7 answers
ally
Student
Lubbock, Texas
1
Question
Updated
1571 views
how do people get rich on a daily basis and how do they get to be big ballin?
i literallyyyy am so confused because i see all these people ballin in miami and i’m tryna get like that. so how do people do it? like i’m so confused😭
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7 answers
Dave Scheff
Sr. Contracts Manager
12
Answers
San Francisco, California
Updated
Dave’s Answer
Ally, I'd bet that a whole lot of the folks you're seeing are living on credit cards - taking out loans on fancy cars they can't afford to pay back, running up huge bills at designer clothes stores and paying the minimum on their credit cards - getting into big trouble later. I suspect you're pretty young - so if you want to have some cool stuff and spend money when you're a bit older, I'd say the best idea is to save a little money every week and don't touch it - and when you get a job, get into the retirement plan even though it seems like that's a thousand years away, it'll build up over the years and you might even be able to retire early with plenty of money!
This is the way!
christine orzechowski
Brandon Moore
Service Desk Engineer
10
Answers
Council Bluffs, Iowa
Updated
Brandon’s Answer
In the United States, we operate under a loosely regulated capitalist system. This often leads to the perception of wealth being tied to debt. If you're thinking about the wealth of billionaires or millionaires, it's usually amassed by exploiting profits (which are unpaid wages) from the workforce. The goal is to get the most from your employees while offering the least possible.
The majority of people will dedicate their lives to selling their labor to a capitalist, making around 3k a month, but contributing 20k in products or services to their employer.
However, there's a silver lining. Fields like Information Technology offer robust and competitive wages. That's the advice I've given my son - pursue a career in IT, get educated in that field, and earn a fair income now to secure a comfortable life for your future.
If you choose to pursue a trade skill, ensure there's a union in place. This will help protect your interests and ensure you're compensated fairly for your work.
The majority of people will dedicate their lives to selling their labor to a capitalist, making around 3k a month, but contributing 20k in products or services to their employer.
However, there's a silver lining. Fields like Information Technology offer robust and competitive wages. That's the advice I've given my son - pursue a career in IT, get educated in that field, and earn a fair income now to secure a comfortable life for your future.
If you choose to pursue a trade skill, ensure there's a union in place. This will help protect your interests and ensure you're compensated fairly for your work.
Jacob Taylor
Production Manager
521
Answers
Stafford, Virginia
Updated
Jacob’s Answer
Achieving financial success and living a lavish lifestyle, like those you might see in Miami, often involves a combination of factors and hard work over time. Here are some steps and principles that successful people often follow:
1. **Education and Skills**: Many wealthy individuals invest in their education and skills. Consider pursuing higher education, vocational training, or skill development that can lead to well-paying jobs or entrepreneurial opportunities.
2. **Entrepreneurship**: Starting and running a successful business can lead to substantial wealth. Identify market opportunities, develop a business plan, and work diligently to grow your venture.
3. **Investing**: Building wealth often involves smart investing in stocks, real estate, or other assets. Learn about investment strategies, diversify your portfolio, and be patient, as investments typically grow over time.
4. **Savings and Budgeting**: Effective money management is crucial. Create a budget, save consistently, and live within your means. Setting aside a portion of your income for investments can accelerate wealth accumulation.
5. **Networking**: Building strong relationships and networks can open doors to opportunities. Attend industry events, connect with mentors, and surround yourself with supportive and knowledgeable individuals.
6. **Continuous Learning**: Stay informed about financial trends, business opportunities, and investment strategies. Continuously improving your knowledge and skills can lead to better financial decisions.
7. **Work Ethic**: Success often requires hard work, dedication, and persistence. Be prepared to put in the effort required to achieve your financial goals.
8. **Risk Management**: While taking calculated risks can be beneficial, it's important to manage and minimize potential losses. Make informed decisions and have a financial safety net in place.
9. **Innovation and Adaptation**: In a rapidly changing world, those who can innovate and adapt to new trends and technologies often find success. Keep an eye on emerging industries and opportunities.
10. **Long-Term Perspective**: Wealth accumulation is a gradual process. Avoid the temptation of get-rich-quick schemes and focus on building sustainable wealth over time.
11. **Giving Back**: Many successful individuals engage in philanthropy, supporting causes they are passionate about. Giving back can be a fulfilling part of financial success.
Remember that achieving wealth doesn't guarantee happiness, and it's important to define your own goals and values. Success can be different for everyone. Also, the flashy lifestyles seen on social media may not always reflect the full reality of a person's financial situation.
Lastly, it's essential to remain ethical and legal in your pursuit of wealth. Unethical or illegal actions can lead to serious consequences and tarnish your reputation. Wealth should be pursued responsibly and with integrity.
1. **Education and Skills**: Many wealthy individuals invest in their education and skills. Consider pursuing higher education, vocational training, or skill development that can lead to well-paying jobs or entrepreneurial opportunities.
2. **Entrepreneurship**: Starting and running a successful business can lead to substantial wealth. Identify market opportunities, develop a business plan, and work diligently to grow your venture.
3. **Investing**: Building wealth often involves smart investing in stocks, real estate, or other assets. Learn about investment strategies, diversify your portfolio, and be patient, as investments typically grow over time.
4. **Savings and Budgeting**: Effective money management is crucial. Create a budget, save consistently, and live within your means. Setting aside a portion of your income for investments can accelerate wealth accumulation.
5. **Networking**: Building strong relationships and networks can open doors to opportunities. Attend industry events, connect with mentors, and surround yourself with supportive and knowledgeable individuals.
6. **Continuous Learning**: Stay informed about financial trends, business opportunities, and investment strategies. Continuously improving your knowledge and skills can lead to better financial decisions.
7. **Work Ethic**: Success often requires hard work, dedication, and persistence. Be prepared to put in the effort required to achieve your financial goals.
8. **Risk Management**: While taking calculated risks can be beneficial, it's important to manage and minimize potential losses. Make informed decisions and have a financial safety net in place.
9. **Innovation and Adaptation**: In a rapidly changing world, those who can innovate and adapt to new trends and technologies often find success. Keep an eye on emerging industries and opportunities.
10. **Long-Term Perspective**: Wealth accumulation is a gradual process. Avoid the temptation of get-rich-quick schemes and focus on building sustainable wealth over time.
11. **Giving Back**: Many successful individuals engage in philanthropy, supporting causes they are passionate about. Giving back can be a fulfilling part of financial success.
Remember that achieving wealth doesn't guarantee happiness, and it's important to define your own goals and values. Success can be different for everyone. Also, the flashy lifestyles seen on social media may not always reflect the full reality of a person's financial situation.
Lastly, it's essential to remain ethical and legal in your pursuit of wealth. Unethical or illegal actions can lead to serious consequences and tarnish your reputation. Wealth should be pursued responsibly and with integrity.
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Start listening to the Dave Ramsey Show and you'll learn things every episode...after a while you'll have a better idea of what you want your own goals to be, really narrowed down and focused in.
Julie Mantey
Global Project Manager
18
Answers
Atlanta, Georgia
Updated
Julie’s Answer
I agree with Dave Sheff's answer above...and also add when wondering who affords 'luxury' apartments and supersized homes, I feel the answer is often by folks who truly cannot afford it while they over-extend credit card limits and are not saving ANY money, even a little. Great advise to save a little every week, get into a retirement plan and know that any amount will pay off when you need it later in life - you will find you do not miss having it now!
Lastly, research and talk to others how they decided on a career and if they love or like it. There is a saying, love what you do and the money will come. I found out after working 46 years in various service and corporate jobs, I always made sure I loved the company I worked for and accepted if I didn't LOVE the work however made sure I liked and enjoyed it and built a good relationship with my managers when possible. That was my decision and worked for me.
Lastly, research and talk to others how they decided on a career and if they love or like it. There is a saying, love what you do and the money will come. I found out after working 46 years in various service and corporate jobs, I always made sure I loved the company I worked for and accepted if I didn't LOVE the work however made sure I liked and enjoyed it and built a good relationship with my managers when possible. That was my decision and worked for me.
George Katsinis Jr. - AFC®
Personal Financial Counselor
45
Answers
Salem, Oregon
Updated
George’s Answer
Read the book "The Millionaire Nextdoor". The book refers to those who have "big hats but no cattle". The big hat is all show. Look at me. Look how big and important I am above all the lower cowhands. They're probably up to their eyeballs in debt. It's the guy with a dusty old baseball cap, a dirty t-shirt, and holes in the knees of his jeans driving his beat up work truck around who could quite easily be a millionaire. He doesn't spend to impress. He works hard. He buys and sells wisely, makes investments in assets that grow in value. He lives below his means.
When I was a High School teacher, there was a 40 y.o. custodian at the school who had $500k in net worth. He lived simply. He did not own a car. He rode a 10speed bike to work. His entire wardrobe was t-shirts, gym shorts, and tennis shoes. He owned a small simple home. He played video games for fun. He did not make a lot of money, but he lived well below what his income would allow and invested everything else.
Most millionaires are 1st generation wealthy. They worked for it over time. Most wealthy you would not be able to identify by their appearance.
Live on less than you make. Save and invest. Make wise financial moves.
When I was a High School teacher, there was a 40 y.o. custodian at the school who had $500k in net worth. He lived simply. He did not own a car. He rode a 10speed bike to work. His entire wardrobe was t-shirts, gym shorts, and tennis shoes. He owned a small simple home. He played video games for fun. He did not make a lot of money, but he lived well below what his income would allow and invested everything else.
Most millionaires are 1st generation wealthy. They worked for it over time. Most wealthy you would not be able to identify by their appearance.
Live on less than you make. Save and invest. Make wise financial moves.
Jose Puga
Financial Analyst
4
Answers
Chicago, Illinois
Updated
Jose’s Answer
I think there are no get-rich schemes. Like others have mentioned, those people in Miami are probably heavily using credit cards to fund their lifestyles. There is a reason credit card debt has reached $1 trillion for the first time this past August. A lot of wealth in this country is also inherited so not everything is as it seems. My advice is for you to stay in school and major in an in-demand field were you will be well compensated. It might not seem like the quickest way to get rich but starting off slowly is the best advice. And, never buy a new car of the lot!