16 answers
COdy
Student
Pflugerville, Texas
1
Question
Asked
1154 views
How do you get rich?
I play basketball but i want to go into business and marketing. #marketing #business #sports #business-management #communication
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16 answers
Zoe Ye
Auditor
13
Answers
Los Angeles, California
Updated
Zoe’s Answer
Hi Cody,
A simple advice I can offer is to follow what you are passionate about and what energizes you. If what you choose as a career invigorates you and keeps you excited everyday, you'll naturally have the drive to help you succeed in any field.
Monetary wealth is only the by product of the success and fulfillment you get from doing what you truly enjoy. If you chase after it while neglecting what you are passionate about, the journey could be much harder and less bearable. That is the rationale behind why many people go into a field for the compensation only but quit quickly because their interests do not align with their career choices.
A simple advice I can offer is to follow what you are passionate about and what energizes you. If what you choose as a career invigorates you and keeps you excited everyday, you'll naturally have the drive to help you succeed in any field.
Monetary wealth is only the by product of the success and fulfillment you get from doing what you truly enjoy. If you chase after it while neglecting what you are passionate about, the journey could be much harder and less bearable. That is the rationale behind why many people go into a field for the compensation only but quit quickly because their interests do not align with their career choices.
Anthony Johnson
Account Executive
22
Answers
Atlanta, Georgia
Updated
Anthony’s Answer
Hi Cody - if you find out the answer to this one please let me know! All kidding aside, I'd encourage you to listen to this podcast:
https://podcasts.apple.com/us/podcast/how-to-get-rich-every-episode/id1454097755?i=1000440401437
It's very insightful and should put you on a path to find your answers. My biggest takeaways from this:
1. Focus on creating wealth
2. Be a "builder" or "creator"
3. Stay true to yourself
4. Learn how to effectively communicate
https://podcasts.apple.com/us/podcast/how-to-get-rich-every-episode/id1454097755?i=1000440401437
It's very insightful and should put you on a path to find your answers. My biggest takeaways from this:
1. Focus on creating wealth
2. Be a "builder" or "creator"
3. Stay true to yourself
4. Learn how to effectively communicate
Christopher Allen
Sales
8
Answers
San Francisco, California
Updated
Christopher’s Answer
Differentiate between getting rich and being wealthy.
If you want to get rich, work really hard and save every dollar. Or just win the lottery.
There's a million ways to get rich. But there's only one way to be wealthy.
Think about how money moves and how you can generate cash flow. Have you ever wondered why a company like Amazon has never made a single dollar in profit but rewards its creator as a billionaire?
Because he's figured out a way to make a cashflow of $200 billion per year.
If you want to get rich, work really hard and save every dollar. Or just win the lottery.
There's a million ways to get rich. But there's only one way to be wealthy.
Think about how money moves and how you can generate cash flow. Have you ever wondered why a company like Amazon has never made a single dollar in profit but rewards its creator as a billionaire?
Because he's figured out a way to make a cashflow of $200 billion per year.
Michael K
Director
5
Answers
Atlanta, Georgia
Updated
Michael’s Answer
https://www.bogleheads.org/forum/viewtopic.php?t=19085
How To Get Rich
1) Make a lot of money
a. Get well educated AND learn a trade/job skills/a profession that pays well. It is much easier to have a high net worth when you have a high income
b. Don’t stop learning when you leave formal schooling
c. Work hard
d. Be willing to take reasonable risks
e. Consider being an owner rather than an employee
2) Don’t spend a lot of money
a. Start saving early. Remember that every dollar you save in your twenties and thirties is 8 times as valuable as one saved in your fifties
b. Don’t be all hat and no cattle
c. Rent your lifestyle (Don’t buy a boat, a time-share, a second house, a plane etc) Keep your fixed expenses low so when hard times come you can cut your lifestyle back rapidly
d. Realize that buying a house or cars that are too expensive for you will likely keep you from getting rich. The big things matter most
e. Be prudently frugal and selectively extravagant. Be sure that you are spending your money on the things you value most
f. If you can’t afford to pay cash for it, you can’t afford it. The only exception is a house (because it will generally appreciate at just over the rate of inflation), where the rule is if you can’t afford to put 20% down and use a 15 year fixed mortgage you can’t afford it
g. Marry well, marry once, marry someone who shares the same thoughts, or with whom you can work out an acceptable compromise beforehand, on “The Big Four” (Money, Religion, Kids, and Sex) and STAY MARRIED
h. Credit cards aren’t for credit; if you have paid interest at a higher rate than 3% or paid a late or over-the-limit fee more than once you shouldn’t use a credit card
3) Make your money work as hard as you do
a. Read at least one good basic personal finance book, one good investing book, and one good behavioral finance book. Consider Personal Finance for Dummies , The Boglehead’s Guide to Investing, and Why Smart People Make Big Money Mistakes and How to Avoid Them.
b. Get the market return; use fixed asset-allocation, index mutual fund investing as your default strategy
c. Minimize taxes. Know the basics of the tax code, max out tax-advantaged savings accounts, and use them to your advantage
d. Keep investing expenses low
e. Understand basic financial calculations and lingo. Understand compound interest, the time value of money, financial risk, and the expected rate of return of various financial assets. Know how to use the excel functions-FV, XIRR, PMT, PPMT etc
f. Simplify your financial life. Put bills on automatic payment and investments on automatic withdrawal. Minimize the number of accounts you hold and the number of investments you have as much as possible
g. Understand why your savings rate matters a lot when you’re young and very little as your approach retirement. Understand why your investment return matters little when you’re young, more as you approach retirement, and a great deal during your first decade after retirement. Understand the concept of a safe withdrawal rate
h. See the end from the beginning. If you fail to plan you plan to fail. Have a written investment plan you can refer to when contemplating portfolio changes.
4) Don’t lose your money
a. Insure well against catastrophe-Life, Disability, Health, Liability, Property but self-insure whenever possible using a safe, liquid emergency fund (High benefits/limits but high deductibles/ waiting periods). Self-insure against medical expenses by maintaining a healthy lifestyle. After you retire, consider a single premium immediate annuity to insure against outliving your money and long-term care insurance to insure against having an extended period of dependence at the end of your life. Don’t mix insurance and investments. Cash-value (non-term) life insurance and variable annuities are generally products meant to be sold, not bought.
b. Get rich once, get rich slowly. Good investing is boring investing
c. Hire professionals to teach you, not just to “do it for you.” This includes accountants, estate attorneys, real estate professionals, and investment advisors. Be sure to bounce the advice you’ve received off someone with no conflict of interest in the transaction, realizing that no one cares about your financial success nearly as much as you do. If you are reasonably well-educated and interested, you can teach yourself to do your own taxes, sell your own house, and invest your own money
How To Get Rich
1) Make a lot of money
a. Get well educated AND learn a trade/job skills/a profession that pays well. It is much easier to have a high net worth when you have a high income
b. Don’t stop learning when you leave formal schooling
c. Work hard
d. Be willing to take reasonable risks
e. Consider being an owner rather than an employee
2) Don’t spend a lot of money
a. Start saving early. Remember that every dollar you save in your twenties and thirties is 8 times as valuable as one saved in your fifties
b. Don’t be all hat and no cattle
c. Rent your lifestyle (Don’t buy a boat, a time-share, a second house, a plane etc) Keep your fixed expenses low so when hard times come you can cut your lifestyle back rapidly
d. Realize that buying a house or cars that are too expensive for you will likely keep you from getting rich. The big things matter most
e. Be prudently frugal and selectively extravagant. Be sure that you are spending your money on the things you value most
f. If you can’t afford to pay cash for it, you can’t afford it. The only exception is a house (because it will generally appreciate at just over the rate of inflation), where the rule is if you can’t afford to put 20% down and use a 15 year fixed mortgage you can’t afford it
g. Marry well, marry once, marry someone who shares the same thoughts, or with whom you can work out an acceptable compromise beforehand, on “The Big Four” (Money, Religion, Kids, and Sex) and STAY MARRIED
h. Credit cards aren’t for credit; if you have paid interest at a higher rate than 3% or paid a late or over-the-limit fee more than once you shouldn’t use a credit card
3) Make your money work as hard as you do
a. Read at least one good basic personal finance book, one good investing book, and one good behavioral finance book. Consider Personal Finance for Dummies , The Boglehead’s Guide to Investing, and Why Smart People Make Big Money Mistakes and How to Avoid Them.
b. Get the market return; use fixed asset-allocation, index mutual fund investing as your default strategy
c. Minimize taxes. Know the basics of the tax code, max out tax-advantaged savings accounts, and use them to your advantage
d. Keep investing expenses low
e. Understand basic financial calculations and lingo. Understand compound interest, the time value of money, financial risk, and the expected rate of return of various financial assets. Know how to use the excel functions-FV, XIRR, PMT, PPMT etc
f. Simplify your financial life. Put bills on automatic payment and investments on automatic withdrawal. Minimize the number of accounts you hold and the number of investments you have as much as possible
g. Understand why your savings rate matters a lot when you’re young and very little as your approach retirement. Understand why your investment return matters little when you’re young, more as you approach retirement, and a great deal during your first decade after retirement. Understand the concept of a safe withdrawal rate
h. See the end from the beginning. If you fail to plan you plan to fail. Have a written investment plan you can refer to when contemplating portfolio changes.
4) Don’t lose your money
a. Insure well against catastrophe-Life, Disability, Health, Liability, Property but self-insure whenever possible using a safe, liquid emergency fund (High benefits/limits but high deductibles/ waiting periods). Self-insure against medical expenses by maintaining a healthy lifestyle. After you retire, consider a single premium immediate annuity to insure against outliving your money and long-term care insurance to insure against having an extended period of dependence at the end of your life. Don’t mix insurance and investments. Cash-value (non-term) life insurance and variable annuities are generally products meant to be sold, not bought.
b. Get rich once, get rich slowly. Good investing is boring investing
c. Hire professionals to teach you, not just to “do it for you.” This includes accountants, estate attorneys, real estate professionals, and investment advisors. Be sure to bounce the advice you’ve received off someone with no conflict of interest in the transaction, realizing that no one cares about your financial success nearly as much as you do. If you are reasonably well-educated and interested, you can teach yourself to do your own taxes, sell your own house, and invest your own money
James Newbery
Retail sales - training - leadership
40
Answers
Melbourne, Victoria, Australia
Updated
James’s Answer
Work hard, enjoy what you do, be there for others and can have a can do attitude - everything else will fall into place for you! :)
Javier Espinosa
Engineer
4
Answers
Los Angeles, California
Updated
Javier’s Answer
Cody,
Come up with great revolutionary ideas like Microsoft did and Apple. Your question is subjective as do you want to be rich or wealthy?
An education will help out. Try to go to the furthest education you can as possible without taking much school debt.
Once you start working, try to save up as much money as possible. Open up a savings account with interest. Deposit a big portion of your income into the savings every paycheck. Find a high paying job, make sure the company matches 401k, set up a IRA. These are steps for a future to retire early.
Just save up money, find a high paying job and try your best. Good Luck!
Come up with great revolutionary ideas like Microsoft did and Apple. Your question is subjective as do you want to be rich or wealthy?
An education will help out. Try to go to the furthest education you can as possible without taking much school debt.
Once you start working, try to save up as much money as possible. Open up a savings account with interest. Deposit a big portion of your income into the savings every paycheck. Find a high paying job, make sure the company matches 401k, set up a IRA. These are steps for a future to retire early.
Just save up money, find a high paying job and try your best. Good Luck!
Denise Knieriemen
Business Management
6
Answers
Arlington Heights, Illinois
Updated
Denise’s Answer
Cody, your question is very subjective.
Spend less than you earn.
If you have $1,000,000 dollars in the bank, and you owe $1,000,001 dollars you are not rich.
Educate yourself and choose a career that will provide a steady income stream.
Contribute to a 401K or similar retirement program.
Work for a company that provides comprehensive health care.
Outside of home and auto loans, don't borrow money.
Pay the balance on credit cards each month to avoid finance charges.
Be frugal.
These should get you started. Looking forward to hearing from others.
Good luck!
Spend less than you earn.
If you have $1,000,000 dollars in the bank, and you owe $1,000,001 dollars you are not rich.
Educate yourself and choose a career that will provide a steady income stream.
Contribute to a 401K or similar retirement program.
Work for a company that provides comprehensive health care.
Outside of home and auto loans, don't borrow money.
Pay the balance on credit cards each month to avoid finance charges.
Be frugal.
These should get you started. Looking forward to hearing from others.
Good luck!
Josh Roberson
Corporate Learning
2
Answers
Woodstock, Georgia
Updated
Josh’s Answer
Cody, I am happy for you that you are beginning to think about your future. Why are you interested in going into business or marketing? Is it because you want to be rich or because you have a passion for business and marketing? The most important thing you can do at an early age is chase after the things that make you happy. When you are able to incorporate the things that you enjoy doing and that you love, you will be successful. Others have given you some great advice here that is also important. Regardless of what career you choose, do not spend more than you make. Save for the future/retirement. Invest. I wish you all the best in your future.
Simeon Snow
Risk Assurance
1790
Answers
Houston, Texas
Updated
Simeon’s Answer
Of course, one has to have a significant enough income to do well, but beyond a certain point it is easier to get rich by being careful with your spending than by shooting for a higher wage. High salary jobs take a lot of networking, time, and luck to acquire and aren't guarantees. You'll realize really quickly that you don't have as much control as you'd like about increasing your wage and it comes at great personal and emotional cost most of the time. It's far easier to start budgeting and spending your money carefully. Learn to avoid debt and keep your expenses low. You don't necessarily have to live miserably to save. Just review your spending month to month and learn how to cut spending on things that don't have that much value to you.
Andrew McDonald
IT Architect
6
Answers
Wattle Grove, NSW
Updated
Andrew’s Answer
Here's my three step program:
1. Find something that people really don't want to do but none-the-less need
2. Do it, a lot
3. Profit
One thing I have observed is that there are many people out there who want to get rich and quite a few prepared to make the many sacrifices it takes to get there, but that's not enough. There's thousands of aspiring actors in Hollywood. One of them drove the tour bus I took to see the star's houses.
The key is to find something essential to people but unpalatable for some reason. Here in Australia, plumbers earn great money because people like me would rather pay a plumber than unblock their own sewer pipe. I have seen this effect in lots of places. Companies pay high prices for consultants that will handle complicated (perhaps dangerous) IT problems that they don't want to tackle on their own.
1. Find something that people really don't want to do but none-the-less need
2. Do it, a lot
3. Profit
One thing I have observed is that there are many people out there who want to get rich and quite a few prepared to make the many sacrifices it takes to get there, but that's not enough. There's thousands of aspiring actors in Hollywood. One of them drove the tour bus I took to see the star's houses.
The key is to find something essential to people but unpalatable for some reason. Here in Australia, plumbers earn great money because people like me would rather pay a plumber than unblock their own sewer pipe. I have seen this effect in lots of places. Companies pay high prices for consultants that will handle complicated (perhaps dangerous) IT problems that they don't want to tackle on their own.
Kathy To
Events Student Manager on Campus
43
Answers
Isla Vista, CA
Updated
Kathy’s Answer
Learn about financial literacy! You should read a book called Rich Dad, Poor Dad. When you learn how to manage money efficiently, everything else goes.
Christabelle Tani
Marketing Manager
12
Answers
Sydney, New South Wales, Australia
Updated
Christabelle’s Answer
I'm still trying to figure that one out myself. Lol.
Hi Christabelle, Can you please make this answer more helpful? Maybe you can share what you have learned on your journey to figure out the answer to this question? I'm sure Cody would like to hear more about that.
Gurpreet Lally, Admin
Lia Burke
Finance
4
Answers
San Francisco, California
Updated
Lia’s Answer
Start by getting an internship in your chosen field, the fact that you already play basketball will demonstrate that you are a team player which is helpful. Once you have a job begin saving and investing some of your paycheck each pay period
Angel Matos
Sales Manager
5
Answers
Kearny, New Jersey
Updated
Angel’s Answer
Manage your money by having goals and a plan to back it up. Goals without a plan is a wish. Don't wish to be rich, have a plan to make your money work for you. Take calculated risks.
Glen Ó Foghlú
Tech Support
9
Answers
Dublin, County Dublin
Updated
Glen’s Answer
You can be cash rich or you can be emotional rich? choose wisely! you can make all the money in the word and still be sad.... or you can be penniless and have all the good people around you... what do you want to achieve, cash or friends
Nicholas Kessler
Intern
41
Answers
Los Angeles, California
Updated
Nicholas’s Answer
Getting rich is about doing what you love and being the best in that field. Immersing yourself in this industry is what makes you succeed. Whatever you do in life, be passionate about it and never stray away from it. Put in the work, and the work will pay off