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re: How wealthy are you?
Posted on 8/25/14 at 7:41 pm to Ole War Skule
Posted on 8/25/14 at 7:41 pm to Ole War Skule
quote:
You can't. Wealth isn't built by saving, it's built by creativity (and/or luck).
I'm not trying to be a smart arse at all, but to get top 1-3% net worth, you can't have a 150k/yr job and save 10%. You've got to get out of the box.
even then, to have level of savings you are probably needing to have $5m+, if not closer to $10M. i know ppl who sold their companies to fortune 500 that don't have $10M. I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.
This post was edited on 8/25/14 at 7:42 pm
4
Posted on 8/25/14 at 8:09 pm to Hawkeye95
quote:
I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.
Not true. There are many legitimate ways.
Start biz and sell...doesn't have to ipo or sell to Fortune 500
Get job with tech company and be valuable
Get job with Fortune 500 or wall st and prosper
Become a petro engineer and find oil
Be a doctor and open a pain clinic
Etc
It's done all the time. Depending on how you figure it, from 50-70 percent of Forbes 400 are self made...picking up 5-10mm is certainly not unachievable.
Posted on 8/25/14 at 8:35 pm to Hawkeye95
quote:
I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.
Not true. It's very achievable. Of course, its easier in some fields than others.
Posted on 8/25/14 at 9:10 pm to Hawkeye95
quote:
even then, to have level of savings you are probably needing to have $5m+, if not closer to $10M. i know ppl who sold their companies to fortune 500 that don't have $10M. I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.
Or you could put every dollar you have in a business that is on the verge of bankruptcy (against the advice of every person you know and trust, including very savvy bankers), work your butt off to turn it around while going sleepless quite a few nights and then selling it to a national, publically traded company for 2X book value for cash + their stock. I guess that is what some people call luck.
Posted on 8/26/14 at 6:03 am to Hawkeye95
quote:
even then, to have level of savings you are probably needing to have $5m+, if not closer to $10M. i know ppl who sold their companies to fortune 500 that don't have $10M. I think its pretty much unachieveable without family money or starting a business that IPOs or sold to a very high bidder.
Not really. It happens all the time down here. Some dude that never went to college starts an oilfield service company and 10 years later is acquired for $20M+.
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