Comments on: How do rich people get rich? http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/ Insights behind the investment headlines Wed, 16 Nov 2016 21:43:49 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Alekhine http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3631 Wed, 14 Apr 2010 11:23:50 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3631 Unless you’re incredibly self-aware and have a very clear career path designed for yourself, go to the best possible school/college you can get into. These places can open up a LOT of options.

Recognize your limitations. If you’re the third best player on your middle-division college football team, it’s unlikely that you’re going to become a professional athlete. Invest in a good education. It’s just best chance to raise your standard of living.

Specialize!!! If you want to ensure you have a well-paying, secure job, do something that requires some skill. It can be a blue-collar job even but something that requires a couple of years of training, ideally something that requires judgment. That’s something machines can never replace.

Keep your savings in REAL money – precious metals – rather than in fiat currency that loses over 8% of its value each year. That’s an extra 8% you’re paying in income tax due to loss in purchasing power.

DON’T pay Interest on ANYTHING. If you can’t buy it outright then invest your money in something that earns you a decent return (hold it in gold even) and then wait until you can afford to buy it outright. This applies to houses, cars, gadgets. If you do some financial analysis, you will see that you are almost always better off.

Most of all, you have to be PATIENT!!! People don’t become millionaires overnight. Even the bankers who make millions today have had to work 70-80+ hrs/week for about 10 years to get to the point where they are now making real money. Social mobility is TOUGH and the least you can do is move up a notch and then give your kids the skills so that they can move up a notch from there. There is no easy route to becoming rich. Trust me :).

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By: CeeJey http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3630 Wed, 14 Apr 2010 09:50:15 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3630 Rich value money more than poor or middle-class people do. Poor think they can never get rich and spend everything they have while middle-class hopes to get rich and emulate the rich leading an aspirational lifestyle on credit cards. The trick however seems to be in valuing the money and not spending in unnecessarily and being oneself.

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By: onchor http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3629 Wed, 14 Apr 2010 06:05:21 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3629 if your outgo exceeds your income your upkeep will be your downfall

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By: russdward357 http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3628 Wed, 14 Apr 2010 00:45:17 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3628 Rich people get rich because poor people spend all their time complaining about them, while driving a financed car to the theater to pay $10 a ticket on a credit card to watch 8-figure salary Hollywood elites entertain them. Let’s use a little thought here, can we?

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By: fred5407 http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3627 Tue, 13 Apr 2010 23:20:27 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3627 Number 5. Don’t have a major illness, avoid divorce, and most of all, “worry all the time, and don’t have any fun. I have found that property, owned outright, has been the best investment for me.

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By: iflydaplanes http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3626 Tue, 13 Apr 2010 18:09:03 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3626 Is there a way to get rich without playing Wall Streets game?

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By: Story_Burn http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3625 Tue, 13 Apr 2010 16:40:20 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3625 They work ungodly hours

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By: Ghandiolfini http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3624 Tue, 13 Apr 2010 16:01:26 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3624 People get rich when they are stingy, they are too greedy otherwise.

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By: drewbie http://blogs.reuters.com/globalinvesting/2010/04/12/how-do-rich-people-get-rich/comment-page-1/#comment-3623 Tue, 13 Apr 2010 14:47:15 +0000 http://blogs.reuters.com/globalinvesting/?p=3593#comment-3623 There’s only one way to get rich, and it’s only one step.

1. Spend less than you make.

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