skc
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That sounds like a great investment. Where do I get more information??
What are your tips for acquiring wealth and riches?
- Thread starter Solly
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That sounds like a great investment. Where do I get more information??
tech/a
No Ordinary Duck
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Go look for it.
Assess Demand
Assess Costs
Assess Cashflow
Assess expertise--Can you gain the work.
Assess OHS requirements--JSA's SWMS etc Log books etc.
An excavator is but one example find what people want and make it available.
Bobcats
Trucks (Tippers)
Rollers
Graders
Attachments to machines make huge money addons a 30K attachment can add $100/hr! (Rock breakers,compactors,Drill rigs--etc.)
To name a few.
There are more outside of the civil field
Think ENTREPRENEURIAL
Assess Demand
Assess Costs
Assess Cashflow
Assess expertise--Can you gain the work.
Assess OHS requirements--JSA's SWMS etc Log books etc.
An excavator is but one example find what people want and make it available.
Bobcats
Trucks (Tippers)
Rollers
Graders
Attachments to machines make huge money addons a 30K attachment can add $100/hr! (Rock breakers,compactors,Drill rigs--etc.)
To name a few.
There are more outside of the civil field
Think ENTREPRENEURIAL
A good example of this is me and my mum.
She looks at her energy bill and works so hard to see how much she can save on it, but i tell her the only problem with saving is that its capped (i mean your not gonna get it for free always).
Me on the otherhand i think about making not saving.....
A mentor said this to me a while back
Saving is limited
Making is unlimited
If you learn how to make money then there is no limit to anything. Unfortunately 95% of the population falls in the saving category.
She looks at her energy bill and works so hard to see how much she can save on it, but i tell her the only problem with saving is that its capped (i mean your not gonna get it for free always).
Me on the otherhand i think about making not saving.....
A mentor said this to me a while back
Saving is limited
Making is unlimited
If you learn how to make money then there is no limit to anything. Unfortunately 95% of the population falls in the saving category.
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I disagree.
I have a saying....
It's not how much you earn, it's how much you save that determines how successful you'll be
You get people earing 100k a year, yet they're living pay check to pay check?!?
It's all about the income. Saving and return on investment is just a sideshow (albeit a very important one).
Invest your time in increasing your income. You are only financially rich if you have more than the guys standing next to you. It's far easier to outperform in the income department than it is to outperform in the savings and return on investment department.
Always work harder than the guy next to you. Never miss an opportunity. Learn to adapt. Always operate outside your comfort zone. Never tread water.
Invest your time in increasing your income. You are only financially rich if you have more than the guys standing next to you. It's far easier to outperform in the income department than it is to outperform in the savings and return on investment department.
Always work harder than the guy next to you. Never miss an opportunity. Learn to adapt. Always operate outside your comfort zone. Never tread water.
tech/a
No Ordinary Duck
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"Its not how much you earn but WHAT YOU DO WITH IT that will determine your wealth."
My "Earnings" give me the ability to borrow (when required large sums) due to serviceability--- this in turn maximizes return on $ invested and I like making $$s from large sums of other peoples money--Property--Steel bought on Indent---Leases on income producing equipment.
Saving it ISN'T PUTTING IT TO WORK!
Your wasting your biggest asset--- crippled by fear of loss---your not thinking entrepreneurial.
Your thinking like a squirrel.
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Agree completely. It goes completely against the way we are trained by society to think, but that is exactly why thinking this way will lead to greater rewards.
My old saying used to be 'live beyond your means (within reason) as then you will be forced to find a way to catch up'. It was living this way that had taught me how to trade and how not to think of earning potential as something that can ever be capped.
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Agreed in principle but I still see no reason to be paying $1000+ quarterly power bills just for the sake of it when with a bit of thought that can easily be halved (or more).
Saying that saving is limited but earning is unlimited maybe true. But I could say that he earning capacity of any mine is limited, since the volume of ore is finite. That hasn't stopped the likes of BHP making a fortune digging holes in the ground.
If there's a $2000 saving each year to be had then why not take it? It's not as though doing so is in any way stopping you from also maximising earnings.
There's an awful lot of "broke" people out there earning well above the average wage. I know a few and the underlying story is pretty consistent. They just don't value money, hence they fail to get value when they spend. The end result is that they end up spending a fortune and getting little or nothing for it whilst I always aim to get value. No surprises who's better off in terms of both real tangible wealth as well as $ invested. They blow the lot and get little for it, I invest instead thus creating a growing passive income stream.
Comparing one specific example. They earn big $, far more than I do. They drive fancy cars, wear expensive clothes even when at home, smoke cigarettes and have pay TV. I drive a modest car, don't find a need to wear designer clothes when doing the gardening, don't smoke and certainly won't be paying for TV when there's more than I could watch on free to air anyway.
The end result is they rent whereas I own outright an almost identical house. They have compulsory super and that's it. I have metals, shares and cash as well. Remember, they earn far more than I do. But earning big $ isn't going to help if you throw it all away.
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I get what your saying but it varies from individual.
What if you're using your saving to buy products and then sell them for a profit. Hence I put my saving to work. But my profit goes back into my bank account until I want to buy another product to sell for profit.
My products don't get me any money until I sell them but I've been doing it for the last 3 years and statically I get better returns then the stock market and housing combined
http://stores.ebay.com.au/Dowd-Hardware
Which is why I say savings is so important since I needed some money to start off with
tech/a
No Ordinary Duck
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Dowd
Your putting it to work--
Your putting it to work--
prawn_86
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For those who are not entrepeneurial then saving is far better than doing nothing. Obviously it pays to keep your eyes/ears open for opportunities, but some people do not have the know-how or experience to start a business.
By the sounds of most of the things you mentioned, they are all within a similar industry as that is the one you have experience with. For someone not in the industry it would be a lot harder to know what is actually needed
tech/a
No Ordinary Duck
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For those who are not entrepeneurial then saving is far better than doing nothing. Obviously it pays to keep your eyes/ears open for opportunities, but some people do not have the know-how or experience to start a business.
By the sounds of most of the things you mentioned, they are all within a similar industry as that is the one you have experience with. For someone not in the industry it would be a lot harder to know what is actually needed
True.
You know there was a time I knew nothing about my industry either!
I doubt anyone who starts or even buys a business has much idea about it at the very beginning.
Tips for acquiring wealth from me have Self employment at the top.
Then YOU govern your income---not your Boss.
I would argue that very few that do not have a degree behind them could create real wealth without self employment.
I made matric--thats it. (I failed that as well).
prawn_86
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Agreed.
So for those who are not interested in self employment education is a good way to acquire wealth.
I would say if you are in the top X (5, 10?) percent of what you do then you will be paid well above average, and if you are the best at what you do you can pretty much set your price even if you are working for someone else.
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Whatever you do, do it well...
I can't remember who I'm quoting, but those words have always been on my mind when it comes to matters of work, employment etc.
nukz
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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.
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.
So_Cynical
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Crappy pizzas...the road to incredible riches is paved with crappy pizzas and 100000 dollar excavators. 
Perhaps the real challenge is to somehow combine crappy pizzas and excavators...mmmm
Perhaps the real challenge is to somehow combine crappy pizzas and excavators...mmmm
skc
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You can definitely create great wealth through employment...
C-level executives, board members, investment bankers, private equity, institutional traders, partners at law firms, accounting firms, management consultancies, specialist doctors, entertainers, sports star... And even stock brokers, real estate agents and insurnace brokers. They are all employees capable of earning earn multi-million $$ year after year....some of them don't even need a uni degree. You just need to be on top of your game.
http://news.hereisthecity.com/2007/01/22/the_highest_paid_inv/
To me employment is as easy a path as they come when it comes to acquiring wealth. Not everyone can do it well... but that's why not everyone is wealthy.
nukz
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I guess it depends on your definition of wealthy is as well, i would argue that sure some board members are wealthy but so is the CEO of ANZ but thats not a job most people will get.
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.
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Your job won't make you rich it's what you do outside your job that makes you rich. Anyone that disagrees would be in the 5% of people that have 250k a year jobs. Even still they may not be free in a financial way.
skc
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You don't need to be CEO of ANZ to be rich from your income.
The range of income for lawyers is very wide, but there is effectively no cap (or a very high cap)... sure your average suburb solicitor is probably upper middle class, but tell me again if you think a corporate lawyer making $2.5m a year is in the middle class.
250K a year job is nothing... plenty of senior management in large corporations will be on that much. Prob over 2-3,000 of them in Telstra alone.
If you think a job cannot make you rich then you are in the wrong job!
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