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Who Wants to Be Rich?


Who Wants to Be Rich?

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jcrawf02
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Andy Warren (10/20/2008)
No one going to pick on the violinist? Hard not to understand his point, but no points for gracefully accepting a little adulation.



lol good point, but what do you expect when the world caters to his ego. You're the greatest violinist in the world! You play that dead guy's music from 700 years ago so well . . . what have you written and performed yourself?

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"stewsterl 80804 (10/16/2009)I guess when you stop and try to understand the solution provided you not only learn, but save yourself some headaches when you need to make any slight changes."
jcrawf02
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John Rowan (10/21/2008)
Well, first of all, everyone's opinion of rich differs. Making 150 K per year is far from rich. I do know that there are a couple of things that anyone who wants to become financially independent needs to consider. First, those in the top few percent didn't get there by accident. Like musicians and athletes, they purposed to be there by planning out their course. Too many folks today are just caught up in the work-to-home rut. They are not planning for their future; they are just simply working and living. Second, you'll never become financially independent working a job. People that have been able to build very large incomes do so by leveraging their time and money. When you work a job, you have no leverage; you simply trade your time for money and you are limited to how much time you can trade. The wealth people in this country got that way by creating passive income that comes in whether or not they are sitting at their desk.

The traditional advice of go to school, get a job, work hard, spend little, save lots, and invest in mutual funds doesn't work. The mere fact that the vast majority of folks that are following this pattern fully expect to retire on much less money than they are already making should tell you something. If you really want to get ahead, you need to find out how you can duplicate your time and money and remove the time=$$ trade that a job provides. You need to be in business for yourself whether it is franchises, rental property, or something where your income is not tied to your time. BTW, just to drive the nail a bit deeper, if you are in business for yourself and your income is still tied to how much time you personally can invest, you've done nothing more than purchase your own job....you need to remove yourself from the equation!!


Sorry for the rant....that's just my $.02.
Hear, hear! To follow that up, for those who want a little non-casual reading, www.fourhourworkweek.com

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"stewsterl 80804 (10/16/2009)I guess when you stop and try to understand the solution provided you not only learn, but save yourself some headaches when you need to make any slight changes."
David Reed-223505
David Reed-223505
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I think it's interesting that nobody (in this thread) has focused on the things that one needs to do to "get rich". Typical DBA "rich kids" going on about how "happyness" is more important than money. Heh.

Can't remember where the study was, but I heard Ben Stein list them recently:

1. Graduate from high school.
2. Get married and stay married to the same person.
3. Spend less money than you make.

College wasn't high on the list at all... and neither was liking your job.

Hehe
FunkyDexter
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I disagree with the article, or at least, I think it's overly simplistic. As a contracting developer I earn very well and I'm pretty sure most of my freinds would call me rich. I certainly earn more money than just about all my freinds by a factor of 3 to 4 times. I think that's probably pretty common in this industry.

It would be easy for me to sit here and smugly pat myself on the back and tell myself it's all down to my hard work. I decided to do a degree to imporve my life and worked hard when I was doing it. I had a student loan but didn't get any support from my parents (well, not much anyway - I got money for birthdays and christmas) so I can surely say I stood on my own two feet. I've worked hard in all the jobs I've had since and have generally impressed my way up the greasy ladder. I was brave and fearless when I decided to give up my permanent position and risk the potential unemployment of the contracting lifestyle. I've always got my on on the way technology's progressing and I frequently self train on a new tech. Yep, I can safely puff my chest out and portray myself as a paragon of hard working success.

Except that when I read the above I'm forced to admit that it doesn't actually describe me at all. Actually, my life has been a sequence happy co-incidences and snap decisions that just happened to turn out right for me despite my own self destructive tendancies. I did that degree because I'd been sacked under "dubious circumstances" from my previous job (don't ask, I was young and they assured me it would all be in good taste) and couldn't get a reference. I figured that students got more in grants than I was going to get on benefits so I might as well sign up for something. Once I was there I found I quite enjoyed programming so the hard work didn't feel like work at all. I didn't need the support of my parents because a couple of years previously I'd managed to blag free rent from a landlord if I helped him get tenants for the house I was living in and acted as a sort of "on the spot" agent for him (which was really no effort at all). I didn't really work that hard in most of the jobs I've had, I just had a nack for development and knew how to make my stuff look good. And I wasn't being brave when I decided to become contractor, I was just sick to the eye-teeth of the management politics I was increasingly finding myself embroiled in as I moved up the chain. Yes, I self train... but only on the stuff that looks fun and interesting.

Meanwhile most of my freinds have worked just as hard as me if not harder but the rewards just didn't fall right for them. They're mostly talented and intelligent people who have every bit as much right to success as I do. It's just that folks don't want to pay them as much for the things they're talented at as folks do for developers. Or they just never worked out how to monetize them, I'm not sure. In truth, the fact that I'm doing so much better than my freinds comes down to a buch of small co-incidences and three big ones:-
1. I found the think I enjoy
2. It turns out I'm pretty good at that thing
3. It turns out people are happy to pay for that thing

I can't claim credit for any of that... I just got lucky.
chrisn-585491
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I had lunch with Mark Cuban back in the Web 1.0 days, before he sold AudioNet/Broadcast.com. When I mention that streaming audio was going to be standard and that a single AM station of the time could reach more people than all the Real Audio streams, he said, "Chris, we don't sell the steak, we sell the sizzle..."

Cuban is a real hard worker and smart, but he also had the luck of being at the right place in time to capitalize on his fortunes and make a larger fortune. And that's the story, put the work in, be smart, be prepared for opportunity.
DavidL
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FunkyDexter (8/15/2013)


I can't claim credit for any of that... I just got lucky.



Yours is a refreshingly honest self-appraisal... I often think people take far more credit for their success than they deserve. Many, many, many people work hard; many work far harder than I without ever getting any of the benefits I enjoy. No matter how much we'd like to think otherwise, very little of life is deterministic, and we simply cannot be certain that a particular effort will bring a particular result (unlike sql queries ;-)). That isn't to say 'don't work hard or strive for success'. Rather: 'do your best and accept the results. If you don't like the results try again or try something different.'



lshanahan
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chrisn-585491 (8/15/2013)

Cuban is a real hard worker and smart, but he also had the luck of being at the right place in time to capitalize on his fortunes and make a larger fortune. And that's the story, put the work in, be smart, be prepared for opportunity.


There's the old adage "you make your own luck." Simply put, position yourself to take advantage of the opportunities that come your way. Sometimes they work out, sometimes they don't. That's life.

Or as my wife put it to me one time: "God feeds the sparrows, but He doesn't drop food into the nest."

As an aside, the IRS statistics in the original commentary about half of taxpayers making less then $32,000 a year is based on AGI - income after deductions, exemptions, etc. These days it's around $37,000 or so.

____________
Just my $0.02 from over here in the cheap seats of the peanut gallery - please adjust for inflation and/or your local currency.
call.copse
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DavidL (8/15/2013)
FunkyDexter (8/15/2013)


I can't claim credit for any of that... I just got lucky.



Yours is a refreshingly honest self-appraisal... I often think people take far more credit for their success than they deserve. Many, many, many people work hard; many work far harder than I without ever getting any of the benefits I enjoy. No matter how much we'd like to think otherwise, very little of life is deterministic, and we simply cannot be certain that a particular effort will bring a particular result (unlike sql queries ;-)). That isn't to say 'don't work hard or strive for success'. Rather: 'do your best and accept the results. If you don't like the results try again or try something different.'


Yes, great post FD, and pretty similar to my own trajectory, though I may not be quite as fortunate financially, I'm happy enough with my lot. I guess if people wish to come across the Charlie Big Potato, fair enough, but it generally is not something I will consider a positive attribute, or a sign such a person actually understands life at all.
Miles Neale
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Rich is a state of mind not a state of being. Many have little and are rich beyond reason, and some have it all and have only the desire to have more. There is never enough if you focus on it. It is better that you work hard, love what you do, and provide for those you love. That might redefine rich.

<Exit Rant Mode>

Not all gray hairs are Dinosaurs!
TravisDBA
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Becoming financially wealthy isn't always just about working hard. It is also about the opportunities coming along at the right timing and jumping on them and making the most of them when they do. Sometimes, it is just simply being in the right place at the right time. I also agree with Miles that "being rich" isn't always defined in terms of how much money you have either. :-D

"Technology is a weird thing. It brings you great gifts with one hand, and it stabs you in the back with the other. ...:-D"
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