where you get that from would love to see your stats but I feel its a personal hypothesis. I switch on to work when I arrive in the office and switch off when I leave. I have employees who worry more about my company than I do. Perhaps its their pay packets that they cant get elsewhere?

Looking at it from my perspective and many others who start their own, most don't hire employees until their cashflow is big enough to handle it which is why most take their work home with them

Like I said - different perspective.

 

[VSntchr]

$100k only "good"?

If i was making $100k a year from my job and investing it and earning the same % return I have been achieving over the last few years...I wouldnt need to work for too many more years!

 

[tech/a]

You're looking at it from a different perspective.

You're the multi-millionaire with several employees who has been in business for several decades (correct me if i'm wrong)

I'm staring out my business, working from home, with no employees (except my mum, who works for free) that has a 2nd job to bring in extra $$$.

Regarding your quote


Looking at it from my perspective and many others who start their own, most don't hire employees until their cashflow is big enough to handle it which is why most take their work home with them

Like I said - different perspective.

No Ive been where you are.

You have the potential to have far more potential and a much more profitable business than I due to the power of the net.

If you think about it a little Your not far off my thinking its just that your not allowing yourself to go there--YET.

Good luck with it anyone who gives it a go deserves all the support they can get.

Its worth the effort even though you'll swear at times its not!

 

[Julia]

You keep on about this saving thingy.
Whats the point of having a million in the bank earning 5% interest when it can be working way harder for you?
Once we get a dose of inflation---and we will---your Cash will erode faster than a sand castle at high tide!

It's not for me to interpret what Dowdy has said, but I took from his comments that 'saving' was simply the opposite to frivolously spending everything that comes in, something that plenty of people do.

Yes, Tech, you have set a great example of having a go, being determined, and succeeding, but to run your own business requires a particular mindset and personality.
Others are simply happier with less responsibility and working for an employer.

We don't, thank heavens, all want the same thing, and neither do we all experience satisfaction from the same work environment or challenge.

I like that we all derive satisfaction and financial success in different ways.
To some of us a sense of power is important, but others will be happier if they don't have the responsibility of worrying about the outcomes of employees.

 

[tech/a]

I like that we all derive satisfaction and financial success in different ways.
To some of us a sense of power is important, but others will be happier if they don't have the responsibility of worrying about the outcomes of employees.

Your right Julia.
I see it in my own work place.
My office manager lives for the place--Even has his answering service with his name and work place (RWI) mentioned!

I have a couple of guys in the field who love their job and been with me for years but when advancement to supervisory roles become available decline--they can do it but dont want the responsibility even though there is a pay jump.

Your right we are not all wired the same.

But this is the thread topic--hence my zealous/passionate reply.

What are your tips for acquiring wealth and riches?

 

[romeo]

After reading through this whole thread (not word for word) over the past couple of days there has been a lot of different replies that have stuck with me.

I suppose I am in the young category at 26. Still just over a year into my post university "real" job. I earn ok money when compared to my peers. I'm glad I've made some mistakes so far, gambled a lot in the stock market and lost because I didn't know anything. I still don't know anything so I'm looking to educate myself with books and i'm doing my own paper trading research to try and fine tune my trading technique, maybe i'll do some courses later on. I spent too much money on cars and will never do that again; I made that mistake twice actually.

We can all sit here and debate what wealth and riches actually means. We all have our vices when it comes to spending/luxury. Some people need a coffee everyday and that's fine.

I guess for me it's about control and value. We all have definitions on value. One of my ex girlfriends had a slight shopping addiction, she'd buy stuff on sale then never wear it. To me this is of no value, if I spend 1 dollar on something that I never use then that's 1 dollar too much. It was the action of the shopping that made her 'happy' so I guess that's ok (she never spent more than she earnt? It depends.

Unfortunately I'm not so sure if i'm in that 5% tech talks about, so right now working for the man and saving is the only thing I can do. I'm pretty good at saving actually; but as you guys say simply saving (at my wage) will not get you wealthy or rich (in the monetary definition), but we all need some sort of starting capital don't we? The change in mindset will be difficult for me; but I have an open mind and will seek out education for the sake of learning; rather than for the piece of paper, which I believe my Aerospace/ Mechanical engineering degree was.

 

[KurwaJegoMac]

Unfortunately I'm not so sure if i'm in that 5% tech talks about, so right now working for the man and saving is the only thing I can do.

You'd be surprised what one can achieve when they're stretched. I guarantee that if your food supply stopped today you'd go over and above what you though you were capable of.

It's all a gradual transition - some people are gifted in that they can make up their mind straight away and plough ahead into the unknown. Others need some coaxing.

You can use yourself as an example - I doubt that in year 7-10 you thought you would be able to do the sort of maths that you did as part of your engineering degree. I doubt that in 1st year Eng you thought you were capable of some of the complex calculations you did in 4th year. But one experience builds upon another.

Whether one wants to go into business for themselves or not doesn't matter in my perspective - it's whether you stand still, don't educate yourself and do nothing that matters. This will stop you from ever being successful or wealthy in any endeavour you choose.

By taking steps today such as saving a bit more, investing a bit more, learning a bit more, it will all start to compound until you're at a place 20 years from now that you never thought possible.

 

[Julia]

Your right Julia.
I see it in my own work place.

What are your tips for acquiring wealth and riches?

I'm not sure if this question is directed at me, or just a reminder to all of the thread's purpose?

For me, I'd say having clear objectives is fundamental, then devising a plan to meet those objectives.

In the process, understanding how you need to educate yourself so that (1) you actually are capable of achieving what you want, and (2) you are not naive enough to be fleeced by all those who are forever going to want to take your money.

Then, understand the importance of timing. e.g. if inflation is high and therefore property prices are rising, put more emphasis on acquiring more property.
Buy investment property in an area you have carefully researched to ensure you're more likely to always have a good choice of decent tenants who will pay the rent you ask.

Use leverage sensibly. Don't ever be persuaded that excessive risk is OK.

When you have reached your goals, keep your money working for you in whichever area it's invested, and above all protect your capital.

Enjoy what you have achieved and know when you have enough.
The making of more and more money can become an obsession.

 

[romeo]

Thanks for the encouraging words Kurwa

Maybe I should have added some key words like:
"Unfortunately I'm not so sure if I'm in that 5% tech talks about right now..."

That's not to say I won't get there... My mother has that entrepreneurial guile so I always look to her for guidance. She came here with 8 kids and not a lot and now she's got her own successful accounting practice; but then again she could have done things a bit more aggressively and gotten a lot richer (in terms of money). However I don't think that was her aim.

I agree with you and your analysis; I am, hopefully, taking steps in the right direction.

Julia, your posts throughout have been great. A clear objective is definitely a must. Right now for me that's saving enough for a deposit on my first property. Probably another year away.

 

[Dowdy]

It's not for me to interpret what Dowdy has said, but I took from his comments that 'saving' was simply the opposite to frivolously spending everything that comes in, something that plenty of people do.

Exactly what I was trying to say!

The trick to saving is to be patient.

I suppose I am in the young category at 26. Still just over a year into my post university "real" job. I earn ok money when compared to my peers. I'm glad I've made some mistakes so far, gambled a lot in the stock market and lost because I didn't know anything. I still don't know anything so I'm looking to educate myself with books and i'm doing my own paper trading research to try and fine tune my trading technique, maybe i'll do some courses later on. I spent too much money on cars and will never do that again; I made that mistake twice actually.

We can all sit here and debate what wealth and riches actually means. We all have our vices when it comes to spending/luxury. Some people need a coffee everyday and that's fine.

I guess for me it's about control and value. We all have definitions on value. One of my ex girlfriends had a slight shopping addiction, she'd buy stuff on sale then never wear it. To me this is of no value, if I spend 1 dollar on something that I never use then that's 1 dollar too much. It was the action of the shopping that made her 'happy' so I guess that's ok (she never spent more than she earnt? It depends.

Unfortunately I'm not so sure if i'm in that 5% tech talks about, so right now working for the man and saving is the only thing I can do. I'm pretty good at saving actually; but as you guys say simply saving (at my wage) will not get you wealthy or rich (in the monetary definition), but we all need some sort of starting capital don't we? The change in mindset will be difficult for me; but I have an open mind and will seek out education for the sake of learning; rather than for the piece of paper, which I believe my Aerospace/ Mechanical engineering degree was.

At least you didn't get an arts degree...

And don't worry, 26 is still young, I'm only 25.