Post
Topic
Board Economics
Re: Study says being rich is determined by chance rather than intelligence or talent
by
servogeek2
on 04/03/2018, 15:51:58 UTC
There are several methods to obtain wealth.

Luck is a factor, but there are millions of people who had a lucky opportunity, but turned it down, or could not seize it because they were unprepared.

Here Are several traits that can make you a fortune:


- Burning Desire (To keep you chugging along at the goal even in dark times)

- Willingness to Experiment & FAIL (Fall flat on your face 1000 times and still keep trying)

- Being Open to Ideas and people (Becoming an eternal student of life - everyone has something they can teach you - to follow or not to follow)

- Think Differently - Society pressures people towards conformity, but it often rewards ideas that are better than or different from their competitors.

- Build Your Ideas of What's Possible (Reading/listening to Autobiographies and topics on the subject you want to go into - the mind is a black box, give it some good material to work with; it will produce better ideas.)

- Working on Yourself (Business is mostly about managing your own psychology - Your personal vices and life problems will show up in your business if you do not work on them and let other people help you)




Finally, while LUCK may come at random, VALUE, RISK & TIME are CONSTANTS.



You can always make more money, but we can never make more time.


All the wealthy people have the same 24 Hours as you do, but time is their employee.



Method 1: The Investors Way:
You sell your time for money (salary/hourly).
They invest their money using time itself to earn more. (whether that's in stocks, bonds, crypto or business ventures)

This requires the willingness to fail, and to learn from others and your own mistakes over time.
Investing in good ventures is a skill that can be learned, and if you pursue it like that, the money follows.

More Info on this: The Richest Man in Babylon (Book/Audiobook)




Method 2: The Savers Way:
If you want no risk, you'll have to be young and put it into smart retirement accounts that compound over time. The cost from you is not being smart, but being consistent in your payments over time.

Also follow the GOOD Policy: Get Out Of Debt, and Stay Out Of Debt.

More Info on this: Dave Ramsey (Books/Talk Show)




Method 3: Value & Risk (The Entrepreneurs Way)

Usually ventures with the most risk tend to have the most value. (Crypto's volatile market versus stock trading's 1% highs and lows)

While people cannot create more time, they can create more value to the marketplace.

Rather than teachers giving a lesson to a group of 30 people, that same teacher can give the lesson on Youtube or UDACITY and teach thousands.
If they decide to charge money, they will probably end up with way more money than they could ever get from teaching the class one time to 30 people, because of the value they provided.

More Info on This: The Millionaire Fastlane / Think and Grow Rich / Who Moved My Cheese (Book/Audiobook)


Final Thoughts:

Thoughts alone will not make you wealthy. School should have taught you that.
Its the application of what you've learned over time, that will bring the wealth that you desire.

- Scientists spend years trying to prove their theories.
- Academics and Smart people have to get out of their heads and work with other kinds of people to have their ideas realized.
- Actors still have to learn their lines and look the part. (Peak performance fitness, clothing, marketing their brands)
- Early Employees at the leading brands had to believe in a mission more than their paycheck (Early Amazon, eBay, Facebook, Apple)
- Tech people who seemed to have wealth overnight, spent years of their lives giving up the time to learn to code, tinker with scripts and solve problems through critical thinking.
- People born into wealth have to be taught to preserve wealth, trust carefully, find real friends (who do not want something from you), not become a target of social games, and not get into destructive habits.


Sometimes people have to prep thousands of hours and several years for that one moment of opportunity that you guys call "Luck".
When these prepared people see it, they recognize the chance and latch onto it with all the strength in their bodies (they bet their lives on it).

The unprepared with the same exact opportunities watch them ascend to fame and fortune and merely scratch their heads and wonder when will luck finally smile favorably on them.....

If you feel that the door to wealth is closed to you, KICK IT DOWN.
Make your luck, be the hero of your own story (not a side character).