Compilation of Finance/Wealth tips

[darksprezzatura]

Suggest tips on how to accumulate wealth only if you've actually made money with them.

Please do not include self help/bookish tips which are abstract and not usually applicable.

 

[darksprezzatura]

I'll go first:

Learn sales:
If you're a confident speaker and can cold read people to understand their personality, desires and need, you can make huge profits.

I flipped second hand watches from black markets for over 50% profits by identifying people who liked showing off but couldn't afford it.

 

[BackInTheGame78]

Suggest tips on how to accumulate wealth only if you've actually made money with them.

Please do not include self help/bookish tips which are abstract and not usually applicable.

Put money in crypto.

 

[CAPSLOCK BANDIT]

One of the things we have to really keep in mind is how long the internet will be around for, like for example as a marketplace; if you were to write a book or find away to monetize literary content you could potentially create a revenue stream not just for yourself but those that come after.

Not just literary products, that's just an example devoid of physical shipping, less up keep, just creating this self sustaining market place.

Also, I hear Afghanistan is about to open up, many investors on the fence whether they want to work with the Taliban, seems like a buck to be made here for the morally ambiguous.

But yeah, this thread is kind of a pipe dream if your idea is to create wealth without any, not sure what to tell you there

 

[Fruitbat]

Agree with the sales tip above. Sales is the cornerstone of all success in any job, basically.

Salespeople are nearly always the highest paid people other than senior managers.

I got in sales working energy deals door to door and currently I earn well into 6 figures. I didn’t go to university but I have constantly done exams to improve my knowledge of the industry I’m in.

You don’t need to be slick. Sales is about listening and asking questions, not talking.
Aim to go beyond sales into larger corporate deals and account management.

Sales are scalable.

I’m sorry to break this to you but books are a f***inf key part of it. You think you can get to the top without years of self improvement? Guess again. It’s all out warfare out there and you need every last edge possible.

You need to understand human nature as well. You need to be able to read people. Be able to know how to appeal to people and crucially, you need to understand what works for them, motivate them and seek win-win scenarios.

If it’s just quick tips:

Invest.
Save.
Work more hours.
Flip houses.

Really, the only way to be wealthy is to either inherit or to be able to provide something which costs money. So primarily you need to focus on your income. Make sure your career has the upside to get to the income you want and get better at it.

You may scoff at self improvement but it’s everything. No shortcuts. You will find it hard but in 5 years you will be a different man.

Also stay away from alcohol and drugs.

 

[AureliusMaximus]

Learn sales:

I agree. How can you run a business of you do not understand how to move your company's products and services, right?

 

[Robert28]

Every dollar you make, set aside 30%. Every week if possible, but if you have to skip a week then make it up until you get to that 30%. You’d be surprised how fast it adds up after you discipline yourself to do this.

 

[ubercat]

Plenty of copywriting jobs online but they generally paid pretty bad. I wrote some paid content for a few tech websites once it totally wasn't worth the money but I was between gigs so hey.

 

[BackInTheGame78]

Invest big in CIRUS. Thank me later.

 

[DEEZEDBRAH]

I'll go first:

Learn sales:
If you're a confident speaker and can cold read people to understand their personality, desires and need, you can make huge profits.

I flipped second hand watches from black markets for over 50% profits by identifying people who liked showing off but couldn't afford it.

My background as a struggling college kid was sales. I'm sure it led to better success dating by reading people, buying temperature, and better yet, TIME VAMPIRES. FENCE SITTERS. No is great but it's fence sitters who are a time suck. The experience is one I highly recommend. Very useful life skills.

Not sure what your situation is. I saw your original post on another thread.

Not sure what Industry you are in. My old man warned me as a kid I was ever down on my luck out if work say covid, my new job was applying for work.

Is your industry flat lined or just slow? I'm watching a ton of fellas changing industries, starting a side hustle, and grinding. Grind and eat **** for the time being.

Adopt minimalism atm. Keep expenses LOW. stack paper fast. Build a mini FU fund just in case.

Still running game but purpose is the focus. Everything else is sport.

Good luck man.

 

[BackInTheGame78]

Invest in crypto when it dips in September. Thank me in a few months.

 

[Çharismo]

Read - The richest man in Babylon by George.S.Clason - You can even find the audiobook on YouTube for free. Highly recommend it.

It’s one of my favorite books on personal finance and building wealth and I always learn something new every time I listen to it.

My net worth is close to 200K. Out of which $75K is in my investment portfolio and the rest is in cash. Planning on starting my own business very soon so I can put the cash to good use.

 

[Jake_Gyllenhaal69]

get a sales job. Yes they suck, but so does every job.

 

[AureliusMaximus]

get a sales job. Yes they suck, but so does every job.

But you learn one of the most important skills that is needed to run a business. See it as entrepreneurial university education and not a job.

 

[AureliusMaximus]

Read - The richest man in Babylon by George.S.Clason - You can even find the audiobook on YouTube for free. Highly recommend it.

It’s one of my favorite books on personal finance and building wealth and I always learn something new every time I listen to it.

My net worth is close to 200K. Out of which $75K is in my investment portfolio and the rest is in cash. Planning on starting my own business very soon so I can put the cash to good use.

It's a good book and read indeed.

 

[AureliusMaximus]

My net worth is close to 200K.

Planning on starting my own business very soon so I can put the cash to good use.

Remember that you do not need much money to start a business.

I've bootstrapped mine myself with a just a few thousand. It's an illusion and societal lie that you need loads of cash to startup your own business. (Unless you go after a really expensive idea that requires purchase of inventory/goods that you intend to sell).

Good luck and don't wait too long. The most important step you can ever do is to actually start which most people fail at.

 

[darksprezzatura]

Remember that you do not need much money to start a business.

I've bootstrapped mine myself with a just a few thousand. It's an illusion and societal lie that you need loads of cash to startup your own business. (Unless you go after a really expensive idea that requires purchase of inventory/goods that you intend to sell).

Good luck and don't wait too long. The most important step you can ever do is to actually start which most people fail at.

Great post!

 

[darksprezzatura]

My background as a struggling college kid was sales. I'm sure it led to better success dating by reading people, buying temperature, and better yet, TIME VAMPIRES. FENCE SITTERS. No is great but it's fence sitters who are a time suck. The experience is one I highly recommend. Very useful life skills.

Not sure what your situation is. I saw your original post on another thread.

Not sure what Industry you are in. My old man warned me as a kid I was ever down on my luck out if work say covid, my new job was applying for work.

Is your industry flat lined or just slow? I'm watching a ton of fellas changing industries, starting a side hustle, and grinding. Grind and eat **** for the time being.

Adopt minimalism atm. Keep expenses LOW. stack paper fast. Build a mini FU fund just in case.

Still running game but purpose is the focus. Everything else is sport.

Good luck man.

Digging the motivation you provide. Can't get wrong with keeping expenses low and piling cash/investments.

I'll soon be getting my first salary, any advice on how to utilise it? @DEEZEDBRAH @PowerQuest

 

[AureliusMaximus]

Thanks mate @darksprezzatura

 

[Çharismo]

Remember that you do not need much money to start a business.

I've bootstrapped mine myself with a just a few thousand. It's an illusion and societal lie that you need loads of cash to startup your own business. (Unless you go after a really expensive idea that requires purchase of inventory/goods that you intend to sell).

Good luck and don't wait too long. The most important step you can ever do is to actually start which most people fail at.

Yes I’ve been researching various businesses and working on getting my credit right. What I meant is that I want to invest in an already established business that will net me at least a 100K or more a year. (That’s just for starters). I don’t want to start from scratch because that would be too much work and way too risky. This Monday I’m going to go talk to a banker and see how I can utilize my credit and how I can take advantage of business loans.

@PowerQuest what type of businesses do you own and how did you get started ? if you don’t mind me asking?