Getting Rich

[William Joyce]

Here is question. How many rich people got rich by saying, "I want to get rich," then figuring out how, and how many got rich "by accident," just doing what they do well?

 

[midcan5]

As many people who ended up poor even though they wanted to be rich is my quick answer.

But we know lots of rich people so I'll give you an answer. None. The richest I know inherited their wealth, if that death tax were true no one told them. The second richest, were born or married into wealth, say an excellent business, car dealers, furniture chain, food companies and became owner/partner. The internet made many rich. Some came from families where the grandparents/parent made a killing in the financial markets. But as my dad used to say too often, it takes money to make it. Everyone else works, some hard, that list, who are in the top 1%, includes lawyers and high powered salesmen but their riches don't compare to the first few groups. We know a few doctors but they fall into this last category. Well to do but not rich. When I read some of the posts on here I realize wealth is something few even know about except maybe when they drive by the gated mansions and wonder.

 

[Larkinn]

Most of its luck. Some of its working hard, but its a hell of a lot easier to do well in this country working a decent amount if you are intelligent than working a lot if you are stupid.

 

[Annie]

Most of its luck. Some of its working hard, but its a hell of a lot easier to do well in this country working a decent amount if you are intelligent than working a lot if you are stupid.

Most common, regular intelligence and better than average work ethic.

 

[Toro]

Most common, regular intelligence and better than average work ethic.

Correct.

Also add "single-minded purpose"

 

[Bern80]

Unfortunately the cynics in here are a little off. the following is an excerpt from the rather interesting "The Millionaire Next Door: The Surprising Secrets of America's Wealthy"

http://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm

Here are just a few of the more interesting statistics:

* Many of the types of businesses we are in could be classified as dull/normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.

* Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes.

* Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent.

* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.

* Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools.

* About two-thirds of us work between forty-five and fifty-five hours per week.

Good read and will change what you think about the wealthy in this country

 

[William Joyce]

Unfortunately the cynics in here are a little off. the following is an excerpt from the rather interesting "The Millionaire Next Door: The Surprising Secrets of America's Wealthy"

http://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm

Here are just a few of the more interesting statistics:

* Many of the types of businesses we are in could be classified as dull/normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.

* Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes.

* Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent.

* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.

* Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools.

* About two-thirds of us work between forty-five and fifty-five hours per week.

Good read and will change what you think about the wealthy in this country

Interesting stats. This might have been my grandparents, who came from the depression and saved every penny. We were surprised at what they'd amassed when they died.

I think for the super-rich it's a combo of talent, drive and luck. No big surprise there. Bill Gates was smart, but not a genius, and combined computer savvy with business savvy and some GREAT timing. So there it is for him.

Meanwhile, I think the guy who invtented the mouse is still bitter that he didn't profit from it.

 

[midcan5]

http://blogs.wsj.com/wealth/2007/11/29/does-a-97000-salary-make-you-upper-class/

http://www.globalrichlist.com/

 

[Bern80]

http://blogs.wsj.com/wealth/2007/11/29/does-a-97000-salary-make-you-upper-class/

http://www.globalrichlist.com/

Links like that I always find interesting. When some call for tax increases on the rich, they don't realize they may very well be talking about themselves.

 

[LordBrownTrout]

Becoming well off or being successful in a business venture

1 Saving a lot of money before you go into business
2 Working 18 hour days
3 Knowing that they're are no guarantees
4 A burning desire or goal to strive for
5 Dealing with unknowns, setbacks, but continuing to perservere
6 Not listening to people who say that you're going to fail
7 Offering a service or product at a good price
8 Cultivating friendships along the way
9 Taking care of your employees
10 Good business ethics
11 Having more coming in than going out

to name a few....

 

[mattskramer]

Becoming well off or being successful in a business venture

1 Saving a lot of money before you go into business
2 Working 18 hour days
3 Knowing that they're are no guarantees
4 A burning desire or goal to strive for
5 Dealing with unknowns, setbacks, but continuing to perservere
6 Not listening to people who say that you're going to fail
7 Offering a service or product at a good price
8 Cultivating friendships along the way
9 Taking care of your employees
10 Good business ethics
11 Having more coming in than going out

to name a few....

I'd add a few more:

12. Knowing how best to deceive.

13. Knowing how to work the legal system so that if you get caught committing fraud and corruption, you get little more than a slap on the wrist.

14. Having powerful friends (or buying influential friends) in high positions of authority to help you out.

 

[Annie]

I'd add a few more:

12. Knowing how best to deceive.

13. Knowing how to work the legal system so that if you get caught committing fraud and corruption, you get little more than a slap on the wrist.

14. Having powerful friends (or buying influential friends) in high positions of authority to help you out.

So Matts, business owners are inherently evil? Dishonest? Priviledged?

 

[mattskramer]

So Matts, business owners are inherently evil? Dishonest? Priviledged?

No. Don’t put words into my mouth. That is not what I’m saying at all. I think that there are many unscrupulous wealthy people. There are also some honest wealthy people of high character. It depends on your value system. I think that it would be easier to be wealthy if you deceive people, know how to “get out of jail”, and have buddies in high places. That’s basically it.

 

[Annie]

No. Don’t put words into my mouth. That is not what I’m saying at all. I think that there are many unscrupulous wealthy people. There are also some honest wealthy people of high character. It depends on your value system. I think that it would be easier to be wealthy if you deceive people, know how to “get out of jail”, and have buddies in high places. That’s basically it.

I didn't you did:

Lordbrowntrout:

Becoming well off or being successful in a business venture

his list followed.

Then there was yours:

I'd add a few more:

12. Knowing how best to deceive.

13. Knowing how to work the legal system so that if you get caught committing fraud and corruption, you get little more than a slap on the wrist.

14. Having powerful friends (or buying influential friends) in high positions of authority to help you out.

 

[mattskramer]

There might be some good forthright and fair big business executives, but in general, I don’t trust them. I’m reminded of the stunt pulled by Ken Lay of Enron in which he told people to buy stock in his company while we he, himself, was selling out and jumping ship.

Consider also the big wigs of United Airlines.

http://en.wikipedia.org/wiki/United_Airlines

Most controversial of all, however, was the 2005 cancellation of its pension plan, the largest such default in U.S. corporate history. It renegotiated its contracts with the pilots' and mechanics' unions for lower pay; however, the Association of Flight Attendants resisted until the bankruptcy court ruled in United's favor. Criticism was also leveled at the CEO, Glenn Tilton, for demanding pay cuts from employees while receiving the highest salary of any major U.S. airline CEO

Now, shouldn’t the CEO’s who make the big decisions have to suffer when they make bad decisions? No. They continue to receive big salaries while the little guy gets the brunt of the punishment.

Yes, there are probably some fair and honest bosses and executives out there. Let’s just say that I have my apprehensions and biases like everybody else.

 

[mattskramer]

I didn't you did

As I said, I think that you stand a better chance of becoming well off or being successful in a business venture if you Know how best to deceive, know how to work the legal system, and have powerful friends. That is not equivalent to saying that business owners are inherently evil, dishonest, and privileged.

 

[Annie]

As I said, I think that you stand a better chance of becoming well off or being successful in a business venture if you Know how best to deceive, know how to work the legal system, and have powerful friends. That is not equivalent to saying that business owners are inherently evil, dishonest, and privileged.

So it's unlikely that an honest person, with a good product may succeed?

 

[mattskramer]

So it's unlikely that an honest person, with a good product may succeed?

Hmmm. I’m not sure that I would say that it is unlikely that an honest person with a good product to be successful. Yet, there is much “cut-throat” and dog-eat-dog competition out there. I simply contend that, all things considered, it would be easier for a dishonest person to be more successful that it would be for an honest person to be successful.

 

[mattskramer]

It seems to me that it would be much easier if you have connections, can bribe authorities, can push the envelope in deceiving customers, and know how to cut your losses if you get caught.

 

[Annie]

It seems to me that it would be much easier if you have connections, can bribe authorities, can push the envelope in deceiving customers, and know how to cut your losses if you get caught.

Whether or not one is stating their own business, it's easier to come from higher income. Getting a job, any job, connections help.

Again I comment, it appears you are saying that most successful are deceiving liars.