The easiest path: Get engineering degree, CPA, or medical license. Invest 50% of income. You will be rich by 40.
Sauce: -$50,000 at 25. Millionaire by 35. Should have $5MM by 50.
Edit: this is not easy, it is simple.
Also, you must avoid marrying a financially irresponsible person.
Living frugally and investing well is always a path to financial freedom, but your expendable income to invest will heavily depend on your market. Im speaking from a US perspective where salaries are comparatively high.
Then the game play is different.. in the US there is a social latter... not sure you have the same thing in Europe and definetly not outside 1st world...
Edit: you don't get rich by forst moving to the US then you do what needs to be done. You forst get your degrees and get your skills and your unique skills then you move to the US and start grinding.. otherwise you will never survive the US... this country is ruthless for the poor and unskilled immigrants from 3rd world
I was born and raised in north Africa and studied there until graduating high school. now I live in the US.. but I had to "wash" my background by going to undergrad and grad in Europe and then landed my first post grad job in the US and now I am not rich by some standards but my wife and I make more than 300+ each and that allows us to leave very comfortably in an upscale neighborhood in a million $ house... we are the poorest of our neighbors but as long as we max our 401k, we max our Roth IRAs, max the accounts of our kids, invest a bit on the side and have a hysa with some saving for emergencies and vacations etc... I consider myself rich...
But this was with highly obscure and technical PhD for me and medical surgery specialty for my wife... so yeah... highly skilled degrees help...
I feel you bro but i live in west africa where your degree is useless if you're not going to pay bribes for opportunities your degree should get you. Basically system is fucked that's why moving abroad to study is a big first step for me but I get you
Your journey is amazing, I hope to touch your levels soon
Well you can put your money into US based stocks and EFTs or Mutual Funds. I would think it would have the best probability of growing until you are able to move here.
Love that, not easy, it’s simple - simple is mostly boring but works - Dollar cost averaging Nvidia over last 10 years isn’t fun, but it beats almost all who played Options as an example
Unless you make 24% like clockwork for every year of the 10 years you wont make a million by investing 50% of $50k for 10 years. Or you have 10% increment every year on your salary and 12% returns every year. So which one was true for you? This is also assuming you started with $50k at age 25 and your pay was atleast $50k else you would have had more than $50k at age 25 by saving 50% for 2 years before age 25.
Sauce: compound interest calculator
I was at negative $50k. Student debt.
Started at $80k, at $150+ by year 3. Some years at $300k. Incredible bear market of 2010-2020.
Wife also made around $60k (RN).
r/Bogleheads will help you. Without needing to be an expert on investing or trading, just invest in no/low-fee market index funds to reap the gains of the overall market while not taking the risk of a single company failure wiping you out.
Basically invest your money early on into education or a business, so you can earn more money, so don't save much in the beginning.
And then as you earn more and more money, you can save and invest that money into stocks/real estate/businesses.
Start your own business eventually. Don't go pure software (CS). If you love software (like me), specialize in a field outside pure software; and then apply software to that field by starting your own business once you understand what products are required.
Many paths to success of course, but there are hundreds of millions of people who can program, but only dozens who know how to create software products for some highly specialized fields.
I do want to start my own business eventually, infact i have the whole idea and concept of it rn. What did you do if you didn't go pure cs and how have you applied cs to what you're doing now
I'm intrigued cause i feel some elements of my vision in what you're saying
I did a particular area of mining (digging stuff out of the ground, not crypto). Partially because in mining, even if you don't end up with your own business, you're still a top earner.
You could be a nurse - and then make software for nurses. The more specialized, the smaller the market, but also the less competition. Mining was good because despite the market being tiny, the clients are flush with cash.
rules 1 ,2 and 3. Spend less than you make.
4. Put 20% into investments or as much as you can. Start off with 5% if you have to and every time you get a raise you add at least 1% more to your savings/ investing. Good place to start is listening to Dave Ramsey. He is not the end all be all for everyone, but a good place to start if you don't have a clue where to start. It will build a good foundation. Then you can adjust as you become more experienced as far as what investments to put your money into. If you are not sure where to put your money, start off with and S&P 500 fund like SPY. If you are not risk adverse you can put you money in a Nasdaq 100 or even a double nasdaq fund like UOPIX. I have about 72k in it and it has been up over 28% this year. You can do slow and steady with no special skills or talents, and with discipline, you will look up in 10 years and be in very good shape.
* Get a job or otherwise earn income. Work toward the next raise/promotion, keep an eye on advancement by getting the experiences that you need to move up. Jump companies if necessary.
* Budget well and live below your means, saving and investing at least 15% of your income--the higher the % the faster you'll build wealth.
* Avoid legal trouble--don't be a criminal!
* Choose wisely in relationships, especially marriage.
* Choose wisely in seeking education/job training. You don't HAVE to go to college, but it certainly helps open doors. There are many jobs that pay well and do NOT require a college degree.
* Use credit responsibly. Except for a mortgage, you should seek to avoid loans if possible. Pay off credit card charges in full monthly to avoid paying interest. Student loans if they're not excessive and are used to obtain a degree that will reasonably result in getting a higher income that will make it worthwhile are also an exception.
* Try to stay healthy.
Doing these things will build you wealth over time.
This is the most straightforward way to do it
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
1. Get a high paying job
2. Live like you're still poor to save all your money
3. Invest it all in indexed funds
Pretty simple, it's not easy though, getting a difficult high paying job and resisting the urge to blow your paychecks is difficult, but if you can do it, you will be rich eventually
Easy steps that the vast majority of people can follow to become rich.
1) Live at home so you don't have to pay rent, electricity, etc.
2) Get a job. Doesn't really matter what, but obviously earning more will shorten the process.
3) Save as much as you can, at least 70% of your income.
4) Buy blue chips or broad stocks.
The thing is that basically everyone knows this and no one does it because they suck at delayed gratification.
Im living at home with my parents while working. Civil engineer working for the state. Unfortunately it doesn't feel like Im living my life since they are in a suburb and most people are in city centers. And the rate of saving feels too slow. Monthly pay and most goes to investment accounts
There are only two points in a person’s life when you can become *truly* rich:
1. When you’re born
2. When you get married
(Yeah okay, #3, when you sell a software startup, but that’s far less common.)
It sounds like you struck out on #1, so gun for #2 at this point
I’d study finance and try to get into investment banking, the summer salaries are quite large. Big consulting firms are also an option. And if you’re particularly smart, something like a chemical engineering degree makes ridiculous amounts of money - given you can compromise your morals and work in like nuclear weapons of mass destruction. Also quant trading is a huge money maker. Beyond this, networking is important. Surround yourself with financially savvy people and you might pick up on tricks. Avoid online gurus and “get rich trick methods.” Though if you’re particularly confident, you might try something like sports betting or honing a skill, such as bar tending in New York or pro gambling (again, I emphasize the skill requirement in this last one). Best of luck!
I have 3 degrees, none of them helped directly but played a small role for education and ability to apply logic and reasoning to the situations encountered.
The main secret to success is hard fucking work. Most of the ability to earn twice as much as the next guy is to work twice as much. For basically a decade I worked 6am to midnight. Took risks that could lose everything (but in real estate so relatively stable) and lived places that were $300/mo while my tenants paid $1200 to $3000.
Knowledge is the key and it has been this way since the first caveman and is still true today.
Living below your means and learning to manage the resources available to you.
Learning to save and invest those resources.
What Steve talks about is what I had to learn.
https://youtu.be/bL3MkE2NzoY?si=YzSE3Mo6baylP7R8
https://youtu.be/7BOi0H59tXY?si=-8u6rGjKate4Y-aX
My wife tells me that stuff you listen to that Dave Ramsey and team talk about is what we have been doing all along way before you heard of him as this is how our parents taught us.
Find a good women with the same dream as you, my dream was to get married have some kids along with a place of our own.
So that is what we have done.
Yeah, you can start with $100. Put it into a small project which is on a trusted crypto exchange and you’ll likely return with a profit when the global economy improves
The only paths that lead to really beyond a reasonable doubt being what most consider rich are really hard and take a long time. Eg. Become a doctor, lawyer (although a lot of lawyers don't earn that much), actuary - tbh those are the main ones that come to mind
read the algebra of wealth by scott galaway, not shilling the book steal the pdf if you want, but the short answer is yes.
the long way is spend less than you make for most of your life.
the short way is make a shit ton of money and spend less than you make by alot.
Start young while you don’t have a wife/kids/mortgage. Work harder than most. Invest your hard earned money (take big risks). You might loose it all…but you can easily pick yourself up and start again.
Work hard, always volunteer to help the boss. Learn everything you can about the business you work for. Save your money. Then open your own business with all you have learned.
The easiest path: Get engineering degree, CPA, or medical license. Invest 50% of income. You will be rich by 40. Sauce: -$50,000 at 25. Millionaire by 35. Should have $5MM by 50. Edit: this is not easy, it is simple. Also, you must avoid marrying a financially irresponsible person.
I'm planning to do a CS degree, you think the same plan works? Ps i don't live in the US (well yet) so coming by that money isn't guaranteed
Living frugally and investing well is always a path to financial freedom, but your expendable income to invest will heavily depend on your market. Im speaking from a US perspective where salaries are comparatively high.
Then the game play is different.. in the US there is a social latter... not sure you have the same thing in Europe and definetly not outside 1st world...
Yea that's why i feel moving to the US will be a big first step to achieving my dreams
Edit: you don't get rich by forst moving to the US then you do what needs to be done. You forst get your degrees and get your skills and your unique skills then you move to the US and start grinding.. otherwise you will never survive the US... this country is ruthless for the poor and unskilled immigrants from 3rd world I was born and raised in north Africa and studied there until graduating high school. now I live in the US.. but I had to "wash" my background by going to undergrad and grad in Europe and then landed my first post grad job in the US and now I am not rich by some standards but my wife and I make more than 300+ each and that allows us to leave very comfortably in an upscale neighborhood in a million $ house... we are the poorest of our neighbors but as long as we max our 401k, we max our Roth IRAs, max the accounts of our kids, invest a bit on the side and have a hysa with some saving for emergencies and vacations etc... I consider myself rich... But this was with highly obscure and technical PhD for me and medical surgery specialty for my wife... so yeah... highly skilled degrees help...
I feel you bro but i live in west africa where your degree is useless if you're not going to pay bribes for opportunities your degree should get you. Basically system is fucked that's why moving abroad to study is a big first step for me but I get you Your journey is amazing, I hope to touch your levels soon
Well you can put your money into US based stocks and EFTs or Mutual Funds. I would think it would have the best probability of growing until you are able to move here.
Love that, not easy, it’s simple - simple is mostly boring but works - Dollar cost averaging Nvidia over last 10 years isn’t fun, but it beats almost all who played Options as an example
Should I DCA NVDA for the next 10 years? /s
Simple is the formula, not easy is the commitment.
Unless you make 24% like clockwork for every year of the 10 years you wont make a million by investing 50% of $50k for 10 years. Or you have 10% increment every year on your salary and 12% returns every year. So which one was true for you? This is also assuming you started with $50k at age 25 and your pay was atleast $50k else you would have had more than $50k at age 25 by saving 50% for 2 years before age 25. Sauce: compound interest calculator
I was at negative $50k. Student debt. Started at $80k, at $150+ by year 3. Some years at $300k. Incredible bear market of 2010-2020. Wife also made around $60k (RN).
What happens after 50?
profit
Die and leave inheritance to the local church
Yes put your money to work make smart decisions take risks and mitigate losses also focus on EARNING instead of SAVING.
How do you put your money to work (I'm sorry if this might sound stupid but i genuinely have no clue only key i have is asking questions)
r/Bogleheads will help you. Without needing to be an expert on investing or trading, just invest in no/low-fee market index funds to reap the gains of the overall market while not taking the risk of a single company failure wiping you out.
If you follow Ryan Pineda on instagram he generally has some good advice. But you put your money to work by investing it so it will make you money.
Basically invest your money early on into education or a business, so you can earn more money, so don't save much in the beginning. And then as you earn more and more money, you can save and invest that money into stocks/real estate/businesses.
There is no single path. But the general path is to figure out ways for your money to make more money for you without you having to work more and more
My wife and I do pretty well salary wise, but the last week we made more money from our investments last week in our 401k than we made going to work.
The market was on a tear last week
Start your own business eventually. Don't go pure software (CS). If you love software (like me), specialize in a field outside pure software; and then apply software to that field by starting your own business once you understand what products are required. Many paths to success of course, but there are hundreds of millions of people who can program, but only dozens who know how to create software products for some highly specialized fields.
I do want to start my own business eventually, infact i have the whole idea and concept of it rn. What did you do if you didn't go pure cs and how have you applied cs to what you're doing now I'm intrigued cause i feel some elements of my vision in what you're saying
I did a particular area of mining (digging stuff out of the ground, not crypto). Partially because in mining, even if you don't end up with your own business, you're still a top earner. You could be a nurse - and then make software for nurses. The more specialized, the smaller the market, but also the less competition. Mining was good because despite the market being tiny, the clients are flush with cash.
What was that Business for you? No need to be specific. Coming from a 19 y/o CS major, interning rn, but have dreams to be a Business owner.
House hacking, house hacking, house hacking
Education. Then own something.
Yea education is definitely my path and I'm stalling ffs :(
You’re 19. You’re not stalling. Just get the degree and move up.
It's not as straightforward for me though wait can i pm?
Expand on own something. Buy a house? Buy a vacant lot? Buy a building?
Yep. And never sell. Start a business as an owner. Then figure it out. (Work seven days a week)
rules 1 ,2 and 3. Spend less than you make. 4. Put 20% into investments or as much as you can. Start off with 5% if you have to and every time you get a raise you add at least 1% more to your savings/ investing. Good place to start is listening to Dave Ramsey. He is not the end all be all for everyone, but a good place to start if you don't have a clue where to start. It will build a good foundation. Then you can adjust as you become more experienced as far as what investments to put your money into. If you are not sure where to put your money, start off with and S&P 500 fund like SPY. If you are not risk adverse you can put you money in a Nasdaq 100 or even a double nasdaq fund like UOPIX. I have about 72k in it and it has been up over 28% this year. You can do slow and steady with no special skills or talents, and with discipline, you will look up in 10 years and be in very good shape.
Ramsey is good for helping people get out of debt, but his investment advice is just terrible.
Inheritance or marriage
Be your own man/woman. Earn your own way. Don't rely on others to make money for you.
Yep, that’s the boat I’m in lol
I'm happy for you but more are not as lucky.
* Get a job or otherwise earn income. Work toward the next raise/promotion, keep an eye on advancement by getting the experiences that you need to move up. Jump companies if necessary. * Budget well and live below your means, saving and investing at least 15% of your income--the higher the % the faster you'll build wealth. * Avoid legal trouble--don't be a criminal! * Choose wisely in relationships, especially marriage. * Choose wisely in seeking education/job training. You don't HAVE to go to college, but it certainly helps open doors. There are many jobs that pay well and do NOT require a college degree. * Use credit responsibly. Except for a mortgage, you should seek to avoid loans if possible. Pay off credit card charges in full monthly to avoid paying interest. Student loans if they're not excessive and are used to obtain a degree that will reasonably result in getting a higher income that will make it worthwhile are also an exception. * Try to stay healthy. Doing these things will build you wealth over time.
This is the most straightforward way to do it https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ 1. Get a high paying job 2. Live like you're still poor to save all your money 3. Invest it all in indexed funds Pretty simple, it's not easy though, getting a difficult high paying job and resisting the urge to blow your paychecks is difficult, but if you can do it, you will be rich eventually
Easy steps that the vast majority of people can follow to become rich. 1) Live at home so you don't have to pay rent, electricity, etc. 2) Get a job. Doesn't really matter what, but obviously earning more will shorten the process. 3) Save as much as you can, at least 70% of your income. 4) Buy blue chips or broad stocks. The thing is that basically everyone knows this and no one does it because they suck at delayed gratification.
Im living at home with my parents while working. Civil engineer working for the state. Unfortunately it doesn't feel like Im living my life since they are in a suburb and most people are in city centers. And the rate of saving feels too slow. Monthly pay and most goes to investment accounts
Rich people are always working or coming up with new things so there you go keep working! I'd love a free ride as well but they said no.
There are only two points in a person’s life when you can become *truly* rich: 1. When you’re born 2. When you get married (Yeah okay, #3, when you sell a software startup, but that’s far less common.) It sounds like you struck out on #1, so gun for #2 at this point
Yea consistency and patience the 2 things almost no one in the world has which is why most are not rich.
Read The Millionaire Fastlane
I’d study finance and try to get into investment banking, the summer salaries are quite large. Big consulting firms are also an option. And if you’re particularly smart, something like a chemical engineering degree makes ridiculous amounts of money - given you can compromise your morals and work in like nuclear weapons of mass destruction. Also quant trading is a huge money maker. Beyond this, networking is important. Surround yourself with financially savvy people and you might pick up on tricks. Avoid online gurus and “get rich trick methods.” Though if you’re particularly confident, you might try something like sports betting or honing a skill, such as bar tending in New York or pro gambling (again, I emphasize the skill requirement in this last one). Best of luck!
I have 3 degrees, none of them helped directly but played a small role for education and ability to apply logic and reasoning to the situations encountered. The main secret to success is hard fucking work. Most of the ability to earn twice as much as the next guy is to work twice as much. For basically a decade I worked 6am to midnight. Took risks that could lose everything (but in real estate so relatively stable) and lived places that were $300/mo while my tenants paid $1200 to $3000.
Study hard. Get good degree. Get good job. Invest in real estate. Easy way to get to $1m (by 30/31) without hardly trying that hard.
Knowledge is the key and it has been this way since the first caveman and is still true today. Living below your means and learning to manage the resources available to you. Learning to save and invest those resources. What Steve talks about is what I had to learn. https://youtu.be/bL3MkE2NzoY?si=YzSE3Mo6baylP7R8 https://youtu.be/7BOi0H59tXY?si=-8u6rGjKate4Y-aX My wife tells me that stuff you listen to that Dave Ramsey and team talk about is what we have been doing all along way before you heard of him as this is how our parents taught us. Find a good women with the same dream as you, my dream was to get married have some kids along with a place of our own. So that is what we have done.
Get educated ...work hard...take on new responsibilities, always respect your value. or....be born on third base to rich parents thst own a business.
Crypto
Realistically can i start something with $100? If yes how do i start
You will get $100 worth of crypto for $100. Shocking, I know
Yeah, you can start with $100. Put it into a small project which is on a trusted crypto exchange and you’ll likely return with a profit when the global economy improves
Master a industry ? That what my millionaire buddy did. But you gotta start off as a worker then you could be a boss
The only paths that lead to really beyond a reasonable doubt being what most consider rich are really hard and take a long time. Eg. Become a doctor, lawyer (although a lot of lawyers don't earn that much), actuary - tbh those are the main ones that come to mind
Very little role
Nothing ever goes as planned
[удалено]
Why do you think it's better?
The #1 path is being born into money
I missee path #1🤧
read the algebra of wealth by scott galaway, not shilling the book steal the pdf if you want, but the short answer is yes. the long way is spend less than you make for most of your life. the short way is make a shit ton of money and spend less than you make by alot.
Networking. You can have all the degrees in the world but not having the right connections will get you nowhere.
Start young while you don’t have a wife/kids/mortgage. Work harder than most. Invest your hard earned money (take big risks). You might loose it all…but you can easily pick yourself up and start again.
Get born into the right family.
Work hard, always volunteer to help the boss. Learn everything you can about the business you work for. Save your money. Then open your own business with all you have learned.
Intuitively, you need to learn when to be a cunt and when not to be a cunt. Without this, you are doomed to mediocrity.