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Really depends on what “rich” means. And whether you consider investing in public markets or real estate to be “owning the means of production”. Because many, m
by ryanwaggoner 7y ago
Really depends on what “rich” means. And whether you consider investing in public markets or real estate to be “owning the means of production”. Because many, many millionaires get rich by those methods, for some reasonable value of rich.
- toomuchtodo 7y agoTruth. Living within your means and maxing out retirement accounts will get you to millionaire status in 20-30 years, faster if you’re more aggressive about it (buy a fixer upper to realize sweat equity, BRRR real estate investment method, build your own business). I’ve followed these principles and am financially independent in my late 30s. https://threadreaderapp.com/thread/1002103360646823936.html https://threadreaderapp.com/thread/1002103360646823936.html TLDR Own and build things that generate income and store wealth (real estate, equities, fixed income, shares in a business, etc). Optimize for wealth, not status. This won’t get you to be a billionaire. That requires mostly luck, inheritance, knowing the “right” people, etc.
- tomatotomato37 7y agoBy absolute top echelon I think he's talking about billionaires, not millionaires. You can't bootstrap a used car dealership or dry cleaner into mega-yacht wealth territory, but you can still retire with a nice sailboat.
- mokus 7y agoI thought that was referring to skill, not starting wealth - the latter would be covered anyway by “owning the means of production”