Creating Wealth and the people you know who have it ...

I know a lot of wealthy "ex-realestate" types, that are not particularly intelligent, or from fortunate backgrounds. Just saying...

I know several people in this category.

The ones I know the best have earned it themselves from the ground up. Key is owning your own (successful) business.

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What I've noticed that most of these people have in common is that someone in their family, some ancestor, worked their arse off. That doesn't mean this person doesn't or hasn't worked hard as well.

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Maybe a case of skewed sampling. It's just the opposite in my experience.


Now if you're talking "ultra-rich" Paris Hilton types, many of those folks actually are living off of inheritance, fast-tracks in family companies, etc.

two types of people in this world.....

vast spenders of wealth and
vast accumulators of wealth

My grandpa died with over $2MM in the bank and he never made more than $30K per year. But he and grandma saved, they rarely ate out, always bought things on a bargain and lived in the same house for the last 50 years. And grandma never really worked either.

You can earn a lot of wealth when you're not trying to keep up with the Jones'.

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For the sake of this thread, let's define wealth as an income in xs of 300k/ yr with assetts > $1M

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I live on a street where everyone's assets are over a Mill because we're on prime lakefront. Don't know about the incomes. But every person on the street has one thing in common...they're old and they're married. They came from humble to middle class origins and made money over a long period of time.
I know their stories because I've hosted many block parties. It's about 12 houses..the other side of the street is deep woods. Only one place has kids. Two of us are retired, the rest still work but kids are grown. 11 of the 12 have dogs. The only place with cats is the one with kids. He's afraid that a dog will kill his kid.
Only one family inherited a great deal of wealth. They've worked very hard to increase that but they are also the least social. They never invite any of the other neighbors to their mansion. Not sure what the point of having a mansion is if you don't show it off.
Damn, I just heard a really loud BOOM as I was typing this. Neighbor must have been shooting at a gator. That's another thing. We all have guns.

This is a great thread.

Most millionaires got it two ways: they owned their own business, or the have a skill that it extremely valuable in the marketplace. Think doctor, NFL player, underwater welder.

I said MOST. The rest of us can get there by being tightasses. That's my plan. I set my thermostat at home at 55 degrees in the winter, except for weekends. I drove a '00 Tahoe, and I rarely eat up town. My only indulgences are a gym membership and a trip to see tOSU get beaten every fall. A