Summary:
IamGale here, the psych and marketing guy, and surprisingly I’m not talking to you about psych or marketing... Today we’re talking about money, specifically how you can become a millionaire. No inner game fluff talk. This post gives you all specific industries and tactics where millionaires are created. If you're in your 20s you'll find this very interesting. Imagine if you had a million dollars? Yea, we’re going there today.
Why You Should Make as Much Money As Possible
Despite all the bullshit you hear, you should do everything in your power to get as much money as possible.
If there’s one problem you want, it’s too much money. If I had to choose, I’d rather be a rich beta bux than a broke chad. Money buys options.
I hate hearing stories about how rich people are the most miserable people in the world. Are they serious? They can pay for support, when you’re broke you don’t have anything. Being rich means you have the resources to help yourself and to help the world.
Why traditional advice sucks
You know what happens if you Google, “How to become a millionaire”?
You get bullshit results about the 7 habits of millionaires and how you should be reading and waking up at 5am...
But none of that advice is actually helpful in making you a millionaire. And I swear to God, I’ll kill you if you post in the comment that we should do surveys to make money...
We're talking about real money: Fuck You Money.
I’m talking about building millionaire dollar assets that you can sell one day. Millionaire fastlane style money.
This is the end goal:
You should have enough money to say whatever you want, do whatever you want, all with utter confidence because you know you can financially support yourself through anything.
There are so many benefits to having money. With money you can make other people happy. You can live anywhere you want. You get almost an unlimited number options available to you.
But how do you make Fuck You Money?
Yes, the concept is simple, add value. But it begs the question, what kind of value?
This post is going to be about the biggest opportunities out there for young men to make serious money. Please add your suggestions as well to the comments below for potential careers.
Before we start I want to give you real statistics on millionaires. Yes, it's very possible for you to become a millionaire if you work. In fact, most millionaires are first generation. Check out these statistics.
Millionaire Statistics:
- According to the book The Millionaire Next Door, only 20% of millionaires inherited their wealth. The other 80% earned their cash on their own. ^1
- Most modern American millionaires today (about 80%) are first-generation millionaires. ^1
- The average millionaire goes bankrupt at least 3.5 times ^1
- Only 20% of millionaires are retirees. Around 80% still go to work. ^1
- Half of all millionaires are self-employed or own a business. ^2
Breakdown of Millionaires
In the USA, according to highly successful entrepreneur & best-selling author Brian Tracy, here’s the breakdown of those who earn $1m annually:
- 74% – Entrepreneurs
- 10% – Highly Skilled Professional
- 10% – Corporate Executives
- 5% – Sales Professionals
- 1% – Rock Stars, Athletes, Lottery Winners, etc.
Notice how most millionaires are regular entrepreneur. You'll see shortly that finance is one of the best and safest industries to make a fortune but most millionaires you'll see are entrepreneurs.
Now we're I can show you the really good stuff. I spent a lot of time researching and linking this for you.
Below are industries in which I’ve read or heard of industries where people are making serious income. These are industries that you want to look into. The number one rule is always to follow the money.
Don’t look at how people say they’ve become millionaires. Look at what they’ve created. Normally this would take you hours to research, but I've already compiled some the best industries and markets for you to make money below.
How to Make Fuck You Money
1. Selling Courses Online
By far the most common thing I see these days. Guys like Ramit Sethi, Derek Halpern, Brian Dean, Neil Patel, Udemy profs, are killing it in this space. These guys have 7 figure businesses just on selling $2000 courses.
All making millions of dollars. And Courses have some of the best margins of all time. Crazy industry right, especially as more and more millennial lose faith in College. And as relevant courses start to be exclusively online. For instance, there’s no University for SEO. Online is your best source for good information.
Examples:
- [Ramit Sethi: Real-World Blueprint for a $5-Million Week] (http://fourhourworkweek.com/2016/03/04/5-million-week/)
- Derek Halpern: How I Built A 7 Figure Business - Social Triggers
- Neil Patel: How I Built a 7 Figure SEO Agency
- Udemy: Alun Hill has a dozen udemy courses bringing him tons of money
- Udemy: Rob Percival hosts the best-selling programming courses
- Nat Eliason: Making 53K from programming for marketers
I believe selling courses online is one of the best-emerging markets out there for those who have something valuable to teach. There are several benefits to courses. You can charge very high price tags like Ramit Sethi ($2000+) and you can keep the same course running for years. So you create a recurring revenue. What the pros do is 4 times a year they open their courses to the public. So they create massive revenues for themselves. Even the pros on Udemy have a constant stream of revenue coming as new students sign up. Udemy takes around 50%, but you’re still making a lot of money.
2. Affiliate Marketing
Affiliate marketing is mostly about your traffic-generation skills. That's what you have to master as an affiliate. Once you do, you can drive traffic to high paying affiliate programs of your choice.
Here are some great examples:
- Pat Flynn Income Report with 150k a month from affiliate marketing
- Matthew WoodWard Income Report with 12K per month from affiliate marketing
- EoFire Making 36K per month from affiliate marketing
- List of top earning blogs
- Nichesiteazon making 3k/month
Note: I’m having trouble finding public examples, but I know from first-hand experience that there a lot of SEO experts out there making 6 figure incomes from affiliate marketing in the health and gambling experience. It’s all about driving traffic to highly profitable niches like insurance, etc.
3.Selling a Product to a Loyal Customer Base
People either have great products or if they’re popular bloggers they leverage their fanbase and sell them stuff. Most famous bloggers are able to cash in on their fanbase with a product.
Examples:
- Chris from Good Looking Loser on making 3 million in sales from his e-commerce business. If he sold that company he’d easily be a millionaire.
- Victor Pride Making 10k/month 2013 that was 3 years ago, I wouldn’t be surprised if he’s making 5x that now.
- Eofire making 500k from their freedom journal
Most bloggers will sell information products, they’re high margin and don’t require updates like software. The biggest challenge is building a loyal audience and getting good traffic from Google.
4. Sales for products of $5K to $500K value
Selling medical equipment, industrial farming equipment, manufacturing equipment. Anything with a big price tag means you can get a big commission. Sales Salaries can be vary high and if you save well you can become a millionaire.
Selling yachts and other expensive luxury/equipment items will net you great cash. I’d love if someone could post specific industries that are great for sales. Selling Solar Panels is also a great market to get into.
5. Programming (Python, Swift, Javascript a good programmer is always in demand)
Most programmers per se aren’t millionaires, but a lot of them who’ve created SAAS companies have become so. You also get an amazing salary if you work for a big tech company.
6.Finance (banking, Hedge Funds)
This is the BIGGEST source of Millionaires according to [Wealth Insights] (http://www.lifehack.org/articles/money/the-top-industries-2014-that-created-millionaires.html). If you want to make do Finance. Despite the long hours, it’s your best bet.
If you make it to a senior position as an investment banker you’ll be set for life. Out of all the options in this thread, this is where the most millionaires have been made in History.
7. Virtual Reality Development
VR is an emerging market. It’s a risk to jump in, but you might just make your millions here. For example, Palmer Lucky is worth 700M and he’s only 23… Obviously, it’s high risk, but if you’re into tech this might be the place for you to focus on.
I’m sure we’ll see more millionaires come from this market in the next couple years.
8. E-commerce (Selling on Amazon or your own product on Shopify)
There are tons of high earners from Amazon and selling products. When you get the #1 ranking spot on Amazon, as long you get 500+ reviews you can do really well.
- Theamazingseller making 12k profit per month
- Stephen Somers selling on Ebay and Amazon making 7 figure in revenue
9. Real Estate
Real estate has always been a place where people have made their fortune. Obviously, everyone thinks of Donald Trump, who’s now a billionaire from his real estate entrepreneurship. There’s also a lot of other brokers out there that are doing great:
- Donald Trump with a net worth of 4-10 Billion
- Frederik Edlund, New York’s #1 Realtor worth 30M
- Robert Ringer was making 1M/year through real estate, he outlines it in his amazing book
10. Flipping Land
I’ve read that buying vacant land, splitting it and selling it a decent way to make money. There’s a good Reddit post on it here.
Not sure if there have been millionaires, but I’ve read that it’s pretty good money. This part needs more information, though.
11. SAAS Businesses
Create a software as a service for a specific industry. Basically, most big tech companies are SAAS. Think of PayPal, Facebook, Twitter, Kickstarter, all the unicorns all started software businesses. But I want to focus on niche software, like lead pages, mail chimp, etc. There are also a ton of niche software that you don’t know about that make a lot of revenue.
So many millionaires have been made me in this sector. That’s why everyone always tells you to learn to program.
12.Manufacturing
I have a family member who became a millionaire in manufacturing. It’s niche but he started his own window frame manufacturing company. Had really great timing in the economy and now he’s one major window frame suppliers in North America. However, I think most manufacturing these days comes from China so I’d be weary of this industry.
13. Garbage and trash recycling.
I can think of Brian Scudamore of 1-800 got junk. It’s a boring but necessary industry that no one wants to do. That’s usually a good sign. He’s worth 150M.
14. Fashion
Extremely difficult, but many founders of Zara and H&M have all become billionaires. Clothing is pretty high margin. However, a lot of entrepreneurs have tapped in niches to make really great revenues.
15. Mining and oil
Start a fracking company. Sell it. Make Millions. In 2010, the fracking industry generated $76 billion in revenues for the USA.
Energy is a very lucrative but risky business. Oil prices are doing awful right now, so it's not the best time to start your fracking company.
EDIT: As everyone is mentioning in the comments, starting a fracking company is shitty way to make money right now...
Conclusion:
Go out and enter an industry where Millionaires are actually made! It comes down to building million dollar assets that you can sell. For those interested in hearing more business case studies a great podcast to listen to is Mixergy. Andrew Warner often interviews very high earners and talks specifically about business, revenue, strategy. A lot of the examples from here are from Mixergy interviews.
I want to hear from you! What industries do you think are the most lucrative for young guys? Can you add an example?
I’ll be updating this post to include good comments. Everyone reading wants to hear your thoughts so post a comment now.
Source for Millionaire Statistics:
- Stanley, Thomas J. and William D. Danko. 1996. The Millionaire Next Door: The Surprising Secrets of American’s Wealthy. Lanham, MD: Taylor Trade Publishing.
- Ellsberg, Michael. 2011. The Education of Millionaires: Everything You Won’t Learn in College about How to Be Successful. New York, NY: Penguin.
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Walt- 8y ago
Wow the hate is real on this post. I think this is pure gold, like literally pure gold.
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TX_trp 9y ago
There are a few things that slightly bother me.
1) How do we know the numbers reported by these online courses are accurate. I can claim my course that I haven't even made yet is generating 6 figures per year. In my personal experience I haven't seen someone post financial statements where they are actually making the money they claim they are. At least in the online course business. Correct me if I'm wrong, I just don't believe everything people tell me.
2.) I've worked in the O&G industry and if you think you're going to start a fracking company you better get your head out of your ass. You have to realize that a frack pump can cost in excess of 1.2 mil each. Each frack site uses 10-20 frack pumps. I'll let you do the math. You think someone starting off has 10-20mil laying around. At that point you're already a millionaire.
Another thing about frack companies is that they run tight margins. I worked for one of the largest oil field services companies in the world and the numbers pulled in by frack were atrocious. Always operating in the red.
Clint_Redwood 9y ago
Second this. I like OP's enthusiasm but he's drastically underselling the work and involvement required for any one of these industries. I'm actually a part of an industry listed here and can tell you it is not just go buy a book and start making 10k a month. Shit takes serious capital, serious work ethic, serious drive and serious risk.
With that said, for your point #1, I've been sifting through Neil Patel's blog and he is doing a year long case study on a start up blog. he posts all the net expenses and revenue. He's proving his system and using this case study as the selling point for his course. He isn't just talking the talk, he's showing you how he walks it. These guys in SEO know their shit and should be studied if you are looking to get into eCommerce.
I've been studying entrepreneur for years and I can tell you the easiest method of making money when you have 0 capital, 0 networking, 0 skills is;
Find a niche topic
Create content off it. Creating is the key. Just like TRP teaches, if you have value, you can sell that value to someone. (I'm actually working on monetizing my writings for TRP right now. You can take GLO route and sell merchandise or Illimitableman and generate passive revenue from blogs)
Once you find something worth value, dive head first into it. Like tenaciously dive into it. Markets today rapidly change. You have to be absorbing this shit in at a rapid pace. The earlier you get into the market, the better. Like TRP, Virtual reality, bitcoin, etc. Earlier the better and if you are one of the first experts in the field, everyone will be coming to you with their money. (Full disclaimer, I write because I enjoy it, not because I want to make money. The best businesses are built from those that just love what they do. didn't even think about monotization till some of my posts became really well received and I was endorsed. I have a few others specialties I could monotize.)
Identify how big and competitive your market is. TRP is niche. I'm not going to be pulling 6 figures off a misogynistic blog. I can pitch it however I want though. If you read a lot of my writeups, I'm not terribly negative or misogynistic. I'm satirical sometimes, self depreciating, but my posts are still well received. I identified this and plan on spinning it in an interesting way that still provides value to the consumer. In this case TRP but the way I'll spin it will be able to reach a much broader audience. The key again though, you must provide value. If I don't produce the same quality content, it will have a negative impact.
There are a few things that you can universally sell to anyone anywhere. Health, Sex and Money. US health is a damn competitive market, but it's also a giant market. Hard to break through, but if you do you'll be rolling in dough. Neil Patel's case study blog is actually brand new in the nutrition market yet in 12 months he's up to about 10k profit a month. My focus for my blog will be on playing human's innate curiosity and desire to understand with a little satirical twist.
Once you've done all your homework and become well versed in something. Then you start building a following. You can use any number of social media platforms. Instagram models sell shit to women. GLO sells shirts to TRP. Neil Patel sells his knowledge. But it all revolves around building a following. Neil has a ton of tricks to gather emails, drive traffic, promote brands and sell stuff. Instagram models have their instagram account, they literally sell themselves directly. They use their beauty. They use shout out for shout out, cross promotion. GLO has TRP and reddit network. It all comes down to networking and followers. There are a ton of ways to gather followers and create your audience.
Then once you have followers you can start to monetize. Either selling a product, knowledge, freemium design, etc. There are tons of different ways to sell and tons of different business models. You just have to learn and expose yourself to them all and figure out what works for you. Just like how TRP teaches you to use what you want and discard the rest.
Then lastly, you want to create a business that's low maintenance, low investment but gives you great return. Passive income is the goal, self automated business. A lot of people don't plan for this in the beginning and it fucks them hard later when they are trying to juggle 20 different things. Passive income creates freedom. Creating content that lasts for years is the name of the game. Youtubers fail at this. They constantly have to create content or their viewership and subscribers die, they lose income and suffer. They are, in all sense of the word, slaves to their trade. Passive income is things like books, knowledge that is universal or doesn't quickly outdate itself(human nature is going about 100,000 years strong), courses that last for a decade, etc. Once you create your content that sells, you then just need to advertise it. Having to constantly create content and advertise is a pitfall most don't see till the reach it. What people also don't think about, by planning ahead you are freeing up your time in the future. Once you system is set, you can move on to the next venture and build even more passive income and every venture will just add more and more to your audience and net profits.
With all that said, OP is still citing some damn good knowledge and stuff here. He's half pitching it but I'm personally going to go through every link he's posted and read as much as I can. Name of the game is knowledge and you can learn something from anyone.
OP gets my upvote purely because he cites a lot of valuable people i can learn shit from. Even if the OP itself isn't well thought out.
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IamGale 9y ago
Great comment, you should make this a post.
raidra 9y ago
OP idea is really bad in business point of view. He just cite some random successful business and try to do a 'me too' business without thinking how to get the capital, network, customer ,etc.
My dad is a BIG millionaire like he own buildings, mining company, bottled water and brake manufacturing factory. Did he start with doing all of those business above? No, he start as a lowly lawyer and going up bit by bit. At age 40, bank and investors start coming in and offer credit for his business idea and he steamrolled it from there.
OP, please go find a job and save some money instead of thinking going big. I don't think entrepreneurship is for you
Clint_Redwood 9y ago
His advice isn't too fleshed out but he's still giving us a ton of links and info from some extremely knowledgeable and valuable people.
For that I'll upvote, even if he pitched it bad.
bornredd 9y ago
Yup, I do consulting for a handful of fracking companies, and they are all financially backed by major corporations, and won't fund you unless you are a highly experienced Petroleum Engineer or high level geologist. And this was at the height of the boom.
At that point, you're already making a killing.
[deleted] 9y ago
Hahah I also thought the fracking company was a ridiculous suggestion. There also couldn't be a worse time to even operate an already existing fracking company than now
Pires007 9y ago
Fracking's a great way to be a millionaire, if you're a billionaire.
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Clint_Redwood 9y ago
Haha ya right about now I'd be jumping ship if I was in the fracking industry. That shit is going down soon. EPA will soon be climbing all over their asses, probably tons of lawsuits also soon to come.
Risky_Clicks_NSFW 9y ago
Clint_Redwood 9y ago
If public outcry continues at it is, I'd be getting the fuck out of the US fracking as fast as possible and relocate operations to other countries.
TX_trp 9y ago
Yeah and to use Go Frac as an example. I thought that company went out of business. Lol
yiab127 9y ago
Also the comment about "big equipment, big commission". You can make a good living, but all of the industrial equipment salespeople I've worked with don't get commissions. They do have goals and bonuses, but they're not making 5% or 10% on a 500,000 dollar piece of equipment that took less time and effort to sell than a used car.
[deleted] 9y ago
could be a great time to buy a recently shut down mining operation at a steep discount however, if you're willing to wait for the price to come back up.
ric2b 9y ago
They probably still cost millions, though
[deleted] 9y ago
A friend of mine is part of a family owned fracking business and they're selling their whole company because they're losing so much money right now.
[deleted] 9y ago
Exactly. You can get a service rig for less than $100k now, wait for oil to (hopefully) go back up, and rent it out for $25k/month. If only I wanted to live in rural texas.....
IamGale 9y ago
Thanks for the feedback.
Check out the links I posted. Ramit Sethi posts his financial information. Yes people like to overstate it for marketing purposes but there's some truth to it.
TX_trp 9y ago
No problem. I don't want to seem like I'm arguing but you have to look at facts. The fact is, is that a lot of people over exaggerate their success.
I might check out the links but I've got other shit to do.
jckiker 9y ago
I'm pretty sure that's for the entire truck, but your point is still valid.
TX_trp 9y ago
It's for the truck and frack pump. There are some frack pumps out there that are 1 mil + by themselves. I've heard Dragon pumps can get pretty pricey. You can get them custom designed so the sky is the limit.
jckiker 9y ago
Dang! My buddy owns ValTek (small mfg in Odessa, TX).
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[deleted] 9y ago
That was the red flag for me too. I sat on frac sites and there's no fucking way a random dude is going to just get into that industry without SUBSTANTIAL capital and people who are willing to run it for him. Not to mention it's bust right now anway.
TX_trp 9y ago
Yeah I could understand a person stealing a whole frack crew and hire a frack consultant to plan and organize a frack job. I don't think this guy has ever set foot on a well site let alone a frack site. He could've easily looked at videos and saw just how complex it can get. Maybe back in the old days where they said "Let's pump this river water in the hole as fast as possible and see what happens" but it's not like that anymore.
[deleted] 9y ago
Yea it's become very technological. Expensive as hell all round, our consultants were making 1600-2000 a day on those jobs and that was an average paycheck for a frack super.
TX_trp 9y ago
Yeah I miss the days of making salary and going out on a job and making $500-1000 bonus. That's all in 12-15hrs too. You can make a good living out there in the field. It's just too unstable.
[deleted] 9y ago
Me too mate, me too. 1000 bonus for drilling a well under time every two weeks was mint. Easy money, even if we were blowing it on shit. I swear I spent more money than I made even though I was making 6 figures those years.
TX_trp 9y ago
I pray for another boom. Lol I'm in a different position now and I'm glad I have a job. It pays well and there is a lot of opportunity to learn. The people suck though. I just miss the down to earth mentality of the people who worked in the oilfield.
Frdl 9y ago
The audacity of a 22 year old self proclaimed 'psych & marketing guy' making fuck me money to make a post like this about making fuck you money is a new level of retardation.
[deleted] 9y ago
I agree. This post is absolute garbage.
Do the mods allow for this? TRP feeling like buzz feed with all this click bait.
PedroIsWatching 9y ago
Still better then the 19 year old dude giving financial tips for millionaires and his #1 advice being Bitcoin.
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the99percent1 9y ago
well he sure knows how to "market" himself properly.
[deleted] 9y ago
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Incangodess 9y ago
I wonder how rich OP is or if he still lives in a dorm or with his parents
cynicalprick01 9y ago
I asked him not to call himself TRPs psych guy because he has nothing to do with psychology and he replied making fun of my user name.
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[deleted] 9y ago
That is pretty funny in all seriousness, but yeah, you cant be some self annointed spokesperson for TRP by saying you are.
[deleted] 9y ago
Since we are giving ourselves titles I want "Court Jester" or "Avatar of Brodin", oh hang on.
IamGale 9y ago
It's just my branding, helping people remember me.
[deleted] 9y ago
Yes, personal branding is important, but prepare do deal with haters that feel misrepresented
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IamGale 9y ago
I'm a voracious student of psych and marketing.
wrez 9y ago
You sound like a newbie to business.
[deleted] 9y ago
I like watching Psych and Marketing this DICK!
[deleted] 9y ago
No you are not. You do not know what a sociopath is yet you used the term as part of the title of your post. Your naivety is glaringly obvious to anyone who has even a casual understanding of psychology, marketing or business.
Do not take this wrong, your writing is OK and your enthusiasm is refreshing, but reel it in. Drop the title (really dude, it is cringeworthy), halve the length of your posts and lose the tough talk and hyperbole.
Your time composing this would have been much better spent on a work project, or reading some posts by a real entrepreneur. No-one wants advice from someone who has no clue.
For what it is worth your arrogance will take you far. If you keep absorbing knowledge and most importantly, IMPLEMENT it, then you will do quite well in life. At the moment though your words outweigh your capacity. Acta non verba. If I was your mentor I would kick your ass if you wrote one more post in here. Go and make some damn money, dont presume to provide advice on others how to do it.
cynicalprick01 9y ago
you honestly sound like you arent out of your first year of psych courses.
you do not cite any peer reviewed journals and do not talk about any psychological concepts.
all you do is use the word psychology every now and then in its general sense.
so please, dont say you are TRPs psych guy until you actually have a degree in the field or a few peer reviewed articles published.
like i told you before, you saying that is like a person who can only lift 150lbs calling himself TRPs body builder.
IamGale 9y ago
And why should I care what you think?
cynicalprick01 9y ago
you should care about responding to my counter argument against your original claim because you want people to view you as a rational and logical human being and not just an immature kid who has not even finished his degree yet.
B_uckets 9y ago
It's sad how much effort he put into creating such a worthless post. All he did was list a bunch of well-known, high-paying jobs, many of which have impossibly high barriers to entry. Sell a fashion brand or fracking company? Are you fucking joking?
He probably doesn't even know about all the new shit like retail arbitrage or private label sales via FBA. With a few grand in capital and some (very) good analytical skills, you can make a killing. It's basically eBaying on steroids.
indivisibleremainder 9y ago
my favorite was the link to Google salaries in San Francisco... fucking facepalm
RedPillFusion 9y ago
My God, I hope the comments for this post don't reflect the current perspective and outlook of this sub. This might as well be the comments sections of a youtube video. Top response is a shaming tactic? Really? And then all that shit about why OP's wrong because barrier to entry or it's obvious or whatever other reason? You sound like a bunch of children, who lack the capacity to fully absorb the content in an adult conversation, and so just nay-say the author's assertions. It's easy to knock down an idea, opinion, or philosophy. It's challenging to develop one and plant your feet solidly on it.
Top comment's shaming tactics don't even go beyond the user name. Seriously? On reddit? Christ fellas, get a grip.
I will personally endorse a couple of these by first-hand knowledge and some of the others by 2nd and 3rd hand and general observation, business acumen, and critical thinking skills.
I have had a multi-million net worth, and I have been bankrupt. Seriously, I filed Chapter 7 when my first startup went tits up. It happens. And like slim says - "I'm still standing here saying fuck the free world".
I'd love to post a thorough repudiation to these childish responses, but since this is the first post I've read since coming out of monk mode, I'm not yet convinced that gift would present the value that it should.
“Do not give dogs what is sacred; do not throw your pearls to pigs. If you do, they may trample them under their feet, and then turn and tear you to pieces” (Matthew 7:6) I know and respect that plenty of you guys aren't Christians, but you don't need to be a follower of Christ to appreciate the sentiment expressed. Giving a 16 year old kid a corvette when he gets his license is retarded, and you've hurt the kid more than helped him.
However, I'll give a brief description of how I made my first million. Do what you like with it. Absorb it, use it, shit on it, be afraid of it, be inspired by it, embrace it, spread it, evolve it. I don't do this shit because of how it might impact me. I do it because a leader teaches by example, even when there's little evidence his teachings are hitting a soft target.
My first startup was actually somewhat of a hybrid of a few strategies discussed in the OP above. It was actually a mix of numbers 1, 3, 6, 9, and 10 (though I never capitalized on the training course - more on that if/when I post what I mentioned before). It was a real estate wholesaling business. I bought undervalued residential properties in large metropolitan areas throughout the US and sold them to wealthy investors that would rather spend their time at the golf course or their yacht or whatever it is they did with their time. Actually a lot of them were hard at work flipping houses. More than half of my clients were house flippers, and that is a lucrative endeavor as well - it's just nothing like what you see on tv. Not anyone can do it, and most are former general contractors. Anyhow, I digress.
Here's the bird's eye of my operation.
Approach them with an offer of service that is valuable to them - mine was that I find profitable properties for cash buyers. I took on almost all the work they would have needed to put in, and I'm also much better at it.
Find a broker to bring in that digs investment opportunities. His primary function is keeping my ass out of jail, and he/she will also handle all of my paperwork processing for closing procedures.
Make tailored low-ball offers on property for an all-cash purchase. Some are flat out ignored. Others are rejected. A few renegotiate. Fewer than 5 (3.3 became a steady average) out of every 100 offers will accept. These are the only properties I move forward with.
Present contract to investor(s) whose property profile lines up with the one in my hand. My fee for service is $5000 per project, regardless of property value.
After investor agrees to the deal, I will either "assign the contract" to the investor, or I will do what's called a simultaneous closing.
That's it. Once I learned how to optimize my operating costs, how I wanted to manage marketing, and then became more efficient and mature as a business owner, I averaged 3-5 properties closed every month out of the year.
For the first 6 months I fucked around with analysis paralysis, over-absorbing content, and developing an authentic confidence in my offering that these kinds of clients need to see. Once of the best lessons I learned was how to differentiate between something that was worth spending the extra time and effort on and what is just as good when skimmed.
The investor makes a shitload more than me per project, but that's exactly the way it should be. My revenue model is based on volume. My business model is based on reverse engineering investment property acquisition, and my client retention is built by maintaining a high closing rate, transparency and consistency of pricing, and the fact that I just made them 5 figures for doing nothing certainly doesn't hurt my value prop. Their value is the capital they bring to the table.
Net profit in first year was barely 6 figures. Year 2 over 300k, and growth was fairly consistent. I took a low but reasonable salary, began getting into joint ventures with trusted partners and vendors, and won back half my time, lost half my profit per deal but but added channels to deal flow to maintain growth. By the end of year 4, I'd become the guy who was being presented with deal opportunities.
On the personal side, I began building my investment portfolio. My finance professor in grad school got me interested in investing. Eventually portfolio management and security analysis became a huge nerd passion. In less than 5 years my net worth went from ~$10k (and even that was sitting in my driveway) to over $3m.
So next time you pussies decide to be scared little nay-saying bitches, at least bring some fucking analysis or some semblance of support to your assertion. Otherwise, fuck off and go sit at the kiddie table. This game is for men.
ronnymcdonald 9y ago
That's interesting! Security analysis is also a hobby of mine. I'm an accounting major at the moment.
How did you become better at valuing real estate and finding more profitable deals than these cash investors?
[deleted] 9y ago
Wow, kudos, so proactive. I look up to you. I wish you make another million.
trancedj 9y ago
God damned kiddie chairs suck! I'm 6ft tall dude - fuck these chairs! (leaves the kiddie table flipping it over and joins the men)
I've been on one end of the wealth spectrum. From my perspective you can't reach the top until you find the bottom. I'm currently working my way back up and looking for my next opportunity. Great response sir, monk mode seems to have served you well!!
Dagoron 9y ago
I have no clue why you don't have more upvotes on this comment than you do. TRP, take note. This guy has been on both sides of fuck you money, and it shows in how he holds himself in this comment.
RedSovereign 9y ago
Great advice. ♂
R3v4mp3d 9y ago
Bravo!
I applaud you sir! Keep it up and may you have at least 2x the profit you currently do.
Taking notes; this is how it's done.
reed3790 9y ago
Pretty Inspiring. What is your education background?
RedPillFusion 9y ago
Degree mill for undergrad, MBA from unranked state school.
[deleted] 9y ago
Can you explain what this is?
[deleted] 9y ago
All these people talking bout "Easy money" the same way they talk about how big their dick is... it's sad. IF IT'S SO EASY GO AND MAKE A MILLION THEN COME BACK AND TELL ME HOW IT'S DONE.
TheBadGod 9y ago
Well...creating something to sell to a loyal client base sounds like something artists do.
I'm currently building that part of myself as a means to work for myself.
Selling courses is as easy as putting together a teaching syllabus and becoming a continuing education teacher. A girl I went to school with did that for a few years to pay the bills. Those classes go for 350$ or so and the school gets a big chunk of that, but still.
IamGale 9y ago
Yea I mentioned it in #8. I added fracking because I want to help people think outside of traditional jobs.
The biggest millionaires and billionaires are in the energy sector. Look it up.
[deleted] 9y ago
Man, I want to do private label sales. I have a niche and a product picked and I scour alibaba weekly. I just cannot pull the fucking trigger. I will even do the fulfillment work out of the gate to see if it takes off and then look at FBA, but there is not enough coaching myself up to contact a supplier and get samples and move forward.
My parents always taught me to take the safe route and I just cannot break that habit.
holiestoftheholies 9y ago
I'm doing this shit myself. I'm in the middle of negotiating prices right now. It's pretty mundane and monotonous. Just punching in numbers and asking suppliers questions, googling shit that I'm not sure of and sometimes not even finding a straight answer. But if it's a shot to not be a wage slave anymore, then so be it.
I will just keep on chipping away. Chip.Chip.And chip.
[deleted] 9y ago
That is awesome man. Way to have the balls to do it. Maybe one day I will be in a position where I can say for certain losing 2k will be no big deal to chase that dream. Or I may see another opportunity to turn something into a business. I tried doing web design for small/medium business and got my foot in the door, but I just couldn't drum up any more business and that was more work than I wanted to put in for the compensation i was getting. I want that 4 hour work week.
holiestoftheholies 9y ago
Were you using Upwork or something similar to get jobs? I was doing copywriting for a while and I managed to a couple of $50 jobs here and there. It's not the best platform but who knows, if you keep pushing it be worthwhile.
[deleted] 9y ago
I was just beating in doors and sharing my work and what i had to offer. The thing about web design i found is. If they aren't with a host already it is for a reason. They have unrealistic expectations and want it done dirt cheap. And people with 3 page sites and no functionality were paying $500 a month to some big time company. But i couldnt get them to come over to me
holiestoftheholies 9y ago
Look into getting an Upwork account. You could post your portfolio there and put in a filter where you see nothing but posts that will pay a minimum of $500. If I was able to get jobs without any experience then I'm sure you have of making some good cash there.
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[deleted] 9y ago
Thank you, and that crosses my mind all the time too. I browse Amazon at random and see all of these sellers and just know it is people doing what I would like to attempt to do. That is why I think the smarter thing would really try to be to get in the door and then quickly get to a product line and build a brand rather than sell at random on Amazon. Get people coming back for a name to a website. Maybe include a blog or some videos, whatever adds value.
[deleted] 9y ago
What if you have your own simple invention ideas but afraid to even talk to a product engineer or even deal with overseas manufacturing? It costs a lot of money to bring an invention to the manufacturing stage let alone start marketing it correct?
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shellkek 9y ago
Ironically people in those countries would bitch the hardest about why no good inventions come from their country
[deleted] 9y ago
Damn i didn't even think of that angle. Good shit!
alphabeta49 9y ago
I used to be in your shoes. Never would I have considered selling or anything of the sort. Too risky.
Then I make some bad career moves, got two worthless degrees in subjects where jobs pay shit, fought through personal depression, watched my family struggle on $40k/year because that's all that I can rake in, hating myself when I'd splurge on In-N-Out Burger because it meant that our mortgage payment was going to be short and we'd have to be even tighter next pay period...
Desperation is a good motivator to do something risky. Maybe you're just too comfortable where you're at.
[deleted] 9y ago
I do have it fairly easy, but I want more. And I definitely want the best for my kids, which actually works against me. Knowing taking a risk on a few grand could be the difference in food and clothing for them and maybe some trips to do something fun/educational. It could pay off and I could double or triple the money pretty quickly, or a 100% loss. Every time I start to lay it out, I get really pessimistic about it. I can never see risk outweighing reward.
alphabeta49 9y ago
And isn't that exactly what makes successful men different from unsuccessful? That ability to take a blind jump. Its just so comfortable here...
Fuck that. I'm doing my research, and at the very latest I'll be using my tax return next spring to jump in. I don't need it to survive, so if I lose it all it won't be any money that I needed for food, shelter, etc.
If you don't mind me asking, what's your niche? Is it something you are passionate about or just something you can make money in? My passions and bodies of knowledge don't exactly translate to internet sales, so I'm very much in exploratory mode right now.
[deleted] 9y ago
Typically I would discuss, but a big rule we should both probably follow is to keep it hush. But I will say it is semi related to hobbies and passions of mine. From my initial rough math, money can be made but its not going to be astounding. Best case, out of the gate I would be making a decent amount of side money for a nice car payment or to just let my fiscal tension relax. End goal, have a full line of products and a website with a store and sell primarily from there and some from Amazon.
Here and Here
Check those out. This guy gives quite a few free tips, with some additional google searching and testicular fortitude, I think you could make it all happen for you.
alphabeta49 9y ago
Thanks for those.
In all sincerity, good luck growing a pair.
bebestman 9y ago
Then why not write about this?
B_uckets 9y ago
All the info you need is already out there, the hard part is finding a niche and executing (getting a supplier, negotiating, arranging shipping/packaging, etc.). Neither of those things can be taught. Think of it like running a small business from your home -- the only way to learn is by trying (and most likely failing a few times).
And if someone were good enough that they could teach those things, they'd either be selling courses or keeping their mouth shut to avoid creating more competitors.
PedroIsWatching 9y ago
Read: "I have no fucking idea"
B_uckets 9y ago
Read: "If you're actually capable of pulling it off, you wouldn't need instructions."
You're all looking for 'that one simple trick employers hate!' Sorry to burst your bubble, but it doesn't exist. You can read all the guides you want, but you'll still be sitting on your ass planning for that one day when you're finally gonna do something (aka never). Just like getting in shape, the only way to be successful is to start putting in the hours and learn from experience.
If you need someone to hold your hand the whole way, you're better off working for someone else.
[deleted] 9y ago
The most misleading thing people buy into is that they just jump right in and make tons of money really fast. I have been running my own business since 2008 (more seriously since 2011) and money does not come in fast. Its a very slow process and it takes work and a lot of time and energy you put in doesn't result in immediate sales and most of the time doesn't result in sales at all.
Its rough, but the fuck you money isn't the idea that you take some billionaire idea and become very wealthy, its that you take something that can sustain your cost of living or more without having to work for an employer.
Frdl 9y ago
Actually, he's exactly right.
PedroIsWatching 9y ago
He's technically right, but it's the equivalent of someone throwing out a controversial opinion and when asked to provide proof all they say is "it's out there, dig deeper". It's a sign that they're either full of shit and can't back up what they're saying, or they're too lazy to provide proof.
truthyego 9y ago
Well everything is like, "out there", man.
Responds -"far out dude"
bebestman 9y ago
"All the info you need is already out there" is exactly right - for near everything. However he didn't even provide a link to a basic definition of what either is, or an example. Which is way less than OP did.
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bebestman 9y ago
So in essence all advice is useless?
This makes me question your credibility.
B_uckets 9y ago
In essence, the useful advice has already been given. Anything more is only a distraction to avoid the next step: hard work. If you're not already doing it, no amount of advice will convince you that you're ready to start.
I've helped enough people learn to program to see the patterns: The motivated autodidact types only need to be shown the door, they'll figure the rest out on their own. Everyone else needs to be guided through each step of the process. They'll make decent employees, but they could never run a business because they're not natural problem solvers. They can copy other people's solutions all day long, but as soon as they face a novel problem they crash and burn.
Dang, that hurts...
[deleted] 9y ago
I went and looked it up and it looks interesting, but isn't dealing with chinese manufacturing a fucking nightmare of sorts?
B_uckets 9y ago
It can be, but that's not necessarily a bad thing because it discourages lazy people who are just looking for easy money. And there are ways to mitigate the risk. For example: Negotiate a large sample order, inspect/package everything yourself, then increase your order sizes if everything looks good. Plenty of people have their supplier individually package + ship the goods direct to Amazon (or use an intermediary packager), but that's only possible once you're 100% confident in their quality. Amazon has an extremely low tolerance for broken items, and they won't hesitate to shut you down after a few returns.
Not everyone in China is out to scam people. There are plenty of honest manufacturers who want to provide you with quality products, you just need to find them.
trollscape 9y ago
The quality of this sub has really gone to shit...
IamGale 9y ago
Keep attacking me. I'm not going to apologize for doing good research and writing useful information.
NPIF 9y ago
The post itself isn't bad. In fact, some of the suggestions you offer for high-paying roles and industries are legitimate.
The reason you're being torn apart in the comments is because you showed up into TRP and started acting like hot shit, giving yourself a title and generally acting like you know more than everyone else here. Humility is important, and if you want to build a reputation in the manosphere you need add quality content without the fluff.
Frdl 9y ago
Thanks. Already used your good research to start a fracking company.
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M0RKET 9y ago
I don't know why people are so brutal here :)
I for one appreciate your posts.
4juice 9y ago
I'm with you. Its easy to read and he's a good writer. Wanna know the secret? The next paragraph is the secret. That easy.
tyranus89 9y ago
There are 290 comments at the time I'm posting this. I'm not going to read them all, so in case it hasn't been asked:
Have you made a million dollars?
No?
Then don't give ANY advice on the subject.
rife_omeqa 9y ago
Bullshit.
There are only 3 ways to make money:
All the analysis of millionaires in the world won't make you rich or teach you secrets. Analyzing the rich only teaches you about the finished product. Any path easy enough to find will lose it's value when the thousands of other people who think they've found the secret flood in.
Your selling courses online is a perfect example of this. There are likely a dozen or so people who make a killing with it because they were first or are better but the 19230234234 other guys out there doing it are making jack shit.
Money can be made by being first (entrepreneur), being better (skill) or cheating. The best combination is obviously being the best and being first. Unless you have the ability to legally cheat, a la banks.
I'd say the best way for most people to climb the financial ladder is to work on (1) and (2) in smaller, manageable ways. You don't have to design the next microchip or discover free energy but adding something needed to an existing system or streamlining something clunky have made a few people in recent history very wealthy with little effort.
Obviously (2) has it's pitfalls as well which is made evident by the difficulty recent college/university graduates can have trying to find a job in their field. As it turns out, getting a degree doesn't mean much when the competition has one too.
arrayay 9y ago
What's with the self proclamation? Who, other than yourself, said you were the psych and marketing guy?
logicalthinker1 9y ago
I'm actually the big dick guy. Everyone calls me that. So... yeah. Just call me that
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afkb39sdfb 9y ago
A self admitted 22 year old kid who thinks he has it all figured out apparently.
Incangodess 9y ago
Hes probably trying to brand himself so he can eventually post with a link for us to buy some stupid t-shirt or shitty pre-workout
Aypse 9y ago
It's a pre pre workout. You wouldn't want to pull a hammy while drinking your pre workout juice right? You gotta be careful man!
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[deleted] 9y ago
I call this "The Bullshit Cycle".
Two analogies here:
Kappa Alpha Order fraternity - "Southern" frat. Lots of guys who rush this fraternity aren't Southern at all, but they fake it. One or two make it though. Next year, those one or two bullshitters are now recruiting new members. The problem is, they can't spot the new bullshitters, and three or four of the new bullshitters make it through. After a few years, they're all bullshitters and no one knows wtf anyone is talking about.
Point being that if he says it enough, eventually there will be enough new members that will accept it as fact. Ugh.
[deleted] 9y ago
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[deleted] 9y ago
Funny you say SEC or Big 12, because those are probably the only conferences where it would be acceptable haha. I was in UAA - d3 private research schools. Talk about bullshitters. You're from Bedford NY, why are you suddenly talking with a southern accent?
PedroIsWatching 9y ago
Because GLO was allowed to promote his brand through TRP, now everyone else is trying to.
Clint_Redwood 9y ago
GLO allowed to because he's provided consistent and adequate value to this sub. It's perfectly reasonable for him to get some return on that.
People always demonize people trying to get ahead yet they forget to realize, when you give someone more incentive to produce content, like GLO selling his shirts, it drives them to produce even more content that you all get for free.
For the members that make some cash off of TRP is all based around freemium business design. You don't have to pay anyone shit for the content here. It's all free, it will always be free. You don't have to buy a thing from them if you don't want to.
I'm all for pulling out the pitchforks when the day comes that there is a paywall or invasive advertising, but right now, if Robert Greene was writing content for TRP we wouldn't be giving him shit for promoting his 48 Laws of Power book now would we?
[deleted] 9y ago
Some people would. We're an angry bunch.
But i do like how you're so calm and collected in your explanations, without actually overdoing it.
Clint_Redwood 9y ago
I'm practically an analytical robot, devoid of all emotions these days.
UndergroundRP 9y ago
I had the same reaction a few times. However, I'm warming up to it because it illustrates a point. Keep saying something enough times, and it eventually starts appearing to be true.
MasterRoshi21 9y ago
Maybe. I've read it over and over again and it doesn't seem anymore true to me then it initially did. In fact, I would think insisting on it after you have been called out on it would alienate people.
sqerl 9y ago
Exactly. It annoyed me too, but why not? I'll be TRP's Expert Nut Collector. Then again, I should probably find something a little more exotic...
Clint_Redwood 9y ago
I prefer the darker nuts too
Clint_Redwood 9y ago
It's advertising 101. Say it enough times and it gets engrained.
cynicalprick01 9y ago
do we really want to support being a community that believes things just because they are said often and not because they are right?
like, i get the tactic, but he is essentially trying to game this community.
Clint_Redwood 9y ago
I think the comment section here speaks for the communities stance on how well it's working.
This community is a little more self aware than the general masses. Most here see right through cut and paste marketing tactics.
cynicalprick01 9y ago
I asked him not to call himself TRPs psych guy because he has nothing to do with the field and is giving it a bad name.
wanna know how he responded?
he made fun of my user name
UndergroundRP 9y ago
Sounds like you're just being cynical.
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logicalthinker1 9y ago
You shouldn't be proud of that having an effect on you. Idiots fall for that.
ChiefBigLeaf 9y ago
I'm hoping he was being sarcastic and you didn't catch it.
UndergroundRP 9y ago
Proud? I recognize that it's an effective tactic, and I'm not immune to its influence. A lot of things are like that, but I guess they just bounce off of your magic logic shield.
logicalthinker1 9y ago
It's an effective tactic.... because people are idiots. You shouldn't love the fact that it's working on you. Unless you have a weird fetish and get off when people lie to you.
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beefypork906 9y ago
I hate it when people talk about shot they haven't done. Are you a millionaire OP? I doubt it, but if you are telling us your story on how you became one. You shouldn't teach people how to become something without first experiencing it.
[deleted] 9y ago
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cynicalprick01 9y ago
Do I also need to be a chef to tell when something served to me tastes like crap?
IamGale 9y ago
You didn't find my post valuable and that's okay. But I'm getting a lot of positive comments on it.
Orig_analUse_rname 9y ago
All the top comments are saying how bad it sucks.
IamGale 9y ago
its-iceman 9y ago
What's the next tip? How to start my own stock exchange? Why FOREX is FOR me?
[deleted] 9y ago
Off this. But you intend to...
cynicalprick01 9y ago
yea, disregard the 200+ people that completely agree with him
jdgsr 9y ago
Be right back, just gonna go set up my fracking company real quick.
juliusstreicher 9y ago
Same here. I have a spare 300 dollars lying around with which to start my fracking business; I'll probably do some hedge fund managing next week and knock off my second mil. This thread is golden!
Tom_The_Human 9y ago
There are 150,000 subscribers here - if we all chipped in £30 we could have our own fracking company.
IamGale 9y ago
haha, I'm getting so much heat from that fracking example.
tyranus89 9y ago
Man, I thought it was brilliant! Who would've known that by starting a successful energy company, you could sell it for millions?!
[deleted] 9y ago
they found the chink in your armor, of course everybody's going to aim there...
[deleted] 9y ago
Where can I buy your ebook?
IamGale 9y ago
Buy War and Peace instead. Great tale on wealth, women, and adventure.
putin_vor 9y ago
Survivor bias.
Your post is full of examples of that logical fallacy. You keep giving examples of the people that have succeeded doing X, while you conveniently don't mention how many have failed doing X, spent tons of savings, got broke, etc.
I'm not against entrepreneurship, don't get me wrong. It's just you have to be very clear dispensing advice like that. Lots of entrepreneurs fail. Lots. It's a lottery.
Another thing about your examples is it's full of people who sell stories about how to become successful, that's the entirety of what they do. They don't actually produce anything except of podcast episodes on how to become successful. That market is so saturated, becoming the next Pat Flynn is not very likely.
KermitTheeFrog777 9y ago
This was my first thought. I like the idea of doing courses, but hustling like Ramit is such a turn-off. Most of those courses are only selling the idea of being Rich...to make the author rich.
Dookiestain_LaFlair 9y ago
I'm going to sell a series of tapes telling people how to get rich by selling a series of tapes.
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MeditateErrDay 9y ago
It's clear you're studying Derek Halpern here.
You missed the whole credibility part. Why should we listen to you?
Speak about subjects you know.
[deleted] 9y ago
IME the lowest barrier to entry with highest ROI by far is private education. I went out for a bartending course (huge waste of money, don't do it) that I paid $200 for with a GroupOn. Everyone else apparently shelled out $500. The instructor is actually a fairly well-known bartender in his field and leverages his reputation to draw students. Now:
He operates out of a bar he owns that makes a fuckton of money 3-4 nights a week. During the day he teaches class there 5 days a week. That space is making him bank. From the class alone he clears $10k a week using a curriculum that will essentially never change. He uses his position as an instructor and wealthy bar owner to run game on every female in his class (85%). Then he maintains a powerful network on social media that offers graduates of his course free job leads and offers (90% of which specify females) and may even get a headhunting fee for those.
The same can be done with literally any skill-based profession- if you have mastered the skill. Teaching CPR courses to corporate offices. Lifeguard certs for highschool kids. Swim classes for toddlers. All easy shit to master that can be taught to large groups with ease. $50 a head for a 20+ person class 4-5 days a week with relatively low overhead.
I'm hopping on this train ASAP. Then I'm going to tell my psych I can't concentrate and snort prescribed adderal off my keyboardvwhile I learn to code on Khan Academy. Fuck you money indeed.
IamGale 9y ago
This is a high energy comment. Love it. Stims are funs. Use the wisely.
dabrah1 9y ago
For real estate- Are you talking about buying real estate or selling it?
[deleted] 9y ago
Good thread, the information might not be accurate but at least your doing something.
Couple of points re wealth creating the Kiyosaki/Buffett way.
Buy stuff that makes you money not costs you money. And change your thinking of this.
A personal example. I spent $1500 on a home gym set a few years ago. I plan to have that my entire life.
The alternative was spending $600 a year on a gym for the rest of my life.
Assuming 3% inflation, I'd spend 160k or so over my lifetime on gym membership assuming I worked out till I died at 100.
By not spending money on gym membership I "saved" 160k over my lifetime.
I can now do something else with that money.
If you live frugally then you can save tremendous amounts of money which can be spent on things that produce money.
Even if you are unsure you can buy shares in a stable business with a good dividend history. Don't think of gambling on share price, think that you are purchasing an income stream for life.
For an "active" method, take whatever area you are most knowledgeable in, and look for ways to add value to it. Every time your at work and you get a crazy idea. Write it down, and in a weeks time review it and make a hypothetical scenario about how you could make money with it.
Step in dog shit on the way home? "I wonder how much some would pay to have their favourite park cleaned each day"
If 100 people use a park, and they all chip in $1 to have it cleaned, you can pay someone $75 to clean it.
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Momo_dollar 9y ago
Does op get paid for everyone who click the links? Why else would he go through all that effort. Seems like an affiliate site but on a reddit post.
IamGale 9y ago
None of the links are affiliates...
[deleted] 9y ago
Wealthy guy here. Nearly every rich person I know has one thing in common. They were born with an above average IQ. There are a few exceptions, athletes, criminals and actors.
Getting rich is mainly due to your good ideas and your hard work. Men who are born healthy and smart in any western country should be rich (a high net worth individual) by 40.
Study, work your ass off. Don't give up. Try to be an employer not an employee. Unless you have hollywood looks or you are a world class athlete you will make your money through hard work. Most people make it by owning their own company, or through shrewd investment. If you have the brains to be a doctor or lawyer then be one.
The richest person I know has a net worth above $US100 million dollars. He is pretty much Chad Thundercock. I am not going to name him but you all know who he is. He came from nothing.
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Nostyx 9y ago
I am a software developer (JavaScript) at one of London's most successful Hedge Funds... I have only held the position for 8 months, I am already doubling my salary on my first pay review, (it started pretty low for the work I'm doing) and was given over £10,000 in bonuses in December/January.
I would say it's a pretty good market and can easily see myself landing a 6 figure salary in a few years time, it is definitely high pressure and long hours but it's what you expect in this industry.
fuk_offe 9y ago
At around what £ did you start at if you would be kind to share? Recently unemployed but I always wondered how much a SE can expect to earn when working for banks and the like.
Nostyx 9y ago
£25k plus annual bonus. I have worked in finance for around 3 years, the first half of that was a simple call centre operative before I got into the IT dept.
Edit: 3 years prior to getting this position at hedge fund, I was at a credit card company before.
circlingldn 9y ago
unless you've got previous financial experience, its going to be a 100/1 bet.
Your competing against back office guys and accouting service corp guys
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Subtletorious 9y ago
If you really knew how to make millions of dollars you wouldn't be hustling on Reddit.
QED
[deleted] 9y ago
The point he is making is that we as a community are essentially a hivemind and should work together to increase our average capital by sharing success stories with each other.
Thanks for contributing to the cause bro.
cynicalprick01 9y ago
man, OP is obviously trying to game this community into something he can make money off of in the medium to long term.
look at him trying to brand himself as TRPs psych and marketing guy.
also, look at how he posts often very long posts that are very shallow in terms of information.
Subtletorious 9y ago
Minor point: he is not sharing his success story.
IamGale 9y ago
You're right, I'm not a millionaire. I'm not loaded at all, but I'm getting there. And one way I'm doing that is through hard work and research.
I'm sharing my research here to help.
IamGale 9y ago
Full disclaimer I'm not a millionaire... I'm 22. However there's not a lot of concrete information out there on actually building million dollar assets.
logicalthinker1 9y ago
You're 22?! Lol you're barely out of college you little shit.
IamGale 9y ago
I'll take that as a compliment.
massivewang 9y ago
http://www.joshuakennon.com/janitor-ronald-read-leaves-behind-8000000-secret-fortune/
Anyone can become a millionaire, the only factor is time. Cash generating assets are key:
http://www.joshuakennon.com/how-does-someone-start-creating-passive-income/
Anyone with a middle class income can become a millionaire. Certainly if a janitor can accumulate millions of dollars into old age, anyone making 50k or more can as well. The only issue is how long you're willing to wait.
If you live below your means and consistently acquire said assets, you will be a millionaire in 10-30 years time.
Me? I'm an engineer. I don't have the entrepreneurial spirit, but my job pays the bills. I live well below my means, and an international assignment where my housing is paid enables this even more so (this is where the 55-75k fluctuation comes in).
Not everyone will kill it being an entrepreneur, but being a millionaire is within your grasp.
TRP is the LONG game. Self improvement takes TIME, HARDWORK, and SACRIFICE. So does financial independence. You can hustle a small business like the cats in the post, you can also hustle as an engineer, skilled trade, salesman, etc.
Play the LONG game! I don't love what I do and I put up with a lot of bullshit. My assignment sucked fat dicks for the first two years. I'm over the hump and now it's awesome (I know the language, I know the place, built the social circles, and women are amazing).
nutty_bi 9y ago
10% annual return with 0 variance is a ludicrous estimate. You'd need to be one of the best investors in the world.
ForYourSorrows 9y ago
Yeah if this guy gets 10% compounded annually every single year he can be my broker. Take all my money and pocket 2% lol. Wtf
[deleted] 9y ago
Yea, tell me where you get 10% compounding.
massivewang 9y ago
"o put it more directly: It is not a mathematically inconsistent nor historically unreasonable position to posit that a basket of stocks bought today with a lump sum would produce 6% to 7% nominally over the next ten years due to present valuation and that a dollar cost averaging program started today will produce 10% returns over the next 25+ years as the regular purchases and reinvested dividends averaged out the highs and lows of market volatility."
http://www.joshuakennon.com/mail-bag-return-assumptions-in-your-about-com-articles/
10% is a best case scenario for the next 10 years. It's not unreasonable given a 20-30 year time period.
FinallyRed 9y ago
Isn't a 10% return on the entirety of your investment portfolio a huge assumption?
massivewang 9y ago
For the next ten years, sure. It may more likely be 6-7%. Over 20-30 years, it's not unreasonable at all.
Clint_Redwood 9y ago
And they teach absolutely zero of this in k-12. Our system is so fucked.
logicalthinker1 9y ago
Yeah they do. They're called algebra and finance classes.
Plus, you can just fucking look it up on the internet.
Clint_Redwood 9y ago
It's different in every state, they don't cover any of this shit where I'm from.
Also, you can learn all of it online, www.khanacademy.com
[deleted] 9y ago
Any resources for learning how to get into investing? I'm relatively fresh out of college and making enough money that I can throw money into random stocks, but I'd like to learn more before I just jump into something like that.
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massivewang 9y ago
http://beginnersinvest.about.com/od/mutualfunds1/a/aa080804.htm
http://beginnersinvest.about.com/cs/mutualfunds1/a/071003a.htm
http://beginnersinvest.about.com/od/stocksoptionswarrants/a/Should-I-Invest-In-Individual-Stocks-Or-Index-Funds.htm
http://www.joshuakennon.com/mail-bag-index-investing-vs-picking-individual-stocks/
http://www.joshuakennon.com/why-i-never-bought-an-index-fund-but-think-they-are-probably-your-best-bet/
http://beginnersinvest.about.com/od/investing101/u/investing_basics.htm
[deleted] 9y ago
Thank you. I'm gonna get to reading tonight and tomorrow.
DonaldLMessi 9y ago
I knew a guy who kept working into his 70's to keep compounding that interest. He has the money but he traded years off his life
massivewang 9y ago
Yeah this is the challenge, even forty of fifty sounds unappealing to me. However worst case scenario I'll take 4 million at 50.
Relevant article:
"That general sentiment is a central theme that runs through many of the questions and letters I receive from readers. The “red ring problem”, as I call it, can be summed up as follows:
What is the point of saving money or investing money if I’m only going to get to enjoy it when I’m too old to care?
It is a legitimate concern. Everyone needs an underlying economic engine that provides investment cash for them to grow their passive income."
http://www.joshuakennon.com/the-red-ring-problem-getting-rich-too-late-in-life/
nutty_bi 9y ago
Unless you know what you're doing, the worst case scenario is more like the market crashes and you lose 50% of your wealth in a month.
massivewang 9y ago
And I continue to invest, and when the market rebounds I'll come out ahead. Just like anyone who continued to invest during the 2008-2009 recession. Volatility is real, that's why investing is a long game, and why the rate of return is an average over 10-30 years.
nutty_bi 9y ago
And yet you're making projections of returns at 10% per year with 0 variance, which entirely contradicts what you just said. Dude, you have a lot to learn if you're ever to get 5 bucks banked. Source: I work on wall street.
massivewang 9y ago
I'm not being facetious - what are some resources you think I should look into? I get that I may not have 1-1.7 million in 10 years (6-10% CAGR), but at some level should I not make an assumption based on historical average returns?
"To put it more directly: It is not a mathematically inconsistent nor historically unreasonable position to posit that a basket of stocks bought today with a lump sum would produce 6% to 7% nominally over the next ten years due to present valuation and that a dollar cost averaging program started today will produce 10% returns over the next 25+ years as the regular purchases and reinvested dividends averaged out the highs and lows of market volatility."
http://www.joshuakennon.com/mail-bag-return-assumptions-in-your-about-com-articles/
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IamGale 9y ago
Because I'm 22 and it will probably take me 10-20 years. Doesn't mean I can't help people along the way.
AnotherLostCause 9y ago
Fuck you money is something you save.
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donaldcicc 9y ago
When I was an undergrad I was a returning student, you know old. I finished my BA as a triple major, physics, applied math and philosophy. I was lucky enough to be a physics TA as an undergrad. I got two of our brighter students to consider MD/PhD programs. Same seven years you get both an MD and a bio PhD. And the best part, like most science PhD students tuition is waived and they received a living stipend. They would work their asses off for those seven years, But come out debt free and have both degrees.
krustytheclown2 9y ago
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krustytheclown2 9y ago
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[deleted]
MentORPHEUS Senior Endorsed 9y ago
Make lots of money at the cost of turning your passion into a loathing. On the plus side, my staff does much of the work, leaving me time to pursue other endeavors including sharing my bon mots on Reddit.
[deleted] 9y ago
Seond time I get surprised over the massive hate. This is solid and inspirational for anyone who wants a piece of the pie online - I am working on my own online business and will be for the rest of the year. You haters don't have to read the fucking post. No not everything on TRP will resonate with everyone. So many ego's getting touched here. Solid post OP.
KermitTheeFrog777 9y ago
I'm researching flipping web sites and online businesses. Would you mind saying a bit about your business? Thanks
[deleted] 9y ago
Sure - when I have reached my financial goal I would be more than happy to share details about it. But I haven't reached my goal yet.
youssarian 9y ago
Haha looks like OP didn't do as well as he thought he would with this one. Ah well, life is trial and error. Better luck tomorrow. :P
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sixohs 9y ago
Thanks for the resources dude, but all these methods are old news.
[deleted] 9y ago
I read only the intro so far, so i don't know if the post is helpful or not, but damn son, i like the attitude
[deleted] 9y ago
Ok you mentioned VR, which is the niche I want to jump in, so thanks for letting me know i'm on the good path
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its-iceman 9y ago
Didn't you read the post? It says just get a job at Google or become Donald Trump. Follow his directions and you'll get fuck you money.
R3v4mp3d 9y ago
If you have a shitty situation:
do something that utterly DRAINS you of energy one day (jogging/ reading hours on end/ workout/ etc) and fall dead-tired into bed that day
wake up the next day being battered but somewhat refreshed -> this is the KEY MOMENT when you have the chance to objectively analyze yourself, your life, your situation.
have a coffee, get a pen and paper and maybe some music (no music if you know you pay attention to the songs)
start writing down your problems/ what's displeasing and for each of them write what you need to flip them into things beneficial to you
keep dividing the needed steps until you have steps small enough that you can implement on a daily/ weekly base
this list is the most important thing in your life now -> duplicate it 3x and: keep a copy in a safe place; keep a copy somewhere where you can see it daily; keep a copy at work where only you can see it.
You'll soon see that things start falling into place. Good luck.
Skaiiward 9y ago
Work your arse off, lots of people go from nothing to something. You literally just have to work your arse off as hard as you can. Its hard, if it was easy everyone would do it.
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vitringur 9y ago
TL:DR
Convince stupid people to give you their money.
PAWG_Peruser 9y ago
Making a lot of money won't do you much good if you spend it all. If you really want fuck you money from a salaried job, save as much as possible in tax advantaged accounts and live on less. Google financial independence. You don't get to 1 million in 10 years on a 100k salary if you buy luxury cars and large homes.
[deleted] 9y ago
Do what ever you can to keep your cost of living low. Extra money earned is taxed at a higher rate than money saved. I knew professionals who lived at home with their parents to avoid buying a home, or paying rent and they were able to put a shitload more money in the bank.
nutty_bi 9y ago
Just work in the front office on Wall Street. It offers the best reward/risk ratio, and is a place where alphas thrive.
eccentricrealist 9y ago
Gotta be able to handle an incredible amount of stress and pressure, but it's good idea if you're good at it.
drummmmmergeorge 9y ago
r slassh WallStreetBets
Is better place for FUCK YOU BITCHIES money. :) I'm planning my portfolio now #YACHT BITCHES.!!..
I read the book about MR. Rich Father and my Poor father novel, and I'm following the traditional route to get money. Going to school, get an education, and network and kiss as much ass as I can. So far, I'm 50% there. 6 figures by 2021. Baby. It's a long con.
[deleted] 9y ago
Flooded Market. Over 40, 000 courses on Unity. If you're really good go for it, but it's tough.
no idea on this subject
Yup you just need a great product and a loyal customer base.
I know sales people making over a million a year. You can definitely get rich, but you have to be amazing at sales, have the right contacts and the experience. One of the best sales people I know used to be a jigalo.
Programming in itself will not make you rich. You have to be an amazing programmer, do you know how hard it is to get a job at google? My brother turned down a 110K + 80K sign bonus at microsoft to pursue a job at google. Meanwhile he's getting 20K offers to write programs for small business.
You can't just be a programmer, you need to be topping your computer science class to get this kind of money. You will not be making 110K just by learning python.
Don't know much about this, I assume you are correct, banks make ridiculous money.
This is what I'm doing :D Except like most things on this list it requires dedication and skill. I'm 3.5 years into a 4 year Product Design Degree - on top of that you will need to learn object oriented coding as well as Unity, as well as how to create 3D models in 3DS MAX (even making models takes hours). At the end of the day your app has a 1/50 chance of making over 200K.
Again over-saturated market. Getting a product going is akin to getting a reddit post to go viral - hit and miss.
Sure if you have a million sitting in the bank this is a good idea.
similiar to land.
Again you need to be a great coder which requires dedication and skill.
Manufacturing is dead in most cases. The majority of product designers would not manufacture their own products because they know there's almost no money in it. China simply has devalued commodities too much to make a decent buck. You can make money from "maker-crafts" though, not lots of it, but some.
Someone is already dominating the market.
There's tens of thousands of fashion savvy kids graduating from 4 year courses every year, and most don't make a buck in this industry.
"Start a frakking company" - LOL
Definitely a lot of money in this industry though, would recommend.
TLDR
I know 4 small business owners they all tell me the same thing. "Making money is easy". Yes it is actually easy to make money, but there's no such thing as a getting rich quick scheme.
You can make 180K a year easy! Just do a 4 year petrochemical engineering degree, then work in the industry for 8 years! SO EASY.
You can start a million dollar programming company! Just spend a good portion of your life learning high-level math and code architecture - then on top of that get financing for your idea while self-managing a small team.
You can be a millionaire salesman! Just have god-like levels of charisma and excellent knowledge of the field you're working in!
Making money is easy, getting to a point where you can make money is the hard part.
TWYW 9y ago
Anybody working in finance? I have some questions if you don't mind.
[deleted] 9y ago
I have a masters in finance from a top 5 program in the US, am a CFA charterholder, and manage a 9 figure portfolio of mostly fixed income products. Ask away.
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El_Shakiel 9y ago
Former Financial Analyst in one of world's major Commodity Trading businesses checking in if I can be useful. Also former Portfolio Admin in Hedge Funds.
felipebarroz 9y ago
I worked in Strategy Consulting. Answer anything you want.
IamGale 9y ago
You worked? Why did you leave? And was it worth it?
[deleted] 9y ago
Used to. Happy to answer questions.
IamGale 9y ago
Did you retire or make a career change out of finance?
[deleted] 9y ago
Changed careers. But I'm still very much a finance person.
HughMannity 9y ago
Article has (almost) zero value. TRP needs to get some higher standards if you want reader retention.
IamGale 9y ago
What kind of posts do you like?
HughMannity 9y ago
Factual & precise. Instructive, with real examples showing upside and downside of prospective actions, together with financial extrapolations of both revenue & expenditure. Sorry if it seems a bit harsh but readers don't have time to dick around and wade through filler, its either totally relevant & on point or my eyeballs are out the door in three seconds max.
IamGale 9y ago
I appreciate the feedback. I'll try to optimize my future posts.
TheRedStoic 9y ago
Jesus man you really know how to irk me (consider most of my jimmies rustled)
I guess I'll add in, the 1st million is the hardest, (great article) and wealth management, (look into it)
Additionally, look into entrepreneurial inclination, the skill of recognizing needs and building cost effective solutions to them.
I won't be as transparent as you, but this really needs to stop! no it doesn't, I'm just annoyed
J_AsapGem 9y ago
The easiest way to make money is this ( i don't know if anyone else made a comment on this or not ) find a problem that the majority of the world has and make the solution, that's the easiest way to become a millionaire as fast as possible, that's why PUA's make a lot of money, men are forever looking for an easy way to get pussy so they don't mind spending these thousands of dollars in an attempt to do so.
IamGale 9y ago
That's it what it comes down. Just some problems are more valuable than others.
afkb39sdfb 9y ago
Good advice, to add, always beware of the "solution looking for a problem" trap that many fall into. It's not easy to fix something that isn't broken, that's the governments area of specialty.
[deleted] 9y ago
Simple, break it, then contract the solution at a ridiculous markup.
u-r-silly 9y ago
Yeah sure! Junior as in : 5 years prior experience in Finance and First time at this job title kind of junior... which anyway leads to an income on par with other finance positions granted you work for big banks or institutions.
BoobToArmRatio 9y ago
While OP has no idea what he's talking about for finance work, his figures are not entirely overstated. Bulge bracket IB entry levels (analyst) target around $150k, and are generally promoted to associate in 2-3 years targeting around $300k. Even the smaller banks need to give very good offers to acquire talent. I don't know any other field that can make $300k 3 years out of undergrad, except trading if you're really damn good at it.
However, you're not likely to benefit from this information unless you are under 16 years old as those who aren't at a target school are already out of the running.
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TheSlicemanCometh 9y ago
Decentralized apps, VR development, and social networking between the two. RIPE for the taking.
Everyone wants a twitter that cant be censored. Everyone wants a YouTube that cant be censored were the ad money goes straight to the content creator. Everyone wants an uncenosred Reddit etc..
Things that everyone wants but dont exist yet are spaces ripe for making money. We are in the toddler stages of VR, but it will turn into an industry as big as the video game industry in the next 20 years (almost a $100billion market). Go get a piece of that pie. Apps, games, hardware, retailers, books, seminars, etc.
halfahamster 9y ago
You sound like an outsider to the developement industry, let me clarify you a few things:
The profit margins on the gaming industry are really low, and the demand is not that high. Marketing is the only part of it that is growing, because games are being sold and marketed as toys, not software products, and being evaluated as such.
-A video game developer takes home 1/3 of what a normal developer makes. This is not an exaggeration. The industry is built on the dreams and hopes of people that like you see big numbers but ignore how the industry works
TheSlicemanCometh 9y ago
You sound like a naive and bitter developer who is an outsider to marketing, business, and economics, so let me clarify a few things for you:
Evidence-free claim. Couldn't disagree with you more.
For fuck sake, there is an entire 10k stong subreddit dedicated to the non-"toy" side of it called r oculusnsfw . Take your head out of your ass.
Good idea. Better wait 5 years to get into it. That way I will totally be ahead of everyone else doing it.
laughable.
equally laughable.
Pick up an economics book you fucking dipshit. You cant sell PCs or smartphones to the public because of the price. Sophomoric assholes.
No, the industry is built on the $100 billion that come from every new kid over the age of 8yo that will play video games. And my post wasnt even pushing video games, it was more about social networks. Stop spreading your misinformation you bitter clown.
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TheSlicemanCometh 9y ago
How is this at all relevant to what I just posted?
Video games were gimmicky.... until they werent. At which point you were already too late to the party to really cash in.
I really hate this type of sophomoric myopic thinking.
WTF? So? PCs used to cost 10,000$ therefore Bill Gates was stupid? Wtf are you saying? Go read an econ book dipshit.
Incorrect usage of the phrase.
Okay, this thread is about how to make money. Im going to give you some free advice. You make money on taking something that isnt good yet (VR), and making it good and selling it. So replying to my post with "well VR isnt good yet" is fucking retarded.
max_peenor 9y ago
Unless you plan on only advertising flashlights and synthetic cannabis products, you aren't going to make any money. You would need the end users to pay for the content and guess what? We are notoriously cheap.
This is why twitter is imploding. They created a monster that can only be fed by a curated experience, but the users won't have any of it. Reddit is on the same path. I'm only sad that there is no reddit stock I can short...
TheSlicemanCometh 9y ago
Oh you thought I was going to debate the nuts and bolts of how one could make money from the various services in demand I just threw against the wall? How cute.
Fucking sperg.
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max_peenor 9y ago
There is making money. And there is being wealthy. You are not going to get wealthy by creating censorship free versions of existing products.
Fucking amateur.
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Melodramati 9y ago
Maybe instead of listing up statistics and books that are sold to make the author money, you should give specific advice? Anyone who says: "I will teach you the secrets of becoming a millionaire" is full of bullshit. No one will teach you the secret to rule the universe and hold your hand throughout the process.
Rather there are one way to become rich and two ways to become well off, which can be summed up VERY quickly instead of a while fucking post posing as legitimate advice:
Fuck you money is what you develop by creating a very successful business and automating the process of your product while living below your means while the second two is just a matter of saving up fuck-you money.
An imbicile could figure out what I just wrote, and I am 19 and only about to finish high school.
The OP should stop giving superficial 'feel good' he has read on the internet and maybe write something from experience. I am not only talking about this thread.
Iwassleepingawake 9y ago
Got the perfect plan...take online surveys, 100 a day and we'll all be millionaires just in time to buy a fancy casket. winning.
j/k, j/k...i had to.
IamGale 9y ago
Finally a true millionaire shares his secrets!
[deleted] 9y ago
Im so sick of the inner game fluff talk, thanks self proclaimed marketing and pyche guy!
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seducer4real 9y ago
Point is: make as much money as you can. Why the fuck are people complaining about him giving examples? If there is 1 thing you take away it is that you should get rich or die trying.
[deleted] 9y ago
The whole Fuck You Money thing can be more of a Fuck You Lifestyle. You don't go out and make millions to where you can do whatever you want (the short term success rate for this is very small).
I have friends who are employers and they have told me that they usually don't want to hire single men who live with their parents (or even with room mates), or even wealthy people were not ideal. They preferred a dude who has a mortgage on a house or a fairly pricey place to rent. Not because this makes them more responsible as but because they have a higher cost of living they need to pay for and are are less likely to leave the job. They don't want someone who is in a position to leave comfortably. Someone with $100k in savings can afford to leave, someone with $60k in student loans must always be working. They want someone who lives paycheck to paycheck.
Married Guy, with a stay at home wife, and 2+ kids with a mortgage and student loans. Perfect. The guy is absolutely dependent on a paycheck and will not take the risk of leaving the company. Even if he makes good pay, he doesn't have fuck you money, he can't leave. His cost of living is so high that he will never be able to create a substantial savings. Unless he has a competing firm who will swipe him from the company he can't ever leave.
So while there are a bunch of ways to get rich (that won't get you rich) there are far more ways to get poor (that will most likely make you poor). The fuck you lifestyle is avoiding all of the things that will make you poor or put you in a vulnerable position in the future.
I have friends who were making professional salaries living with their mother while driving 15 year old cars. They were just building a large bank account up so at some point in the future they could do what they wanted. That money in the bank was their Fuck you money. If they wanted to start businesses they now had money to start them with. Their peers laughed at them but their peers were also more or less living paycheck to paycheck and were pretty fucking broke when you looked at it. Losing their job would result in them losing everything and ending up in debt.
IamGale 9y ago
I've heard the same thing from friends, really good point.
Sepean 9y ago
Having been very rich and then getting completely wiped out in the financial crisis, I have to say: being rich isn't all it is cracked up to be. Being poor sucks, but once you're clear of that it really is a case of rapidly diminshing returns.
GetrichonIMP 9y ago
Udemy is not all that is cracked up to be. The teachers can only make 50 $ on a course now. Although if you are niche enough your course can explode.
Edit: thanks for the post. It was well thought out. Trp needs to focus much more on money imo
IamGale 9y ago
Exactly! I don't know everything when it comes to money but I can research and start the discussion.
pooshhMao 9y ago
Is this a joke or something?
CryptoManbeard 9y ago
Here's an idea. Buy a lawnmower and go cut people's grass. Go to a neighborhood and knock door to door with your lawnmower saying you're there right now and can cut it right now for $xx. You can do this on nights and weekends. Keep doing this until you have enough people that want you to cut their grass that you can hire someone to do it for you that takes a cut of what he makes. Keep repeating until you have a million dollar landscaping business.
No risk, almost no capital, very simple. The only ingredient required is hard work. If you can't make a lawn service business work, you aren't cut out for any of the other bullshit.
thetotalpackage7 9y ago
I personally know a dozen insurance producers who sell fixed indexed annuities exclusively who gross well over a million (and keep about 85% of it). You could get your insurance license in a week and be ready to sell after getting the right system.
IamGale 9y ago
That's really interesting. How do they get their clients?
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bigchiefslapaho99 9y ago
I appreciate the effort but this is total shit post. Mods, please delete this.
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SuccessIsMade 9y ago
I can absolutely co-sign for #4.
I am a manufacturers rep for 15 different residential construction products. Distributors & dealers cannot even speak to me unless they want to buy atleast 1/3 of a semi full of product.
This year I will sell $6M in product, and receive a 20% commission rate. Im 26.
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SuccessIsMade 8y ago
Most sales representatives will not bring your product on board without sales data to make it worthwhile to them.
Why would I represent, which meants time, money and effort, a product that no one is buying?
Build your sales first, then reach out to independent representatives that represent SIMILAR but not competitive products.
Risky_Clicks_NSFW 9y ago
On the gross or the net? where is your commission rate calculated?
SuccessIsMade 9y ago
I will gross $6M.
Net will be slightly less, around $5.5M because my largest manufacturer waives shipping costs at full TL orders. Net is where my commission is calculated.
KermitTheeFrog777 9y ago
Fascinating. Did you start out as an employee or independent, and what are you now?
SuccessIsMade 9y ago
I am an employee of a sales and marketing firm that specializes in construction materials. We had total sales of $50M last year. We have a total of 10 employees.
We have representatives in 6 states. I handle only residential accounts & lumberyards in one of those states.
It helps being in a northern state when you sell insulation as colder = more product necessary to meet code.
IamGale 9y ago
That's insane. What is a residential construction product? Are we talking about massive amounts of raw material like granite and wood?
SuccessIsMade 9y ago
My 80 is insulation, house wraps & construction tapes. This is the product that meets the 1/3rd SEMI full standard. (Every building in America has some amount of insulation, this is important in sales. Sell something everyone needs, but most people don't realize they need.)
My 20 are things like skylights, walkway pavers, masonry installation & cleaning products, etc. Things that not every home has, but have a high sf cost and are used in many high dollar homes.
bornredd 9y ago
I know a guy who manufactures pavers, talk about a killing - all for making what are essentially pretty bricks.
SuccessIsMade 9y ago
Its insane really. One of the pavers I sell goes for $40/sf and that's just for the paver. Once you add pedestals and linkage, its ~55/sf.
[deleted] 9y ago
Future wealthy guy here. Entrepreneur and investor.
I've been working since 2008 to become a businessman. My best piece of advice for starting a company:
Focus on barriers to entry (and secondarily, exit). Of all of Porter's 5 Forces, this is by far the most important to business success. The higher the barrier to entry, the greater the reward and stability on the other side. Examples of industries with low barriers to entry seem appealing to young people trying to start businesses. But they are the same reasons they will fail in the future. Pick something that isn't an app or a website, or money for talking on the internet. Chances are, many other idiots saw the same opportunity and it's more competitive than you realize. High barriers to entry are created by government regulation (healthcare, banking/finance) and structural advantages (size, first mover advantage, relationships, brand). If you work hard to overcome barriers to entry and not to compete where they don't exist, you will become very wealthy.
Edit: This is better advice than "go build a website and your dreams will come true". I'd appreciate someone explaining their downvotes.
[deleted] 9y ago
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[deleted] 9y ago
Hey i'm not poor! I'm just a temporarily embarassed millionare!
[deleted] 9y ago
Thanks for your input.
I'm twenty (so I admit my naivete when it comes to jobs/career choice), but i entered the healthcare industry (med school) and kinda wanna get into research/development. Something like building a brain-computer interface or artificial intelligence appeals to me more and is aligned with my passions. On the side, I'm looking into investment (to have enough capital to finance my projects). I was wondering what the best route for me would be to achieve financial autonomy, after med school.
[deleted] 9y ago
It'd have to either come through your own income or getting access to outside capital.
Outside capital can come from a wealthy angel investor, seed/vc money, or a business partner. Your projects sound like they're going to require a ton of capital so I might even encourage starting something a bit more realistic to help fund your larger agenda.
max_peenor 9y ago
Exactly. The first solid advice. If you tip your toes in the VC world you will learn two very important things:
1) Unless you plan on building something with an enormous upfront capital expense, most barriers to entry are artificial.
2) No company is invulnerable, including those with 100B+ a year in revenue. Be the pitbull on their leg and they will give you a lot of money to let go.
[deleted] 9y ago
Thank you. Finally some rationality - a few are giving me a hard time on here about not wanting to start the next Twitter or online T shirt business.
I have an idea to completely destroy an industry- deathcare. I'm quietly forcing my way towards earning the money needed for it. In the meantime I'm working to start some healthcare businesses.
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SuccessIsMade 9y ago
I wil say this based on my experience in my industry.
Less than 1% of people in the sales side of the construction industry are under the age of 35.
Less than 10% of people in the management side of the construction industry are under the age of 35.
50% of the large customers of my large customers are millionaires. These are masons, contractors, home builders, etc.
If my message isn't clear, its that young (non-hispanic) tradesmen simply do not exist. So many of my friends would rather take $13/hr to work in a call center than take $25/hr to learn how to lay brick. Its mindblowing.
[deleted] 9y ago
I'm not really sure how this applies to my comment?
There is a general attitude against that type of work. Everyone seems themselves as a certain type of person. Maybe it's entitlement, maybe its delusion.
SuccessIsMade 9y ago
That there is an extremely low barrier of entry to learning a trade, it's simply effort.
Yet very hardworking tradesmen are millionaires.
[deleted] 9y ago
Oh okay cool. Sorry. Didn't realize that when I first read it.
That's very true and not enough people pursue it.
Clint_Redwood 9y ago
Greater the risk, greater the reward.
[deleted] 9y ago
Picking your spots as I suggest, if anything, is the opposite of this. You're reducing risk and maximizing reward.
Clint_Redwood 9y ago
I was referring more towards barrier to entry. Typically the more you involve FDA, OSHA, CDC, EPA, the more risk you are potentially exposing yourself to. There is so much unforeseen stuff that a newbie won't know that could fuck him.
I have to respectfully disagree with you here. You are promoting taking out big loans, big risks and avoiding markets that could potentially not need any of that. Ya competition is high in eCommerce, you have to have a niche, specialty and be awesome at what you are selling. But the entry level and risk to start a website, blog or eCommerce is practically nothing compared to your suggestion. You also need 0 capital to start any of these and they can all passively generate money for you. You can have your 9-5 jobs and easily run a successful side website that generates cash on the side for you. And as long as you stick with it they grow exponentially. You again, just need to provide your customers with great value which only comes from knowledge, experience, expertise, awesome product, etc.
Mark Cuban: Only Morons Start a Business on a Loan
The first thing that came to my mind for your recommendation was the weed industry in Colorado. Huge barrier for entry. Thousands of thousands of paper work, tons of stuff you need to overcome it, but the profits and potential money you can make is ludicrous. But, also highly volatile and risky.
Sorry but i can't agree with you. For someone that has zero capital, zero networks and is just starting out, your advice is way more dangerous.
[deleted] 9y ago
You're thinking about big industry. Peter Thiel would disagree with your mindset entirely. There is a lot to be said about starting niche businesses in complex industries. Yeah, it's not easy, but that's the point. You don't necessarily need to start a bank to be in finance. Or open a hospital to be in healthcare. There are lower investment needs, less complexity, great opportunities that exist. I'm starting two of them right now. Neither require capital and both are passive (less than 4 hours/week of maintenance).
Being aware of barriers to entry is extremely important and very often overlooked. Lasting business success is very different than collecting passive income on some side venture.
Everyone's advice, including yours, is touted all over the internet. Yeah it may work for some. But for people who take business seriously having another perspective is far more valuable. This post is about "fuck you" money. You won't get that with what you're suggesting.
Clint_Redwood 9y ago
You are going to be a little less vague then. You are talk about high barrier of entry, which implies legal documentation, lawyers, accountant consulting, government regulations, which require certs, etc.
Sorry but I'm not seeing a correlation. Anything with high barrier takes a tremendous amount of time and capital. How are you spending less than 4 hours a week with zero capital if you are avoiding internet commerce?
[deleted] 9y ago
I'm doing it by leveraging relationships. Ancillary services in healthcare is a really great area to be in. But you don't need the relationships to start these businesses, it just helps.
Offer to create a laboratory that analyzes urine for a local practice. Do all the legwork, hire the technician, and give the practice 50% of the equity. Ask them to put up the money. Now they don't use a vendor any more - they get to capture their own volume. The same can be done for billing, management, etc. You can look them up and others if you want. But managing these aren't difficult.
As for you not seeing a correlation, I'm encouraging people to seek out industries that have high barriers to entry. It's simple - nobody looks at them otherwise. And if you can identify something where you can get yourself over a barrier, then you're in.
felipebarroz 9y ago
Regarding a Finance Career: Be prepared to work 14-18 hours a day. I worked in Strategy Consulting (Roland Berger) and left the company, regardless the money.
The finance career (investment banking, strategy consulting, M&A, Private equity...) is REALLY tiresome and the workplace is unbearable. You are expected to work until midnight, to work on weekends, to be available in your smartphone 24/7.
I left the company to work for the government (IRS auditor now, studying to become a judge). The paycheck is lower, but the life quality is way better. You can have time to workout, to spend time with your hobby or with your girl/plate/wife, to have a second-job online...
shellkek 9y ago
trp judge? fuck that would be amazing
beginner_ 9y ago
If that's true (14-18 hours) then other jobs pay just as well or better if you calculate hourly salary. If I work a 8 hr day and make 100k that's the same rate as 200k in 16 hrs.
So yeah I agree. Better to use that time for gym, hobbies, sex and to relax and/or starting our own business (which could stem from your hobbies. Gaming is not a hobby!)
IamGale 9y ago
I have a lot of family in Finance... And that's what always drove me away from it, but it's so tempting.
felipebarroz 9y ago
To outsiders, yes, it's very tempting. That's why I tried. But after you're there, you see that 95% of the people are unhappy about their life choice. Of course, the money is fucking great and it's the best option to become rich while not being an enterpreneur, but it has it's price.
its-iceman 9y ago
Here's a question for you: What's your net worth? Have you ever made six figures in a year? Then don't give other people advice about how to do that.
Because your examples are the 1% of the 1% and your advice is horrible. Start a mining and fracking company? Are you for fucking real?
afkb39sdfb 9y ago
He said he was 22. So probably little to none unless he was born with a silver spoon.
IamGale 9y ago
I'll concede the fracking company isn't the best example, but the other examples are solid.
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its-iceman 9y ago
You didn't answer my question. What did you make last year?
Your other examples are ridiculous too. It's like telling someone who likes telescopes to become an astronaut.
This is an eighth-grade-level term paper.
IamGale 9y ago
You're right it's not perfect, but it's about where you look. Nasty Gal and Mod Cloth are both really interesting examples for the fashion industry leveraging extremely new trends (vintage + plus size fashion) with e-commerce.
its-iceman 9y ago
How much did you make last year?
cynicalprick01 9y ago
he's not going to answer you...
jckiker 9y ago
I'm not a millionaire, but I have a side business that makes some nice beer money for almost zero time invested/month.
I am a Google Apps Reseller. Basically Google Apps sells me their licenses cheaper than what a non-reseller could buy them for. I then charge my customers whatever I think they'll pay. I don't charge a setup fee, nor do I charge for basic maintenance (password resets, account creation/deletion), and that really gets small business owner's attention. I don't do any marketing, almost all of my customers come to me via word of mouth or if I happen to be talking to someone over a beer.
I've found that after the initial setup, you have a customer for life and I literally spend about 2 hours/month maintaining all of my customers' users. I just filed the taxes for my company with the CPA and in 2015, my profit was about $10,000. That comes to $415/hour! ;)
askmrcia 9y ago
I want to learn more about what your doing. Sounds interesting. What made Google Apps sell you licenses?
jckiker 9y ago
Anyone can register a domain, and set it up to use Google Apps for about $5 per user. If you have many companies that are interested in it, you can apply to become a reseller and if you qualify, Google will charge you $4 per month per user instead of $5. I charge my customers anywhere from $7 to $12 per month per user, depending on various circumstances.
Since I wrote my original post, I have created 26 new user accounts. That amounts to an extra $100/month profit for doing nothing but the initial account creation.
IamGale 9y ago
What's your business? IT consulting and then you offer google apps as an upsell? I'm really curious.
jckiker 9y ago
I started a company that made a couple of web apps for customers. I decided to use Google Apps for our 2-person company and loved it. I started telling people about it and it took off from there. It's all I do now, but remember it's not my "day job". I work from home as a Product Manager for a hotel tech company in China.
IamGale 9y ago
Hotel tech company in China, that's so interesting! What is that exactly? What products are you managing?
jckiker 9y ago
We facilitate transactions between hotels and online travel agencies like Booking.com, Expedia, etc. I manage a BI tool we created for our customers.
IamGale 9y ago
Hmm why they don't just use stripe or paypal? Do you offer better security and reliability?
jckiker 9y ago
Transactions such as bookings, cancelations, etc.
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osborn2shred11 9y ago
Having too much money is immoral.