Where's the BIG MONEY at???

[STR8UP]

The whole "do what you love and the money will follow" myth is just that....a myth.

No one ever said you should make yourself miserable chasing miney, but if wealth is your goal you have to learn what it takes to become wealthy and DO IT. If you say to yourself you want to be wealthy in 30 years, by all means work a job you love while you scrimp and save and pour all of your excess money into mutual funds. But for those of us who want results in half that time or less you are going to have to get creative and learn how to play the asset game, like it or not.

Just occupying your time with something you enjoy doing the most won't cut it when you are trying to become wealthy before you are old.

 

[Egoist]

Originally posted by STR8UP
The whole "do what you love and the money will follow" myth is just that....a myth.

No one ever said you should make yourself miserable chasing miney, but if wealth is your goal you have to learn what it takes to become wealthy and DO IT. If you say to yourself you want to be wealthy in 30 years, by all means work a job you love while you scrimp and save and pour all of your excess money into mutual funds. But for those of us who want results in half that time or less you are going to have to get creative and learn how to play the asset game, like it or not.

Just occupying your time with something you enjoy doing the most won't cut it when you are trying to become wealthy before you are old.

well some people are luckier than others in that aspect.

but basically i subscribe to the cash and sex theory in this case - you do certain things because they bring you the cash, you do others because thats your passion and thats what turns you on.

Even the richest, most successful people do this - something to bring in the big bucks, then something for the soul, enjoyment, fun.

 

[Egoist]

Originally posted by Bible_Belt
I disagree. Chasing money without enjoying yourself is a recipe for misery.

you can always enjoy how good you are at making money while you make it, then enjoying the success you have in other ways

 

[Egoist]

Originally posted by Rudy_TubeSteak
How safe is flipping though?

Like if the person found out the bike was originally for sale for $2500 and get's mad. Or if the original seller found out the buyer paid $5500 for his bike and I got the majority of the money and not him? Things could go right?

to be good with flipping any kind of an asset, you have to be an expert on that asset.

 

[reyalp]

Originally posted by Egoist
to be good with flipping any kind of an asset, you have to be an expert on that asset.

Good point. I flipped the bike because I knew bikes well enough to know it was worth more than the selling price. I also knew that it was mechanically sound and maintained well.


I couldn't flip a boat like my old co-worker did, because I don't know a lot about boats. On top of that, boats are more expensive and don't have that general marketability of motorcycles. You have to know boats and know where to buy/sell boats in order to flip them.

You can lose your ass in a heartbeat trying to flip stuff.
I've lost my ass on some technology products before, but nothing major. I bought a bunch of PC watercooling equipment at about 25% of the going rate. Then I couldn't get rid of the crap, since the next wave of tech made a lot of the watercooling stuff obsolete. I managed to peddle off all of the more universal components, but I'm still stuck with the more period-specific ones.

There are opportunities to make money everywhere. The trick (that I still haven't learned yet) is how to make that money multiply on its own without your direct involvement 24/7.
I suppose I could hire some chump for $15/hr to be my gopher, but I'm too much of a cheapass right now

 

[Egoist]

Originally posted by reyalp


There are opportunities to make money everywhere. The trick (that I still haven't learned yet) is how to make that money multiply on its own without your direct involvement 24/7.
I suppose I could hire some chump for $15/hr to be my gopher, but I'm too much of a cheapass right now

you are not motivated enough. too bad.

 

[reyalp]

Well don't get me wrong, I've got ideas. But right now I'm working 16hr days 7 days a week. In a couple of weeks I'll be off the storm and I'll have nothing but free time and money in the bank.

 

[STR8UP]

Originally posted by Egoist
Even the richest, most successful people do this - something to bring in the big bucks, then something for the soul, enjoyment, fun.

I am not saying that to become wealthy you must be singlemindedly focused on making money. That's NOT the case at all. I believe in leading a well balanced life, leaning toward sacrificing a bit today for a better tomorrow.

The issue I have is with telling people that the way to wealth is to simply do what you enjoy doing. Unless you ENJOY playing with money and acquiring assets (like I do), or if you happen to be VERY talented in something that pays extremely well (such as playing preofessional sports, acting, running a billion dollar corporation) the fact remains that sometimes you might have to do things you don't particularly enjoy to get the wealth rolling in.

The beautiful thing about it is that even if you have to sacrifice in the beginning, if you play your cards right within anywhere from a few years to 10 or 15 years you will have enough wealth to sustain WHATEVER passion you might have at the moment.

 

[diplomatic_lies]

STR8UP, I can't completely agree.

Anything you enjoy can be turned into a business, or a profitable venture. ANYTHING. At worst, you can recoup the costs of your hobbies.

However, I agree you do need to do stuff you don't enjoy. Paperwork, accounting, management, etc. And you do need to learn how to invest.

In the end, we only get so much time to enjoy ourselves. If you can enjoy yourself and get paid for it, well, so much the better.

 

[reyalp]

the problem i have with doing what i enjoy as a business, is that it becomes my job and i enjoy it less.

then i lose a hobby.

i liked computers, i did computers as a job. as a result, i really don't like computers that much anymore.

 

[TheTrader]

Originally posted by diplomatic_lies
STR8UP, I can't completely agree.

Anything you enjoy can be turned into a business, or a profitable venture. ANYTHING. At worst, you can recoup the costs of your hobbies.

However, I agree you do need to do stuff you don't enjoy. Paperwork, accounting, management, etc. And you do need to learn how to invest.

In the end, we only get so much time to enjoy ourselves. If you can enjoy yourself and get paid for it, well, so much the better.

str8up is talking about some serious money not a small little business or a profitable hobby. for me - im happy that i enjoy "playing" with money =)

 

[diplomatic_lies]

Originally posted by TheTrader
str8up is talking about some serious money not a small little business or a profitable hobby. for me - im happy that i enjoy "playing" with money =)

Most of the Billionaires 200 started with a "small little business". Maybe you should go tell them to play with serious money.

Originally posted by reyalp
the problem i have with doing what i enjoy as a business, is that it becomes my job and i enjoy it less.

Which is why this route isn't for everyone.

You can't "like" something, you have to become obssessive about it.

 

[reyalp]

i'm obsessed with making money, that's good enough for me

 

[Bible_Belt]

Maybe whether or not you enjoy what you do depends upon what you compare it to. Many successful people came from adversity.

afoaf is a mortgage broker who makes probably 20-30k/month, which is a great job, btw, especially if you can handle cold-calling strangers over the phone. This guy came from humble beginnings on the wrong side of the city and never went to college. He was a repo man for several years. He's a big guy, and poor people grow up tough, too. He was never concerned about his own safety, but one day while repossessing furniture three guys jumped him. One of them had a tire iron and messed him up pretty badly. That was the end of his repo man days, and he went into the mortgage business, working his way through crappy sales jobs. He now owns his own company. If something was going poorly for him, and I would ask how he managed to deal with whatever bs, he would reply, "It's still better than getting beaten over the head with a tire iron."

 

[Egoist]

Originally posted by STR8UP
I am not saying that to become wealthy you must be singlemindedly focused on making money. That's NOT the case at all. I believe in leading a well balanced life, leaning toward sacrificing a bit today for a better tomorrow.

The issue I have is with telling people that the way to wealth is to simply do what you enjoy doing. Unless you ENJOY playing with money and acquiring assets (like I do), or if you happen to be VERY talented in something that pays extremely well (such as playing preofessional sports, acting, running a billion dollar corporation) the fact remains that sometimes you might have to do things you don't particularly enjoy to get the wealth rolling in.

The beautiful thing about it is that even if you have to sacrifice in the beginning, if you play your cards right within anywhere from a few years to 10 or 15 years you will have enough wealth to sustain WHATEVER passion you might have at the moment.

actually i still believe that to become wealthy you need to be singleminded. You do obviously still need some balance, but if you really want to achieve things, you need to really concentrate on whatever activity it is that you're pursuing.

 

[STR8UP]

Originally posted by diplomatic_lies
STR8UP, I can't completely agree.

Anything you enjoy can be turned into a business, or a profitable venture. ANYTHING. At worst, you can recoup the costs of your hobbies..

Of course it can. But that's beside the point. The point is, simply following your passion isn't likely to make you rich. Following you r passion and growing an ASSET out of it, such as a successful business or super high paying job, that's another story.

You have to distinguish between what it is that creates wealth and what MOST people BELIEVE it take s to create it. Starting and running a clothing store just because you like fashion isn't going to make you wealthy in itself. You have to be good at the BUSINESS aspect of it (a quality which most small business owners lack) and build a brand which becomes an asset. THAT is what makes you wealthy. It's the building of a successful business (hence a valuable asset) that makes you wealthy, not the fact that you really enjoy helping people pick out their wardrobe.

See the difference?

 

[RedPill]

Originally posted by STR8UP
The whole "do what you love and the money will follow" myth is just that....a myth.

STR8UP, I'm always telling people that the proverb is backwards. It's do what makes money and you'll become passionate at it. Once you are financially independent, THEN take your less profitable hobbies and make a business out of them.

Obviously, if you don't agree on a moral level with the nature of your business ventures you won't put the effort into them to make them succeed. But let's not kid ourselves here! If you are SERIOUS about becoming wealthy before you are old, which most people aren't, you need to make the commitment to becoming a member of the capitalist class in society.

The toughest part of joining the capitalist class from the working class is that as a member of the working class your time is monopolized by an employer, and you are so dependent on your wages, you cannot leave your employer to pursue your own business affairs. Of course, most people write off their dream of wealth as a fantasy or the result of luck at this point, forever CHOOSING by the method of INACTION to remain a part of the working class.

Now, I could go on and on here for those who care about planning, making choices, what subjects to study, various industries and markets, motivational books, personal finance, business and negotiation skills, etc, but that would be a poor use of my time and yours. Instead, all I'd like to suggest to the original poster, and to any other person reading who "dreams of being rich," is that it's all about one thing: COMMITMENT.

How committed are you to evolving as a person and how willing are you to seriously evaluate yourself? Do you have the balls to go against the mentality of the herd when the herd will be critical of you? Do you have articulated goals for yourself, or do you float from place to place in life? Do you believe that success is a result of luck, or a function of hard, yet smart work?

While everyone wants to post about opportunities they've encountered, how are you spending what precious little free time you have as a member of the working class? The power of compounding is ENORMOUS. When you leverage your knowledge and experience (which may take years to attain) to the point where you are executing a well-thought out wealth-building strategy, it does not take more than a decade to break free from the financial dependency of a full-time job or self-employment. At this point, you are free to use 100% of your time and your capital to build wealth. Now you're a part of the capitalist class.

At the same time, the power of procastination is enormous. If you make the choice to fart around with your life and not take proactive steps toward creating the reality you desire, it's highly unlikely you'll get there. Most people play for the short-term and not the long term, and consequently they trade in gains in the ST for losses in the LT. Most people also aren't wealthy. What are you playing for? Have you even thought about it?

Think. That's all I'm saying. 90% of life is mental.

 

[backbreaker]

both of you miss the point.

Yes, it's hard to be really loaded doing something you hate doing. Why would you want to? I mean, money isn't that damn important and you only live once.

However, it's a simple conecpt.. The people at the top of their fields make the most money, regardless of the field.

Take say.. a dollar store. Now, you don't think about bill gates when you think about dollar stores, but I bet you that the person who invinted the conecpt of the dollar store, or the company that owns 100-200 dollar stores across the country, the guy is loaded.. wouldn't you agree?


Now granted, you have to pay bills, so you can't just take things to the extreme, but I would much much rather make 100k a year doing something I loved doing, than make 1 million a year doing something I hated.
because I love the 100k year job so much, I actually WANT to get better at it, and in due time I would be making a hell of alot more than 1 million dollars a year
STR8UP, you speak the truth, I'll give you that.

jsut because you LIKE something doesn't mean you are going to be loaded because you are doing it.

Take what I do. I have always loved horses, but that doesn't mean when I first started out I was very successful.. I wasn't horrible but I wasn't very good either, I had alot to learn.

However, because I love what I do so much, I had no problem putting in the years it took to hone my skills, and eventually it paid off.

 

[diplomatic_lies]

The "business side" of a business is just a sacrifice necessary for profiting off a hobby or interest. If you're a freelance writer or IT guy you'll need to spend more than half your time marketing your talents, networking, managing accounts, etc.

However, my point is that most people tend to chase after money, without asking themselves, "Is this what I want to do for the next 20 years?"

Those people usually end up wealthy, but frustrated, tired, and too burned out to even remember their dreams. I've seen them everywhere, and I'm sure as hell not going to end up like them.

It may be a naive thing to have so much faith, but I believe that when you follow something you love doing, the money will follow. And as a bonus, while everyone else is dreaming of what they'll do after retiring, you're already doing it.

 

[Egoist]

this has really turned into a bull**** discussion.

you guys are almost down to the point of "I don't know if i wanna be a famous artist or a millionaire"

talk is cheap. just be successful whatever way you can.