How do people get rich?

I am so fed up with just about making ends meet month to month. What jobs are the wealthy people doing? Do they work multiple jobs? When I take on more hours I get caught with tax so it ends up making only a small difference which is disheartening. Lots of people in the same situation I am sure has anyone any tips on how to get out of this situation? Career change perhaps? I live frugally so can’t cut back anywhere else.

endacl

If they haven't inherited, they have a good idea and get other people to do the work. Then they get the surplus income to do the work.

They don't buy lottery tickets.

blanch152

The easy ways of getting rich are as follows:

(1) Be born to rich parents
(2) Marry someone rich.

The harder ways are what the rest of us are left with.

You have to earn more than you spend and invest the difference in the things that make profit. Easier said than done.

Franz Von Peppercorn

endacl wrote: »

If they haven't inherited, they have a good idea and get other people to do the work. Then they get the surplus income to do the work.

They don't buy lottery tickets.

Some do. Or did.

SCOOP 64

Well you have not got the qualifications for a high end paying job, only way, crime.

ytpe2r5bxkn0c1

It's the small differences, the gradual increases, that compounded over time make the difference. Barring a huge inheritance or lotto win most people just slog it out one step after another small step.

Fr_Dougal

Deleted User wrote: »

I am so fed up with just about making ends meet month to month. What jobs are the wealthy people doing? Do they work multiple jobs? When I take on more hours I get caught with tax so it ends up making only a small difference which is disheartening. Lots of people in the same situation I am sure has anyone any tips on how to get out of this situation? Career change perhaps? I live frugally so can’t cut back anywhere else.

https://www.boards.ie/vbulletin/showthread.php?p=104163472

Lockedout2

blanch152 wrote: »

The easy ways of getting rich are as follows:

(1) Be born to rich parents
(2) Marry someone rich.

The harder ways are what the rest of us are left with.

You have to earn more than you spend and invest the difference in the things that make profit. Easier said than done.

What would you consider rich?

A couple earning €100,000 between them make after tax approx €73,000 per annum.

If they bought a house in the late 90s then it should be paid for. They would have a very comfortable life without inheriting or marrying a rich person.

Creamy Goodness

Most of the rich people I know work hard. Harder than you’d think. I’ve a cushy job, I get to sit on my hole for 7.5hours a day five days a week (and I do let out the usual I work hard line). The rich people would be doing that and then working at night doing contracts and on Saturdays. In comparison I’m as lazy as ****.

The real rich people find a way to build something on the cheap and then find a way to resell it to 10000’s of people. Have monthly recurring revenue whilst only doing the same maintenance as if they only had one customer.

Stacksofwacks

Read the book rich dad poor dad by Robert Kiosaki, he goes into how rich people think and operate. It mainly revolves around investing in assets and things that make will you wealthier down the line, whilst minimizing things that take money out of your cash flow. Its about looking at a long term picture and taking the small wins and gains. Not everyone can do it but its not rocket science either, mostly common sense

eeguy

Best way to get rich is to make good life choices. Look out to 5,10,20 years from now and ask yourself where you want to be, then work towards that.

Doesn't always work out, but much better than doing the same thing week in week out

Bubbaclaus

Avoiding the avocados and toast

Creamy Goodness

Lockedout2 wrote: »

What would you consider rich?

A couple earning €100,000 between them make after tax approx €73,000 per annum.

If they bought a house in the late 90s then it should be paid for. They would have a very comfortable life without inheriting or marrying a rich person.

Where are you getting that they only pay €27k tax a year? I must be doing something super wrong.

blanch152

Lockedout2 wrote: »

What would you consider rich?

A couple earning €100,000 between them make after tax approx €73,000 per annum.

If they bought a house in the late 90s then it should be paid for. They would have a very comfortable life without inheriting or marrying a rich person.

They might be comfortable but they are not rich.

They still have to work, pay for kids in school and college, they can't just move house to a mansion etc.

Essentially, the definition of rich for me is that you don't have to think before spending money, you know you have it, and you can just spend it.

Of course, that is only rich in a financial sense. Many of us are rich in other ways.

MoyVilla9

Creamy Goodness wrote: »

Where are you getting that they only pay €27k tax a year? I must be doing something super wrong.

If each are on 50k, they each bring home 36k.

begbysback

blanch152 wrote: »

The easy ways of getting rich are as follows:

(1) Be born to rich parents
(2) Marry someone rich.

The harder ways are what the rest of us are left with.

You have to earn more than you spend and invest the difference in the things that make profit. Easier said than done.

May I put myself forward for option 2 please, in case there are any wealthy ladies passing through - I'm single, have good manners, hold the door open n stuff, I'm fairly handsome with a good sense of humour, I'm low maintenance emotionally and fairly easy going - pm me if interested

OldMrBrennan83

This post has been deleted.

ToddyDoody

Remember the saying 'a penny saved is a penny earned.'

893bet

Creamy Goodness wrote: »

Where are you getting that they only pay €27k tax a year? I must be doing something super wrong.

Seems accurate? 50k each.

First 17k tax free.
Next 17k at lower rate = approx 5k tax
Remaining 16k at higher rate = 8 k tax

Total 13k x 2 which leaves a take home of 74k ish.

Franz Von Peppercorn

Creamy Goodness wrote: »

Most of the rich people I know work hard. Harder than you’d think. I’ve a cushy job, I get to sit on my hole for 7.5hours a day five days a week (and I do let out the usual I work hard line). The rich people would be doing that and then working at night doing contracts and on Saturdays. In comparison I’m as lazy as ****.

The real rich people find a way to build something on the cheap and then find a way to resell it to 10000’s of people. Have monthly recurring revenue whilst only doing the same maintenance as if they only had one customer.

Plenty of the real rich do bog all.

Bubbaclaus

Creamy Goodness wrote: »

Where are you getting that they only pay €27k tax a year? I must be doing something super wrong.

That is correct for a couple earning 50k each. 100k gross, 73k net.

scamalert

yeah true those who made rich long term usually have combination of a lot of hard work, and then venturing into smth larger with tiny bit of luck could been timing or just idea at the time, but its skills/qualifications.

know mechanics/panel beaters that will find scrap cars worth nearly nothing but say wheels would be 500e, so thats like 500e a month just for knowing what to look for, then again you need storage space tools and knowledge.

some people get lucky and make it rich by chance but thats like winning lotto, education and hard work with some ventures and ideas is usually that gets one more comfort.

thou if person is in decent job or couple if they spend more then they make and are always on scrapping for cash then its clear that smth is way wrong being done be it spending to much on non essentials not knowing how to budget or trying to live like joneses.

Bonzo Delaney

Ah it's all relative to be to honest.
There's no point in making € 100k a year if your outlay is
€ 100,001 a year

Peatys

[Deleted User] wrote: »

I am so fed up with just about making ends meet month to month. What jobs are the wealthy people doing? Do they work multiple jobs? When I take on more hours I get caught with tax so it ends up making only a small difference which is disheartening. Lots of people in the same situation I am sure has anyone any tips on how to get out of this situation? Career change perhaps? I live frugally so can’t cut back anywhere else.

I worked for a company that charged mega bucks for me to work on customers sites.

Salary didn't cover our mortgage/crèche/diesel etc... Sold a lot of our stuff to make payments

One Friday, i was working late in GE Carrigtwohill to save my firm having to organise attendance for the following week, i got back to ashbourne in the early hours, bought a bag of chips in the chipper on the company card.

A month later the accountant was going through the card and flagged the €3 charge. I told her to talk to my manager who i had talked to the Monday.

She kicked up such a stink my manager told me I'd have to pay back the cash. Damage done, i started my own validation company and sent an email to my site contacts thanking them for all the help over the previous 10 years.

I now make the same money that i used to make for my employers, but it goes into my coffers, not theirs.

My wife is now able to leave her job in ifsc/no commute, and do all our back office work from home and the kids are out of 7am-6pm crèche and into 3 hr preschool.

Sleeper12

Education, hard work and a little luck.

Stacksofwacks

wealthy people also know their way round tax and company law or have good accountants to tell them these things. Its all a bit of a myth anyway, the more people earn the more they tend to spend or it goes to the taxman

hairyslug

I went to school with some rich bastards, the richest of the lot never had anything new, everything was 2nd hand.

My old boss would have been a multimillionaire. He wasnt afraid to show it but I knew him before he hit the big time. They scrimped and saved every penny and was doing some fairly dodgy stuff to get him the money to invest in what he saw was an up and coming market. It also helped that a friend threw a big lump behind him to get started as well.

Shefwedfan

Do you not see all the posts on Facebook looking for people to work from home and make money!!!!! That’s how everyone gets rich

Ajsoprano

You are asking the wrong question. You have to ask how can my grandchildren be wealthy.
You can buy your house and maybe a second one. Your children can live mortgage free and be smart with their money and get an education.

Solomon Pleasant

Personally I think one of the biggest reasons that people become wealthy is through working for themselves and not for other people or corporates. I don’t any one else will ever pay you enough so that you actually become wealthy.

Create value and people will pay for it.

This is coming from a college student who is about to start his first internship in an office in 2 weeks. I wonder what my manager will make of my attitude 😉

ardinn

Apparently yer man who owns Amazon (hes worth 142bn apparently) never takes a day off works every daylight hour just studying and buying companies.

142billion

BILLION

Would ye still be in the office!!! Really?

Richard Hillman

Make a rap video with a playschool-like dance that goes with the chorus. Say "I Got my money" a lot and wear lots of fake jewelry.

Thespoofer

endacl wrote: »

If they haven't inherited, they have a good idea and get other people to do the work. Then they get the surplus income to do the work.

They don't buy lottery tickets.

I know a guy who bought a lottery ticket before, he won almost 17 million euros.

Stacksofwacks

People who are working their bollix off are not rich, they are just running to stand still. Unless they are workaholics or they really enjoy doing it, really rich people have the freedom of their own time and from work, and of course money. They pay other people to the things they dont want to do

r93kaey5p2izun

I don't know OP. Looking at everyone I grew up with, coming from a background where we had nothing - no money and no assets, the only ones who have even reached the point of being able to afford a house in Dublin are tradesmen and drug dealers. Everyone else I know who has reached such a point of living fairly comfortably had help from family. I don't know anyone who got rich.

Peatys

Ajsoprano wrote: »

You are asking the wrong question. You have to ask how can my grandchildren be wealthy.
You can buy your house and maybe a second one. Your children can live mortgage free and be smart with their money and get an education.

Start your own company.
Year end profits go into pension to avoid corporation tax
Pension fund buys house to rent.
Rent goes into pension pot tax free for life.
Die.
House goes to child.
Balance of pension pays anything over the inheritance tax threshold
Kid lives mortgage free for life.

dxhound2005

ardinn wrote: »

Apparently yer man who owns Amazon (hes worth 142bn apparently) never takes a day off works every daylight hour just studying and buying companies.

142billion

BILLION

Would ye still be in the office!!! Really?

142 billion what? And apparently he spends a lot of time away from work.

sjb25

SCOOP 64 wrote: »

only way, crime.

.

Solomon Pleasant

ardinn wrote: »

Apparently yer man who owns Amazon (hes worth 142bn apparently) never takes a day off works every daylight hour just studying and buying companies.

142billion

BILLION

Would ye still be in the office!!! Really?

The reason for this is that Bezos absolutely loves the process. He’s addicted to it. When you’re that good and successful at something, it’s difficult to quit.

He isn’t a corporate drone just marking time like the vast majority of people, he’s a visionary who is shaping the future of commerce on this planet.

This is the difference. He isn’t simply “in the office” - He’s creating something which most people will never even comprehend, never mind become involved in.

Zerbini Blewitt

Stacksofwacks wrote: »

Read the book rich dad poor dad by Robert Kiosaki, he goes into how rich people think and operate. It mainly revolves around investing in assets and things that make will you wealthier down the line, whilst minimizing things that take money out of your cash flow. Its about looking at a long term picture and taking the small wins and gains. Not everyone can do it but its not rocket science either, mostly common sense

Yes, I heard this charlatan plugging this book when it was released years ago.

The bolded bit is 90 to 95% of the population. Unfortunately, its just the usual US pop-psychology / pull yourself up by the bootstrap self-help BS book!

i.e. In this setting - do you try to borrow €100,000 from AIB Termonfeckin to start this prosperity consciousness ball rolling?

What if that AIB bank manager tells you to go f*ck yourself.

What then?

Avatar MIA

Luck, self made and otherwise.


I'm well paid (employee), made a contact (a leader in their profession) about a year ago through luck, and it's developed into something that could potentially earn me circa €50k minimum per year (self made luck) with maybe a few hours mostly oversight work a week. We've one final hurdle to get over, but am hopeful. This could lead onto other applications.

Solomon Pleasant

Zerbini Blewitt wrote: »

Yes, I heard this charlatan plugging this book when it was released years ago.

The bolded bit is 90 to 95% of the population. Unfortunately, its just the usual US pop-psychology / pull yourself up by the bootstrap self-help BS book!

i.e. In this setting - do you try to borrow €100,000 from AIB Termonfeckin to start this prosperity consciousness ball rolling?

What if that AIB bank manager tells you to go f*ck yourself.

What then?

Acquiring finance is one of the easier parts of starting a successful business. Crowdfunding is just one example of an alternative. If you can’t get some investors to write you a cheque, don’t even dream of running a profitable enterprise.

Peatys

I remember taking to a woman who owned an office equipment sales company.

She was getting on for 70 and still hard at it. She could afford to retire, so i asked her why she hadn't.

The company was her baby from day one, and once she was financially secure, it stopped being a job and became a hobby.

The two most influential things that happened to me was that conversation, and years ago i watched a concord documentary. BA were running the concord programme at a loss for years till they brought in a new head.
He turned it around in no time and when asked how he did it, 'i charged the customers what they thought they were paying'.

Class.

Spanish Eyes

How does anyone define "Rich" anyway?

Is it having billions that you can never spend, or having a stash in reserve and the debts including mortgage paid off?

Is it your good health and that of your family?

Billions are useless and too much of a worry/responsibility, but they do create jobs for others I suppose!

To me being rich is having a good healthy backup fund, a house with no mortgage, no debts, and good health.

Who needs anything more than that. Most of the so called rich end up dead or drug addicted or useless anyway because they just don't know what to spend their money on. You only have to look at footballer salaries. I bet they are all delira and no marriage break ups, no affairs, no drink/drugs. Ha.

clfy39tzve8njq

Peatys wrote:

I now make the same money that i used to make for my employers, but it goes into my coffers, not theirs.

Well done

tedpan

You get rich by getting out of your comfort zone and creating a strong, superior persona. If you're not born into wealth, you need to to be extremely tough, be ready to stab people in the back and take what you want. Hence why I'll always be a hard working employee who doesn't go places..

dxhound2005

Spanish Eyes wrote: »

How does anyone define "Rich" anyway?

Is it having billions that you can never spend, or having a stash in reserve and the debts including mortgage paid off?

Is it your good health and that of your family?

Billions are useless and too much of a worry/responsibility, but they do create jobs for others I suppose!

To me being rich is having a good healthy backup fund, a house with no mortgage, no debts, and good health.

Who needs anything more than that. Most of the so called rich end up dead or drug addicted or useless anyway because they just don't know what to spend their money on. You only have to look at footballer salaries. I bet they are all delira and no marriage break ups, no affairs, no drink/drugs. Ha.

There are thousands of billionaires you never even heard of. A lot of them are in China. Very few are footballers. All of them will end up dead for sure, but not usually because of drug addiction.

Heres Johnny

Honestly just work for yourself. I was an accountant since I left college, the money is not as good as some make out. Found it hard to break over a certain threshold.

So I went self employed as a tied agent (which was my own business) of a financial services company where my income was uncapped. I worked hard at it building my book of clients which I then sold. I was making big money at it (about 4 times my accounting salary) and I studied actuarial maths and have just begun working as an actuary. But i think im going to look for another financial services agency soon as the potential money and freedom is just brilliant.
About 8 out of every 10 that the financial institution deemed suitable for an agency failed at it though, but the ones that stayed and made a success earned serious money.

tedpan

dxhound2005 wrote:

There are thousands of billionaires you never even heard of. A lot of them are in China. Very few are footballers. All of them will end up dead for sure, but not usually because of drug addiction.

I doubt that.. most billionaires are taking some sort of drug, legal or not to keep them going.

SCOOP 64

SCOOP 64 wrote: »

Well you have not got the qualifications for a high end paying job, only way, crime.

That statement is a load of Bollox!

diomed

If you spend everything you earn and also borrow you will have nothing.
A good start is invest in yourself. Get a qualification, training, skill, experience.
Then save something regularly. The best way is to have it deducted before you get it.
It would help if you learn about investing. Do it yourself. Do not take advice.