fandomsecrets | [ SECRET POST #3790 ]

[ SECRET POST #3790 ]

⌈ Secret Post #3790 ⌋

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Anyone got any theories or strategies?

Steal a huge amount of cash.

Be born rich.

Be insanely lucky.

That is the only three tracks to riches. Pick whichever you think suits you best. Admittedly for option two you are going to have to pick for you next life, but that is life.

Marry a rich old man after convincing him not to get a pre-nup. Love him until he dies. Profit.

Or, go into a career that requires little education and earns a lot of money. Some medical roles that only require an Associate's are pretty profitable.

1. Spend less than you earn.
2. Time and compound interest.

Time and compound interest don't actually do shit

At least not on the level of compound interest you get from keeping your money in a bank

I don't know where you see the word bank in my comment.

Where do you want people to put their money then?

https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI

27 pages and free.

Wrong link. Here's the free PDF version.

https://www.etf.com/docs/IfYouCan.pdf

My argument is not against saving, I just don't think compound interest is relevant.

Like, for example, the reason to invest in a 401k is tax deferment and employer contributions. AFAIK the benefits of investing in a 401k have nothing to do with compound interest. And I think the same is true mutatis mutandis with whatever you want to invest in. In other words, while investing in a 401k is a good idea, it's not because of compound interest (and also won't make you rich).

I would explain how wrong that is, but the short booklet does it better. If you don't have time to give that a read, I don't think my comments will help either.

I can't say that I did more than skim it, but it looks like very sensible and standard savings advice, slightly dickishly administered. I stand by my claim that it has no particular connection to compound interest and it won't make you rich.

Ah, my mistake, I said interest when I meant returns. Hopefully that clears things up.

1. Stop thinking it's impossible for normal people.
2. Spend less than you earn.
3. Time and compound returns.

Still won't make you rich. It'll make you secure and is a great retirement plan but that's not the same as being rich.

What do you define as rich? If you're OP, defining what rich means to you seems like a very important part of the question.

To me, being eventually independent and retired, owing no money to anyone, with enough to live on annually for the rest of my foreseeable life without having to work, would count as quite rich!

I'm not trying to be dismissive of it - it's a fantastic goal to work towards and a great thing to achieve. But I think describing that as "rich" requires understating the nature of the division of wealth in modern society, especially in America.

To me, "rich" is at least the next level up from that status, where you have some substantial level of capital above what's required for long-term financial security to invest.

But... what would count as a "substantial" level of capital? 1 million? 2 million? 10 million? 20 million?

I think describing "rich" requires either hard numbers or a milestone or else it is always either "more" or "the next level up" and therefore, to answer your question, you will never be, because there's no concrete definition of the point you're trying to achieve.

This is why I personally prefer using milestones like "no longer having to work, at all, and be fine." I may need 1 million to do that, so 1 million would be rich to me. Someone with more expenses may need 5 million to do that, so 5 million would be rich to them.

At what minimum point would you stop and consider yourself rich, or consider your numbers substantial? Once you got there, are you certain would you find it enough, or would your goalposts move?

I agree with your point about milestones; I would consider having a substantial amount of capital to invest a milestone in the same way that having long-term financial security is a milestone. And in much the same way, it's hard to define with numbers. I accept that there's going to be some ambiguity here. What I really want to underscore more than anything else is the extraordinary concentration of wealth that does already exist.

Once you got there, are you certain would you find it enough, or would your goalposts move?

I mean, to me, that's a problem of self-understanding and attitude and stuff like that, not really related to any definition of wealth. You can be a person who always wants more at any level of wealth, or you can be a person who's satisfied at (almost) any level of wealth, or you can be someone who sets specific targets for themselves.

Your point about the extraordinary concentration of wealth in a few people in the USA makes sense, but I would call those people extraordinarily generationally wealthy, not mere "rich" people. The rich neighbors with the swimming pool are peons to the Waltons, aren't they?

I was speaking about the thread topic mostly. It's difficult to answer "how to get rich?" without knowing what rich or substantial means to you. Unless underscoring the wealth disparity was the point of asking how to get rich? Have I taken your question too literally?

I've been toying with getting into the child slave market.

Depends on how rich you mean? At some level it comes down to luck.

For basic wealth, my strategy was to find a job that....

A) requires significant skill and practice (ex: helicopter rescue pilot) or a serious long-term investment to be qualified for (ex: radiologist) that...
B) is essential to an industry that's unlikely to become obsolete (ex: petroleum tank engineer)
and most importantly....
C) has far greater demand for workers than supply (ex: contagious disease laboratory clean-up crew)

Flat | Top-Level Comments Only

[ SECRET POST #3790 ]

How To Get Rich

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Amended, thank you anon :)

Re: Amended, thank you anon :)

Re: Amended, thank you anon :)

Re: Amended, thank you anon :)

Re: Amended, thank you anon :)

Re: Amended, thank you anon :)

Re: Amended, thank you anon :)

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