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Do you expect to be rich?

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  • Do you expect to be rich?

    Here's the problem that a lot of people have when it comes to creating wealth. They have a lottery mentality where the only way to get rich is to do it quickly and have a lot of luck. That's the opposite of how wealth is built.

    The rich know they will earn a bit more money each year by working hard and creating new sources of income. They continue to build on this until those extra hundreds a month turn into thousands and eventually tens of thousands. They train themselves to always look for ways to make a little more through creativity and hard work, and not settle with what they currently are making.

    So the question is, which way do you expect to become rich -- the choice you make will depend if you actually ever do.

  • #2
    I do agree that I have a lottery mentality towards wealth. Of late however, I am learning to control that and planning to build wealth through hard work, perseverance, savings and investment. This is a work in progress.

    I need to get rid of some debt before I feel I can get ahead.

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    • #3
      I never felt (feel) comfortable with the word "rich". I achieved financial independence when I was 38 years old. I was working for a high tech company similar to Google at the time. I was doing well, but realized that there were 10 people waiting to do my job. I was up for promotion and started the rounds of interviews which included possibly moving to another state. I realized that I had no interest in moving and started to look outside. I went to work for a high tech company as a Controller and eventually promoted to CFO.

      I started to invest in income property and did very well. I grew the investments into a business and it generated enough to support me and my family. It was part of my plan for independence. This was more than 30 years ago! I sold my properties and businesses in the early 90's and since invested the proceeds in the stock market. Although it has been a roller coaster ride, I have done well. I have worked as a financial/computer consultant and teacher during some of those years for a variety of reasons. One of which is having multiple income streams.

      Becoming rich was never a goal! I always aimed for success.

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      • #4
        All things being equal, I expect to achieve financial independence one day.
        Brian

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        • #5
          Originally posted by makingmoney View Post
          Here's the problem that a lot of people have when it comes to creating wealth. They have a lottery mentality where the only way to get rich is to do it quickly and have a lot of luck. That's the opposite of how wealth is built.

          The rich know they will earn a bit more money each year by working hard and creating new sources of income. They continue to build on this until those extra hundreds a month turn into thousands and eventually tens of thousands. They train themselves to always look for ways to make a little more through creativity and hard work, and not settle with what they currently are making.

          So the question is, which way do you expect to become rich -- the choice you make will depend if you actually ever do.

          I really agree with what you said, "The rich know they will earn a bit more money each year by working hard and creating new sources of income." That's why rich becomes richer! And I hope everyone of us has the same mentality with the rich.

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          • #6
            Yeah human psychology can be bad for investing. We really get excited about the idea of chasing wealth, and when we don't get rich we just try again next time. A better way is to look for reliable, lower-risk sources of income and save as much as possible!

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            • #7
              Expectations lead to disappointment.

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              • #8
                I have a goal to be debt free and have a savings of at least a million one day. I have a long way to go.
                30 Tips for WAH JOBS

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                • #9
                  I think an equally large part of most people's problem regarding wealth and building it, is that they lack the discipline required to do the work it involves. I am a firm believer that hard work and discipline are what lead to wealth, Even knowing this, I still struggle with keeping focused on things that I know can make me money and pushing it to the next level because I know the level of dedication and work its going to require to get to that level. In the end, the people who want it the most become the 1%.

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                  • #10
                    No. I used to think that way and I kept failing because the end goal was too far away it seemed too hard. I focus on living comfortably now and I can see my progress much more easily. I'm still a ways off but I feel positive

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                    • #11
                      Ways To Make Money

                      Another thing that people do is think that they can get rich by saving money (???). Now don't get me wrong, I'm not saying saving up is bad, it's just, the purpose of getting rich is totally opposite of the purpose of saving money or living frugally.

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                      • #12
                        Like most efforts in life, it is not so much the goal that matters, but rather what is learned from the path taken to get there. So in the context of the OP, I am more interested in doing the right things to meet the financial needs of the lifestyle we would like to have. I doubt we will have a moment where a switch flips and we say, "Finally, NOW we're rich!"

                        Frankly, I don't care how much money someone has or what they do with it, but I detest others who openly flaunt either their own wealth or that of others. Case in point: we have neighbors who live in a big house, and worked hard to get where they are. Their grandchildren seem to take pride in telling my kids that their grandparents are millionaires, and I guess even showed a bank statement. Then there is the black sheep nephew who feels the need to mention, "Oh, they're millionaires" more than a few times. This is no fault of the neighbors, but a consequence of envy or poor judgment.

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                        • #13
                          YES. definitely.

                          i am willing to work extra hard, every day, for the next few decades to reach it.

                          and i want to do it for my children and their children, i know ill be working my butt off and having no time to actually enjoy it myself.

                          but is there anything more satisfying than working for the wellbeing of your offspring?

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                          • #14
                            Originally posted by makingmoney View Post
                            Here's the problem that a lot of people have when it comes to creating wealth. They have a lottery mentality where the only way to get rich is to do it quickly and have a lot of luck. That's the opposite of how wealth is built.

                            The rich know they will earn a bit more money each year by working hard and creating new sources of income. They continue to build on this until those extra hundreds a month turn into thousands and eventually tens of thousands. They train themselves to always look for ways to make a little more through creativity and hard work, and not settle with what they currently are making.

                            So the question is, which way do you expect to become rich -- the choice you make will depend if you actually ever do.
                            Yea i agree, but luck plays a big role too. I got into many investments, that later turned out to be bad decisions. Then i was focusing myself on "very innovative" things, that are a 1 shot to get rich quick, and they already made me more than i had before.

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                            • #15
                              People put different meaning in the word 'rich'. But to me it's not just money, I think my main aim is to work hard and create value. You are rich not only with what you get, but also what you give.

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