Becoming 'Successful'
06-26-2009, 12:59 PM
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Originally Posted by mxt_77,Jun 19 2009, 11:05 AM
There are a lot of different ways to be wealthy. There is no magic formula. Some people inherit the money. Some people have random circumstances where they get a lot of money (insurance claim for an accident, lotto jackpot, etc). Some people have "scarce skills" that bring a lot of income (e.g., professional athletes).
But, I'd say that more often than not, it boils down to a few things:
1) Creativity. Often you have to come up with an idea that no one has thought of or you have to see a need and know how to fill it.
2) Hard work & persistence. Many people that have a lot of money have sacrificed much of their time, personal lives, family lives, etc and focused on working hard to be successful. Don't sit still. If you're ever content with your career or your position in life, then you are likely becoming stagnant and thus you aren't maximizing your opportunity for developing additional talents, skills, contacts, etc... things that are needed to continue increasing your value to the world.
3) Be willing to take risks. Most people that are wealthy have made some risky moves in their lifetime. Often, these risks include starting a new business by pouring every penny they own into a new company. Those moves could've resulted in them becoming destitute just as easily as they could've resulted in them becoming wealthy. That part may come down to:
4) Good fortune. You can be the most brilliant person in the world, but if you're not in the right place at the right time, your brilliance & hard work may not pay off.
5) Put your money to work. Once you start accumulating money, you shouldn't just let it sit in your bank account. Use it to invest in things: start a new business, invest in the stock market, real estate, yourself (by taking training courses, getting additional degrees/certifications, etc). But, you also have to choose your investments wisely. Again, you're taking on additional risk and your money could disappear just as easily as it could grow.
You're never going to get rich by doing what I do... working a generic 9-5 job. You have to be smart, work hard, take some risks and have a little good luck.
But, I'd say that more often than not, it boils down to a few things:
1) Creativity. Often you have to come up with an idea that no one has thought of or you have to see a need and know how to fill it.
2) Hard work & persistence. Many people that have a lot of money have sacrificed much of their time, personal lives, family lives, etc and focused on working hard to be successful. Don't sit still. If you're ever content with your career or your position in life, then you are likely becoming stagnant and thus you aren't maximizing your opportunity for developing additional talents, skills, contacts, etc... things that are needed to continue increasing your value to the world.
3) Be willing to take risks. Most people that are wealthy have made some risky moves in their lifetime. Often, these risks include starting a new business by pouring every penny they own into a new company. Those moves could've resulted in them becoming destitute just as easily as they could've resulted in them becoming wealthy. That part may come down to:
4) Good fortune. You can be the most brilliant person in the world, but if you're not in the right place at the right time, your brilliance & hard work may not pay off.
5) Put your money to work. Once you start accumulating money, you shouldn't just let it sit in your bank account. Use it to invest in things: start a new business, invest in the stock market, real estate, yourself (by taking training courses, getting additional degrees/certifications, etc). But, you also have to choose your investments wisely. Again, you're taking on additional risk and your money could disappear just as easily as it could grow.
You're never going to get rich by doing what I do... working a generic 9-5 job. You have to be smart, work hard, take some risks and have a little good luck.
07-03-2009, 12:07 AM
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Its all relative. Once you become successful enough to buy a nice car and nice house you want a mansion and a jet. Once you get that you want a private island and a helicopter. When does it end??
07-03-2009, 12:28 PM
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It's very simple, and very difficult. The most common mistakes are called hoping and waiting. Take action. Find a target goal to save after tax each month. Run in the figures with a compounding 5%. Earn enough income to meet your savings goal and live the life you want. This may be a lot less or more than you think. Start with something attainable like 5k after tax, living off 2500 and saving/investing 2500. See where that puts you after 20 years. There is very little guess work to success, it's mostly planning and action.
In the beginning I had to work 80 hours a week through 3 different jobs to meet my savings goal post graduation and I lived off about 1200 a month. Now that I'm in my mid 20's and have some steady income I work about 60-65 hours a week and hit my savings goal the first week of the month.
In the beginning I had to work 80 hours a week through 3 different jobs to meet my savings goal post graduation and I lived off about 1200 a month. Now that I'm in my mid 20's and have some steady income I work about 60-65 hours a week and hit my savings goal the first week of the month.
07-03-2009, 05:38 PM
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This past week the Chicago Cub's chairman Crane Kenny was golfing. My friend caddied for the CEO and CFO of Fortune Brands, the company that owns Titleist and Footjoy along with Pinnacle and Cobra. What's funny is that I'm pretty positive that none of them got tipped 
I think that many of you are talking about getting relatively rich, I wanted to see if any of you know how people get to the point where they own Fortune Brands, or never have to worry about money again
I think that many of you are talking about getting relatively rich, I wanted to see if any of you know how people get to the point where they own Fortune Brands, or never have to worry about money again
07-03-2009, 10:04 PM
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You are trying to skip steps. Ask those guys where they went to school. Ask them their first job out of college. You don't just "get" there, it's a calculated process mostly kept going simply by taking action, starting businesses, making partnerships, doing whatever it takes until you have some success.
07-04-2009, 11:00 AM
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Having lived in Silicon Valley for over 20 years, I've seen a lot of people get rich and also not get rich no matter how hard they try.
As far as getting rich, I have seen talented, hard working people get very rich by starting their own companies and taking it public. (Order of magnitude rich - $100's M)
I have seen 40 year olds get rich by starting with a company, working hard, getting stock options and waiting till the company goes public (order of magnitude rich - $10's M)
I have seen people start with a company that is growing quickly , get stock options, which split, then sell them (order of magnitude rich $M's)
Back in the 90's I knew a woman who had a GED and no college education working as a customer service rep for Verisign for 5 years. When internet stocks were growing like a week, her stock options were worth ~$3M. Unfortunately she didn't cash them in before they were worth ~0.
I have also seen a lot of people go to work for start-up's and at the age of 50 are still working at startups, have no savings, and no retirement.
Key components are working hard, being in the right place at the right time, and being lucky (though some people make their own luck).
Unless you are extremely intelligent, a good education or talent is almost always a requirement.
To get started, read a couple of books "Think and Grow Rich" is the bible of entrepreneurship.
I would also recommend "The Millionaire Next Door". Most people think that millionaires drive Mercedes, Porsche, etc., but the vehicle most millionaires drive is the Ford F150 pickup.
You might also think technical school. If you have the hand skills, welding is a high-demand, high paying profession if you are certified (i.e. ASME U stamp or N stamp). Once you get good enough, you can open your own company, and then you are on your way.
You can also do it by marrying into it
As far as getting rich, I have seen talented, hard working people get very rich by starting their own companies and taking it public. (Order of magnitude rich - $100's M)
I have seen 40 year olds get rich by starting with a company, working hard, getting stock options and waiting till the company goes public (order of magnitude rich - $10's M)
I have seen people start with a company that is growing quickly , get stock options, which split, then sell them (order of magnitude rich $M's)
Back in the 90's I knew a woman who had a GED and no college education working as a customer service rep for Verisign for 5 years. When internet stocks were growing like a week, her stock options were worth ~$3M. Unfortunately she didn't cash them in before they were worth ~0.
I have also seen a lot of people go to work for start-up's and at the age of 50 are still working at startups, have no savings, and no retirement.
Key components are working hard, being in the right place at the right time, and being lucky (though some people make their own luck).
Unless you are extremely intelligent, a good education or talent is almost always a requirement.
To get started, read a couple of books "Think and Grow Rich" is the bible of entrepreneurship.
I would also recommend "The Millionaire Next Door". Most people think that millionaires drive Mercedes, Porsche, etc., but the vehicle most millionaires drive is the Ford F150 pickup.
You might also think technical school. If you have the hand skills, welding is a high-demand, high paying profession if you are certified (i.e. ASME U stamp or N stamp). Once you get good enough, you can open your own company, and then you are on your way.
You can also do it by marrying into it
07-18-2009, 03:38 AM
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Originally Posted by SD_S2K,Jul 16 2009, 11:25 PM
i hate these thread posts (not yours sahtt, I agree with you as usual)
success? it is reached by hard ####ing work, plain and simple
is there luck? sure some get lucky, some have rich family, some hit the lotto, etc. that is probably 1-3%
the rest is hard ####ing work. college, 40-80 hour work weeks, hitting quota, getting promoted, moving up the corporate ladder, grad school, start-up companies, saving your dough instead of blowing it, and so forth
i am into my 4th year of making six figure income and i am selling my s2k and will probably drive my 95 camry till it falls apart, and am trying to get into grad school for an mba.
success isn't handed out at the grocery store son
success? it is reached by hard ####ing work, plain and simple
is there luck? sure some get lucky, some have rich family, some hit the lotto, etc. that is probably 1-3%
the rest is hard ####ing work. college, 40-80 hour work weeks, hitting quota, getting promoted, moving up the corporate ladder, grad school, start-up companies, saving your dough instead of blowing it, and so forth
i am into my 4th year of making six figure income and i am selling my s2k and will probably drive my 95 camry till it falls apart, and am trying to get into grad school for an mba.
success isn't handed out at the grocery store son
Roofers work hard. I don't work particularly hard, but I do work smart. I make more than a roofer, and unless it's a sadistic roofer I bet I enjoy my job more.
To break out of middle class you really need to do both. Too be honest, I just can't be bothered to at the moment. I've got way too many unemployed friends who were working their asses off and in line to start climbing ladders to leave my comfortable, stable, reasonably paid, fairly enjoyable, dead end job.
I'm not saying you don't know this, it sounds like you do.
07-18-2009, 11:20 AM
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Originally Posted by SD_S2K,Jul 16 2009, 11:25 PM
i hate these thread posts (not yours sahtt, I agree with you as usual)
success? it is reached by hard ####ing work, plain and simple
is there luck? sure some get lucky, some have rich family, some hit the lotto, etc. that is probably 1-3%
the rest is hard ####ing work. college, 40-80 hour work weeks, hitting quota, getting promoted, moving up the corporate ladder, grad school, start-up companies, saving your dough instead of blowing it, and so forth
i am into my 4th year of making six figure income and i am selling my s2k and will probably drive my 95 camry till it falls apart, and am trying to get into grad school for an mba.
success isn't handed out at the grocery store son
success? it is reached by hard ####ing work, plain and simple
is there luck? sure some get lucky, some have rich family, some hit the lotto, etc. that is probably 1-3%
the rest is hard ####ing work. college, 40-80 hour work weeks, hitting quota, getting promoted, moving up the corporate ladder, grad school, start-up companies, saving your dough instead of blowing it, and so forth
i am into my 4th year of making six figure income and i am selling my s2k and will probably drive my 95 camry till it falls apart, and am trying to get into grad school for an mba.
success isn't handed out at the grocery store son
I've been toying with the idea of getting an MBA from any top 10 and UCLA (since I'm from socal), but I'm in public accounting so I need to find other people who have public accounting experience and a top MBA to see what my opportunities would be after receiving my MBA.
I probably want to stick to something accounting related. Investment banking scares me, cant handle year round 80-100 hour work weeks haha, but the prestige is awesome =)
For now goal is just to be on the accounting side for a bulge bracket bank lol.
What do you hope to gain out of your MBA degree?