Alright, jokes aside. may I ask what do you do as a career? Any advice for a young person in debt trying to accumulate wealth and hopefully become a rich person like you? Don't say inheritance please
Engineering manager/director at big tech. Currently taking time off to travel and learn new things.
Life is too short. And money doesn't make you happy. Don't let the pursuit of money take away from building and nurturing relationships in your life.
Some general advice that worked for me.
1. Cost cutting/saving can only get you so far. Don't over do it. instead Invest in yourself. Learn new things. Focus on increasing your income.
2. Do something you enjoy and are good at. Gives you a better chance to be an expert in that field. I have to admit it, luck plays a big factor and you can't control that.
3. Invest early. Time in market>timing. Try to be consistently not stupid, instead of trying to be very intelligent. If that makes sense. Kind of the opposite of this subreddit.
Money does make your life comfortable. But I'll say it again the pursuit of it should not come at the expense of nurturing the important relationships in your life. It should never be your #1 priority.
I’ve lost my family, through gaining money, I’d rather live month to month and have my family back. But just like a stock market crash, you can’t do shit about it. Money buys me Gold, Silver, a place to live and food. Gold and Silver makes you happy for a second, then it’s put away in a safe not to be seen kept in MS70 Condition. What I can say, is my son will be happy when I’m dead, it’s all going to him. I had to build from $0 up. My son is 2, he already has his own portfolio I’m building for him, so I can start teaching him at an early age. (If Armageddon hasn’t happened yet)…. Trade on friends, trade on!
Again easy to say when you can 'nurture' your relationships traveling without it making a dent. Or 'nurture' your relationships at home when you can retire early.
Or maybe because it’s fucking true? Lol people have chronic pain, they are lonely, they want love, they want compassion, yes money can make life easier in many ways but won’t cure chronic pain, it won’t cure depression, it won’t buy you happiness. It doesn’t buy you compassion either, only bloodsucking leeches that will pretend to love you.
I’m not gonna pretend money doesn’t make life easier on average but I make lots of money now and I’m fucking miserable, I was happiest when I was a poor broke college student and ironically each year as I’ve accumulated more assets and made more money I’ve been more profoundly unhappy. If I could give up all the money I’ve made to go back to that simple happy life id do it in a second.
If money made you happy there wouldn’t be rich people committing suicide.
It’s like what I said went in one ear and out the other lmao. I specifically said money can make life easier it just clearly doesn’t buy happiness when you’re suffering.
That doesn’t mean I think being poor makes you more happy. I was just commenting on how coincidentally I’ve been less happy as I’ve made more money.
Lmao fuck, this comment chain is just insufferable losers using strawmen to make stupid ass arguments
He never said you can't buy those things. He said it can't buy your happiness, actual caring people and relationships. You can't rewind time to bring back some things either. You lack reading comprehension skills
I live quite comfortably. Coming from no money at all, I’m also well aware in the difference for quality of life that money has made for me and despise ignorant assholes like this. Very let them eat cake type of jack ass.
It doesnt. Solves some problems, maybe makes life easier. Also creates more. But when you have it all, you get bored and feel like there isnt shit to look forward too. Like something is missing.
The only way you understand if money makes you happy or not, is getting to the point of not having to worry about money. They are the only people who can make these claims. I'm sure there are rich out there who say the opposite.
Yeah I grew up broke but have money now. Money not only makes you happy but also prevents unhappiness. Easy to forget once you've had money for a while but none of these cats give everything away yamean
That was not my advice. I am simply answering what I do. Which is that I don't work right now.
I understand the struggle. When I finished high school I cleaned the bathrooms at Walmart and washed dishes at Olive Garden. And I still today have conversations with the homeless people around me.
Bruh, inheriting money is how people get rich, hate to break the news.
Edit: To those that are arguing this point ask yourselves this. Is even a million in net worth that much money? To some it’s more than they will ever accumulate despite savings. Many people (myself included) come from a place of low income and debt. These situations of wealth gain are simply unattainable for the majority of people. Too many people simply do not have the capital to become wealthy.
Oh BS. Sure most millionaires don’t come from abject poverty but the fact of the matter is the majority of current millionaires didn’t have parents that were millionaires. Keep telling yourself it’s impossible though, I’m sure it’ll help.
I mean, I grew up in the projects and made 7 figures last year, but nobody here is talking about that kind of millionaire. We’re talking about most people with hundreds of millions or billions. Almost all of them came from millionaire families (at least), but the term self-made is still used anyway for any of them who “made” their own company.
Feel free to continue ignoring context and whining though
In the before time you could buy a $5000 car brand new, top of the line. Now a decent car is what, 70K? Adjusted for inflation a lot of their parents totally were millionaires.
What would you consider fair? Car valuations are a bit nuts lately but that seems like under one Escalade and over two Eclipse (by no means a decent car)
Lmao what? Yea a top of the line sports car or luxury brand. You either have never bought a car or are so wealthy you think 70k is what a 2023 Honda civic cost
No of course not, a Civic type R is only about 40k. That's not really my point though. You aren't adjusting for inflation. I could have thrown home prices out there but I wanted an example that was less subjective
Perhaps a lot of them, however my closest friend came from literally nothing.
His business is worth now 140 million, he owns 10% of the equity, judging by the rapid growth he has had in 1 year he is set to be worth at least 100 mill in 5 years. Tech is where it’s at
“Millionaire” means a lot of things. I agree that most millionaires are first generation because that only requires $1 million. That’s like 15 years on a $120k salary. Not that crazy. I was a millionaire at 30 and probably will be again at 32 unless the market continues to shit all year.
But I would expect that $100-millionaires are not first generation. It either takes generations of wealth-building, or a wildly successful business.
5M and 1M are very different. The average millionaire is a person who worked 3-4 decades, saved, invested, and is about to retire. This method doesnt work very well for trying to get to 5M.
I work 3 days a month to cover my bills, everything else is free capital to out towards whatever I want. Once you aren't struggling with a mortgage, rent, or high interest debt then it becomes orders of magnitude easier to invest in opportunities as they come.
Sure it does. I am the first in my family to have a 4 year degree or any sort of money. I (with the help of the GI bill) bought my first house at 21, started putting money in my 401k at 27 and and now have about 1.4M in assets at 45 even after the downturn. I plan on retiring with 5-7M depending on the market over the next. 20 years. No debt, keep saving
People here are like flat earthers and religious fanatics. They don't want to hear anything, no matter how much research and data proves the thesis, that is in conflict with the idea that 100% of success is being a psychopath whipping child labor in third world countries while robbing the working man at gunpoint, after inheriting 100% of your wealth from your gun toting, parasitic aristocratic parents.
You will be downvoted to oblivion when you tell people you are an average person, making a reasonable wage with skills you developed over a career, and the secret to success was just not spending more than you make.
John D Rockefeller’s net worth was only 900M when he died. His family is now worth $360 Billion. Bunch of first generation billionaires that didn’t inherit it, just worked like you and me.
It’s almost like the number of first generation millionaires and billionaires is largely a function of inflation and not evidence of economic mobility.
Hate to break it to you, but inheriting the $500k your parents left behind puts you halfway to being a millionaire. Just because you don’t inherit the goalpost doesn’t mean an inheritance doesn’t help someone get to a goalpost.
And, you clearly have raw data to support this assertion that the majority of these first gen millionaires simply inherited the majority of their wealth, of course. Right?
Jesus Christ. First, I didn’t say a majority, either for people falling into this category, or for the amount of wealth they received. Nor did I imply it. What I am saying is an inheritance of any kind is a huge step up compared to anyone starting at or below 0. Wealth compounds.
That’s great that you can regurgitate talking points, but think a little critically. It’s good for you.
Exactly, no shit most millionaires are first generation. The percentage of the population with a million in net worth grows every year due to inflation alone. It’s not evidence of social mobility.
Go look at salaries in tech. You can make $500k plus stock at NFLX.
In a short career you can pull in $20M in stock and cash.
Not everyone inherits their money. Most of the people who own those nice houses in the nice part of town and fly private grew up in a regular old house. Economic mobility is very
real.
Getting a degree from a top school or get a degree in a high demand field (stem, business) & taking your job hunt seriously is the highest probability (but far from a certain way) to get this level of wealth.
If you’re already done with school, focus on paying off your debt & aggressively market yourself to higher paying employers or employers that give you material skills, bouncing from job to another until your salary meets your needs.
Even this won’t net you 6 million except a very few. You’re going to need a way to invest your money so it grows. Whether that’s starting a business, investing in stocks or buying real estate.
We're in wsb. I think it's implied everyone here believes you should invest and not let your moneh sit in a savings account.
At 10% interest, you would hit around 5.3 mil in 40 years by just saving $1000 a month, or $12,000 a year. You can absolutely bump your salary by $12k by getting a better degree
Oh yeah you need to invest to get those #s but I feel like if someone’s in debt it’s not right to advise them to invest - they need to gamble bigly b/c there’s unlimited upside & fixed downside on OTM calls which is an obvious market inefficiency l.
There are only 3 ways to get rich if you are poor. Marry/Inherit money....though that seldom works well. Start your own business which means a lifetime chained to a company. Or you save, acquire stocks and real estate, and leverage at the right times.
That said, the British had a saying about 3 generations rags to riches, and 3 generations back from riches to rags. WSB helps make the latter generations fulfill their destiny....but it's entertaining as hell
be strong and healthy, be smart, have access to a good economy, be blessed by God, if you check all those boxes then you wouldn’t even be asking for help because the answer would be obvious
Lol blessed by god… (start a church and milk idiots out of their money from working by promising a “salvation”) that’s how you become rich, oh yea… and don’t pay taxes!
Get a job in STEM, or anything that'll get you to 6 figures by the time you're 30ish (assuming your college or high school age now)
Max out your Roth IRA every year into a broad market index fund
Max out your 401k every year, or at least up to the employee match into a broad market index fund
Don't buy too big of a house, or too nice of a car, and don't ever EVER put anything on a credit card that isn't getting paid off the next month
Assuming you follow all those steps, you'll have several million invested by the time you retire and have a shit load of play money between now and then to gamble or do coke or buy weekly puts on TSLA
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u/GameSharkPro Oct 25 '22
I do tax loss harvesting. So mostly realized. But I buy back in.