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Money makes the world go round, so it’s pretty distressing and difficult to not have it. Unfortunately, making a fortune seems like a well-kept secret, but in the 21st century, enterprising people can really just learn anything online.
One netizen decided that the best way to learn about making money was to ask people who already had it. So they asked the wealthy people on the internet for some more obscure ways to make money and they delivered. So get ready to take notes as you scroll through and be sure to upvote your favorites. Comment your own ideas and thoughts below.
This post may include affiliate links.
#1
If you start your own business the best thing you can do is be a great boss. Not an okay boss, not a good boss, be a great boss.
My family has a small business, we work on pools. We do everything except build them. My dads my boss and he’s the best boss I’ve ever had. He actually listens to his employees and takes their recommendation on how to finish jobs as gospel. The average starting wage for a basic pool cleaner in our area is $12. My dad starts off at $19 with no prior experience.
He gives out raises twice a year by the dollar or dollars, not pennies and quarters. Gives paid days off, gives 3k-5k bonuses around Christmas, and tries to work around their schedule since most of his employees have families. The employee turn over rate in the pool business is extremely high, I think every 2-3 years in my area the last I checked. He has 2 employees who have been with us since before I was born and I’m 24. He listens to them and drops customers we don’t like without question.
Last year he hired a new guy with some experience and sent him out to clean up a few pools after a storm. Later that day a customer my dads had since he started the business, over 30 years ago, called and said they don’t want a black man in their yard. My dad immediately said f**k you in the most professional way you can and hung up. (I know this situation is more about being a decent person and not a great boss but I still love this story.)
He’s training me to take over in a few years and constantly tells me to not only be worried about feeding 1 family (ours) but I have to be worried about feeding 9 families (we have 8 employees.)
To me, being a great boss is one of the best ways to run a successful business and become wealthy.
FakeOptimist 1 year ago
Yep. My philosophy : the only way to get a good product is by having motivated employees.
RELATED:
#3
I’m a millennial and stopped eating avocado toast. I am now vastly wealthy.
During depressing times, one might wonder if the world was a better place before we all started passing around bills or coins to buy goods and services. The reality is that one could very easily be in debt before money had ever been invented. Many people know about early barter systems, but most overlook the fact that these systems often facilitated and commonly allowed one to trade future items or labor as a form of debt.
The result is that someone can actually be fully in debt in a society where no one actually uses or has ever heard about currency. This, somehow, seems like it would be worse than many modern forms of debt where one can at least sell something to get by.
#4
I got a summer painting job at 16. Realized I was good at it and enjoyed the work. Stuck with the same company for long enough that I could honestly consider myself an expert. Started my own painting business and failed because I had no idea how to run a business. Went back to work with the original company and studied business on my own. Formulated a plan. Saved up 10k to start with and dove in again.
I grew that into one of the most popular painting businesses in my area. We then expanded into drywall, finish carpentry and specialized finishes. We are now planning an expansion into the cleaning industry as well. What started out as a summer job has turned into a career that allows me to live a fun life and set my own schedule.
My best advice is learn something about business. Find a field you’re confident in. Start a business in that field. Be financially responsible but take calculated risks to grow and don’t allow the fear of failure to hold you back.
ƒιѕн 1 year ago
And then you get the occasional person that doesn't want to pay. I just filed a lien on a property for a bit over 40k. It;s aggravating as shít. Also still carrying a bad check from 1997 that I haven't been able to collect on. One lady wrote me a check, thanked me for squeezing her into my schedule, got the check back from the bank two days later, she stopped payment on the check. Sued her and won, but still haven't collected my money. No wages to garnish since she wasn't working anywhere. Some people game the system, and I hate them.
#5
One thing a lot of people overlook in their financial planning is to have rich parents.
Display Name 1 year ago
Very true, most wealthy people look at themselves and take all the credit forgetting mommy and daddy paid for college, bought them their first car, put them up in their first house, etc. Like if I had the opportunity to f**k around and party in college until I get ready to graduate with no consequences I'm very sure I'd be much more successful than the successful people. They have no concept the world doesn't work the way their world works for everyone. Like equal the playing field and I'd crush them because I know how to do things without a handout.
#6
As mentioned above, when you’re making money… pretend like you’re not. I’ve possessed this mindset since 2020 and am the most financially secure I’ve ever been. Spend less than you earn — it can be so much simpler than people make it out to be. Creating a budget spreadsheet of your weekly/monthly expenses can be super helpful too.
Of course, many of the people in this thread gave similar advice. Don’t spend more than you have is common sense, but the advent of credit cards and “easy” credit, in general, has caused many a bankruptcy (and even a whole financial crisis) as people underestimate risk and overestimate their own income.
#7
Have you tried exploiting the labor class? I hear it works wonders
#8
My great uncle was a pretty wealthy individual. His advice?
"When it comes to finances and making money, I only listen to those who have more of it than me."
FakeOptimist 1 year ago
Not sure about this one : I haven't had avocado toast in my life, so ppl like Musk telling me how to run my life........ Not sure.
#9
Stop spending all your damn money. Literally everyone I've talked to who complains about being poor has a car payment, lives in a house bigger than me, takes vacations a couple of times a year, eats out on the regular and buys all kinds of stuff they don't even need or really want. They hemorrhage money just on everyday expenses. Meanwhile I'm driving a beater (that is paid for) and I live in a very modest house (that my friends mock me for and tell me I'm living too far below my means). I eat out maybe once or twice a week and by eating out I mean a meal at a drive through. I'm not spending $100 on steak dinner. I pinch every penny and can easily go 3-4 days or longer without spending a dime. Shockingly I have more money than them which I invest.
Sometimes, one can be overexposed to money and money-related topics throughout the day. There is really no way of getting away from it in this day and age. It’s a topic so ubiquitous that some activists have formed a “Free Money Day” where participants literally give random people on the street some bills or coins. The money given away is not life-changing, but the idea is to stimulate discussions about the role of money in society.
#10
Live under your means and start saving early. Compounding is your friend.
#11
Not sure if you would consider me "wealthy" but in my mid 50s, I have no debt and a house and 2 cars that are paid for.
How did I do it?
Well, I saved like mad, drove used cars, brought my lunch to work every day to save money, never took big fancy vacations and do not buy many luxury items like expensive clothes, watches or luxury cars.
I shopped at Goodwill and thrift stores and bought most of my furniture second hand and re-finished many pieces. Never bought steak or fancy foods at the grocery store, either.
I often bought nice used cars or trucks and paid them off in 4-5 years and drove them for another 4-5 years while saving that car note money or using that money to help pay my house off earlier. My current pickup is 5 years old and my car is 7 years old but both are now paid for and still in great working shape.
Living below my means, while not really making what I consider a high salary, is pretty much how I did it. Not easy to do in this hyper-consumer world. You have to be willing to do with less or without certain things NOW, so you can have an easier life later on. In my mid-50s now and damn am I glad I did this!
I am now surrounded by peers, relatives and friends in their mid 50s that did the opposite and they STILL have tons of debt, car notes and a long ways to go in paying off their houses. Now they LOOK wealthier than I do, but in the end...who really is more "wealthy?"
#12
Networking is really a thing, it's f****d up but the more people you meet that are dojng something and we'll of the more opportunities you will get.
Two_rolling_black_eyes 1 year ago
This is the most important thing. Study after study shows that 70-85% of all jobs are obtained via someone the applicant knew. If John is a good worker and recommends Sally for a job, the boss will almost always look at Sally over a random resume sent in. We are a social species and will almost always go with what someone we trust tells us over an emotionless choice to pick someone who no one vouched for.
Of course, “stimulating discussions” don’t pay the bills, as most people can guess. Hence the question to people with money is, how does one get it? While it makes sense to “go to the source,” these days, more and more money is inherited, not necessarily earned. While a person living off family money is by no means automatically less intelligent than someone else, they might not be the best source of information for how to get there from zero.
#13
Depends on your definition of wealthy, but the simplest way - Do well in your exams, choose a lucrative field of study at university, intern at a reputable company and you’ll do very well following graduation.
The other biggest tip I have is to know your worth. If you’re being undervalued, find employment elsewhere. Loyalty to an employer that doesn’t respect you is a fools game.
Two_rolling_black_eyes 1 year ago (edited)
#3 (interning) is the wealthy helping other wealthy people continue the cycle. A poor person needs a paycheck to pay the rent. An unpaid intern is only that way because they have someone else paying their bills while they work for free. The poor person who aces every exam in their area of study has to take a paid summer job or they don't have rent money for the next semester.
#14
I wouldn't say I'm wealthy but I left school at 16 with no qualifications, at 19 I ended up working for an insurance call centre as a call handler, soul crushing work for £15,000 a year.
Did that for 2 years, became a complaint handler because I had a natural ability at handling angry customers. So bumped up to £17,000 a year
Started to get pretty well known as I was now on a smaller team and working with more managers. Then a job opportunity came up for the audit team, I thought f**k it the interview would be good practise, somehow I got it mostly because of my reputation, that bumped me up to £30,000
Did that for 6 years, got a lot of experience dealing with stakeholders, execs, project work.
A job came up for a specialist project lead, I was not qualified but decided to take a punt, why not. They were very interested in me despite not being qualified and landed an £80,000 salary
From no qualifications to bringing home £4500 a month after tax a month I think is pretty good.
I guess it's all about getting involved in the right company, networking and just moving forward anyway you can and taking chances on promotions and opportunities even if you don't think you're qualified, if they are interested in you as a person they'll make it work
Lyone Fein 1 year ago
Takeaway: Stick with one company. Network and make connections. Be a problem solver. Keep on the lookout for opportunities that come up. Take a chance and go for said opportunities. Rinse repeat.
#15
Cut out the waste. It’s not how much you make, it’s how much you keep. Too many people start making the good money and start to show off. Fancy clothes, fancy car, expensive house. All their money is going to interest and waste.
The wealthiest people I know don’t flaunt it. They’re some of the cheapest people I know, because they didn’t get rich by wasting money. You couldn’t tell it by looking at them, because their money is in the bank, not on display.
Display Name 1 year ago
You can't keep money if you have to spend it. Being poor is more expensive than being rich I can't stress that enough. The more money you make, the smaller the percentage of what you make is required for living expenses. Assuming you're not an idiot with your money.
This trend is more and more present if one digs around enough, to the degree that some journalists have labeled these people “nepo babies.” Many famous actors, actresses, musicians, and other creatives, it turns out, have parents in the industry or are just wealthy enough to buy their way in. But in the pre-modern era, nearly all wealth was inherited, so don’t give up.
#16
I've never considered myself wealthy, but I did buy my first home before I was 30 so I guess that makes me wealthy.
I think seeing real demand is something that is often overlooked. A lot of the time (especially young) people are trying to get rich in ways they see other people getting rich. They're learning coding to make the next killer app. They're starting up Youtube/Twitch channels to try and build an audience.
**People who get wealthy (other than generational wealth and executives of larger corporations) see a demand that needs to be filled and fill it.**
Simple thing, my wife's great grandfather found out that there was a demand in the oilfield for wood shavings and they were paying a fairly sizeable sum for it. He went to every single wood mill sweeping wood chips and shavings off of the floor and then putting them into boxes. The wood mills were happy to get rid of their garbage for free and he was happy to sell this stuff for an absurd price. Once the wood mills realized that there was money to be made on shavings they gave him an exclusive contract and now all he had to do was come pick them up. Before long he had pick up and delivery men and a small shipping fleet. He sold his company, retired... bought a plane... and then died. Even today his surviving family members are still incredibly wealthy.
Tim Nicebutdim 1 year ago
And back then it worked, can imagine that today? Small guy sees a gap in the market, starts making money, multinational sees him and pulls the rug from under him by offering the same thing cheaper.
#17
To me... this is the most overlooked way to earn money and become wealthy:
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it."
It isn't fast. it isn't sexy, it takes many, many years before you really see the fruits of your labors. but if you can figure out how to stay away from consumer debt, especially on things that deprecate in value... while maximizing investments in things that bring value... you can become "wealthy" even with a fairly modest income. If you start investing consistently and modestly at age 20, you will have a significant amount of money at age 45, and millions by the time you hit your 60s. If you start at age 45, you can enjoy life, and still have a nice nest egg at age 65.
#18
Location. We made most of our wealth being the only Hardware & Marine store on a a small island.
#19
I’m not wealthy however I grew up with my needs met however on and off welfare and am now middle class - so I have jumped up an economic class.
What has helped me has been recognizing that nearly every minute of every day - when I leave the house, when I use my phone, when I watch TV, someone is trying to take my money from me via advertising.
Once you really think about it, if you have shelter, food, a bed, clothes and shoes, a mode of transport and your medical needs taken care of - you don’t really NEED anything else.
Don’t let yourself get brainwashed into buying stuff you don’t need!
So forgoing useless extras you can save your money to improve your situation, such as education (you don’t even need to go to a fancy college, a community college is a fine place to start). Or even spend money on what you truly value, like travel.
#20
I’m not wealthy by western wealthy standards, but I grew up in poverty and now own a home in a very expensive city, have lots of money in both retirement and regular savings, and have no debt. I started saving for retirement when I was 20. Any time I get unexpected money, I buy myself a small treat and tuck the rest away. I allow myself a set amount each paycheque to spend mindlessly, and the rest gets saved. I drive a 20 year old vehicle, have a 5 year old phone, buy stuff second hand, and limit myself to a lunch or coffee out once or twice a month.
Maybe this is more about saving money than earning it, but still useful info.
Tim Nicebutdim 1 year ago
But did you enjoy yourself? Or did you dedicate your life to making money?
#21
A lot of people simply MATCH what their employer puts into their 401k. They only contribute up to that amount. That’s a huge mistake. If you are able, you should max out your 401k every year with pre-tax funds. This lowers your tax liability to the government. You’ll pay taxes later in your Golden Years when you pull your money out, but you should be in a much lower tax bracket. The way I looked at it every payday…”I don’t get to keep this money either way. Now do I want to pay it to MYSELF (401k) or pay it to the Government (in year end taxes). I chose door number 1 for over 20 years.
#22
Don't get stuck with analysis paralysis, it's real. Focus on the small steps that push your business forward. For example, don't worry about how you will be able to ship 1000 items a day when you're selling 0 items a day.
#23
Stop spending it.
Most people are actually pretty good at offense (making money). It's their defense (keeping money) that sucks.
1. Start a budget sheet.
* Track all your expenses into various categories, and track *ALL* of them. Yes even that $1.50 candy bar. Track it all
* This will tell you where your money is going
2. Reallocate your spending habits
* Set "caps" on your budgetary categories. Like "Only $200/mo on entertainment" and stick to it.
3. Pay yourself first
* Put money into your investment accounts *FIRST*, then spend on luxuries.
>Do not save what is left after spending.
Spend what is left after saving.
[Also all hail the chart](https://i.imgur.com/lSoUQr2.png)
If the chart looks low-rez, you're probably on mobile and "conserving bandwidth". Try asking for the desktop version.
Summertime_Sadness 1 year ago
All the saving tips in the world aren't gonna help when businesses pay $13 an hour and rent is $2000 a month. You aren't not rich because you're doing something wrong, you're not rich because capitalism isn't designed to benefit you.
#24
Little things add up.
Eating out every day, even if it’s just $5, can turn into hundreds or thousands by the end of the year. Replace one or two meals with something from home (can cost as little as $2 per serving) can not only save you money, but teach you to cook and make something more nutritious and health.
Lyone Fein 1 year ago
NEVER eat out. I cook all my food at home. I save so much money. And now whenever I think about going out, I look at the menu and feel like why bother? I can usually make better tasting meals for so much less!
#25
I'm not super rich by any means, but I'm well off. Everyone knows that you can do well by going into business or finance, tech, medicine, and law, but people seem not to realize that *teaching* those things can be pretty lucrative as well. Being a professor in a professional school like law or medicine is a very sweet deal. It's hard to make under 150k in the US doing those things, and top earners - usually in med schools - are bringing in 500k from salary alone.
#26
Helped a family member with their antique collections business when that was a really big thing back 10-15 years ago. Like the top comment said... Don't worry about how you're going to ship it if you can't sell a single item. Get your stock up. My family member literally had a garage, two bedrooms, a hallway, a shed, two storage containers and a trailer storage unit full of antique items all neatly stacked, marked and put into a system. We spent about a week listing it on eBay only to have scammers and Karens destroy weeks of hard work with frivlous claims. We completely overlooked the idea of listing these items on other sites or even offering them up on auction sites. So we went back to the drawing board and spent another week taking photos one by one of each item. We uploaded them to whatever auction sites were accepting things like that and slowly but surely were seeing some results for the items. Eventually got a call from someone wanting to offer a lump sum. I won't disclose it for my family members privacy and respect. She accepted it.
TLDR: Think outside of the box. eBay isn't always the answer.
Awkward lady 1 year ago
Given the fees that eBay charges, they are quite right. I've stopped selling there now, use local auctions instead.
#27
Networking and asking questions no matter what.
Any time you don’t know something you need or want to know, ask someone and figure it out. It’s not embarrassing and even if it is knowledge is power but a lack of knowledge is an obstacle.
For instance, I could never seem to get local grant money or anything from the gov for startups. I just randomly asked a guy who I knew did receive some through FB messenger. He turned out to be very helpful and basically walked me through it. Gave me people to talk to that I’d have never found alone, because a lot of this stuff isn’t advertised it’s just done in the know amongst local business.
I could have avoided looking like a noob at raising money and never got a dime from the gov but instead I just asked a question and it turned into money.
This applies to other things to.
Over hear a guy at a Walmart complaining about a fence painting? Ask if they’ll let you paint it.
Stuff like that, just a single question can turn into money
Ima Manimal 1 year ago
Networking is overrated… It just invite more people with intentions to screw you over.
#28
When you're making money pretend like you're not. All you gotta do is save for a few years. Then you do whatever makes you happy for a business. It takes just a few years of living broke while making money. It's a grind but years down the road it will feel like it went by fast.
#29
Have a wealth strategy:
The hardest path is having a job/career where you are just renting your time to someone else. This is most salaried corporate jobs and hourly pay jobs. To become wealthy doing this long term, you need to rent yourself at a pretty high pay rate and live well below your means for a long, long time, saving and investing well.
More realistically, your career needs to involve building equity in something. That could be starting your own business, or could be getting equity in someone else’s business as part of your compensation. As mentioned before, there’s no need for this to be anything innovative or sexy. Just something you are able and willing to put the effort into to be competitive and make happy customers.
Another way of building equity is having a job with a generous defined retirement/pension program and taking full advantage of it. Cops and teachers, for e.g., while not considered to be particularly wealthy, often have good retirement programs that allow them to retire early (as early as age 50), and draw a pension equal or nearly equal to their salaries when they were working. Private pensions can be risky, because they can be gutted as part of a corporate bankruptcy restructuring. But, depending on your wealth goals (ie. you want to retire early and live comfortably vs. always want to fly 1st class) some state and federal defined pension programs are good ways to go.
Ima Manimal 1 year ago
Is this Elon Musk or Donald Trump posting this “out of touch with reality “ bull$#it?
#30
TLDR: Cutting cost (cheaper services or products) , Avoid paying Interests,
I have earned about the same amount my entire working life except up until about 2019 when my bi monthly income exploded by 1/3 more, or about an extra paycheck.
I consider myself not wealthy as in spending like theres no tomorrow but i am 30 years ahead of my peers when it comes to money.
House is paid off, golden investment property paying off, extra rental income, Cars have been paid off for the last 7 years. Wife makes enough money to be happy. Only debt is under 6k. 15k in savings in the bank, Pension set to help me retire at 54, Deferred comp set to make me comfortable.
Two checks a month that dont go into any bills. (3k)
My trick, has always been avoiding paying more than i had too.
I remember the moment my strategy flicked on a light bulb. All i did was after 5 years change cellphone providers. I was paying 250-400 for my cellphone bill and wifes. It was frustrating As f**k as it was 24-40% of one of my checks. Then Car insurance being another $250. Then Credit card debt, That's what killed me. Paying $100 dollars a month credit card debt for a year and still only paying off like 40% of the actual debt.
When i did the math, i tore up that credit card and paid it off asap. Then NEVER again, took on credit with interest rate. Any time i've had to borrow, its always on 0% for one year and i limit what i borrow to be able to pay it off in that year.
My car being the exception, but i got lucky on 2.9% interest rate.
#31
Most people overcomplicate things and they just need to make more money from their job.
I see way too many people trying to time the stock market (aka gambling) and falling to fake gurus with get rich quick schemes. They waste time spinning their wheels on the dumbest s**t when it could be aimed a slow but steady approach.
Becoming wealthy from nothing is a slow grind for most people. I went from cleaning up garbage for college kids at 30 with an arts degree to taking night classes in tech and 10x'ing my salary in 10 years. Did a Masters in 2.5 years with a 50 hour a week job and very little math/tech knowledge.
Grinded how interviews worked, increased my income 2x and went from 50 to 40 hours out of school. Then 2x'ed that at my next job a few years later. Increased my income there 50% in that time due to internal transfer and becoming a senior engineer. THEN job hopped and nearly tripled my income then, so in a span of 7 years I over 10x'ed my income and work less hours.
I still make coffee at home and don't get much take-out, but many fall into the trap that that is all they have to do is tighten their belt (you still should though). That $100 you save on coffee is great, but you'll get a lot further making $200k vs $50k.
#32
I work with a bunch of people who get paid about two hundred thousand dollars a year to barely ever do anything. So I would recommend doing this too, by joining us in the exciting world of big tech.
The easiest path into big tech is teaching yourself programming. Programming is easy but people convince themselves it's hard because of the way it's portrayed in movies. Working on a team of programmers requires a lot of social skills, but people without social skills keep deciding to become programmers. So if you have even just mediocre social skills, and no programming skills, you'll thrive. All the other entry level people will have actively terrible social skills and no programming skills, and so be worse by comparison. You can actively detract value from the team for years with your terrible programming skills and still get paid anyway. Eventually you will learn to actually program will just by merit of screwing up enough, which is how everyone else also learned to program.
The second easiest path into big tech is being a PM. There are many different kinds of PM (program manager, product manager, producer) but none of them require any actual skills or training. You just have to be confident. If you are a confident person with no other skills or knowledge, you'll thrive as a PM. Just tell the programmers to build what your boss wants them to build, and then wait for them to build it. It's okay if it's not actually valuable; 99% of projects are expected to fail in big tech anyway. You will get paid even if it's all worthless.
The third easiest path is designer. To be a designer you have to dress in a hip way and say things that make people think you know what you're talking about. The programmers and PMs will be annoyed by you but if you dress right they'll believe you're good at your job. You'll probably eventually have to actually cook up some Figma designs, but if the programmers take them and throw them in the garbage can, it's fine. You'll get paid anyway.
But beware of trying to be a visual designer. Making art is fun and it is neat to get paid hundreds of thousands of dollars to make art all day, but that job requires actual competence. You have to be better at it than other people, or else everyone will be able to tell and they won't hire you. It's much smarter to be an "experience designer" where no one can tell competence from incompetence, like with PMs and engineers.
All these jobs will make you into a person with millions of dollars in the bank eventually. If you're like 100% of people in big tech, you will insist that you are not actually wealthy and scoff at any suggestion to the contrary. But the people who serving you $9 coffees will be the same people paying you rent after you bought some property to avoid the taxes from your last bonus. So even though you'll never consider yourself wealthy, 99% of other humans on earth will. Plus they won't get paid to just completely f**k off all day. So I highly recommend this path.
#33
I have a sibling that always worked hard. Then he married his wife. She worked days, he worked nights. On weekends they'd sell snacks and drinks at the ball park. They got jobs stocking trim at Home Depot. They saved. They bought a grease trap business with only one truck. They are now multimillionaires.
#34
Saving and not falling prey to lifestyle creep. I give this example to a lot of the new grad nurses I work with. In my state a new grad nurse makes about $90k. This is enough to live a very comfortable life here (big house, newer cars, etc). Many of them are married to other nurses, so it's not unreasonable to save 50% of your income.
If a married par of nurses saved $70k/year (totally possible because I personally did it on a dual nursing salary) for your entire career starting at 20. You'll be a millionaire by 30, have about $3.5m by 40, and if you did it until 60 you'd have roughly $20m
#35
Small in comparison to other’s comments, but utilizing a high yield savings account, and setting up monthly transfers (no matter how small!) to automatically pull into savings or investing. If it’s already gone I don’t miss it, but if it’s there I often spend it!
#36
Overlooked ways to make money?
I think mostly people overlook ways to make money is by limiting beliefs.
“I need money to make money”
“I need a programmer to develop this idea”
“I need an investor”
“I’m not smart enough”
“I’m not qualified”.
I’m a high school dropout, and I knew I wanted to be rich since I was 11. Took me till 26yo to make my first million.
What I did was I wrote 100 ideas for making money. Then picked the 10 best ideas.
My criteria was:
- ideas I believe can make over $1m/yr
- ideas I can execute on my own, or learn the skills needed to do so
- ideas that require no money (or affordable for my broke a*s without risking food or rent)
- ideas that can be done in the amount of time I had (had a day job most of the time)
Out of the 10 ideas 8 ended up not fitting the criteria in real life, and 2 failed.
Write another 100 ideas, picked 10, they were better than the last 10, but they still mostly failed.
Repeat.
I ended up starting about 80 projects (=ideas picked out of long lists), until I found one that I was able to pull off.
I counted once, I think it was 83 ideas that failed (due to being bad ideas, me f*****g up execution, or bad luck).
Perseverance is key. Might even be the only trait that is actually a must.
#37
Don’t forget the passive income sources. If you can invest in small real estate when you’re young and rent it out, and then sell it for equity, reparar for 20 years, you’ll have several hundred thousand extra just out there making retirement money for you. But in the meantime at your day job, you still need to work your a*s off.
Oleksandr Miliukov 1 year ago
ok, I'm young, I have $1,50 to spare. What real estate should I look for?
#38
My brother's best friend went on a full ride academic scholarship to an ivy league school for engineering, started working immediately out of university, with a plan to retire at 40. Bought a cheap condo inland San Diego, never did a single update in 15 yrs. Sold it for a small fortune. While he lived there (and I paid rent for a room), he used rags to wipe his butt, one single sponge to do dishes, wash counter top, clean floor/messes. Had only a couch in the living room. All that was in his bedroom was a twin mattress and a lamp, both on the floor, with a book called "How to Retire at 40" or something. He worked and vacationed in Indonesia, Bali, and other cheap islands. He retired completely at 40 and bought some land and a hut in Thailand and has lived there the last 10 yrs, runs an animal rescue out of his farm with his wife.
#39
Not me, but my father’s word
You literally cannot be rich without working hard. And don’t expect it to happen in a few months. It will take many years. And you gotta create your business to at least get millions. Work hard. Nothing will come if you aint working hard
#40
The best way to build wealth is to fill a gap in knowledge between two parties. This can be a buyer and seller, a service provider and a client, or any number of arbitrage schemes. Acting as a middle-man in these knowledge gaps is how people get wealthy.
Ima Manimal 1 year ago
No. Right now in business, everybody is trying to cut out the middleman… Because the middleman is nothing but a mooch.
#41
I'm on a good track these days so thought I'd join in the convo. One thing I have found in my business is how often folks hire others to do things that could possibly be learned with a bit of time & effort.
I.e. paying for a web designer vs learning how to maximize an existing template. Learning about SEO & Google business analytics to make your business more easily visible in searches. Creating your own system for scheduling vs paying a ton for a scheduling platform.
It takes time and effort, but it's really easy to outsource aspects of your business, when in fact you can save a ton by trying to learn as many aspects of business infrastructure as possible. And in case the math isn't obvious. Fewer expenses = more money
Ima Manimal 1 year ago (edited)
So, you can save a s**t ton of money by not hiring professionally trained people, get some poor ones and teach them a little bit, and then pay them in pennies… And it’s supposed to be a win-win situation. And then act all surprised when the poor trainees don’t measure up to those who have gotten degrees for the same s**t that you’ve tried to cheap out on.
#42
Investing in real estate. Buy one property then you can escalate it to several others.
#43
1. Spend like you’re still broke (no big vacations, no fancy restaurants, etc.)
2. One well paying job is fantastic. Two means you’re exhausted but retiring a decade early.
3. Learn about the stock market and proper money management.
4. Finding a “side hustle” that is both needed in your area and lucrative is a damn good move if you aren’t working two jobs.
5. Lastly, consider work-from-home for multiple companies. If you are working from home and find yourself wasting half your day, get a second position doing the same thing with another company.
#44
I don’t consider myself wealthy - but as an IT Consultant, i was an employee, and earning “ok” money.
I left and started my own business - only me, freelance and contract IT guy - no plans to hire staff or expand - but I’m still 2.5x my prior salary.
I’ve been in IT for 30 years, and know my stuff. Not an overnight success.
Anyhoo - the only way to earn GREAT money is to run a business.
You won’t EVER get wealthy as an employee.
EDIT : As a manager or higher-up in a big company, partner in a law firm - YES, can make good money.
I’ve gone solo / self employed - and earning CEO money. Essentially taking ALL the fee earning $, without any management levels above.
Simply answer - work hard, don’t think about the money, and it will come…
Display Name 1 year ago
Exactly. You can't become wealthy as an employee because your job is to make someone else wealthy. You have to be the person the people work for, not the person who works for the people.
#45
Download a stock app. Buy apple. Thank yourself in 10 years
What do you think ?
Nicole Brookus 1 year ago (edited)
We of Gen X had to deal with the Great Recession and it was no picnic, but it's harder now. There is too much advice here that assumes people in their 20-'s and even 30's have been dealt the same deck. Yes, anyone who isn't already should start saving anything they could even if it's $5 a month, and stop spending money on expensive non-essentials. But it's not a cure. Those of us in our 40's and 50's that had it a bit better need to vote for better policies and if you own a business for heavens sake pay an actual living wage.
albernistuff 4sale 1 year ago
A lot of the 'successful' people who posted here suffer from the same "survivor bias" that folks blame boomer for. Just because they were able to start with enough income to be able to afford to scrimp and save, and get the their investments rolling, doesn't mean the playing field is level. Sudden injury? savings gone. Single parent who has to kept lights on and food on table? I am one of GenX who has managed to actually 'level-up' and I am NOT complaining about my own situation. What grinds my gears is the fact that so many of these postings are self-congratulatory essays that basically blame the impoverished person for their own poverty.
Lauren S 1 year ago (edited)
This list is not for every income bracket. Here would be my best advice: 1) Clearly define wants vs needs, what expenses are basic living expenses? Rent or mortgage - need, but living in crappier areas or in smaller apartments/houses may help lower this cost. Utilities - need, not a lot of ways around this one. Cellphone - kind of a need, but you can get less fancy phones and not use data, only wifi. TV - complete want but also a big source of joy for people, tons of options, cable is insane so pick one or two affordable streaming services and if you miss out on some series, you miss out. Food - need, but there are ways to reduce this too, give up brand loyalty, combine coupons with store deals, and check the price per unit, bigger is not always cheaper, store brand is not always cheaper, stop and do the math, the little bits add up. Eating out, eating organic (sorry), eating fancy meats - all wants. Gas/transportation/car payment - need, but don’t get the fancy pretty car, (1/4)
Lauren S 1 year ago (edited)
Research reliable cars to try to cut down on unexpected costs. Don’t forget to include car insurance. Clothing - need, but try places like Ross or discount stores. We did some of my kids clothes at thrift stores because a) he wasn’t going to wear it long b) he was too little for him or peers to care about brands. So if you can’t stomach thrift stores, places like Ross. Idk what category they are so some one help me out because I’m sure this isn’t global. Do you really need multiple pairs of sneakers? Keep work shoes neutral to match more colors (gray or tan work better than navy or black). But don’t skimp on bras if you are at all top heavy, but take care to hand wash or gentle cycle wash them to last longer. Im sure I’m missing things but my brain is done at the moment… 2) Only use credit cards like debit cards, or don’t use them at all. When you have no cushion for emergencies, we tend to fall to credit cards to save us, but in the long run it screws you. (2/4)
Load More Replies... Nicole Brookus 1 year ago (edited)
We of Gen X had to deal with the Great Recession and it was no picnic, but it's harder now. There is too much advice here that assumes people in their 20-'s and even 30's have been dealt the same deck. Yes, anyone who isn't already should start saving anything they could even if it's $5 a month, and stop spending money on expensive non-essentials. But it's not a cure. Those of us in our 40's and 50's that had it a bit better need to vote for better policies and if you own a business for heavens sake pay an actual living wage.
albernistuff 4sale 1 year ago
A lot of the 'successful' people who posted here suffer from the same "survivor bias" that folks blame boomer for. Just because they were able to start with enough income to be able to afford to scrimp and save, and get the their investments rolling, doesn't mean the playing field is level. Sudden injury? savings gone. Single parent who has to kept lights on and food on table? I am one of GenX who has managed to actually 'level-up' and I am NOT complaining about my own situation. What grinds my gears is the fact that so many of these postings are self-congratulatory essays that basically blame the impoverished person for their own poverty.
Lauren S 1 year ago (edited)
This list is not for every income bracket. Here would be my best advice: 1) Clearly define wants vs needs, what expenses are basic living expenses? Rent or mortgage - need, but living in crappier areas or in smaller apartments/houses may help lower this cost. Utilities - need, not a lot of ways around this one. Cellphone - kind of a need, but you can get less fancy phones and not use data, only wifi. TV - complete want but also a big source of joy for people, tons of options, cable is insane so pick one or two affordable streaming services and if you miss out on some series, you miss out. Food - need, but there are ways to reduce this too, give up brand loyalty, combine coupons with store deals, and check the price per unit, bigger is not always cheaper, store brand is not always cheaper, stop and do the math, the little bits add up. Eating out, eating organic (sorry), eating fancy meats - all wants. Gas/transportation/car payment - need, but don’t get the fancy pretty car, (1/4)
Lauren S 1 year ago (edited)
Research reliable cars to try to cut down on unexpected costs. Don’t forget to include car insurance. Clothing - need, but try places like Ross or discount stores. We did some of my kids clothes at thrift stores because a) he wasn’t going to wear it long b) he was too little for him or peers to care about brands. So if you can’t stomach thrift stores, places like Ross. Idk what category they are so some one help me out because I’m sure this isn’t global. Do you really need multiple pairs of sneakers? Keep work shoes neutral to match more colors (gray or tan work better than navy or black). But don’t skimp on bras if you are at all top heavy, but take care to hand wash or gentle cycle wash them to last longer. Im sure I’m missing things but my brain is done at the moment… 2) Only use credit cards like debit cards, or don’t use them at all. When you have no cushion for emergencies, we tend to fall to credit cards to save us, but in the long run it screws you. (2/4)
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