Topic: If you want to be rich..! - page 23. (Read 3359 times)

With my experience, i would say, trying with multiple business to gain profits would not bring 100% result out  then effectively concentrating on one business and getting  100% result.  But yes, it differs from individuals. One might be more skilled and smart enough in achieving results from too many business at once. But, this may not work with everyone especially in the current competitive world.

Well it's not the same for all of us of course. Some do get rich by climbing way up the corporate ladder while some have the skills to be successful in whatever venture they invest on. Though i agree that having multiple sources of income plus the mentality to save for the future can be a very good step towards any goal.

I'd agree on this "Invest early" relatively it's really ideal or a good plan to start at an early age. But, I know people or individuals who work for 10-5 and they are successful (well, they're rich). TBH, working and spending habits are a factor. Nowadays (Personal opinion), I find working hard is not working anymore and it's just making a person exhausted. Working smart is way more intellectually considerable, since no matter how hard you work but you don't have any sort of organized plan or anything, it's worthless.

I think investing won't work always but still it depends on what project/coin your about to invest... I've been an investor but most of the time I've failed but there's a time that I'm hitting my luck. Today you won't know which project is worth investing for that's why it's really important to study each project carefully and to be rich you really need to take risks and be responsible in every actions you're about to do.

It all depends on the initial orientation of each person when starting a point to develop or saving in the future because he has the responsibility to get what you want, it is the most important point to pursue something so that expertise and scheme issues can follow it with the basic process that has been running, it seems impossible, but all of that is indeed the reality of many examples of successful people who started from scratch, back again to the initial principle that had been built.

If I can relived my early 20's then definitely I would invest a lot of real estate. When I was just starting my career and have work, I didn't care, didn't bother to save or at least invest. Those are one of the best times of my life because I have a good job and the pay is good and above average.

Anyways, my point is, it's being to save or invest if you are still young. And don't wast your money into something like going to party and other vices. And I would agree that you really need to work smart and not hard. And then if you have enough savings, then it's time to go and try the world of investing. You don't need huge amount of money to begin with, just learn the basic and I'm sure that as you go along, you will learn lessons that will be valuable later on.

this has nothing to do with being able to become rich whether you work like that or not.
and you can't have more income (specially 4-5 sources!) without working your ass off or have a huge amount of initial money (like inheritance or falling from sky into your lap).
money doesn't grow on trees! you have to work hard for it to earn it first and then be wise about what you do with your hard earned money.

what you are saying here is basically skipping the first step! which is earning money first by working, or hard work. and that is an important distinction in my experience because people who earn money the hard way know its value a lot more than those who just gain it easily like through inheritance. and the first group are always getting rich faster and easier if they are a little wise.

certainly trying and having a great enthusiasm every time you run a business or job, because both of these factors are the key to success in order to quickly become rich

One of the main factors is identifying what is an asset and what is a liability. Once you reach a certain plateau then indulge those liabilities all you want, but until then you need to slice them out of your life. Most people I know chuck their money away on shit that hinders their progress when it could be working for them instead.

Being rich is everyone's hope, and having a steady income will help you get rich faster by having a permanent job or business.
all requires process and you also need to invest as additional income or savings that will be used when needed, to have more income that requires creativity and capital that supports to do things that are profitable and don't forget to always give to those who need or do good deeds such as charity and social services for Kaum du'afa so sustenance always flows well.

This is a good idea if you are going to apply this probably you can get earlier retirement in your job and live together with your family and have time freedom. I remembered as what I have read in the article about Warren Buffet said, "Never depend on a single income, make an investment to create a second source".?(what I mean is invest in a profitable way) In my mind says it is right, invest and build your our business. Don't let work because of money, let money works for you.
All of us wanted to be rich and we can do something for that, and avoid this "don't let your dream be dreams".

You can't have 4-5 different sources of income, that is stretching the system too thin, if you mean stuff like 5 different stocks that works but if you mean something like stocks plus crypto plus 3 more things than you are really thinking people have enough money to actually invest into 5 different things.

One of the problems of our generation is that we barely have enough money to live as it is. For example I have to keep working tirelessly just to make ends meet and I have barely have enough money to invest into bitcoin which I know will not any different, I need to see bitcoin go to a million dollars to maybe have a chance to buy a house to begin with. So, saving and investing is not an option for many of us let alone invest into 5 different sources of income.

Being smart alone doesn't secure yourself into being rich. I know a lot of smart people who are still making ends meet up to this day. I know a lot of class cum laude but never made it to five-figure salaries or even found something that'll make them rich. Being smart without imagination is pretty much only restricting a person within the confines of their field, making them intelligent on paper but it ends there.

Spending habit is also one crucial thing that greatly separates rich people from the poor and middle class. Spend money on what you only need, invest a portion of your income and allocate something for emergencies and savings. A good allocation of income on necessities is one way of being financially educated.

Don't ever get credit cards as it will, for sure, urge you to buy things that you don't really need. Rely solely on your means and try to not overindulge on things that will depreciate its value over time.

Lastly, invest more, save less, especially if you are in your early 20s.

Children are also a liability so if we want to e rich we need to neglect the liabilities as much as we can but I see children is also an investment if we can make our kids to be an investors with better knowledge which is going to increase our cash-flow after decades.

I don't think investing on education is going to help us much here,because if we are going to get good degree means we are going to work under someone,by working for someone we can't be rich though.Education is something different from knowledge in my opinion so I won't much invest on the studies but it is indeed to get it though.

Having good discussion here can help some of us to be rich.

That's a big one.  I'd say if you want to be rich (and it would be nice to have a definition of that, BTW), stay far away from high-interest credit cards and don't buy anything that you can't pay cash for.  I've seen a lot of people fall into the trap of maxing out their credit cards, and then they're stuck with monthly payments that they can't ever seem to get ahead of.

Not having children is also a good idea in general, especially if you're young and trying to establish a career.  I think fewer people ought to be having kids, based on the lousy parenting I see from so many people, but they're also a cash sink that prevents people from ever climbing out of poverty.  If being wealthy is your goal, probably skip reproducing until you achieve that goal.

And yeah, start investing early.  That's one of the things I wished I'd done years ago.  I would also suggest investing in good dividend-paying stocks or index funds, but I'm by no means a financial guru.  Having an income stream from somewhere is very important, though.  I'm damn sure of that.

The last, and probably the most important thing I can think of for the average person is to invest in an education that's going to provide you with a solid career, i.e., going to college and majoring in one of the health fields, engineering, etc.  Computer science is a good choice, too.  Unless you're born with a head for business and have a serious entrepreneurial drive, you'll need a career that pays good money and it's very hard to get that without an education.  Oh, and pick a school that doesn't charge an insane tuition, else you'll be paying it off for decades.

Nice topic.  Disclaimer:  I'm not rich.

Diversified earning access is the way better to earn big and get rich, but this is really a hard thing to achieve on regularly. Apart from this investing on the right asset is the best to get rich. Maybe the time taken for the person to get rich might vary according to the market, one who has the patience always gets rewarded.

If you wanted to get rich either you invest something new and developed and market it, or at an early age learn how to invest in stocks and now in crypto market.

I have nothing against a regular 9-5 job, why not? If you're paid good then I would go work for a long time and then save lots of money to get rich. However, my father thought me to learn to invest or learn to save money. So for me, investment is the key, it might take some time though, but at least you are your own boss and you manage your own time.

I would agree with you, but I can say that this depends on the country that you are working at. There are many countries that have force employees to pay the employers for every hour they are working aside the 10-5 schedule. If I had the chance to be paid for as many hours as I can work then I would be definitely rich. Right now I am regulated for a fixed income so I would choose for making an active investment.

The thing is we want to be rich but we spend more than we could afford,
We couldn't control ourself not to spend on things that we don't really need,
If you want to be rich then start saving it is not about your earning it is about self control,Because even if you are earning a huge money it would be for nothing if you couldn't stop yourself from wasting money.

If you lived around a third world country, so definitely working 8 hours a day will not be sufficient to get your rich because I'm sure with the high cost of living all your salary will be just be going to your bills. I've been there, so I know what the OP is saying. So for me if you really wanted to be financially stable or at least have a financial freedom, you need to invest. And what better investments you will enter depends on you. As we are here in crypto then of course for us this is the best. And add a little patience (next 2-3 years), it's possible that we can profit and gain when the next bull run occurs.