How do people get rich?

Richard Hillman · 11-02-2018 07:45PM

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 · 11-02-2018 07:48PM

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 · 11-02-2018 07:49PM

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 · 11-02-2018 07:51PM

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 · 11-02-2018 07:56PM

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 · 11-02-2018 07:57PM

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 · 11-02-2018 07:58PM

SCOOP 64 wrote: »

only way, crime.

.

Solomon Pleasant · 11-02-2018 08:00PM

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 · 11-02-2018 08:02PM

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 · 11-02-2018 08:03PM

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 · 11-02-2018 08:09PM

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 · 11-02-2018 08:09PM

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 · 11-02-2018 08:10PM

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 · 11-02-2018 08:11PM

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 · 11-02-2018 08:12PM

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 · 11-02-2018 08:20PM

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 · 11-02-2018 08:20PM

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 · 11-02-2018 08:21PM

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.

11-02-2018 08:21PM

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 · 11-02-2018 08:22PM

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.

Peatys · 11-02-2018 08:23PM

begbysback wrote: »

Did you happen to get her phone number?

This was about 20 years ago, so ouija board might be best?

bear1 · 11-02-2018 08:24PM

The way things are going for me recently I suspect I'll never be rich enough to treat my family the way they should.
Took a bad hit in 2017 which has just dominoed it's way since.
Since mid January I've clocked up roughly 40 hours of overtime just to get more cash in.
Sadly This won't keep happening as I'm not able for the 60 hour weeks and Saturday work for much longer so I've decided to go down the drastic option of selling one of our cars and downgrade to an older more basic car to free up some cash or worst case scenario we become a 1 car household and I take the bus.
It can be very depressing but we have to soldier on.
Baby 2 on the way soon so I want to get the finances back as quick as possible.
Have a potential new job prospect with jp which could net me 40% more net pay a month so that would be a good start.. if I get it.
If not then, oh Well, soldier on.

NollagShona · 11-02-2018 08:26PM

inheritance, Money makes money

pgj2015 · 11-02-2018 08:27PM

I agree with a previous poster that the way to get rich involves working for yourself. I have to disagree with another poster though who thinks you have to be ruthless and stab people in the back to get rich, from my experience if you have two companies that sell a similar product or service, company A is owned by a person deemed to be a ruthless back stabber, and company B is owned by a decent honest person, most people will prefer to spend their money with company B.

diomed · 11-02-2018 08:27PM

The money inherited was accumulated.
How was it accumulated? Learn and copy.

Solomon Pleasant · 11-02-2018 08:29PM

bear1 wrote: »

The way things are going for me recently I suspect I'll never be rich enough to treat my family the way they should.
Took a bad hit in 2017 which has just dominoed it's way since.
Since mid January I've clocked up roughly 40 hours of overtime just to get more cash in.
Sadly This won't keep happening as I'm not able for the 60 hour weeks and Saturday work for much longer so I've decided to go down the drastic option of selling one of our cars and downgrade to an older more basic car to free up some cash or worst case scenario we become a 1 car household and I take the bus.
It can be very depressing but we have to soldier on.
Baby 2 on the way soon so I want to get the finances back as quick as possible.
Have a potential new job prospect with jp which could net me 40% more net pay a month so that would be a good start.. if I get it.
If not then, oh Well, soldier on.

That sounds like a very difficult situation, sorry to hear that.

dxhound2005 · 11-02-2018 08:30PM

diomed wrote: »

The money inherited was accumulated.
How was it accumulated? Learn and copy.

Most of the people on this thread will have taken home more than €1 million in wages during their lifetimes. If they lead very frugal existences they could easily pass on half of that in legacies.

Avatar MIA · 11-02-2018 08:33PM

dxhound2005 wrote: »

Most of the people on this thread will have taken home more than €1 million in wages during their lifetimes. If they lead very frugal existences they could easily pass on half of that in legacies.

A million over 40 years (estimated working life) is €25k per annum - and not a lot of money. You'll not squirrel half of that away unless you remain living with and on your parents.

Helpneeded86 · 11-02-2018 08:36PM

https://www.savethestudent.org/make-money/what-is-matched-betting.html

Matched betting. Tricky but a sure way to make tax free money. It wont make you rich but the OP complained about paying 50% tax.

Capt'n Midnight · 11-02-2018 08:36PM

Bonzo Delaney wrote: »

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

You'd be OK for the first 100,000 years though.

How do people get rich?

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