Wealthier NTers: How did you get your wealth?

[ricky409]

after bonuses just over $115K. That doesn't stock bonuses, rental property income, etc which I guess are "wealth" builders. I'm first generation Filipino
Again, I'm not bragging at all: I drive a 10+ year old Subaru and my wife drives a Camry. But as you qualified earlier, I can take a year off of work and live comfortably from savings and assets. My point is for any young cats feeling the pressure to "strike it rich" at 18-25, relax and focus on being consistently good. I know too many peers, professionally and personally, whose ambition overtook their focus and their resumes are basically 3 pages of 6 month stints. Heck, some even might have gotten a $20K commission check one month before moving on, but unless you position yourself well, it's difficult to sustain. You can't be selling Cutco knives or Verizon data plans out of a kiosk when you're 35+. You might be able to buy nice toys in your 20s, but again, focus on scalability of your career.

Good stuff famb... income generators that you dont eem have to work...

that's how it supposed to be done...

couple objections though... excuse my ignorance cuz i'm about to spew some dumb stuff.

1. if i have the money, i'm going to cop nice things. yeah, its good to save, but right now, i want to have some fun... i want to move to different places, travel, scoop up superficial yambs, and drive nice cars that have superficial yambs in the passenger seat.

i'm sure its going to change in a few years... but now, at 23, i'm trying to show that i'm paid. if i get a job raking in 115K, i'm going have a nice car, a nice apartment, and cop Foambs.

2. some cats actually do really well at those cell phone spots. a coworker of mine is 30 w/ 3 kids... clocking 80K annually w/ no college degree... and just closed the deal on a home. but i understood what you were saying.

maybe its cuz i'm black, and just have different priorities... i'm not ashame to admit to being somewhat of a vanity slave if i come into paper like that...

again... i'm sure itwill change... i know it will change... but i'll be dambed if i have my head down in the sand during my 20s and 30s so i can live it up in my 40s and 50s... fugg that.

(not saying that's what youre doing though, famb)

also, you had said something about ambition taking over the focus... can you elaborate on that for me...

 

[ricky409]

Wow

not sure if that's good or bad...

so i'll take it as good.

 

[Jordan8]

not sure if that's good or bad...
so i'll take it as good.

Not good at all b

Rich is the ability to buy comfort

Wealth is the ability to buy time

And what "gems" are you looking for?

You looking for someone who grinded to get it to hold your hand through the process?

Create something & sell it...its that simple

 

[ricky409]

Not good at all b
Rich is the ability to buy comfort
Wealth is the ability to buy time

aight... i'm still not undertanding the difference between rich and wealth. they both have money.

also, can you elaborate on "buying time"...?

and nother thing....

You looking for someone who grinded to get it to hold your hand through the process?
Create something & sell it...its that simple

i agree with you here... i said the same thing.

i heard... the way to get pizzaid. ..
is to have something that people value more production costs...
then take that thing and put it on a conveyor belt to be produced over and over, and sold.
music, electronics, cars, books....

 

[captainsneakerhead23]

Good stuff famb... income generators that you dont eem have to work...
that's how it supposed to be done...
couple objections though... excuse my ignorance cuz i'm about to spew some dumb stuff.
1. if i have the money, i'm going to cop nice things. yeah, its good to save, but right now, i want to have some fun... i want to move to different places, travel, scoop up superficial yambs, and drive nice cars that have superficial yambs in the passenger seat.
i'm sure its going to change in a few years... but now, at 23, i'm trying to show that i'm paid. if i get a job raking in 115K, i'm going have a nice car, a nice apartment, and cop Foambs.
2. some cats actually do really well at those cell phone spots. a coworker of mine is 30 w/ 3 kids... clocking 80K annually w/ no college degree... and just closed the deal on a home. but i understood what you were saying.
maybe its cuz i'm black, and just have different priorities... i'm not ashame to admit to being somewhat of a vanity slave if i come into paper like that...
again... i'm sure itwill change... i know it will change... but i'll be dambed if i have my head down in the sand during my 20s and 30s so i can live it up in my 40s and 50s... fugg that.
(not saying that's what youre doing though, famb)
also, you had said something about ambition taking over the focus... can you elaborate on that for me...

I hear what your saying, but you can't look at it as having your head down in the sand. It shouldn't matter how old you are, the MONEY NEVER SLEEPS! You can still enjoy your 20s and 30s while gettin money. you can still drive fancy cars, get yambs(i hate that word), and copp foams lol, u just gotta make sure you have a gameplan and a budget. you cant be out here with reckless spending habits just because you want to show that your paid, especially if that income isn't consistant. In reality, who are you trying to impress? If you hang around people who concerned about what the "next man" is doing, it becomes a competition that can leave you BROKE!

 

[ricky409]

I hear what your saying, but you can't look at it as having your head down in the sand. It shouldn't matter how old you are, the MONEY NEVER SLEEPS! You can still enjoy your 20s and 30s while gettin money. you can still drive fancy cars, get yambs(i hate that word), and copp foams lol, u just gotta make sure you have a gameplan and a budget. you cant be out here with reckless spending habits just because you want to show that your paid, especially if that income isn't consistant. In reality, who are you trying to impress? If you hang around people who concerned about what the "next man" is doing, it becomes a competition that can leave you BROKE!

you aint ever lied with that one bro...

i think i was just looking at it from an extreme POV (that's how we get our points across on NT, right?)

the gameplan thing is super correct as well. take me... i like nice cars, but i'll be fine in a $900 apt (here in Dallas, that can get you a nice spot)... also, i dont drink, and i'll cop a regular suit from dillards and get it tailored, no dambs given... as opposed to get the finest silks and whatnot.

also... what's wrong the yambs? let it flow, my dude.... WE GOT A FRATERNITY... YAMBA PHI PSI..

 

[Jordan8]

A rich person can be comfortable financially but still has to sacrifice time to maintain that comfort (i.e. Entertainers, Athletes, Biz Executives)

A wealthy person created enough income or "money trees" that he or she doesnt have to sacrifice time for money or a comfortable lifestyle (Biz owners)

 

[captainsneakerhead23]

you aint ever lied with that one bro...
i think i was just looking at it from an extreme POV (that's how we get our points across on NT, right?)
the gameplan thing is super correct as well. take me... i like nice cars, but i'll be fine in a $900 apt (here in Dallas, that can get you a nice spot)... also, i dont drink, and i'll cop a regular suit from dillards and get it tailored, no dambs given... as opposed to get the finest silks and whatnot.
also... what's wrong the yambs? let it flow, my dude.... WE GOT A FRATERNITY... YAMBA PHI PSI..

Lol my roommate in college was from Delaware and he use to always refer to the "juiceboxx" as yambz back in 2004. I remember coming home, NJ, and my homies use to clown me for saying yambz. Now them same dudes say it every other sentence

 

[3am scholar]

1.5m+ people in the US make 400k+

Trust funds and inheritance are a crutch but they do not create wealth. If my parents are supporting me and paying for my education I have a greater chance of paving the way for the top tier, unlike someone who is starting from scratch. Both have the ability to become wealthy, but the latter far more difficult.

 

[cs02132]

P4L

 

[j2thadub]

I recently took the necessary steps to generating wealth by doing the following:

-eliminating debt (18k paid down, 2200 left to go)

-quit associating with losers (based on ambition, not popularity or status)

-sold all my kicks (at a decent markup, kept them all at VNDS shape, been collecting since '01)

-set my life up to be location independent and moved to a country where my expenses are minimal compared to my quality of life

-quit buying dumb stuff, and replaced it with quality items that will last a long time

-stopped living beyond my means (i've had a steady low-maintenance chick for 3 years now)

-sold my whip

-in the process of starting my own xxx tube dedicated to thick women with gymnast flexibility

-cut up my credit cards

-put 10% of all the money I make into a permanent portfolio ETF (Global X Permanent ETF, PERM is the ticker if anyone cares)

I got this advice from my HS econ teacher, and he's an invisible millionaire on the low.  I'm not ballin, but I'm prepared for the worst if anything bad happens.

 

[captainsneakerhead23]

I recently took the necessary steps to generating wealth by doing the following:

-eliminating debt (18k paid down, 2200 left to go)

-quit associating with losers (based on ambition, not popularity or status)

-sold all my kicks (at a decent markup, kept them all at VNDS shape, been collecting since '01)

-set my life up to be location independent and moved to a country where my expenses are minimal compared to my quality of life

-quit buying dumb stuff, and replaced it with quality items that will last a long time

-stopped living beyond my means (i've had a steady low-maintenance chick for 3 years now)

-sold my whip

-in the process of starting my own xxx tube dedicated to thick women with gymnast flexibility

-cut up my credit cards

-put 10% of all the money I make into a permanent portfolio ETF (Global X Permanent ETF, PERM is the ticker if anyone cares)


I got this advice from my HS econ teacher, and he's an invisible millionaire on the low.  I'm not ballin, but I'm prepared for the worst if anything bad happens.

Where did you originally live and where did you relocate? Also, are you enjoying your new lifestyle?

 

[j2thadub]

Where did you originally live and where did you relocate? Also, are you enjoying your new lifestyle?

I moved from Little Rock, Arkansas to Guadalajara, Mexico.  

I'm enjoying my new lifestyle because I got myself into a lifestyle that I really wasn't cut out for, selling drugs, guns, whatever I had to do to make fast money.

Took a bullet that almost killed me a couple years ago over a pound of kush that I was willing to die over, and like an idiot, got right back in the game once I got out the hospital.  

Weed wasn't making any money, so I started working for my cousin moving meth, and my pops told me (not knowing anything about what I was doing) that the DEA was watching him and he was a few weeks away from getting indicted.  He also told me to keep that to myself, and if the feds didn't get him, they would know that there was an internal leak.  I told him, cashed everything out, and got the hell outta town.

So yes, my lifestyle is more enjoyable, in terms of safety and peace of mind.  I don't have to watch my back for jack boys everywhere I go, and can focus on building legit wealth the right way.  My fam was making 15k a week, but he can't spend it like he wants to.  I want to be free in the truest sense, and that's why I'm looking for qualified advice.

 

[wisepharoah]

My definitions of rich and wealthy from my personal experience. ( Again this is how I define the "upper classes" from my experiences)

Rich= $5M- $20M

Uber rich= $20M-$250M

Wealthy= $250M-$1B

Tycoon= $1B-


I've met, conversed, hungout, or am friends with people in every category except Tycoon. My perspective is probably a bit more warped than the average person because of this but I will say that 85% of these people did not attend college or vocational school. ALL of them sacrificed and dedicated their time to a particular passion,goal, dream or idea FULL TIME and still do. There is a certain mentality and reality that people that will be or are "successful" have. It's a killer instinct and mentality that won't allow anything to get in your way. You have to see no other reality but the one you set for yourself and have the discipline and wisdom to not get discouraged or lose belief in the goal when you hit pitfalls. There is no set way to become wealthy but all across the board personal and inner triumphs preceded outward and wordly success. Master yourself, conquer your desires, your lust, your ego and fear and then you can master the world. A wealthy man told me that.

 

[captainsneakerhead23]

I moved from Little Rock, Arkansas to Guadalajara, Mexico.  

I'm enjoying my new lifestyle because I got myself into a lifestyle that I really wasn't cut out for, selling drugs, guns, whatever I had to do to make fast money.

Took a bullet that almost killed me a couple years ago over a pound of kush that I was willing to die over, and like an idiot, got right back in the game once I got out the hospital.  

Weed wasn't making any money, so I started working for my cousin moving meth, and my pops told me (not knowing anything about what I was doing) that the DEA was watching him and he was a few weeks away from getting indicted.  He also told me to keep that to myself, and if the feds didn't get him, they would know that there was an internal leak.  I told him, cashed everything out, and got the hell outta town.

So yes, my lifestyle is more enjoyable, in terms of safety and peace of mind. I don't have to watch my back for jack boys everywhere I go, and can focus on building legit wealth the right way.  My fam was making 15k a week, but he can't spend it like he wants to.  I want to be free in the truest sense, and that's why I'm looking for qualified advice.

Great way to put it.

Care to explain a little about the Global x Permanent ETF? You said you put 10% of what you make into permanent portfolio, how does your money grow and are you allowed to pull your cash out at anytime or do you have to wait a certain amount of years?

 

[champcruthik]

Good post from Wavy Bone. Some might call the original author's viewpoint elitist.

I believe that anyone that has a true "secret" to success or wealth wouldn't give it away to the general public for free. "If you're good at anything, don't do it for free."

 

[bamez]

[chris rock] i ain't talking about rich, i'm talking about wealth. [/chris rock]

i doubt there are many wealthy NTers here.

 

[Jordan8]

[chris rock] i ain't talking about rich, i'm talking about wealth. [/chris rock]

i doubt there are many wealthy NTers here.

Wealthy is just a synonym for rich & affluent tho.

People just made the lesser used term wealth more prestigious.

 

[ricky409]

Wealthy is just a synonym for rich & affluent tho.
People just made the lesser used term wealth more prestigious.

sounds about right to me.

 

[j2thadub]

Great way to put it.
Care to explain a little about the Global x Permanent ETF? You said you put 10% of what you make into permanent portfolio, how does your money grow and are you allowed to pull your cash out at anytime or do you have to wait a certain amount of years?

it's based on the Permanent Portfolio, which is a "fail-safe" method of investing for people who either don't know enough about the market to trade higher volatility individual stocks, or don't have too much faith in the stock market in general.

The idea is that at any point in time, the market is gonna be in one of four states: prosperity, inflation, depression, and deflation.  Money has to flow somewhere, so what you do is diversify your portfolio so where one class of investments is performing poorly, the others are performing well to compensate for the underperformance of the others.  Stocks do well during prosperity, gold does well during inflation when currency is weak, cash is a buffer during a recession, and bonds do well during deflation.  

When the market is doing well, you won't make that much money.  But when **** hits the fan, you'll be good.  It's a long term investment strategy, and is not meant for investors trying to hit a quick lick and move.

It works just like a mutual fund.  You can pull out whenever you want, but it would be pointless to leave it in for the short term, since it's had an average yearly return of 9.8% between 1972 and 2008. 

You can learn more about it here.

 

[xfile 11]

If you want tips, here you go:
Buy low, sell high.
Buy real estate when there is blood on the streets.

It is truly no more complicated than that. Everyone over complicates it by looking for more, trying to read too much into it. Over the last 11 years every one has had the opportunity to do both numerous times.

Fear and greed get in the way every time. The wealthy are disciplined. They have a network of people who know what they are doing. They know their strengths and weaknesses. The '21' article has a lot of truth in it.

Do what makes you happy, be focused, persistent, and take educated risks. If you get wealthy be thankful. If you get rich be thankful. If you all you do is pay your bills be thankful that you can do what you like.

You need education. Not in the sense everyone is talking about on here. If you want to be rich, go to college, get a secondary degree and go work for someone. If you want to be wealthy get an education, school or the street (and I don't mean selling rocks or bootlegs) and find a niche/or opportunity and have the balls to take advantage of it.

Saving will do nothing for you if you want to get wealthy. Rich people worry about their money, wealthy people don't think about 'money' the way everyone else does. You must use that money and leverage it to take advantage of opportunities. You will never get wealthy buying mutual funds, sinking money into a 401k, cutting up credit cards or the like. No offense.

At the end of the day decide what it is you want. Wealthy isn't everything society makes it out to be.

 

[sunsetcity]

wealth is a state of mind. 

 

[coolgraymemo]

I'm currently in college but have always wanted to become "one of them" one day. I haven't figured out how though.

I've made my decent amount of money on the side, but I can't do it full time because of time constraints.

I need to figure this out.

 

[u-mob]

wealth is a state of mind. 

 

[Original Playa Records]

The advice in this thread. All the wealthy people are too busy getting money to come back to their NT roots.