Making Money and being Rich

[ssj245]

Well, maybe the question I am about to ask has been asked already but, I dont understand how the average man can become rich in this world.

Now, say that I can become a lawyer, thats what I want to do in life. The get paid well and live a decent life. Can afford a decent home and drive a nice car like a BMW or Benz.

But there are no jobs out there that pay you well enough where you can buy those 10.5 million dollar condos or penthouses or drive those sports cars such as the Ferrari or Lambo.

That would mean that you would need another source of income other than a paycheck at the end of every two weeks.

Its my conclusion then that to earn that much money to sustain such a lifestyle that you would need to start your own business that would yield such types of profits.

Owning a gas station or convienience mart or a auto repair station or a Franchise will not cut it.

You will need to aim bigger, maybe big as in Oversea's shipping and transport or Infastructure or Manufacturing of Industrial goods, Pharmaseuticals. (sp)?

So then it is decided that to earn large amounts of money that your business will have to be from the mid to large scale.

I can think of two problems right away and that is capital and competition.

Take for example, that I wanted to start my own shipping company that shipped products overseas. I would have to invest in owning or leasing a ship and pay for all the other expenditures such as employees and such. The amount of starting capital would be tremendous for just one person. Why not incorporate then? Get maybe 20 to 30 partners to invest and then make a corporation? The amount of capital has grew many times. Maybe the corportation can raise stock capital to finance its expenditures too.

But then say that you can personally invest only 30k while others can invest alot more 100k-1million in the corporation, it would be them the investors with more money that would retain a larger share in the company.

Just getting twenty or thirty people investing into your business itself is a huge thing. Then keeping a sizeable portion of ownership or holding onto the postion of CEO is quite a big challenge.

The second thing that gets in the way is competition. If I was to start my own shipping company and get enough investors to begin operations, I would have the multi billion dollar companies moving against me to put me out of business or to try and buy me out.

Its like playing poker and the person with the most chips has a distinct advantage over the person with only a few chips to begin with. The person with more chips has the power of leverage agaisnt you, and uses that to his advantage.

There are many more things that I cant think of that will hold down average wage earners from operating or owning large business. Those who slip through the cracks are the ones who get to be rich and live a life of luxury.

People who can manage to start and turn their business into multi-million dollar business's are anomilies in our socities.

In the technology business the reason why we have so many startups because any new invention or discovery such as google or amazon or email can put average people with technical degrees into postions to market their ideas and produce profit from their ideas.

But try and own a gas company or a fiber optics network, or a auto manufacturing parts factory, you will see that you will need lots and lots of capital.

 

[diplomatic_lies]

Didn't Walmart start off as a single store?

 

[ssj245]

There are not to many walmarts

Well thats an exception.

Say I wanted to own a Ocean Container Ship that transported thousands of containers across the ocean. How would I start up such a company?

 

[diplomatic_lies]

Those shipping companies with the massive cargo ships are owned by thousands of shareholders. Not 1 person.


I believe Bill Gates owns less than 25% of Microsoft.

 

[manbearpig]

"Rich" is a subjective term.

If you grew up living in a mobile home most of time, not "poor" but definitely lower middle class, without very many extras being rich to you might just mean having a nice house and enough financial leg room for lots of extras(good suits, bigscreen television, good stereo system, etc.).

If you grew up in a more upper middle class home with a nice house and extras, being "Rich" to you might mean having a mansion and estate, with full time staff running it and such, multiple sports cars, boats, etc.

 

[makinwOmensmOuthdrOp]

www.notenetwork.com

I'm doing this and it works. For anyone interested check it out.

 

[manbearpig]

I'm 18 now but what I plan on is staying single until I'm at least 25. That way I can have some time to get my footing financially before I have to worry about anyone else.

I want to own my own small business(a resturaunt) too. After I have my business going and other finances good and have the money, I'm thinking about maybe real estate to enhance my income, perhaps investing too. I'd like to make it to where I don't have to worry about working for a living by 40 or 45. I figure after the resturaunt is succesful for awhile I can sell it.

 

[Friendly Otter]

Just getting twenty or thirty people investing into your business itself is a huge thing. Then keeping a sizeable portion of ownership or holding onto the postion of CEO is quite a big challenge.

The second thing that gets in the way is competition. If I was to start my own shipping company and get enough investors to begin operations, I would have the multi billion dollar companies moving against me to put me out of business or to try and buy me out.

Its like playing poker and the person with the most chips has a distinct advantage over the person with only a few chips to begin with. The person with more chips has the power of leverage agaisnt you, and uses that to his advantage.

There are many more things that I cant think of that will hold down average wage earners from operating or owning large business. Those who slip through the cracks are the ones who get to be rich and live a life of luxury.
...........
But try and own a gas company or a fiber optics network, or a auto manufacturing parts factory, you will see that you will need lots and lots of capital.

So the only problem is other people holding you down, hm? I'm going to go out on a limb and guess you have nothing to do with the world of business. If you did, you would have included the factor of competence in your list.

Maybe to you it doesn't seem hard to be a CEO; you get to sit behind a desk and not move a fin, while your secretaries do all the real work, right? I'm telling you, the difference between the small supply of, and the huge demand for, men who have both the competence and the toughness to be real good CEOs is bigger than in perhaps any other profession. (Are you prepared to work ten hours a day, seven days a week? I am not.)

 

[ssj245]

yes your right

Your right about competence. A CEO is a very important part of a business, but what i was talking about is just getting the doors to your business open and running, you will need capital and lots of it. You can elect anyone to be a CEO.

To have a good business you will need a person who like you said is extremely competent in his field of work. A CEO from coke cannot run a compnay like Disney.

So yes those things matter, but for a small person to even think that big, would need tons of capital withouth any ways to raise it.

Rich I mean filthy, like I said the 10.5 million dollar condos and ferrari's

 

[manbearpig]

I understand, but when I think of "rich" I think of moving up on the socioeconomic scale. Being a person in the 100k+ a year range would be "rich" to me, compared to my lower middle class background.

 

[Marcopolo]

I think the primary way to get rich in the modern world is to come up with an original concept or idea that is better than what is currently out there. In other words, you need to be creative and invent something, whether it be a new way of doing things (wall-mart, jet blue), intellectual property (various inventions, the main value of microsoft, artistic or conceptual products, etc.)

Original ideas, concepts, art or music that there is a demand for, none of that requires significant start up capital, but any of these things have the potential to make you wealthy if you are passionate about them and work hard. If you do not have an original idea you are passionate about, but are good at marketing, then pairing up with a business partner that has one (combining resources/talents), is also something that can be done.

 

[future dj]

you know what most people's problem is...they want to become multi-millionaries overnight....it doesnt happen that way......some people are very lucky but generally speaking it takes decades....you have to be the best at what you do for that to happen....and it takes a lot of work....i recently started my new company and i work about 100hrs a week....and i thought my old job was a lot of work where i was working about 80hrs a week....it's just work work and more work

 

[chevelle]

Being rich is amazing! I come from an upper middle class family, and let me tell you the difference between middle class and rich is very noticeable. I have a few rich friends, and their lives are a lot more fun!

 

[Skel]

Dont confuse being rich with being wealthy. Big difference.

 

[manbearpig]

^Exactly.

 

[MrS]

You need to do something special, or be someone special, to get that kind of money.
It needs a lot of work, that being the understatement of the century.

 

[Marcopolo]

I think that you also have to have a passion for what you are doing. Think of what you would do even if you didn't get paid for it. The only way you are going to be wildly successful at anything is if you have a passion for it, and you can put in the hours but you don't mind even the parts you don't like because you love the parts you do like.

 

[shydude]

Its all progress!!! Look at celebrities, singers, actors, comics!! They started off as small people!!! went high and higher. Artist dont play in the great movie, they play in theaters first!! Dj's dont become best djs that fast, they play in small clubs then they become more and more popular, people begin to like them, and then someone says, YOU BEEN HIT BY LUCK< THIS HAPPENES ONCE! Those that are rich, they didnt drop them dreams. Those that aare rich, they achieved something that takes effort and hardwork! Bill Gates didnt just became rich, he was a nerd that likes calculators, then he though hmmm!! how about making a better calculator, a smaller one? YAAhhh, so should you!!

 

[GirlCrazy]

Say I wanted to own a Ocean Container Ship that transported thousands of containers across the ocean. How would I start up such a company?

The devil's in the details, all of which should be in your business plan.

Of course you'll want to be able to make the monthly payment on that huge ship, and I suppose the crew will want to get paid, and it will have a high overhead (insurance, maintenance, fuel, etc.) to operate. All that will have to be taken into account when you decide what fees to charge for your shipping services.

More importantly, who are your customers? Who are your competitors? Who are the shipbuilders? What foreign governments will you be dealing with, and what are their trade policies / politics?

The most successful business owners I've met had extensive experience in the industry that they formed a company in, but you can always gain that experience through sheer tenacity.

Whatever your industry, it all starts with a detailed business plan.

 

[chickenlegs03]

i'll cut straight to it. stop bull****ting yourself.

you need 2 things. anyone who has ever become super-wealthy has had these 2, or at least the first one. and you don't get them over night. it took me 2 years of wasting time in college, lots of mistakes, lots of challenge and hardship to finally understand what the **** i am doing with my life. and when you reach that point it's like "ah ha!" ...and every moment on the energy just doesn't seem to die.

1) desire...a burning desire so strong you can feel the energy inside. so strong, that you would stay up for nights at a time writing business plans and thinking of ideas (or whatever it is you have a passion for, that just seems to be my thing).

2) a passion ...something that you love more than anything, something you itch for, crave for, it is your everything. you should be able to eat, sleep, breath this passion. you will give up pretty much anything else for opportunities to practice it...it consumes you, and you can't fight the urge.

it is all in your head. if you can't dream it, you can't do it.

someone's signature here reads, "don't dream the life, live the dream"

and dream big.