How do I become rich and sucessfull starting from nothing?

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Simondb24
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How do I become rich and sucessfull starting from nothing?

Postby Simondb24 » Mon Sep 05, 2016 5:01 pm

Hi

My name is Simon, 21, living in Belgium. From when I was young I'm thinking about being rich and sucessfull. I tried studying finance, but it didn't work out very well for me. So I dropped out of college and now I am about to start the 'work' life. I would like to build a solid career and make good money, but I think I miss the 'financial education' for this... I'm motivated more than ever to take my first steps in this world! I started reading books like 'rich dad poor dad', the 4-hour work week, napoleon hill, etc... I loved these books one by one and they inspired me a lot, but how do I get to know how to actually start a business, which market is booming, what to invest in? Where do I learn all of this without getting lectures and studying books? Is there a way to learn this by 'working'? I could say I'm in need of a rich dad (not literally ofcourse -> rich dad poor dad).

Any tips would be great!

Thanks :)

LiquidMercury
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Re: How do I become rich and sucessfull starting from nothin

Postby LiquidMercury » Tue Sep 06, 2016 11:08 am

Seems as though you're looking for a quick fix. Learning is something that should continue throughout your life. Keep in mind most startup businesses fail, most people invest wrong or not at all, and very few become "rich".

Step 1: Do you have a job?
Step 2: Do you have skills that can result in career growth? Most people here have or had a career that allowed them to get into building passive income due to higher than avg. salaries (not all but most I'd say).
Step 3: Live below your means, have a high savings rate, high investing rate, and look towards passive income streams.

Simondb24
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Re: How do I become rich and sucessfull starting from nothin

Postby Simondb24 » Wed Sep 07, 2016 8:03 pm

Thanks for the reply man!

getagrip
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Re: How do I become rich and sucessfull starting from nothin

Postby getagrip » Thu Sep 08, 2016 8:15 am

Simondb24 wrote:Where do I learn all of this without getting lectures and studying books? Is there a way to learn this by 'working'?


The bulk of entrepreneurs I've read about and many I've met through my career who have done well typically have started by working in a business, studying and getting to know that business, then after years of such effort seeing a need in that business and finding a way to fill that need at which point they have something to offer and strike out on their own. So yes, it can be learned by working and working hard to study and learn about the business you are in. You have to look for opportunities and they don't all have to be "million dollar" ideas. Most can be mundane and some involve calculated risks.

Simondb24 wrote:I could say I'm in need of a rich dad (not literally ofcourse -> rich dad poor dad).


You need to be the guy who stands out. People notice the good workers. My brother hired a guy to be grunt labor on a construction site. He was a pleasant person and good worker, he got hired away by the electrician who was looking for a new guy. He got a significant increase in pay and put into a better career field. My kid got a job at a convenience store running the deli. They, unlike many of the hires, always showed up on time for their shift and when there were no customers they cleaned or made themselves busy versus sitting their texting on their phones. They offered my kid an assistant manager position along with potential training for manager. See the pattern? That will likely nail you a mentor faster than anything, because the mentor will want you on their team because you have a track record of working. Again, not a guarantee, but stay down below and you will never be noticed.

In the end though, wealthy is a personal definition. A person earning and living comfortably with $20K a year in income and having $500K in investments is by many definitions wealthy. A person earning $250K a year but only $100K in investments and spending $260K a year is in debt, despite their greater potential to accumulate. As mentioned it's about earnings versus spending and the greater the gap the more you can accumulate and invest and the more likely that will make you rich.

Masterlandlord
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Re: How do I become rich and sucessfull starting from nothin

Postby Masterlandlord » Wed Sep 21, 2016 3:27 pm

Well I aint your rich Dad, but I am from Europe and I have worked both in Finland and Sweden though I am born in Finland.

First of all studying generally in Europe is not expensive like in USA. I had never any study debt, but we are plagued with more socialistic high taxes.

Entrepreneur is very risky, but if you wanna go that route my advice is:
A. Learn a trade. You must be good at what you start.
B. Take an entrepreneur course and if possible do it for free. I did it for
free, but did not start a firm.
C. Save lots of money tens of thousands euro at least for example 50 000-60 000 euro for very small firm with only you. Mine entreprenur idea which I will not tell would have cost more then 200 000 euro.

Entreprenur from nothing is not realistic.

My advice learn/study a trade you want and check in what fields there are demand for people. If you are willing to relocate for career and otherwise language skills can benefit you example learn English and German language well.

I can speak fluently Finnish, Swedish and English and I have basic language skills in German language. Without doubt my skills and language skills have gotten me more jobs.

I know this earn to become rich is tempting, but you need an education or trade something. Having full time work will not stop you from saving money, living frugally and possible invest in real estate and/or stocks. If you wanna become entrepreneur you will need a trade, start capital lots of it, and an entreprenur course. Entreprenur courses well even your goverment probably has them, but they are not easy to get into always more applicants then accepted in my country.

You are 21 and you are young, but it is time for you to choose what to learn. If you want work physical in construction then go for it. If you want to be a firefighter or police law enforcment then go for it. Everybody is not skilled enough to become a doctor, but you need something.

Masterlandlord
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Re: How do I become rich and sucessfull starting from nothin

Postby Masterlandlord » Fri Sep 23, 2016 1:33 pm

Here is a crystal clear fact. If you marry someone wealthy you will get more wealthy.

Now this will wake many dreams, but first of me I am not blueyed and I would insist on a special marriage contract if I would marry someone that is considerably poorer then me.

You do have some problems though. The real millionaires they usually marry someone at their own wealth status (those rich parties) or someone that like look a model in beauty (or handsome if male).

People don't understand that how difficult it is to marry a real millionaire. If people would settle for less attractive then 5 start model and say those in upper middle class example me I think there might be more marriages for wealth and nice lifestyle.

I am 100% heterosexual. If someone with my wealth status would marry a woman with equal wealth then we would become millionaires and that would not take many years to reach first million and perhaps that second million is not to hard when combining resources and knowledge. Lol I am not near pension age though neither I am in my 20ies.

Many young people go to hard for the millionaire (and fail when they are not 5 star models in beauty)type when these kinds of holidays are achievable with less wealth:
Escape 2016 Music Video Mix #15
https://www.youtube.com/watch?v=dF8RYBch0_0


Oh yeah I can afford such holidays and my 5 star luxury gym.

LiquidMercury
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Re: How do I become rich and sucessfull starting from nothin

Postby LiquidMercury » Tue Sep 27, 2016 7:21 pm

Entrepreneur courses aren't particularly a thing or worthwhile in my opinion. Also you can absolutely become an entrepreneur from nothing, that being said, need to have a variety of skills and excellence in at least something (various technology/engineering skills can be very helpful in this).

Get some skills, get a job, get some experience, branch out on your own.

jdmartin
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Re: How do I become rich and sucessfull starting from nothing?

Postby jdmartin » Mon Feb 20, 2017 8:10 am

You need to first identify something you have a passion for - without feeling passionate about what you are doing, you will either fail at it or abandon it for something else. Then identify how to turn that passion into a wealth-creation vehicle. For example (using someone else's job suggestion from above), if you are passionate about electricity, identify the field/fields that are related to that passion that are also financially profitable. That could be everything from a line electrician to owning your own electrical company to selling electrical fixtures to being an electrical engineer to working in some nano-electrical profession.

You can't just be passionate about wanting to be rich. Who doesn't want to be rich? And being rich is really not about having bundles of cash, it's about living the lifestyle you envision comes with being rich. What is that lifestyle? How can you make that lifestyle happen regardless of whether you are rich or not? If you envision being rich as jet-setting to exotic places, what about becoming a travel writer? Or a second-language teacher?
"Money is better than poverty, for financial reasons" - Woody Allen

DoingHomework
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Re: How do I become rich and sucessfull starting from nothing?

Postby DoingHomework » Thu Feb 23, 2017 12:42 am

OP hasn't looked at the site since September, 2 days after his original post. If he comes back, great. But I doubt he will take anyone's advice.

jdmartin
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Re: How do I become rich and sucessfull starting from nothing?

Postby jdmartin » Tue Mar 14, 2017 12:12 pm

DoingHomework wrote:OP hasn't looked at the site since September, 2 days after his original post. If he comes back, great. But I doubt he will take anyone's advice.


Maybe there should be a mandatory shock collar for anyone with less than X number of posts that posts a question :rofl:
"Money is better than poverty, for financial reasons" - Woody Allen

RayinPenn
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Re: How do I become rich and sucessfull starting from nothing?

Postby RayinPenn » Fri Mar 17, 2017 4:08 am

I can't answer how to become rich I can suggest the factors that will not make you rich.
1. Save less than 20% of every cent you earn or windfall you receive.
2. Don't invest what you do manage to save
3. Focus on getting rich rather than becoming good at something that will earn you a decent living
4. Use credit cards and build a pile of debt.
5. Don't brown bag your life.
6. Chase every get rich quick scheme and forgo building wealth over time
7. Finally go to a get rich quick forum and ask Hey how do I get rich?
8. Don't read Dave Ramsey's book- Financial peace University...
RayinPenn

“If you tell the truth, you don't have to remember anything.”
― Mark Twain

ThriftyMommy
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Re: How do I become rich and sucessfull starting from nothing?

Postby ThriftyMommy » Mon May 15, 2017 12:45 am

Learning how to save and discipline on your spending are options when you mean how to become rich and successful.


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