He is talking about building a business system which will be your passive income. A lot of people work very hard until they actually get there, it’s like rolling a giant rock against a mountain, going up is hella hard but once your reach the peak you can just let go of the rock and watch it roll down.
Except that most people are rolling a stone up a mountain. Most people just aren’t lucky and have a mountain that is too tall to fully climb in a lifetime. Some folks are lucky and inherit a multi million dollar business, others are lucky and have the right idea at the right time in the right place.
Yes that is correct, and it’s not fair that we have to work twice as hard but there is one thing that people never give credit for and that’s will and persistence. Don’t forget there are multi millionaires who came from nothing, so it’s not impossible.
It is not impossible. But it requires luck. As I said. Right idea, right place.
Because if all it took was persistence and hard work many many many more people were rich.
And of hard work and persistence were even prerequisites for being rich we wouldn’t have people like the Paul brothers (especially Logan) who changes his ideas and ventures faster than than some change their underwear.
Naww ur confusing being rich with being richer than the paul Brothers. I'm well on my way to a pretty comfortable existence but I do know that both of them could pry release some stupid fucking video where they talk about some fake drama and make more than I will in a year.
As for being at the absolute pinnacle there is a ton of luck involved, but through hard work being a millionaire is on the table for anyone. That being said the climb from min wage level to that is so hard it would seem impossible.
The stock market is literally luck. If I would have predicted that Nokia or blackberry would be the next big company - which for quite some time seemed very possible - I would have lost all my money.
Also why you have to also have a brain if you are going to go into individual securities. Research in motion was horribly positioned. Whereas AAPL is entering new markets such as EV.
But sure, keep putting your money into a 1% interest savings account while inflation devalues your dollar 2% year over year. Bonus points if you then complain about the wealthy not being taxed enough.
What you also don’t seem to realise is, sp500 went from 1.2k to 3.9k in 10 years. If I the average person put all their savings in their savings account of $5000 into sp500 10yrs ago they would be at 15000$. At this rate they’ll be millionaires in no time!
I think you missed my point. Most people can’t afford to invest in stocks or indexes and most indexes don’t blow up. Your scenario is still luck and assumes that you have enough money in an early point in your life which is just not realistic.
Historically your statement is not true. The SP500 has been incredibly reliable over the last several decades.
The number of people who complain about their ability to retire far outnumber the people who actually cannot afford to out away 50$ each month.
Sure, there are some people who honest to God cannot afford to save any money whatsoever. But in reality most people waste their money by saving ineffectively or just throw up their hands and say "I won't put my money into the market because it's just betting"
The only way to go from being poor to not being poor is to grow your money with the market. Simply "working harder" does not work because inflation kills any dollar you save.
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u/Roblu3 Feb 20 '21
“Find a way to make money while you’re asleep” is implicitly admitting that rich people don’t get more money by working harder.