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I always the ask the questions why doesn't the writer become a billionaire if he knows how to? Why doesn't the psychic win the lottery?

by wnevets 10y ago

k__ 10y ago
well, I have to admit, most people who tell you online about how to become rich, are, in fact, rich. But they still fail to find out about what made them rich in the first place. For example, there is a German real estate millionair, who does online courses to tell people how he got so rich. He talks hours of hours about how he learned the right trade and how he invested his money in flats he bought and improved etc. In his first lessen he talks a bit about his past and says "The only thing you got to do is to buy a flat and get someone to rent it! I did it like this, I simply put in 50k€ of insurance money I got from an accident." The whole thing is done with this. I mean he literally told the audience "You simply need 50k to get rich!"
- TheOtherHobbes 10y ago
  Most people who tell you online how to get rich got rich by scamming people into buying their "Insider tips on how to get rich for the life you deserve" content. For someone with a talent for online marketing, it's almost the easiest money there is.
- titanomachy 10y ago
  Buying real estate and renting it out might actually be the most reliable way to build wealth. You need to be in a market with steady growth, which is true of many desirable cities. You need some starting capital, which most people could earn through a few years of steady work and frugal living (probably have to hold off on having a family unless you have high income). It's not a "get rich quick" scheme by any means, though, and managing properties is still work. I know more than one retiree who has built up 8-figure wealth this way. Of course, it took them a lifetime.
- branchless 10y ago
  Right - and the wider context is that he started doing this at a time when banks flooded the world with credit and lots of other factors saw huge land price inflation. You get this in the UK all the time, property shows where people "do up" a dilapidated property over 6 months, then relist it. And guess what? It's gone up! It's gone up by labour cost + materials + background land price inflation. But they see it as a wise "investment".
  - thaumasiotes 10y ago
    > guess what? It's gone up! It's gone up by labour cost + materials + background land price inflation. But they see it as a wise "investment". If you put your own capital and work into something, and its value increases... that's what an investment is.
    - branchless 10y ago
      No they are adding zero value, they are riding off the corrupt system and taking labour from others. Also in most casts they are not putting capital in, they are borrowing from a bank who create the debt. They are little more than outsourced debt collectors.
      - thaumasiotes 10y ago
        You specifically state that they are adding value. Going up by labor and materials means value has been added.
        branchless 10y ago
        Yes but my main point is that the primary gain was on the land due to govt policy. These people are typically amateurs who basically paint a wall. Unskilled labour plus a few $K in materials == not much. Yet the gains are significant.
alasdair_ 10y ago
While I agree with the sentiment, part of me wonders if this isn't this the same as asking why the top NFL coach doesn't make all the touchdowns himself?
- M_Grey 10y ago
  Often they used to, or at least, played the game at a high level. In other cases the answer is that they lacked the physical ability. There is no such barrier to making money.
  - gph 10y ago
    Well you could say there's an intelligence (Social/emotional/IQ) barrier to making lots of money. Those with the growth mindset will say that there's nothing innate about intelligence and it's pure effort, but I'm not completely sold on that.

I always the ask the questions why doesn't the writer become a billionaire if he knows how to? Why doesn't the psychic win the lottery?

by wnevets 10y ago

I always the ask the questions why doesn't the writer become a billionaire if he knows how to? Why doesn't the psychic win the lottery?

k__ 10y ago

well, I have to admit, most people who tell you online about how to become rich, are, in fact, rich. But they still fail to find out about what made them rich in the first place. For example, there is a German real estate millionair, who does online courses to tell people how he got so rich. He talks hours of hours about how he learned the right trade and how he invested his money in flats he bought and improved etc. In his first lessen he talks a bit about his past and says "The only thing you got to do is to buy a flat and get someone to rent it! I did it like this, I simply put in 50k€ of insurance money I got from an accident." The whole thing is done with this. I mean he literally told the audience "You simply need 50k to get rich!"

TheOtherHobbes 10y ago
Most people who tell you online how to get rich got rich by scamming people into buying their "Insider tips on how to get rich for the life you deserve" content. For someone with a talent for online marketing, it's almost the easiest money there is.
titanomachy 10y ago
Buying real estate and renting it out might actually be the most reliable way to build wealth. You need to be in a market with steady growth, which is true of many desirable cities. You need some starting capital, which most people could earn through a few years of steady work and frugal living (probably have to hold off on having a family unless you have high income). It's not a "get rich quick" scheme by any means, though, and managing properties is still work. I know more than one retiree who has built up 8-figure wealth this way. Of course, it took them a lifetime.
branchless 10y ago
Right - and the wider context is that he started doing this at a time when banks flooded the world with credit and lots of other factors saw huge land price inflation. You get this in the UK all the time, property shows where people "do up" a dilapidated property over 6 months, then relist it. And guess what? It's gone up! It's gone up by labour cost + materials + background land price inflation. But they see it as a wise "investment".
- thaumasiotes 10y ago
  > guess what? It's gone up! It's gone up by labour cost + materials + background land price inflation. But they see it as a wise "investment". If you put your own capital and work into something, and its value increases... that's what an investment is.
  - branchless 10y ago
    No they are adding zero value, they are riding off the corrupt system and taking labour from others. Also in most casts they are not putting capital in, they are borrowing from a bank who create the debt. They are little more than outsourced debt collectors.
    - thaumasiotes 10y ago
      You specifically state that they are adding value. Going up by labor and materials means value has been added.
      - branchless 10y ago
        Yes but my main point is that the primary gain was on the land due to govt policy. These people are typically amateurs who basically paint a wall. Unskilled labour plus a few $K in materials == not much. Yet the gains are significant.

alasdair_ 10y ago

While I agree with the sentiment, part of me wonders if this isn't this the same as asking why the top NFL coach doesn't make all the touchdowns himself?

M_Grey 10y ago
Often they used to, or at least, played the game at a high level. In other cases the answer is that they lacked the physical ability. There is no such barrier to making money.
- gph 10y ago
  Well you could say there's an intelligence (Social/emotional/IQ) barrier to making lots of money. Those with the growth mindset will say that there's nothing innate about intelligence and it's pure effort, but I'm not completely sold on that.