5 ms·

Haha, I like how the article starts by saying that becoming wealthy has multiple books on it and there's a million ways to do it (as if it is something easy).

Haha, I like how the article starts by saying that becoming wealthy has multiple books on it and there's a million ways to do it (as if it is something easy). Don't get me wrong, the writer is a very good and the article is very well-written, but the the thought process of the writer was very weak. The reality is that most of the people in the world, 99% will never become wealthy, much less because of their investments. To start writing a story that basically outlines that the stock market has up and downs, with nothing really important about it. Anybody that has invested in the stock market for sometime knows those obvious things and if that's all I need to stay wealthy... I guess I already know how to stay wealthy, as I've lived all my life frugal and worried about what may happen. Now, can you please write an article on how to get wealthy? Thanks

notart666 4y ago
Honestly based on the title I though the writer was going to talk about systemic racism and wealth and how wealthy black people end up poor a bit disappointed it wasn't though to say why we always emphasize this is weird to me rather than why such inequality exists in the first place the conversation is instead about helping a very small subset of people as if they're in some way better than the rest instead of what it usually is, luck.
- thiago_fm 4y ago
  I can relate. I'm not black, but I was born in a third world country and can relate with that problem. It's like, the author either already was born wealthy, or had a royal flush in his hands regarding his education, culture and family to make him successful. If he's so smart about it, first write something that would make ordinary people wealthy. And by ordinary I don't mean a financial trader, but somebody making your coffee at Starbucks or delivering your amazon packages. I've read quite a few of those "million books" about getting wealthy and none of them worked so far, hehe!
eof 4y ago
It is very easy to get wealthy (assuming access to western markets and not being party to systemic racism) if you are willing or able to do even one or two things better than most people. I am working on my second “fortune.” I liked reading the article, even though it kind of hurts to look backward at myself also being too complacent. The decisions I would have had to make to have generational wealth today, a decade later, are far more reasonable than the decisions I actually made. I went down past 0, and today (a decade later) I own a few properties and have a net worth about 5x my income. My mindset is 1000x different. I am hyper vigilant about staying hedged and frugal. The absolute number 1 thing you need to do to get rich is save >20% of your income. Whether you make 20k/yr or 200k, if you can pay yourself approximately what you pay the government, even the simplest investment strategies are virtually guaranteed to make you fabulously wealthy by typical standards. If you are making 20k and can’t find room in your budget to save 4k, obviously you’ve got to increase your income somehow. If you are making average or above average income and can’t save, you can decide if frugality or more income is path of least resistance to higher savings rate. The other critical thing to getting rich, if you want to do something other than DCA into indexes over decades, is to realize that the opportunities to get way-above-market returns are far, far more numerous if you are taking $10k positions vs $100M positions.
- PaulDavisThe1st 4y ago
  > It is very easy to get wealthy (assuming access to western markets and not being party to systemic racism) if you are willing or able to do even one or two things better than most people. Given that hardly anyone gets wealthy (as a percentage of the population), either your claim is wrong, or hardly anyone is willing or able to do even one or two things better than most people. Also, people do not get rich from incomes, as a general rule.
  - eof 4y ago
    > either your claim is wrong, or hardly anyone is willing or able to do even one or two things better than most people That is cute, but not logical. Let me offer a third option: people don't do it, despite the fact that it is easy. I might say, if you have normal body control, it is very easy to make your bed every day. Your logic applied to that same statement might be, "given that roughly half of people don't make their bed every day, either half the population doesn't have normal body control, or your claim is wrong" There are many things that are very easy to do, without any caveats at all, that most people don't do.

notart666 4y ago

Honestly based on the title I though the writer was going to talk about systemic racism and wealth and how wealthy black people end up poor a bit disappointed it wasn't though to say why we always emphasize this is weird to me rather than why such inequality exists in the first place the conversation is instead about helping a very small subset of people as if they're in some way better than the rest instead of what it usually is, luck.

thiago_fm 4y ago
I can relate. I'm not black, but I was born in a third world country and can relate with that problem. It's like, the author either already was born wealthy, or had a royal flush in his hands regarding his education, culture and family to make him successful. If he's so smart about it, first write something that would make ordinary people wealthy. And by ordinary I don't mean a financial trader, but somebody making your coffee at Starbucks or delivering your amazon packages. I've read quite a few of those "million books" about getting wealthy and none of them worked so far, hehe!

eof 4y ago

It is very easy to get wealthy (assuming access to western markets and not being party to systemic racism) if you are willing or able to do even one or two things better than most people. I am working on my second “fortune.” I liked reading the article, even though it kind of hurts to look backward at myself also being too complacent. The decisions I would have had to make to have generational wealth today, a decade later, are far more reasonable than the decisions I actually made. I went down past 0, and today (a decade later) I own a few properties and have a net worth about 5x my income. My mindset is 1000x different. I am hyper vigilant about staying hedged and frugal. The absolute number 1 thing you need to do to get rich is save >20% of your income. Whether you make 20k/yr or 200k, if you can pay yourself approximately what you pay the government, even the simplest investment strategies are virtually guaranteed to make you fabulously wealthy by typical standards. If you are making 20k and can’t find room in your budget to save 4k, obviously you’ve got to increase your income somehow. If you are making average or above average income and can’t save, you can decide if frugality or more income is path of least resistance to higher savings rate. The other critical thing to getting rich, if you want to do something other than DCA into indexes over decades, is to realize that the opportunities to get way-above-market returns are far, far more numerous if you are taking $10k positions vs $100M positions.

PaulDavisThe1st 4y ago
> It is very easy to get wealthy (assuming access to western markets and not being party to systemic racism) if you are willing or able to do even one or two things better than most people. Given that hardly anyone gets wealthy (as a percentage of the population), either your claim is wrong, or hardly anyone is willing or able to do even one or two things better than most people. Also, people do not get rich from incomes, as a general rule.
- eof 4y ago
  > either your claim is wrong, or hardly anyone is willing or able to do even one or two things better than most people That is cute, but not logical. Let me offer a third option: people don't do it, despite the fact that it is easy. I might say, if you have normal body control, it is very easy to make your bed every day. Your logic applied to that same statement might be, "given that roughly half of people don't make their bed every day, either half the population doesn't have normal body control, or your claim is wrong" There are many things that are very easy to do, without any caveats at all, that most people don't do.