Author Topic: how did all you rich getbiggers get rich? very advanced education?family fortune  (Read 4786 times)

arce1988

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  Congrats Coach

Irongrip400

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Coin laundries mostly, 60+ units over the last 10 yrs

Waste service company
Business and real estate brokerage
Pawn shop
Furniture store
Advertising sign building co
Rental real estate
Investment co fund of funds
And now used auto dealership

 ;D


Boom. That's where the money's at if you can stand yourself. Set one up in a poor neighborhood or near a college/university and you're set. My brother has a buddy who has a few and makes good money from what I understand.

Tedim

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Boom. That's where the money's at if you can stand yourself.

???

Because I'm exploiting the proletariat?

phreak

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Not rich yet, but starting to get much better.

Key for me was recognizing what I am truly good at, which is making people work better, harder, and with more enjoyment/fulfillment. I'm finding out now that these are not skills that many managers possess. I've been told I'm like a televangelist. ;D

And marketing yourself. Nobody did shit for me until I started telling them how much I'd be able to do for them. Make sure you can back this up with results -- one big mistake and you will lose your aura. Seen that happen to others, so I'm adventurous but realistic. Don't overreach.


[edit]
No education to speak of, father owned a small garage.

phreak

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???

Because I'm exploiting the proletariat?
Because you'd be taking government money by proxy?  :P

Tedim

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Because you'd be taking government money by proxy?  :P

Actually, getting my money back.... ;D

badlad

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In my late teens actually earned quite a good wage (largely because at the time there were outstanding penalty rates for working late hours, saturdays, sundays etc which worked out well for me whilst in school). Started investing in the stock market just prior to the '87 crash too so learned some important lessons).
In my twenties mucked about at university (should never have gone) ended up with two degrees and never used either for anything since.
Lived frugally as a student most of the time, started investing again - shares, options, futures (never played the currency market) made some spectacular wins but also some incredible losses. Biggest mistake in that time was that I didn't back myself and when the going got tough I allowed myself to be vulnerable to suggestion from others and lost big time.
Thirties - I started a career - late starter - changed it a few times and now I'm doing what I do not because I enjoy it but because I have a massive mortgage and the other usual bits and pieces of a working stiff.
Now I'm in my early 40's and I'm doing well, not rich, but comfortable, married to a lawyer, I'm a professional (still want to do something else) but realising my biggest mistake in life thus far was two things when it comes to aquiring money - not believing in myself and being risk averse (especially when I was younger)
My advice to anyone who wants to make it bigtime - take big but calculated risks, and when you win don't overcapitalise and listen to that little voice inside you and nothing else. Seek other peoples advice but only when you are in a good place, level and sane not when you are fully invested both financially and emotionally etc. If you are asking advice at that point you are basically screwed - your due diligence and homework should be that good that when you talk to others all you are soliciting is their opinion and that is the perspective you should have - just an opinion, not sound advice.

badlad

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Oh and above all - and as you get older you appreciate this more and more - you only live once, you are just a mere dot in this universe, therefore if you want to make a mark in this world don't worry and stress about the mundane shit - go hard, because you have fuck all to lose because we are, in the scheme of things, nothing anyway; but you have evereything to gain.

Primemuscle

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Oh and above all - and as you get older you appreciate this more and more - you only live once, you are just a mere dot in this universe, therefore if you want to make a mark in this world don't worry and stress about the mundane shit - go hard, because you have fuck all to lose because we are, in the scheme of things, nothing anyway; but you have evereything to gain.

Good advice here.

I never wanted for anything material as a kid. My wife is from a very wealthy family too. Making wads of money has never been our focus. This is  probably as a result of our childhood experiences. Just to be clear, we are not trust fund babies. However, I think early experiences taught both of us that money does not equal happiness.

Somehow, we managed to live a very comfortable life as opposed to a money fueled one. These days our "wealth" is in great relationships with each other, our children and our grandchildren. Money cannot buy this.

FitnessFrenzy

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anabolichalo, you need to invest in a high quality white towel, organic grapefruits and a theater mask. When you have bought these items you will know what to do.

Henda

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Very intersting posts and input.
I will never be rich i just would like a comfotable retirement and a good inheritance for my kids and have been working on it for the last few years.

My plans are

Have started out with a shitty house and saved a large deposit so have a mortgage for less than half  what the house is worth. Moving to a larger house on monday and a tennant is moving straight in so as long as long as house is occupied it will payfor itself and give a monthly income.

Moving to a larger house i now have a double garage to use as a workshop and will start a sideline of custom garden structures ( summer houses, sheds, gazeebos ect) to compliment my main job as a builder (paving and lanscaping specialist).

When the spare cash is available for a deposit on a flat needing work in a shithole area it will be a good investment. Cheap rental properties in bad areas are always in demand as long as you set the rent low enough as to be affordable to housing benefit claimants. Again you get a small income and your mortgage on the propertyis paid as long as it is occupied.
This is a better investment for those who can renovate the properties themselves saving a small fortune employing contractors.

Weather or not this works out i dont kniw. Will give it  110% and see what hapoens.

FitnessFrenzy

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I'm pretty well off but rather conservative with investing. I have money in some high interest accounts and then I just always manage to save up money each year to beat the inflation.

Purge_WTF

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Tithing my income, and then selling a thousand shares of Netflix stock. I bought an '08 Ford Mustang with a personal check two weeks ago. God and life are good.

dj181

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El Diablo Blanco

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In 2001 I did put $10000 into a couple mining companies.  Got in at an average of $7 and sold at an average of $60.  I made a little over $100k, taxes raped me, I then invested in oil, one was a sham and lost $21000.  I wrote that shit off $3k at a time for the next 7 years.

MORTALCOIL

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Coin laundries mostly, 60+ units over the last 10 yrs

Waste service company
Business and real estate brokerage
Pawn shop
Furniture store
Advertising sign building co
Rental real estate
Investment co fund of funds
And now used auto dealership

 ;D


You're a member of the Gambino or the Genovese Family?

Tedim

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You're a member of the Gambino or the Genovese Family?

WORSE....I'm Russian!

PJim

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Grandfather left me a percentage of his fortune.

Agnostic007

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I would help you out with an answer, but I am not monetarily rich. -Wish I were sometimes. All in all, life after retirement has been good for me and my wife. My advice is to avoid debt whenever possible. I use my credit cards like debit cards, paying off anything I charge on them each month, therefore avoiding paying any interest. People like me with really high credit scores make out like bandits, if they should ever need to borrow money.

One of my cars is now 9 years old, the other is 15 years old. They both run well and are in good condition. I have no need to keep up with the Joneses. We still have many of the "antiques" we bought when we were first married. I only replace appliances when they become too expensive to fix.

My wife and I enjoy life. We eat out often. We travel fairly frequently. Life is good. Having shitloads of money isn't all it's cracked up to be.

good post

TigerStripes

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I notice nobody here got rich with a regular job. All investing and entrepreneurial ventures.

Tedim

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I notice nobody here got rich with a regular job. All investing and entrepreneurial ventures.

"rich"....might be a stretch, looks like some are comfortable. Rich for me is passive income in excess of 3 million per yr.

Agnostic007

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I notice nobody here got rich with a regular job. All investing and entrepreneurial ventures.

I could probably qualify depending on what you consider rich. With my regular job, after 25 yrs I can retire with 9K a month for the rest of my life. Not sure how much you'd have to have in the bank to draw that kind of annuity but it's probably significant. I've got additional funds from a business but the truth is, I will have no bills when I retire other than the monthly utilities and I can be very comfortable in Texas on that retirement alone

I don't consider myself "rich", I know too many "rich" people to even entertain the thought, but I am comfortable and that works for me

Raymondo

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If you have the aptitude, get into software development. Get 2-3 years experience under your belt and go contracting and write your own ticket. If you're good you're looking at 10k a month easily.

As far as I'm concerned, very few people have the aptitude for that. I've met some of them and have seen the CVs of even more, it takes an improbable combination of extreme technical and very good interpersonal skills.

They get paid awesome amounts working in London, that much is true. But they have to go where the work is, for some commuting is horrible.


Agnostic007

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"rich"....might be a stretch, looks like some are comfortable. Rich for me is passive income in excess of 3 million per yr.

that would certainly meet the threshold of rich in most peoples minds