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How do people get rich?

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  • 11-02-2018 7:12pm
    #1
    [Deleted User]
    Posts: 0 ✭


    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.


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    #2
    endacl
    Registered Users Posts: 22,240 ✭✭✭✭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.


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    #3
    blanch152
    Registered Users Posts: 27,259 ✭✭✭✭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.


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    #4
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭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.


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    #5
    SCOOP 64
    Registered Users Posts: 5,232 ✭✭✭SCOOP 64


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


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    #6
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭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.


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    #7
    Fr_Dougal
    Registered Users Posts: 9,167 ✭✭✭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


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    #8
    Lockedout2
    Registered Users Posts: 402 ✭✭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.


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    #9
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭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.


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    #10
    Stacksofwacks
    Registered Users Posts: 1,536 ✭✭✭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


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    #11
    eeguy
    Closed Accounts Posts: 3,478 ✭✭✭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


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    #12
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    Avoiding the avocados and toast


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    #13
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭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.


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    #14
    blanch152
    Registered Users Posts: 27,259 ✭✭✭✭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.


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    #15
    MoyVilla9
    Registered Users Posts: 1,072 ✭✭✭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.


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    #16
    begbysback
    Closed Accounts Posts: 2,910 ✭✭✭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


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    #17
    OldMrBrennan83
    Closed Accounts Posts: 26,658 ✭✭✭✭OldMrBrennan83


    This post has been deleted.


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    #18
    ToddyDoody
    Registered Users Posts: 4,421 ✭✭✭ToddyDoody


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


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    #19
    893bet
    Registered Users Posts: 8,796 ✭✭✭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.


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    #20
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭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.


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    #21
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭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.


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    #22
    scamalert
    Registered Users Posts: 3,739 ✭✭✭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.


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    #23
    Bonzo Delaney
    Registered Users Posts: 1,577 ✭✭✭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


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    #24
    Peatys
    Closed Accounts Posts: 2,881 ✭✭✭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.


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    #25
    Sleeper12
    Registered Users Posts: 16,927 ✭✭✭✭Sleeper12


    Education, hard work and a little luck.


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    #26
    Stacksofwacks
    Registered Users Posts: 1,536 ✭✭✭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


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    #27
    hairyslug
    Registered Users Posts: 2,589 ✭✭✭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.


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    #28
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭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


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    #29
    Ajsoprano
    Closed Accounts Posts: 698 ✭✭✭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.


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    #30
    Solomon Pleasant
    Registered Users Posts: 540 ✭✭✭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 😉


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    #31
    ardinn
    Registered Users Posts: 4,246 ✭✭✭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?
    images.jpg
    http://slaneyfishing.com




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