How to be rich fast

You cannot find any quick, easy, certain or best path to prosperity.

Different groups have hugely different definitions of "rich". What would be considered "rich" to a single group would only be considered "merely affluent" in another group.

In some parts of the United States if you have 3 , 000, 000 in assets, people ask for you to sit on the boards. In Fresh York, you are poor unless you have twelve million in assets and then you are "merely affluent" (AKA not "rich"). You aren't "wealthy" until 31 million.

If you have 10 million in resources, there are 100, 1000 people in the Usa States who are more successful than you. In case you have 30 million, there are ~90, 000 people in the usa who are wealthier than you.

Most people with 5 or 10 mil in assets do not "feel rich". They may own two vacation homes, nevertheless they still worry about retirement and eating through their savings. They must sell their homes and agree to a lower standard of living during retirement. That they have friends with more money, have nicer homes and jets. They do not feel rich.

In every level of the income hierarchy in America, people only see the people who are a little bit above them and a little bit below them in the hierarchy. No matter how far up you go you will have friends who are more successful than you are. You can compare what you have against what they have and may never "feel rich" when compared.

Nearly every very wealthy person in the US today is either a business person or works in the financial services industry. There are a tiny ratio of middle managers and engineers who received fairness in a growing company at a low value, however they rarely breakthrough discovery 5-15 million. There are a larger volume of "executives" who achieve a 12 million dollar net worthy of from equity grants.

Over 15 million, there are no surefire paths to wealth. Every wealthy person achieved their wealth at this level in a different way, but almost always through business possession or working in specific positions in a financial services industry.

There are however clear paths never to becoming wealthy. For example, if you go to law school and be a legal professional making 300k 12 months. Between ZUNFT, FICA, federal and point out taxes you will take home approximately 150k. In the event that you saved 100% of you income, it would take you 20 years to save up 3 million dollars (ignoring investment income, interest, etc.. ). It might take you over 60 years as of this salary to achieve "not poor" levels of wealth by NYC standards. If you spend all of your money, it will take you much longer.

No one becomes rich on salary. All significant wealth comes from permanent capital gains and sometimes from dividends. Otherwise they have nothing in common.


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