Working 9-5 - I want to be rich

machaseh

MrAbyss wrote: »

Easy.

Rent, and do not get on the property ladder. Don't get married and if you want to, then tell your woman that a cheap civil service and no lavish reception is all she is getting. Do not have kids. Live in an area you can use public transport and not have a big car payment and running costs eating you alive.

SAVE THIS MONEY - put half into the stock market and continue to do the 9 to 5 job. Watch your disposable income grow and suddenly you'll have loads of money that your moron friends 'doing the whole wedding, settling down, kids, mortgage thing' OUT OF PEER PRESSURE do not have.

I discovered all this by observing the Homosexual Fiscal Model. Don't marry some bitch or knock her up! This is key to financial success.

Jaysus you're not the brightest of the bunch are ya.

1. Rent dont get property - I'm paying 600 quid a month for a tiny bedroom in an old dump in Dublin city. Do you know what I could get for a 600 quid monthly mortage payment? Probably a quite decent gaf . If you CAN buy, you should buy, it's just that most people (like myself) can't.

2. Don't get married - Sure, no plans here at all to get married any time soon, but I also don't want to be living in a tiny room for the rest of me life, at some point I'd like me own gaf thank you very much. I'm 27 now and have been living in shared housing since I was 17. And what do you think yer own gaf costs in Dublin? Very very dear for a single working person. would rather share it with a working partner once I get a long term relationship thank you very much.

3. No lavish reception - of course lavish weddings are something easy you can save on by making it a lot less lavish.

4. No kids - yup that's a nobrainer. I'm also never getting any. Would be too dear for me even if I wanted them anyway.

5. Use public transportation instead of a car - As much as I'd like to agree with you here, keep in mind that pt in Ireland is hardly existent outside of Dublin and even then the closer to the city center, the more usable it is. And where are the rents too dear? Yup, in Dublin city.

6. Save this money - what money exactly? I am currently doing everything you say (no kids, live near public transportation and have no car, no wife and no plans for a wedding reception, not on the property ladder) and I hardly have enough money left at the end of the month.

Greyfox

Beta Ray Bill wrote: »

Yes I agree it can make it easier, but I thought we were talking about happiness (I should have been clearer)

I wouldn't pay someone to look after my kid after having my eyes opened for me in the last 2 years

You will get bored eventually, trust me
Look at people that have achieved their goals early in life and stopped working cause they have a huge amount of cash in the bank.
They go off the rails. Sport stars are a particularly good example of this.

I believe if you pick the right options money does bring happiness.

You have the option though, many people cant afford regular babysitters which would allow them to spend more quality time with there partner

No I wouldn't, I know that much about myself for certain. If you've lots of money and your getting bored your a complete and utter gobsh*te, basically an idiot who worked hard for nothing. I have to give up 40 hours of my week to enjoy life, 40 hours is a lot considering time is the most precious thing in the world. If I didnt have to work I could spend all day every day doing whatever I want to do, a lifetime is not long enough to experience everything the world offers.

I get football players finding it hard to adjust to been a normal joe soap again but if your business defines you then you shouldnt change what you do until your health forces you to. I would'nt get bored as my passion would always be with things that are not work related

NoteAgent

Sleepy wrote: »

You'll never get rich from work. The Capitalist system is pretty much designed that way (Capital being more richly rewarded than Labour).

You get rich from luck: a lottery win, a high-risk investment working out, being an early employee in a start-up that blows up, being born with a great talent etc. The main contributing factor in wealth is simply winning the genetic lottery. I can't think of any of the Silicon Valley billionaires that came from poor backgrounds, almost all came from privileged upper middle class backgrounds: your parents have to be able to afford the tuition at Harvard before you can drop out of it!

Good decision making and a strong work ethic are requirements to being a self-made man / woman but without the benefit of family support for your education, social capital and / or wealth to fall back on they're rarely enough on their own. The "self made millionaire" of the American dream is exactly that: a dream, and it's no different here in Ireland: the Collison brothers weren't raised in O'Malley Park; the Happy Pear lads grew up in leafy Greystones; Michael O' Leary went to Clongowes; Denis O' Brien is from Ballsbridge; Enya while born with a talent had the family support to be educated at a boarding school and the family band to launch her career from. 99% of those making big money in top law/finance firms have had advantages the average person doesn't (family connections, expensive educations etc.)

Even if that's just the knowledge that your childhood bedroom will still be there for you should your entrepreneurial venture leave you penniless or if the high risk startup you took a job with goes belly up without paying you, it's a safety net not everyone has.

This theory about most rich peole being born into wealth has been proven time and time again to be wrong. Something like only 5% of the Forbes 400 inherited their wealth.

Theres far more examples of people whose fortunes were made themselves rather than being inherited.

Tangatagamadda Chaddabinga Bonga Bungo

Money doesn't buy you happiness, but it does buy you freedom.

Sleepy

Another aspect of luck: the economic conditions when you leave education. I remember when starting college the dot-com boom was raging, we were being given expectations of 35-40k jobs straight out of college. By the time we finished in 2003, I was one of a handful who was able to find work in IT and started on something like 24k. Even then, comparatively speaking, I was lucky: 2003 was still during the Celtic Tiger years so salary progression was amazing for the first few years of my career and within 2/3 years I would have been nearer 50k. Not amazing money by any means but a far better place than most who graduated during the recession would have been able to achieve (if indeed, they managed to find work at all rather than a job-bridge internship or the like).

Looking back further, anyone in my parents generation who managed to get a mortgage between the late 70's and early 90s) would have done amazingly well out of the massive growth in property prices during the 90s. Again, just good luck.

wakka12

It sucks. But its what we must do to afford the privilege of modern comforts we take for granted. Nobodys forcing you to work, you can live in a cave and keep a small farm 'off grid' if you want tolive a life with no responsibilties to others, but you dont want that, and most people dont either, we want better, so we have to hold up our end of the deal to support that. Could be worse really. Hopefully all that 4 day week talk leads to something

machaseh

wakka12 wrote: »

It sucks. But its what we must do to afford the privilege of modern comforts we take for granted. Nobodys forcing you to work, you can live in a cave and keep a small farm 'off grid' if you want tolive a life with no responsibilties to others, but you dont want that, and most people dont either, we want better, so we have to hold up our end of the deal to support that. Could be worse really. Hopefully all that 4 day week talk leads to something

To be fair me mate is working 4 day weeks. Your man lives in the Netherlands and has his own very tiny studio apartment. Of course he gets a much lower salary than meself as he only works a 4 day week, but he never travels (he's afraid of traveling anyway even if he could afford it), hardly ever goes out (he's got a girlfriend so prefers to just sit in with her rather than go out), and gets by fine this way. Said tiny studio apartment is however partially state-subsidized (something that does not exist in Ireland) making it affordable for him to lead this lifestyle.

I would probably be able to save a lot more if I never went out, but my life would just be very boring playing video games all day. I do always try to invite friends over to me gaf for some cans rather than having 6 euro pints in a pub, but this is simply not always logistically possible due to various reasons. For example if there's after work drinks going on it's going to be in the pub and not at someones gaff you see. Things like that.

The long friday benders that I used to do in the pubs are kind of over though. They left me with a reasonably serious drinking problem at times not to mention out of pocket. Nowadays I try to only come over at a later point in time or make sure that something is planned for later in the day to avoid spending all day at the pub pissing my pay away.

Obvious Desperate Breakfasts

Beta Ray Bill wrote: »

If getting rich was easy, everyone would do it.
Even if it were difficult and complicated, but there was a list of instructions on what you needed to, everyone would be doing it.

You hear these super rich people go on about how they were so smart and how the made their own luck and and how they made themselves from nothing and how they could do it all again...
But the truth of it is, it's just luck. You can influence the odds and stuff but ultimately it is down to luck.
Things like John interviews you for your Dream job instead of the usual interview Paul, and John doesn't like you but Paul would have and as a result you don't get the job.
Someone decides there isnt budget for that training course you really need, but if you were employed last year you'd have got it.

Little changes like that, that are completely out your control can end up having a huge impact on your life.

I've a good job and make a good bit of cash, but I've been lucky this time round. There are plenty of people doing my job that are earning less.

Luck and being willing to work ridiculous hours and have no work-life balance at all. Most people aren’t willing to do that, me included (when I worked). I very much valued (and still do) my ‘sitting on the sofa, talking shite with my husband’ time.

machaseh

Obvious Desperate Breakfasts wrote: »

Luck and being willing to work ridiculous hours and have no work-life balance at all. Most people aren’t willing to do that, me included (when I worked). I very much valued (and still do) my ‘sitting on the sofa, talking shite with my husband’ time.

And I believe it's wrong to blame people who have normal 9-5's like anybody that 'they are not working hard enough to be rich'.

I have a normal 9-5 IT job. I am not sure what exactly I would accomplish by working even more. I cannot even do paid overtime in this job, so how exactly would I earn more?

Sure I could go work as a bartender on the evenings and weekends, but then I would struggle to function properly in my day job. I don't think it would be effective at all, except for a short-term emergency situation where i'd need a whole lot of money.

Sure I could study more on the side. I do in fact get some certs in my current jobs and opportunities for trainings, which I could make more use of, but then again I already got 3 certs in this year which is the first year in my role so I think I'm already kinda doing that.

I am not sure what else I could do to get rich while being in this job honestly. Do code academy at home on weekday nights? I'm super tired whenever I get out of work and all I want is a kan of Karpackie and rest on the couch. Then I do some house hold chores then it's already not much time until I go to bed.

Dr. Bre

Working 9-5 what a way to make a living.,,

Sleepy

NoteAgent wrote: »

This theory about most rich peole being born into wealth has been proven time and time again to be wrong. Something like only 5% of the Forbes 400 inherited their wealth.

Theres far more examples of people whose fortunes were made themselves rather than being inherited.

What percentage of them were orphans or raised by deadbeats on welfare? I'm guessing far less than 5%!

What I'm talking about isn't being born into wealth, but being born into an environment that allows you to progress in life: parents that are supportive of your education, who might have a few connections to get you early opportunities in your chosen career path, that can afford to help you through college, etc.

14dMoney

Sleepy wrote: »

What percentage of them were orphans or raised by deadbeats on welfare? I'm guessing far less than 5%!

What I'm talking about isn't being born into wealth, but being born into an environment that allows you to progress in life: parents that are supportive of your education, who might have a few connections to get you early opportunities in your chosen career path, that can afford to help you through college, etc.

I dunno the % but there is a few. The late Lord Ballyedmond from Louth was one. He accomplished a lot through hard work and innovation.

Larry Ellison was born in the poorest slums in New York.

Roman Abramovich was an orphan.

Howard Schultz grew up in a housing project.

There's countless real world examples.

https://www.inc.com/business-insider/billionaires-who-went-from-rags-to-riches.html

Sleepy

Exceptions that prove the rule tbh. Though, again, you have to look at a few factors here, most on that list were born into supportive family backgrounds at times when third level education was cheap (try pay your way through a US university with a part-time job these days!) and the post-war economy was booming. Roman Abromovich seems a poor example to emulate given that his wealth is largely the proceeds of criminal activity, but hey, I suppose it's a means of getting rich without doing a 9 to 5.

You can, of course, still have a shot at being rich if you're an ordinary person. It just involves a hell of a lot of sacrifice. Work part-time throughout your secondary education and save 90% of what you earn. Keep up the part-time job through college and live at home with your parents if the commute is in any way possible. Don't drink, travel or bother with expensive hobbies or clothes. Choose a degree course for it's employment prospects rather than your passions unless they happen to align. Don't get into romantic relationships with anyone who earns less than you, who doesn't share your financial discipline, who wants a family and who isn't going to stop you from moving wherever you need to in order to maximise your income. Be prepared to walk from any relationship where the other party starts to change their views on any of this. Put off having kids until you're in your at least knocking into your forties and avoid situations that may result in you having them against your will (i.e. get a vasectomy or stay celibate if you're a straight guy).

Keep saving most of your income once you're in full-time employment and do whatever's necessary to keep your outgoings low (live in the cheapest house share you can find that has a suitable commute for work, or stay living off Mammy & Daddy if that's an option, don't buy a car unless it's essential for work and is covering it's own costs via mileage or an pay raise related to a new role etc.). Find a role where you'll gain skills the contracting market is strong for and as soon as you've got the skills to do so, go out on your own as a day rate contractor. Hire a good accountant to help minimise your tax liabilities. Continue living as cheaply as possible while ploughing as much of your income as possible into investments.

By the time you're in your early 40's you should have the price of a decent house should you want to step off the gas a bit and actually have a life. At that point you'd be advanced enough in your career to command a good salary and living mortgage free, you'd be in a very comfortable place. But still, not quite "rich".

Forget the idea of having a family life and continue on saving and investing as much of your take-home pay as humanly possible and you could probably retire quite easily in your 50s. Thing is, you're unlikely to have anything to retire for by that stage and will have utterly, irrevocably wasted your youth.

14dMoney

Sleepy wrote: »

Exceptions that prove the rule tbh. Though, again, you have to look at a few factors here, most on that list were born into supportive family backgrounds at times when third level education was cheap (try pay your way through a US university with a part-time job these days!) and the post-war economy was booming. Roman Abromovich seems a poor example to emulate given that his wealth is largely the proceeds of criminal activity, but hey, I suppose it's a means of getting rich without doing a 9 to 5.

You can, of course, still have a shot at being rich if you're an ordinary person. It just involves a hell of a lot of sacrifice. Work part-time throughout your secondary education and save 90% of what you earn. Keep up the part-time job through college and live at home with your parents if the commute is in any way possible. Don't drink, travel or bother with expensive hobbies or clothes. Choose a degree course for it's employment prospects rather than your passions unless they happen to align. Don't get into romantic relationships with anyone who earns less than you, who doesn't share your financial discipline, who wants a family and who isn't going to stop you from moving wherever you need to in order to maximise your income. Be prepared to walk from any relationship where the other party starts to change their views on any of this. Put off having kids until you're in your at least knocking into your forties and avoid situations that may result in you having them against your will (i.e. get a vasectomy or stay celibate if you're a straight guy).

Keep saving most of your income once you're in full-time employment and do whatever's necessary to keep your outgoings low (live in the cheapest house share you can find that has a suitable commute for work, or stay living off Mammy & Daddy if that's an option, don't buy a car unless it's essential for work and is covering it's own costs via mileage or an pay raise related to a new role etc.). Find a role where you'll gain skills the contracting market is strong for and as soon as you've got the skills to do so, go out on your own as a day rate contractor. Hire a good accountant to help minimise your tax liabilities. Continue living as cheaply as possible while ploughing as much of your income as possible into investments.

By the time you're in your early 40's you should have the price of a decent house should you want to step off the gas a bit and actually have a life. At that point you'd be advanced enough in your career to command a good salary and living mortgage free, you'd be in a very comfortable place. But still, not quite "rich".

Forget the idea of having a family life and continue on saving and investing as much of your take-home pay as humanly possible and you could probably retire quite easily in your 50s. Thing is, you're unlikely to have anything to retire for by that stage and will have utterly, irrevocably wasted your youth.

Utter garbage. What it proves is that people from all walks of life, given the drive, motivation and brains, can create a fortune for themselves.

Some people don't want to work hard, or make the sacrifices necessary to run a business, and that's fine. That doesn't mean that those who have had the drive and motivation, haven't earned it.

I'm guessing you've never owned a business? 8 hours is a half day when you do.

One More Toy

Getting rich is easy if you are patient

You start a pension fund as soon as you start work (even better if your employer pays into it)

Retire at 50.

It still means 30 years of work but its something that requires patience

14dMoney

One More Toy wrote: »

Getting rich is easy if you are patient

You start a pension fund as soon as you start work (even better if your employer pays into it)

Retire at 50.

It still means 30 years of work but its something that requires patience

This.

Also I'd say careful investment. I buy stocks with 10% of my paycheck every month, and it's fun watching the pot grow steadily for retirement.

One More Toy

14dMoney wrote: »

This.

Also I'd say careful investment. I buy stocks with 10% of my paycheck every month, and it's fun watching the pot grow steadily for retirement.

As long as you have the balls to adjust to a 30 per cent decline in a recession

Sleepy

14dMoney wrote: »

Utter garbage. What it proves is that people from all walks of life, given the drive, motivation and brains, can create a fortune for themselves.

Some people don't want to work hard, or make the sacrifices necessary to run a business, and that's fine. That doesn't mean that those who have had the drive and motivation, haven't earned it.

I'm guessing you've never owned a business? 8 hours is a half day when you do.

I thought similarly when I was young and naive too.

Making a fortune requires drive, hard work and brains. That's not in dispute. If you think that's all it requires, however, you're deluded.

It also needs a large element of luck: the right parental support to educate those brains, the fortuitous meetings with the right people that allow you to build a business, favourable economic conditions for your business model, your customers to be able to pay their invoices, the legal and regulative environment that respects your right to own that business or any of it's patents or intellectual property, a favourable tax regime, employees/accountants that don't steal from you, the good fortune not to end up losing everything due to an injury at work claim or to be put out of business because insurers won't provide public liability insurance etc. etc. etc. I could keep going, but it comes down to luck.

There's a lovely comic that explains the concept of the privilege that even a normal middle-class upbringing (never mind a wealthy one) gives an individual better than I ever could:

https://www.rnz.co.nz/news/the-wireless/373065/the-pencilsword-on-a-plate

sondagefaux

It's your lucky day OP. My late uncle was a general in the Libyan Army...

Greyfox

One More Toy wrote: »

Getting rich is easy if you are patient

It's not easy if you have a crap salary

14dMoney

Sleepy wrote: »

I thought similarly when I was young and naive too.

Making a fortune requires drive, hard work and brains. That's not in dispute. If you think that's all it requires, however, you're deluded.

It also needs a large element of luck: the right parental support to educate those brains, the fortuitous meetings with the right people that allow you to build a business, favourable economic conditions for your business model, your customers to be able to pay their invoices, the legal and regulative environment that respects your right to own that business or any of it's patents or intellectual property, a favourable tax regime, employees/accountants that don't steal from you, the good fortune not to end up losing everything due to an injury at work claim or to be put out of business because insurers won't provide public liability insurance etc. etc. etc. I could keep going, but it comes down to luck.

There's a lovely comic that explains the concept of the privilege that even a normal middle-class upbringing (never mind a wealthy one) gives an individual better than I ever could:

https://www.rnz.co.nz/news/the-wireless/373065/the-pencilsword-on-a-plate

This kind of crappy comic is what is convincing the youth of today, that if they're not from an affluent background, they won't be able to achieve anything. A negative and untrue message.

NoteAgent

14dMoney wrote: »

This kind of crappy comic is what is convincing the youth of today, that if they're not from an affluent background, they won't be able to achieve anything. A negative and untrue message.

Yep. 90% nonsense ITT.

Anyone can make excuses as to why they wont be successful. Its about mindset.
When O'Leary took the job at Ryanair he could have easily said "why bother, this airline is losing €5m a year, up against a huge competitor that has the backing of the state", etc, etc. But he didnt.
Successful people have a glass half full mindset

LirW

NoteAgent wrote: »

Yep. 90% nonsense ITT.

Anyone can make excuses as to why they wont be successful. Its about mindset.
When O'Leary took the job at Ryanair he could have easily said "why bother, this airline is losing €5m a year, up against a huge competitor that has the backing of the state", etc, etc. But he didnt.
Successful people have a glass half full mindset

And for every O'Leary there are 50 others that take over businesses that have no hope of succeeding, no matter what you do. You just don't read about them.

I'm all for encouraging young people and show them what's possible but dismissing the fact that your background, upbringing and luck play a big role in success is ridiculous.

dxhound2005

MondayBlues wrote: »

Do you like your job?
Can you see yourself doing it for 45 years been a slave to someone else profiting off you if not self employed.
Do you like having your Monday to Friday controlled or even weekends controlled by your employer dictating your life?
Ever be in bed on a Monday morning absolutely wrecked and contemplate what you are doing with your life and absolutely dreading get out of the bed when all you want it a lie in after a hard weekend on the beer.
Do you find that life is slowly drifting you by having to work and not enough hours in the day to do the things that you like to do.

So I need ideas on how to get rich. If anyone can let me know i would greatly appreciate it.

I was thinking of maybe recycling used condoms, don't think anyone is doing that.

Here's how you can get a bit richer, but not rich. Get a second job in the 24 hour economy to supplement your wages. Be the one selling beer to those cultivating a hangover. Envy those who are in bed while you are selling papers on Sunday morning in the local shop. Marvel at the wit of the drunks who come into the takeaway where you are behind the counter. Or get on your bike and deliver their food. Lots of other opportunities out there if you need extra cash.

cajonlardo

Are any of you old enough to remember ads in the papers saying if you want the secret to be guaranteed financial success then send a stamped addressed envelope along with one pound sterling?
People did send the pound.
They got back a tiny slip of paper in their self addressed envelope. It said "do what I am doing"

Raconteuse

Beta Ray Bill wrote: »

I disagree with you.
Watch Rocketman.
Elton John had all the money in the world and up until recently wasn't happy.

Drugs problems, relationships problems, career problems, issues with his parents, and accepting himself for who he is.

Money doesn't solve all your issues and instantly makes you happy.

If you won the lotto this week you'd be delighted, after a year though the novelty would wear off.
If you gave up your job you'd be bored out of your mind after a couple of years.

However the money would mean you could do more meaningful things with your life. (IE to help society) And this would give you happiness.

Elton John is one of the super rich though. And better to be an addict with his money (for treatment, a roof over his head) than a heroin addict sleeping rough.

I do think money brings happiness in some senses - and i don't mean super rich, just well off. No financial worries, access to the best healthcare... just security. Obviously you're going to be much unhappier if you're worrying about covering bills all the time. It's a horrible stress.

Not everyone who says money can bring happiness is talking about buying a mansion and a holiday villa and yacht and flash cars and designer clothes. Some just mean the contentment of having no financial worries and still being able to enjoy treats like nice meals, holidays etc.

grindle

NoteAgent wrote: »

Anyone can make excuses as to why they wont be successful. Its about mindset.

Ye've completely missed the point of the comic. It's not to provide an excuse, it's pointing out that the lack of a solid foundation tends to lead to predictable outcomes in an unfair world.
Pulling yourself up by the bootstraps only gets you so far if absolutely everybody is doing it. Somebody will still need to be the potwasher, the server, the janitor, etc etc.
The position you're in can form the mindset, negative or positive.

If your answer to that is "Well they should've worked harder then." you're missing the point again. If that person works hard, rises above whatever station they were stuck at before, somebody else moves down and some other child or family is disadvantaged. Inequality exists and it isn't the fault of the disadvantaged. Well, besides some adult gurriers but they're not the majority and their children are almost certainly screwed from the get-go.

It's probably the child's fault, they should feck off to the mines or clean chimneys & make something of themselves.

machaseh

dxhound2005 wrote: »

Here's how you can get a bit richer, but not rich. Get a second job in the 24 hour economy to supplement your wages. Be the one selling beer to those cultivating a hangover. Envy those who are in bed while you are selling papers on Sunday morning in the local shop. Marvel at the wit of the drunks who come into the takeaway where you are behind the counter. Or get on your bike and deliver their food. Lots of other opportunities out there if you need extra cash.

So you are genuinely advocating for people who already have a 9-5 office job to go work in a take away on the evenings and selling beer on weekend mornings?

That's not gonna make you rich by any means. For example what if it makes you fall into a higher tax bracket?

RocketRaccoon

I'd love a regular weekday 9-5 job.

machaseh

RocketRaccoon wrote: »

I'd love a regular weekday 9-5 job.

What is stopping you from getting one? What industry are you in?