rabble rouser
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By being generally unfair and taking more than your share in life...
If you think you can become wealthy and remain a good person in today's society, you are only kidding yourself...
The people who care for the hungry, AIDS-stricken and impoverished are always people who don't use up alot of resources on themselves.
In order to have more on your plate, there is less on someone elses... always.... |
Eugene L
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People can become millionaires through:
-Inheriting their parents money
-Starting up a successful business
-Making some wise or lucky investments
-Getting a good salary (or getting good bonuses or stock options)
Some of these methods require taking risk, some hard work, and others, luck.
However, in general, a common factor to why they get so rich as opposed to how, is that a lot of the rich get rich faster because they can save more and a lot more easily.
To illustrate why the rich get richer faster, let's use some numbers.
If an average person needed an average of $30,000 to live, including paying off the mortgage etc.
If you earn $40,000, you can save $10000.
However, if you earn twice as much, you save more than twice as much. As someone earning $80,000 can save $50,000, so in this simple example, a family with two incomes of $40,000 rather than one income of $40,000, can save five times as much.
Then because a mortgage or any debt can get paid off faster, the family earning more money can start investing and earning interest or other forms of passive income earlier than another family, thus giving them an even greater advantage of earning interest instead of paying interest.
Some cultures known for being rich, are often rich because they "save" well, and/or are able to borrow easily as they have a culture where they are able to borrow from friends or family at low or no interest, and/or very flexible repayment terms. Though borrowing does not typically increase wealth for an individual, if these borrowings can be invested at a greater rate than you are borrowing, then you will increase your wealth. Businesses in particular depend on external sources of financing to grow. From a business perspective this ease of access to "generous" finance helps a lot for many companies, as most companies fail to survive long enough to be able to generate sustainable cashflows, and the easier lending terms allow the time for the company to become successful.
So millionaires can make it the slow but safe way is by earning as much as they can early on, while saving as much as they can, and then letting their investments work for them. Or the fast millionaires take a risk and set up their own business, which has the potential of earning a lot of money, and can be assisted to survive longer to reach that potential if they can find "flexible" sources of financing to let them. |
skid
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they use some elses money to do business and put the profits in their pocket. Example, i buy houses. I repair them, then sell them for a handsome profit. I use government money and financing to buy these houses. My money is the check i get after the close, less, repairs, overhead, etc. Never pay cash for something. I have found that leap frogging from one mortgage to another is good for credit, but also you never really pay a dime out of pocket for owning a house, which in itself is a very strong monetary tool. I do 4 or 5 a year right now, because I have other things going on. its a good way to make money. good luck. tell yourself you are the best at what you do...everyday. |
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