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  1. #1
    Registered User DoragonKingu's Avatar
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    Is It Still Possible To Become Wealthy in Today's World

    Is It Still Possible To Become Wealthy in Today's World 2020? What would you do to become wealthy if you started from zero?
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  2. #2
    Registered User ralphlaurenbrah's Avatar
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    Get a high paying career by investing in my education. Reduce my spending as much as possible while still enjoying myself. Invest all of the rest of my income in the sp500 index and 401k and IRA’s. Don’t get divorced or marry a woman who makes any less money than me.
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  3. #3
    Red ymer's Avatar
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    Originally Posted by ralphlaurenbrah View Post
    Get a high paying career by investing in my education. Reduce my spending as much as possible while still enjoying myself. Invest all of the rest of my income in the sp500 index and 401k and IRA’s. Don’t get divorced or marry a woman who makes any less money than me.
    You won't be rich or wealthy that way, wtf?
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  4. #4
    Registered User savageoldman's Avatar
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    Originally Posted by ymer View Post
    You won't be rich or wealthy that way, wtf?
    you can but its stupid

    you don't need all that money when you are old af
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  5. #5
    Gingers are human too HannoCometh's Avatar
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    Originally Posted by DoragonKingu View Post
    Is It Still Possible To Become Wealthy in Today's World 2020? What would you do to become wealthy if you started from zero?
    Yes. I have a friend called Justin Bieber and he started from nothing and came from nothing. My friend starting making money from his early teens.

    So, yes, it is possible.

    Spoiler!
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  6. #6
    Robert Rogers MtMoriah's Avatar
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    Yes. I am 58. In my youth I grew up in extreme poverty hunting and trapping in these mountains for food and pelts for survival. In my 20's, 30's and 40's I became a self made man inventing a variety of businesses that were very profitable. Several years ago I found about bitcoin and bought several hundred for a couple hundred dollars each some of which I cashed in for US dollars - the result is I am now multi-millionaire.

    After my hunting and trapping days for survival I today would not even kill a butterfly. I am very knowledgeable about all natural things and explore these forests and mountains every day.

    "The mountains are the Marrow of the World"

    I have found hundreds of pounds of quartz crystals, ounces of gold while gold panning, and experienced a beautiful world.

    https://www.youtube.com/watch?v=jQs7eyC7wEM&t=140s
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  7. #7
    Registered User Mogambo's Avatar
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    I would approach this question from a business/entrepreneurial perspective. The ones that seem to be making out the best in this space are the venture capitalists. Especially the ones that are focused on disruptive innovations. You get on board with a company that's going to reinvent a tried and true service/industry and you got the goose laying golden eggs.
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  8. #8
    Robert Rogers MtMoriah's Avatar
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    Originally Posted by Mogambo View Post
    I would approach this question from a business/entrepreneurial perspective. The ones that seem to be making out the best in this space are the venture capitalists. Especially the ones that are focused on disruptive innovations. You get on board with a company that's going to reinvent a tried and true service/industry and you got the goose laying golden eggs.
    I disagree. Working for another company means usually living paycheck to paycheck and anything you come up with the company takes as its own and leaves you little but "thanks, carry on".
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  9. #9
    Registered User Mogambo's Avatar
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    Originally Posted by MtMoriah View Post
    I disagree. Working for another company means usually living paycheck to paycheck and anything you come up with the company takes as its own and leaves you little but "thanks, carry on".
    Venture capitalists aren't employees.
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  10. #10
    Truth Teller Aesthetical's Avatar
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    Originally Posted by MtMoriah View Post
    I disagree. Working for another company means usually living paycheck to paycheck and anything you come up with the company takes as its own and leaves you little but "thanks, carry on".
    There is a tried and true method to becoming a millionaire with a middle class salary, people have done and still do it to this day. Its playing the long game, not spending more than 25% on mortgage, investing 15% into retirement accounts, eating healthy and at home, taking care of your body, sticking to your budget, and do it consistently for 20-40 years depending on your income.

    If you are looking for a get rich quick, you missed the crypto boat in 2017.

    If you want to be wealthy within 10 years, create your own business, put in 80-100 hour work weeks, grow grow grow.
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  11. #11
    Registered User BDSMBBW's Avatar
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    Originally Posted by Aesthetical View Post
    There is a tried and true method to becoming a millionaire with a middle class salary, people have done and still do it to this day. Its playing the long game, not spending more than 25% on mortgage, investing 15% into retirement accounts, eating healthy and at home, taking care of your body, sticking to your budget, and do it consistently for 20-40 years depending on your income.

    If you are looking for a get rich quick, you missed the crypto boat in 2017.

    If you want to be wealthy within 10 years, create your own business, put in 80-100 hour work weeks, grow grow grow.
    Agree with you on the long game, Crypto boat of 2017 - Crypto has hodl mentality Those who didn't sell at the top won't make it.

    Conservative risk free way is to build a career, Invest wisely, And play the really long 9-5 game.

    Super risky way to do it is to dedicate 24*7 to making money. Starting and succeeding at a business will get you rich 100% - But being successful @ business is super hard. Very few companies continue to exist after 1 year.

    It also depends on how much capital you have at your disposal RN. Tech companies have a better chance at succeeding because it requires low capital to start up - since its mostly knowledge work.
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  12. #12
    Registered User PimpMasterC's Avatar
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    I disagree with the posters above. You can still make it with crypto, just not as easy as in 2017. If you invest a good chunk of money into the right coin, you can see huge returns. Almost all coins will fail though, but a few will be worth a lot.

    Starting a business, making profit a few years and then selling it, is possible. But not everyone can be rich, cause if everyone were, nobody would be.
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  13. #13
    Registered User Beararms's Avatar
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    Rich? Possible
    Wealthy? Good luck

    Chris Rock said it best, rich is something you can blow through during the summer on a drug binge. Wealth doesn't go away and stretches generations.

    Your best bet for both is real estate and starting a very profitable business that stays open for decades.
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  14. #14
    Truth Teller Aesthetical's Avatar
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    Originally Posted by Beararms View Post
    Rich? Possible
    Wealthy? Good luck

    Chris Rock said it best, rich is something you can blow through during the summer on a drug binge. Wealth doesn't go away and stretches generations.

    Your best bet for both is real estate and starting a very profitable business that stays open for decades.
    This^

    RE is tough for people with no money because if you are looking to make a business out of it, you will need that 20% down payment, or else you are fukt.
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  15. #15
    Registered User iloveus's Avatar
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    Here you go:









    Last edited by iloveus; 09-28-2019 at 01:46 AM.
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  16. #16
    Registered User Overboostin's Avatar
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    It depends what you consider wealthy. If you start investing $5k per year into a 401(k) from your early 20s with a 2% employer match and it generates a rate of return similar to the long-term average of the S&P you should have over $1M by your 50s/60s from that alone. By that point you should also have a significant amount of wealth built through whatever real estate you own and other investment accounts. It's not going to happen overnight and you won't be balling out of control but it's not that complicated to be "wealthy" according to most peoples standards.
    "We must all suffer one of two things: the pain of discipline or the pain of regret or disappointment."
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  17. #17
    Registered User Destor's Avatar
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    If you're starting from zero and don't come from an affluent family with the associated benefits, you likely have two possibilities:

    1) Work hard / smart and live like you're rich but have little in the end

    2) Work hard / smart, live below your means, and build wealth long term


    True wealth is a generational thing. If you weren't set up by previous generations, your best hope is to set up your following generations. Work your ass off, live below your means, give your kids all the advantages you can, and they might have a shot at wealth
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  18. #18
    Registered User DoragonKingu's Avatar
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    What is the Strategy To Become Wealthy Before Geriatric Years?
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  19. #19
    Banned BigDeeps01's Avatar
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    I guess it depends on what you define as wealthy. For me, $3 to $5 million is a good amount. If you can make even just 4% return in something low risk on $4 million you're making $160k a year which I think is enough for a very comfortable retirement. Even then I'll probably always be doing something work related to stay busy, but not having to rely on the money.

    I'll echo what others have said, which may be boring, but it is what it is

    1) Have a high paying job. This is the number one thing you can do.
    2) Save as much as you can. You can make 100k a year but if you're only saying 5k vs. 50k you aren't going to be rich
    3) Invest. I work in real estate so for me that's my investment vehicle of choice. I still have some stocks but mainly I do real estate investments. My goal is to own 20 single family homes (Currently own 6). That goal may change, I may sell some to reinvest the profit into something that yields higher income, but that's kind of the base goal. 20 houses at an average retail value of $300k is $6 million once fully paid off.

    Realistically not many people will start a highly profitable business. Not many will hit it big with bitcoin or a particular stock / company. But many, many people will become rich by working hard, saving and owning real estate / other investments.

    Something like 90% of millionaires made their money by owning real estate by the way
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  20. #20
    Registered User DoragonKingu's Avatar
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    Originally Posted by BigDeeps01 View Post
    I guess it depends on what you define as wealthy. For me, $3 to $5 million is a good amount. If you can make even just 4% return in something low risk on $4 million you're making $160k a year which I think is enough for a very comfortable retirement. Even then I'll probably always be doing something work related to stay busy, but not having to rely on the money.

    I'll echo what others have said, which may be boring, but it is what it is

    1) Have a high paying job. This is the number one thing you can do.
    2) Save as much as you can. You can make 100k a year but if you're only saying 5k vs. 50k you aren't going to be rich
    3) Invest. I work in real estate so for me that's my investment vehicle of choice. I still have some stocks but mainly I do real estate investments. My goal is to own 20 single family homes (Currently own 6). That goal may change, I may sell some to reinvest the profit into something that yields higher income, but that's kind of the base goal. 20 houses at an average retail value of $300k is $6 million once fully paid off.

    Realistically not many people will start a highly profitable business. Not many will hit it big with bitcoin or a particular stock / company. But many, many people will become rich by working hard, saving and owning real estate / other investments.

    Something like 90% of millionaires made their money by owning real estate by the way
    Just wondering why you are buying single family homes instead of 2 family/multi family homes? Is the rent you are charging from single families covering the mortgage/taxes and leaving room for positive cash flow?
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  21. #21
    Registered User risingstarl96a1's Avatar
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    Stock Market. Entry and Exits. Fibonacci Method. Use Platform Tastyworks Cheap Commission. But then again I can’t say for someone to do that because they can lose money.
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  22. #22
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    Originally Posted by DoragonKingu View Post
    Just wondering why you are buying single family homes instead of 2 family/multi family homes? Is the rent you are charging from single families covering the mortgage/taxes and leaving room for positive cash flow?
    Yes I'm typically cash flowing $300-500 per single family house after PITI

    Single family is what I work with and it's what I know so that's why I'm choosing that over multifamily. I invest where I live in Phoenix and 2-4 units here are too expensive for what they bring in rent.

    I'm going to earn more from appreciation, equity gain through tenant paying down mortgage and increasing rents over time. That's just the market I'm in. Midwest markets are more cash flow based, for example. They won't appreciate much but yield greater cash flow.

    I will eventually put money into large multifamily 100+ units
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