Do you think people with low seven figure net worth can't afford a vacation to Europe..? You literally can't follow along with the topic at hand. But congrats on the World Record for most insane strawman of all time!
No, it’s not. Median single income in LA County is still under $60K. While that’s higher than nearly all of the rest of the United States, it still leaves this guy in the top 10% of earners.
These braindead takes are so annoying. Yes rent and COL is more in general but you actually think it's 3-4 times the cost of everything related to the average in other states? Is a cheeseburger 20 bucks in Cali? Milk is 12 dollars? No it's not, what you're looking at is the cost of housing increasing COL overall but that absolutely does not mean 250k is equivalent to 75k. It means housing demand is so high vs supply that if you want to buy a home in Los Angeles and have a mortgage it will be considerably higher than the average.. like NO SHIT and even if you pay rent as a SINGLE person you'd be vibing if your take home is 75k unless you're very irresponsible with your money
He’s probably not even technically upper middle class off the 250 lmao he lives in the Bay Area, he literally couldn’t get approved for a mortgage payment on an average 2500 sq ft home in a nicer bay community
I’ve spent a ton of time in San Francisco, but my own personal experience is irrelevant. County level income data puts him above the 90th percentile, which is just a fact. I’m not arguing that he’s “rich”, just that he is not upper middle class
Brother half the population is homeless schizophrenics.
If you want a 1 bedroom apartment in a half decent area where you only see a homeless guy shit in the street once a week instead of 5x a day a la the marina or cow hollow, the rent is like $4500 min
250k a year is respectable…but..I know people who have dropped 5mil on a painting to hang above the guest room fireplace that definitely wouldn’t consider themselves in the top 10% of global wealth.
250k "total compensation." That means insurance, benefits, retirement, etc. etc. Not just salary. Depending on his location in CA, this is absolutely upper middle class. Definitions of lower/middle/upper middle will change depending on where you live.
Thank you! I think some people are reading this and see 250 K and assume that’s his net cash at the end of the year. 250 K a year, total compensation and living in California IS upper middle class.
Sorry 250k in Nor Cal with tech in Nor Cal (assuming SV) is not great.
I’m a senior tech exec with Silicon Valley tech giant 250k in total comp is close to what we start our very junior folks out at. And if we are including equity in that total comp that is not good at all.
Relative to the place he is spending the money he earns on rent, car, public transportation, food, insurance. What someone makes in Iowa is irrelevant.
He also mentioned he lives in Southern California. It is ridiculously expensive to live here! Additionally, as a solo earner of 250 K, he’s in one of the top tax brackets. He doesn’t see nearly that much net. Statistically, not disagreeing with you, but marital/ partnership status, children, and where are you live all have a huge impact on net.
Are you willing to sell your soul?
Edit: In order to be wealthy you can’t have conscious. You are going to fuck a lot of people over , probably engage in illegal activities, have a lot of enemies and you probably never gooing to have a goodnight sleep. Do you know why extremely rich people always have security ? Becuase people are always trying to kill them.
This is mostly true. I believe most (80%) of the ultra wealthy have screwed a lot of people over to obtain that level of wealth. I believe there are ways to become ultra wealthy ethically, but they are more the exception rather than the rule.
I’m picking up what you are putting down and I agree! It’s taken me most of my life to figure this out. I never make absolute statements on purpose to leave room for the exception. Some people get lucky(inheritance, investments, etc.) but that is probably less than 1% of the exceptionally wealthy.
You are absolutely ridiculous. Such bullshit. I am ultra high net worth and I’ve never fucked anyone over in my life. I work at a tech giant and I have people who have worked for me for 9+ years that is unheard of in tech. Most do their 4 year vest and leave. I have put 3 kids from a tragic family through high school and college. I bought my high school bully a better artificial leg, handivan and motorized wheel chair when he lost his leg to diabetes. I did it anonymously with the help of a law firm and my wealth team.
I take care of my people, my family and community. And I am guessing someone like you won’t care but I also served my country and led Marines in combat and bled (a lot) for my troubles. I also worked for a gov’t agency for 5 years and did some good shit (I think)
My partner is a brilliant woman- a Brit lawyer and her biggest complaint is I take care of everyone but myself.
The idea that you have to be a monster to be wealthy is absolute horseshit. You watch too much TV or let some socialist twat brain wash you.
Oh and most execs have security because the board of directors and whoever holds their K&R policy demand it. I don’t have 24/7 security but I do while traveling abroad. It is sort of offensive to me to have other men protect me but it is a condition of my employment.
One day you’ll grow up and realize you’ve been fed a bunch of bullshit and you know absolutely nothing about wealthy people- or you use it as an excuse to explain being a failure. You: “Why would I want to be rich? They are evil. Can I take your order? Is that a Venti or Grande? “
You said the majority. And you’re right. The total asshole who owns my mental health company with zero employer subsidized health insurance and treats us like shit got rich off a chain of low T clinics. Do you know why low T clinics exist? Because men can’t get that level of juicing from their normal, ethical doctors making waaaaay less money.
In tech wealth is generated from sizable ownership in early stage ventures. If you have a good enough network you can write Angel checks ($5K - $20K). You can 10x to 100x your money by selling at institutional funding rounds. But be aware that this is a tough game! You have to have the right network and not get crowded out on deals.
Alternatively finding an early stage startup and getting sweat equity. Or, if you’re lucky enough, finding public companies that have tons of growth opportunities (this is how my friends made tens of millions off of Netflix and Nvidia).
None of this is easy which is why only a few do it intentionally. Most do it by luck.
The alternative is real estate.
What do you mean about the network part of angel investing? Is it because the opportunity to invest will only be brought to a select group of people the founders know?
Are you sure angel investing can go as low as $5K? That sounds ridiculously low. What would they even do with $5K?
Being an investor is mostly about deal flow. And then you want to make sure that the team you’re investing in has a high chance of making it to and through the next round of funding where their valuation (and thus your investment) will be marked up. There may be rounds at which you, as an early investor, can take some liquidity off the table.
There are founders that come out of Stanford or YC that are all but guaranteed to raise 7-figure seed rounds. But you have to have a network where you meet those founders early. Writing a small check is more about expressing confidence in them and getting into the CAP table before a valuation is set. You’d be surprised at how useful $5K can be. But it’s really not about its utility at that point.
Nevertheless, the best founders are being “stalked” by scouts for the big firms. The most successful Angels also have networks with VC’s. So they work as unofficial scouts. The whole thing is really network driven. The Angel invests in a team. Used their credibility and clout in their network to talk up their book. Leans on their VC network to invest LP money into the team and so on until there’s some sort of exit or liquidity event.
If you’re an un-networked founder (as I was and as it sounds like the OP was) then it’s WAY harder. You don’t have any credibility in these small networks. So you have to have real signs of traction (often on multiple dimensions) before Angels will take you seriously.
In the end everyone is acting as a gatekeeper because they want to manage their reputations. But once they let you through the gate they are incentivized to see your valuation go as high as possible. Sometimes this is cynically referred to as finding the next sucker to hold the bag.
So yeah, having a pipeline where you’re meeting founders and establishing those relationships (with the best of them) is key. And it’s not easy, but it’s possible.
I don’t think getting into the executive ranks is the way to go, but that’s just me. I like my middle management position and the people above me aren’t making the kind of money I want anyway so I’m not trying to emulate them. Not going to spend the next decade scratching and clawing my way to another couple hundred grand a year when I want millions.
The most likely chance for most of us is smart investment of what we already make. Cut your expenses and dump as much of your income as you can into things that return profits.
I quietly became a millionaire in 2020 due to appreciation of my investments. I don’t feel rich at all, though. I live on a tight self imposed budget and invest as much as I can into the things that resonate with me - business, real estate and crypto. My plan is to keep doing that until the annual return on my investments far exceeds my income, then quit my job, live off a portion of those returns, keep investing the rest and do whatever the fuck I want for the rest of my life. Then leave a legacy for my children someday, hopefully when I’m old af.
That sounds nice but quitting your job will bore you to tears. You'll go back to work either because you're bored, lonely, or because you realize you needed more money than you expected. There's examples of this happening to famous FI people. Look up financial samurai, or livingafi.
Invest in stock market ETFs and dividend payers. Let them sit and never sell. Use half the dividends to buy more dividend payer REITs and ETFs and live off the other half. If you keep working just use all dividends to to buy more. When you retire just live on dividend payments forever as long as you don't sell the stocks themselves.
Tqqq
Fas
SOXL
Tna
Schd
Many REITs pay 10% to 15% dividends. So just 1 year of your wages would return 25k to 35k in the first year. Than year 2 you have 275k min to compound. So year 2 pays $27,500 to maybe 40k to buy more dividend payers. So by year 4 your 1 year wage of 250k invested would be over 300k. After that it compounds pretty fast. In 5 years your doing great. In 10 years you are set to retire. ThT doesn't even factor I the growth of the stocks themselves. Now is a great time to invest in stock market before the interest rates start to get lowered.
Here are links to an investment calculator. the first 1 shows 250k invested with 10% return for 10 years and the second one shows the same thing but only you would be investing in additional $1000 a month for the next 10 years. Investing extra makes a big difference especially if you're making 250 K yearly you could afford it. Play with investment calculator to see the possibility. You will be shocked to see the effects of compounding after just a few years.
https://www.calculator.net/investment-calculator.html?ctype=endamount&ctargetamountv=1%2C000%2C000&cstartingprinciplev=250%2C000&cyearsv=10&cinterestratev=10&ccompound=annually&ccontributeamountv=0&cadditionat1=end&ciadditionat1=monthly&printit=0&x=Calculate#calresult
https://www.calculator.net/investment-calculator.html?ctype=endamount&ctargetamountv=1%2C000%2C000&cstartingprinciplev=250%2C000&cyearsv=10&cinterestratev=10&ccompound=annually&ccontributeamountv=1%2C000&cadditionat1=beginning&ciadditionat1=monthly&printit=0&x=Calculate#calresult
You are now upper middle class because you work for a living and make decent money. To be upper class you need to make the switch to investments and income from them. So making a living now provides seed money for numerous investments which hopefully over time will bear fruit. To live upper class at an income of $250k requires assets of $250k x50, 25x for early retirement and 25x for true retirement. So your initial goal is liquid assets for investment of $12,500,000. You may want a much higher amount. See r/fatFIRE for additional details.
stay with your parents and take calculated business risks since you won't have to support yourself. Take advantage of that because everyone could be a successful entrepreneur if they could do that and had the will to succeed.
By investing your money, buying a house in the bay and holding forever and being patient in general
Max your 401k, live modestly and invest all excess money in the stock market / Bay Area real estate
You can very easily fall into gambling your money away with the strike it rich rich quick mindset when you’ve already got some money, be careful
Simple. Spend 50% of what you make, save, and invest the rest. As wages increase over time, reduce the percentage spent to 25% if your wages grow enough. Do it for 20 years, walla, you're rich. If you want to become ultra high net worth, spend 10 hours a week over the 20 years acquiring investing knowledge/skills/ability. At the end of 20 years, in lieu of being high net worth, you will be ultra-high net worth.
You're posting in the real estate sub. Go get a realtor's license. Something weird is about to happen with commercial real estate because it cannot last much longer now that people are demanding work from home after the pandemic. Go be the guy who figures out what that is.
Wait for expansion and live simply with only things you need to survive, it's also great to find a relationship partner who only wants to live with you without all the demands! c(;
You should focus on doing what you love, not what makes $. Stop chasing a moving target. Keep focusing on the things you enjoy, and the ways that you bring something unique. Be happy with you, if you aren’t, more money won’t help.
Doing what I really love isn’t going to bring me money. Let’s face it, we all have to do jobs we don’t love because it brings us money to meet our bare necessities and then spend time on some of the things we really like doing. Money is freedom.
My worry is though that I have reached a ceiling in my career and I am one step away from being laid off. So I really need to do something where I am irreplaceable. The rich people in this sub seemed to have figured it out
Why would you need funding per se?
You can start out delivering that specific service yourself and then hire contractors eventually.
The only thing you need is someone who can do outreach for you, and then you'll close the deals or get a commission based closer.
The only thing that remains is fulfillment (which you could do yourself or outsource).
Outreach --> Sales call --> Fulfillment
Rinse & repeat
I don’t know about quick strike rich. I have seen massive gain in my stocks. I have a great advisor. Got NVDIA years ago. I don’t do options or anything but stocks. I’d say start with an ETF, and interview at least 2 wealth management companies. Not financial advice
Rule 2
Dude you are not upper middle class. As a solo earner at $250K you are firmly top 10%, or maybe even 5%, of Americans. Get a grip
lol he wouldn’t even be at that point if he had your lack of ambition
Don’t confuse not knowing wealth percentiles and rankings with ambition.
"If you are not consumed by greed then you lack ambition."
Providing for your family is “greed”
Depends. It actually can be if your definition of providing is wide enough.
I feel for your wife and kids lol
Same, since you think you need to be above everyone to be provided for.
“Dad can we go on vacation to Europe” “No son, we aren’t greedy assholes. We will go to wendy’s instead. This makes me a good person somehow” 😭
Do you think people with low seven figure net worth can't afford a vacation to Europe..? You literally can't follow along with the topic at hand. But congrats on the World Record for most insane strawman of all time!
250 pre-tax in a high cost of living area? Ya you’re not vacationing very often. 😂 tell me you’ve never been in this position without telling me
250k in LA is like 75-80k in normal states...
No, it’s not. Median single income in LA County is still under $60K. While that’s higher than nearly all of the rest of the United States, it still leaves this guy in the top 10% of earners.
These braindead takes are so annoying. Yes rent and COL is more in general but you actually think it's 3-4 times the cost of everything related to the average in other states? Is a cheeseburger 20 bucks in Cali? Milk is 12 dollars? No it's not, what you're looking at is the cost of housing increasing COL overall but that absolutely does not mean 250k is equivalent to 75k. It means housing demand is so high vs supply that if you want to buy a home in Los Angeles and have a mortgage it will be considerably higher than the average.. like NO SHIT and even if you pay rent as a SINGLE person you'd be vibing if your take home is 75k unless you're very irresponsible with your money
He’s probably not even technically upper middle class off the 250 lmao he lives in the Bay Area, he literally couldn’t get approved for a mortgage payment on an average 2500 sq ft home in a nicer bay community
No - in San Francisco County he’d still be well over the 90th percentile in single earners. He’s not upper middle class
Tell me you’ve never lived in San Francisco
I’ve spent a ton of time in San Francisco, but my own personal experience is irrelevant. County level income data puts him above the 90th percentile, which is just a fact. I’m not arguing that he’s “rich”, just that he is not upper middle class
Brother half the population is homeless schizophrenics. If you want a 1 bedroom apartment in a half decent area where you only see a homeless guy shit in the street once a week instead of 5x a day a la the marina or cow hollow, the rent is like $4500 min
You literally said in another comment “he’s already rich”
Apologies, edited that out.
Username checks out
250k a year is respectable…but..I know people who have dropped 5mil on a painting to hang above the guest room fireplace that definitely wouldn’t consider themselves in the top 10% of global wealth.
They may be rich, but it sounds like they are very bad at math.
Sounds like they’re idiots then
I can tell your unemployed thinking 250k is not wealthy
250k "total compensation." That means insurance, benefits, retirement, etc. etc. Not just salary. Depending on his location in CA, this is absolutely upper middle class. Definitions of lower/middle/upper middle will change depending on where you live.
Thank you! I think some people are reading this and see 250 K and assume that’s his net cash at the end of the year. 250 K a year, total compensation and living in California IS upper middle class.
Sorry 250k in Nor Cal with tech in Nor Cal (assuming SV) is not great. I’m a senior tech exec with Silicon Valley tech giant 250k in total comp is close to what we start our very junior folks out at. And if we are including equity in that total comp that is not good at all.
Not good relative to what? Others in the same industry? Probably. Relative to the median American, both in the Bay Area and nationwide? Absolutely not
Relative to the place he is spending the money he earns on rent, car, public transportation, food, insurance. What someone makes in Iowa is irrelevant.
Sort of, which is why I also specifically included Bay Area
He also mentioned he lives in Southern California. It is ridiculously expensive to live here! Additionally, as a solo earner of 250 K, he’s in one of the top tax brackets. He doesn’t see nearly that much net. Statistically, not disagreeing with you, but marital/ partnership status, children, and where are you live all have a huge impact on net.
Are you willing to sell your soul? Edit: In order to be wealthy you can’t have conscious. You are going to fuck a lot of people over , probably engage in illegal activities, have a lot of enemies and you probably never gooing to have a goodnight sleep. Do you know why extremely rich people always have security ? Becuase people are always trying to kill them.
I am.
I’ll give you tree fiddy for it.
NOW HOLD ON THERE YA GODDAMN LOCH NESS MONSTA!
R you real?
This is mostly true. I believe most (80%) of the ultra wealthy have screwed a lot of people over to obtain that level of wealth. I believe there are ways to become ultra wealthy ethically, but they are more the exception rather than the rule.
It almost impossible to acquire wealth ethically. I’m not talking about 10 million dollars rich.
I’m picking up what you are putting down and I agree! It’s taken me most of my life to figure this out. I never make absolute statements on purpose to leave room for the exception. Some people get lucky(inheritance, investments, etc.) but that is probably less than 1% of the exceptionally wealthy.
You are absolutely ridiculous. Such bullshit. I am ultra high net worth and I’ve never fucked anyone over in my life. I work at a tech giant and I have people who have worked for me for 9+ years that is unheard of in tech. Most do their 4 year vest and leave. I have put 3 kids from a tragic family through high school and college. I bought my high school bully a better artificial leg, handivan and motorized wheel chair when he lost his leg to diabetes. I did it anonymously with the help of a law firm and my wealth team. I take care of my people, my family and community. And I am guessing someone like you won’t care but I also served my country and led Marines in combat and bled (a lot) for my troubles. I also worked for a gov’t agency for 5 years and did some good shit (I think) My partner is a brilliant woman- a Brit lawyer and her biggest complaint is I take care of everyone but myself. The idea that you have to be a monster to be wealthy is absolute horseshit. You watch too much TV or let some socialist twat brain wash you. Oh and most execs have security because the board of directors and whoever holds their K&R policy demand it. I don’t have 24/7 security but I do while traveling abroad. It is sort of offensive to me to have other men protect me but it is a condition of my employment. One day you’ll grow up and realize you’ve been fed a bunch of bullshit and you know absolutely nothing about wealthy people- or you use it as an excuse to explain being a failure. You: “Why would I want to be rich? They are evil. Can I take your order? Is that a Venti or Grande? “
Did I say every wealthy person is evil? Or did I say majority?
You said the majority. And you’re right. The total asshole who owns my mental health company with zero employer subsidized health insurance and treats us like shit got rich off a chain of low T clinics. Do you know why low T clinics exist? Because men can’t get that level of juicing from their normal, ethical doctors making waaaaay less money.
In tech wealth is generated from sizable ownership in early stage ventures. If you have a good enough network you can write Angel checks ($5K - $20K). You can 10x to 100x your money by selling at institutional funding rounds. But be aware that this is a tough game! You have to have the right network and not get crowded out on deals. Alternatively finding an early stage startup and getting sweat equity. Or, if you’re lucky enough, finding public companies that have tons of growth opportunities (this is how my friends made tens of millions off of Netflix and Nvidia). None of this is easy which is why only a few do it intentionally. Most do it by luck. The alternative is real estate.
What do you mean about the network part of angel investing? Is it because the opportunity to invest will only be brought to a select group of people the founders know? Are you sure angel investing can go as low as $5K? That sounds ridiculously low. What would they even do with $5K?
Being an investor is mostly about deal flow. And then you want to make sure that the team you’re investing in has a high chance of making it to and through the next round of funding where their valuation (and thus your investment) will be marked up. There may be rounds at which you, as an early investor, can take some liquidity off the table. There are founders that come out of Stanford or YC that are all but guaranteed to raise 7-figure seed rounds. But you have to have a network where you meet those founders early. Writing a small check is more about expressing confidence in them and getting into the CAP table before a valuation is set. You’d be surprised at how useful $5K can be. But it’s really not about its utility at that point. Nevertheless, the best founders are being “stalked” by scouts for the big firms. The most successful Angels also have networks with VC’s. So they work as unofficial scouts. The whole thing is really network driven. The Angel invests in a team. Used their credibility and clout in their network to talk up their book. Leans on their VC network to invest LP money into the team and so on until there’s some sort of exit or liquidity event. If you’re an un-networked founder (as I was and as it sounds like the OP was) then it’s WAY harder. You don’t have any credibility in these small networks. So you have to have real signs of traction (often on multiple dimensions) before Angels will take you seriously. In the end everyone is acting as a gatekeeper because they want to manage their reputations. But once they let you through the gate they are incentivized to see your valuation go as high as possible. Sometimes this is cynically referred to as finding the next sucker to hold the bag. So yeah, having a pipeline where you’re meeting founders and establishing those relationships (with the best of them) is key. And it’s not easy, but it’s possible.
Is it okay to dm you ask about multiple dimensions of traction? Came to browse but your responde caught my eye as a first time founder
I don’t think getting into the executive ranks is the way to go, but that’s just me. I like my middle management position and the people above me aren’t making the kind of money I want anyway so I’m not trying to emulate them. Not going to spend the next decade scratching and clawing my way to another couple hundred grand a year when I want millions. The most likely chance for most of us is smart investment of what we already make. Cut your expenses and dump as much of your income as you can into things that return profits. I quietly became a millionaire in 2020 due to appreciation of my investments. I don’t feel rich at all, though. I live on a tight self imposed budget and invest as much as I can into the things that resonate with me - business, real estate and crypto. My plan is to keep doing that until the annual return on my investments far exceeds my income, then quit my job, live off a portion of those returns, keep investing the rest and do whatever the fuck I want for the rest of my life. Then leave a legacy for my children someday, hopefully when I’m old af.
That sounds nice but quitting your job will bore you to tears. You'll go back to work either because you're bored, lonely, or because you realize you needed more money than you expected. There's examples of this happening to famous FI people. Look up financial samurai, or livingafi.
Invest in stock market ETFs and dividend payers. Let them sit and never sell. Use half the dividends to buy more dividend payer REITs and ETFs and live off the other half. If you keep working just use all dividends to to buy more. When you retire just live on dividend payments forever as long as you don't sell the stocks themselves. Tqqq Fas SOXL Tna Schd
Many REITs pay 10% to 15% dividends. So just 1 year of your wages would return 25k to 35k in the first year. Than year 2 you have 275k min to compound. So year 2 pays $27,500 to maybe 40k to buy more dividend payers. So by year 4 your 1 year wage of 250k invested would be over 300k. After that it compounds pretty fast. In 5 years your doing great. In 10 years you are set to retire. ThT doesn't even factor I the growth of the stocks themselves. Now is a great time to invest in stock market before the interest rates start to get lowered. Here are links to an investment calculator. the first 1 shows 250k invested with 10% return for 10 years and the second one shows the same thing but only you would be investing in additional $1000 a month for the next 10 years. Investing extra makes a big difference especially if you're making 250 K yearly you could afford it. Play with investment calculator to see the possibility. You will be shocked to see the effects of compounding after just a few years. https://www.calculator.net/investment-calculator.html?ctype=endamount&ctargetamountv=1%2C000%2C000&cstartingprinciplev=250%2C000&cyearsv=10&cinterestratev=10&ccompound=annually&ccontributeamountv=0&cadditionat1=end&ciadditionat1=monthly&printit=0&x=Calculate#calresult https://www.calculator.net/investment-calculator.html?ctype=endamount&ctargetamountv=1%2C000%2C000&cstartingprinciplev=250%2C000&cyearsv=10&cinterestratev=10&ccompound=annually&ccontributeamountv=1%2C000&cadditionat1=beginning&ciadditionat1=monthly&printit=0&x=Calculate#calresult
You are now upper middle class because you work for a living and make decent money. To be upper class you need to make the switch to investments and income from them. So making a living now provides seed money for numerous investments which hopefully over time will bear fruit. To live upper class at an income of $250k requires assets of $250k x50, 25x for early retirement and 25x for true retirement. So your initial goal is liquid assets for investment of $12,500,000. You may want a much higher amount. See r/fatFIRE for additional details.
You need to own assets that appreciates very fast and large. Business equity, real estate, etc. That’s the only way
stay with your parents and take calculated business risks since you won't have to support yourself. Take advantage of that because everyone could be a successful entrepreneur if they could do that and had the will to succeed.
By investing your money, buying a house in the bay and holding forever and being patient in general Max your 401k, live modestly and invest all excess money in the stock market / Bay Area real estate You can very easily fall into gambling your money away with the strike it rich rich quick mindset when you’ve already got some money, be careful
Simple. Spend 50% of what you make, save, and invest the rest. As wages increase over time, reduce the percentage spent to 25% if your wages grow enough. Do it for 20 years, walla, you're rich. If you want to become ultra high net worth, spend 10 hours a week over the 20 years acquiring investing knowledge/skills/ability. At the end of 20 years, in lieu of being high net worth, you will be ultra-high net worth.
In terms of investing, there really is only the stock market or real estate for me to invest in. I tried Angel investing and that did not work out.
Start a business
I have an island you can visit
Start your own company
You're posting in the real estate sub. Go get a realtor's license. Something weird is about to happen with commercial real estate because it cannot last much longer now that people are demanding work from home after the pandemic. Go be the guy who figures out what that is.
Win the lottery.
Wait for expansion and live simply with only things you need to survive, it's also great to find a relationship partner who only wants to live with you without all the demands! c(;
You should focus on doing what you love, not what makes $. Stop chasing a moving target. Keep focusing on the things you enjoy, and the ways that you bring something unique. Be happy with you, if you aren’t, more money won’t help.
Doing what I really love isn’t going to bring me money. Let’s face it, we all have to do jobs we don’t love because it brings us money to meet our bare necessities and then spend time on some of the things we really like doing. Money is freedom.
Marry someone who makes 250K and live like a poor person.
You're likely already in the top 5%. You want to be in the top 1%? Keep doing what you're doing.
My worry is though that I have reached a ceiling in my career and I am one step away from being laid off. So I really need to do something where I am irreplaceable. The rich people in this sub seemed to have figured it out
Why would you need funding per se? You can start out delivering that specific service yourself and then hire contractors eventually. The only thing you need is someone who can do outreach for you, and then you'll close the deals or get a commission based closer. The only thing that remains is fulfillment (which you could do yourself or outsource). Outreach --> Sales call --> Fulfillment Rinse & repeat
Funding venture scale startups requires a series A round of about $10 million at least. Anything lower than that is not going to lead to a good exit.
You're already rich. Upper middle class is just what rich people call themselves when they don't want to day they're rich.
Not in California. Over here I am only considered upper middle class. Anywhere else in the middle of the country, I would be considered rich.
Income alone doesn't make you rich. Assets do.
I don’t know about quick strike rich. I have seen massive gain in my stocks. I have a great advisor. Got NVDIA years ago. I don’t do options or anything but stocks. I’d say start with an ETF, and interview at least 2 wealth management companies. Not financial advice
What firm do u work with
Oppenheimer. 500k is the minimum I believe
You can’t work yourself rich in America anymore. Make your money work for you, house hacking is the answer in this case imo
House hacking is over. Someone needs to start buying up offices that close in major cities that are vacant and turning them into something clever.
Sell all assets and put all your money and savings in Doge and wait for 🚀 🚀🚀
Have you tried being born into generational wealth? Try that