That thing rich people do where they make money into more money
- Thread starter Phoenix Down
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- Sep 28, 2008
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I've done this several times, successfully (and many more times, failed), but it's very hard to do, takes a long time, and a lot of luck. You have to know your technology inside and out. You need to be well versed in both domestic and international patents and IP law (even if you're not a lawyer). And, most important, you have to have a great tolerance for failure and stress. Most inventors are naive; they're overly paranoid in some ways yet too trusting in others. Unfortunately, the traits that make someone a good conceiver of inventions are not often paired with the traits that make someone a good developer and promoter of inventions. Ideas are a dime a dozen. Ideas that are reduced to practice, are relatively rare. In the US, there are currently around 300 million people, yet since 1790 (or thereabouts) there have only been somewhat less than 8 million patents issued, and many inventors have multiple patents. So, I would say, unless you really have an incredible idea that's patentable and can be implemented (and you're very lucky), this is not a good way to get rich.
If you want to become wealthy, become extremely good at doing something that is highly valued by the market, live frugally and save your money. Become an expert investor (this takes a lot of work), develop a diverse portfolio of securities and reinvest the interest. Compounded interest is magic.
The most important trait of people who are successful in life, economically and otherwise, is dogged persistence.
Study and research the area you want to invest in. Know that area inside out - Join business organizations, befriend the local city commerce. Find out what's high in demand. Research potential customers and clients for needed/innovative services.
Try investing a small amount to begin in the stock market . . . wisely and conversatively of course. Build an investment portfolio. Develop an expertise in which you excel, and turn that into a niche. Be wary of investing in markets where there is a oversaturation of individuals already working in that area, because it is much harder to break into it.
And then start saving towards it - set up a savings account dedicated to small business. Go to seminars, events, or activities which teach you more about how to not only start a business but how to be successful in that particular business. Travel to various conventions, fairs, etc. where organizations of people working in the area are involved. Read discussion boards or forums dedicated to that particular type of business - you'll often get info from these sites which you won't find in classes or textbooks.
Make a basic business plan, think about your goals, etc. Learn business mgmt. and discuss with business leaders and other innovators what you should and shouldn't do.
In other words, learn the ins and outs of the product or service you're interested in, and the industry. Social network - sign up with LinkedIn or other business or professional social networking sites and find people who are players in the field.
In any case, become an expert in what you want to do, know it inside out, and chances are, you'll have a better chance of finding a niche which you can turn into a successful business, small or large.
And as Norton said, don't be afraid to fail, many times before you succeed.
Try investing a small amount to begin in the stock market . . . wisely and conversatively of course. Build an investment portfolio. Develop an expertise in which you excel, and turn that into a niche. Be wary of investing in markets where there is a oversaturation of individuals already working in that area, because it is much harder to break into it.
And then start saving towards it - set up a savings account dedicated to small business. Go to seminars, events, or activities which teach you more about how to not only start a business but how to be successful in that particular business. Travel to various conventions, fairs, etc. where organizations of people working in the area are involved. Read discussion boards or forums dedicated to that particular type of business - you'll often get info from these sites which you won't find in classes or textbooks.
Make a basic business plan, think about your goals, etc. Learn business mgmt. and discuss with business leaders and other innovators what you should and shouldn't do.
In other words, learn the ins and outs of the product or service you're interested in, and the industry. Social network - sign up with LinkedIn or other business or professional social networking sites and find people who are players in the field.
In any case, become an expert in what you want to do, know it inside out, and chances are, you'll have a better chance of finding a niche which you can turn into a successful business, small or large.
And as Norton said, don't be afraid to fail, many times before you succeed.
it's essentially a mechanism if profiting off the loss of others (buy low, sell high.) Possible exception is investing in GROWTH where value increases of its own accord (rather than through scheming), but there's not as much of that going around since Reagan's ilk handed refereeship of the game over to the players themselves (big business) who intrinsically hate competition from upstarts (where growth actually occurs.)
So, yeah... you'll have to be terribly corrupt to actually make any money with money, and that assumes you have money to begin with (or are willing to steal it.)
So, yeah... you'll have to be terribly corrupt to actually make any money with money, and that assumes you have money to begin with (or are willing to steal it.)
My opinion:
There are two ways of getting more money:
1) spend less
2) earn more
1) Most people spend their money more or less the same way: ~20% on a car, ~25-30% on housing, then there's tax and other spending. It will depend on the spending choice you make. Try to meet your basic need then see what you think is necessary and what is extra.
2) To get a higher income you can do various things. First is to get marketable skills, diploma, etc. in order to have a higher revenue. The more you have in demand skills the higher you will make. Then try to make the money you put aside grow into more money by investing it or earning revenue out of it (buying than renting condo for example). You can also start a company, it can be part time or full time (with or without a partner). There was a guy in one of my class that was working full time and had a little cleaning company on the side. He had people working for him (some people struggle to find job, you can help them that way just got to find clients and advertise). You can also try to use tax credit as most as you can, if you can deduce some stuff of your taxes try to do so as much as you can. There are probably some things you can do without going into illegality.
I'm not rich or anything but that's how I would do it, if I wanted to become rich.
There are two ways of getting more money:
1) spend less
2) earn more
1) Most people spend their money more or less the same way: ~20% on a car, ~25-30% on housing, then there's tax and other spending. It will depend on the spending choice you make. Try to meet your basic need then see what you think is necessary and what is extra.
2) To get a higher income you can do various things. First is to get marketable skills, diploma, etc. in order to have a higher revenue. The more you have in demand skills the higher you will make. Then try to make the money you put aside grow into more money by investing it or earning revenue out of it (buying than renting condo for example). You can also start a company, it can be part time or full time (with or without a partner). There was a guy in one of my class that was working full time and had a little cleaning company on the side. He had people working for him (some people struggle to find job, you can help them that way just got to find clients and advertise). You can also try to use tax credit as most as you can, if you can deduce some stuff of your taxes try to do so as much as you can. There are probably some things you can do without going into illegality.
I'm not rich or anything but that's how I would do it, if I wanted to become rich.
http://www.usamutuals.com/vicefund/phil.aspx
2 000 $ is the minimum investment.
how the fund has performed:
http://www.usamutuals.com/vicefund/docs/VICEXcomplete.pdf
http://www.usamutuals.com/vicefund/docs/viceperf.pdf
2 000 $ is the minimum investment.
how the fund has performed:
http://www.usamutuals.com/vicefund/docs/VICEXcomplete.pdf
http://www.usamutuals.com/vicefund/docs/viceperf.pdf
