Looking to break into the 1%, here are your best chances (Ivy, skill)
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I think his broader point is people use excuses for where they are. A lot of horsepower (and smart enough) trumps incredible brainpower and below average horsepower.
That said, I know several examples of kids that are screwed up because their parents are rich workaholics. So they have everything in life but parenting. I specifically cut my hours (and income) in half years ago to focus on our family. So yes, having nurturing parents that know how to motivate their kids to be the best that they can is the luck of the draw. But I overcame less than ideal parenting though horsepower. I think that was his point.
I come from the school of thought that everyone can raise their standard of living if they are willing to make a lot of sacrifices. If you want to be in incredible shape, it takes a TON of exercise work and self taught knowledge. The thing is not many are willing to put in the effort to look incredible (including me). It's called being lazy.If you want to out pace the competition, work your butt off and your financial shape will dramatically improve. If you don't push and work your butt off to be the best you can be then like exercise, you will be average. It's not fun to exercise nor is it fun to make sacrifices to be the best in your career.
Well, not always. I have known hard workers who were never acknowledged. You have to learn to remind people of your genius, of what a good job you are doing, of what you have accomplished, of how much time you are putting into your job. Companies are more than willing to take advantage of the hard worker. They only appreciate you if you show that you know how much you are contributing. THen, they think you are indispensable and don't want you to leave.
Well, not always. I have known hard workers who were never acknowledged. You have to learn to remind people of your genius, of what a good job you are doing, of what you have accomplished, of how much time you are putting into your job. Companies are more than willing to take advantage of the hard worker. They only appreciate you if you show that you know how much you are contributing. THen, they think you are indispensable and don't want you to leave.
Exactly, everyone has to be a salesman, regardless of their profession.
Well, not always. I have known hard workers who were never acknowledged. You have to learn to remind people of your genius, of what a good job you are doing, of what you have accomplished, of how much time you are putting into your job. Companies are more than willing to take advantage of the hard worker. They only appreciate you if you show that you know how much you are contributing. THen, they think you are indispensable and don't want you to leave.
Absolutely.
This describes my parents. Especially my mom. Hardest worker I've ever known on this planet. She used to put in 70-80 hours a week doing pedestrian computer coding for a healthcare company. She'd come home from work and sometimes work all night. And sometimes most of the weekend. For computer coding ... for a healthcare company ... where a bunch of her co-workers had degrees from for-profit tech schools...
Of course, she went to college in another country. So, her upward mobility was limited.
Of course, for people who are born in this country, a 1% work ethic can guarantee you a very fat salary (namely medical school). But you'll need more than that, namely kiss @ss skills, or taking a risk of opening your own business to get into the 1% income bracket (at least as a single household earner).
I would think that if I were a young person in the ghetto I would look at my parent/s and think that is not what I would want my life to turn out to be. I would see others who have succeeded in life, not Hollywood types, but relatives of some in the neighborhood and I would determine to do everything that I could to better myself. It would seem as though it does not take a lot of observance to know what to move towards, what to move away from, and what steps to take to move yourself in the right direction.
My parents - one did not finish grammar school and the other dropped out of high school. There attitude towards education was 'Do the best you can'. That was it. Signed my report cards without looking at them many times.
I got my MBA and mostly worked my way through school.
An advantage though is that both parents worked very hard. Too hard, maybe.
Yeah, I really do think some people do not apply themselves. Sure, life is tough, sure, you came from a rotten background - but no one is going to do it for you. If you don't put the effort into caring for yourself why should anyone else care?
Additionally, people who are in the top 1% usually do not have "jobs." They own businesses (with notable exceptions like corporate executives) or otherwise work for themselves. When you start a business there is no one major that is required.
Exactly right... Breaking into the 1% typically entails: wning your own business, owning/creating income producing assets (e.g. real estate, company shares, intellectual property/patents etc.), or having a rare, highly paid skill (e.g. throwing a football).
College major matters most if you want to break into the upper middle class.
My neighbor across the street is a cardiologist. I doubt he made a lot of money when he first graduated from medical school but right now he has plenty of money (definitely 1%er). He didn't make his money practicing medicine. He made his money with a medical device that he invented, had patented and sells through a separate company that he owns. Again-he works for himself.
Many average cardiologists makes $400K a year (see Physician - Cardiology - Invasive Salary | Salary.com ). If they do operations expect > that $600K. There is a massive difference in pay from doctor discipline to doctor discipline. A cardiologist is on the very high side. I know 7 figure cardiologist customers.
But yes, owning your own Gig is the way to make the $$'s.
Well, not always. I have known hard workers who were never acknowledged. You have to learn to remind people of your genius, of what a good job you are doing, of what you have accomplished, of how much time you are putting into your job. Companies are more than willing to take advantage of the hard worker. They only appreciate you if you show that you know how much you are contributing. THen, they think you are indispensable and don't want you to leave.
Oops. My "working your butt off" comment was aimed at having the ultimate goal of working for yourself. But in all cases working hard is better than coasting which many employees do.
On average, a "j-o-b" doesn't want to share their wealth. Climbing the corporate ladder means there is no room for error. Companies also often discriminate based off of age.
That said, if you have the company over the barrel they WILL share in most cases (but not always). But you have to be politically savvy. Also jobs that are closer to the money stream are easier to measure your value. Sales comes to mind.
It took me till 35 to figure out that working for myself is the best approach for financial freedom and job security. I never have the itch to lay myself off. I've lectured my kids that working for themselves should be their ultimate goal. Therefore all of the hard work goes in your own pocket versus making someone else all the money.
It took me till 35 to figure out that working for myself is the best approach for financial freedom and job security. I never have the itch to lay myself off. I've lectured my kids that working for themselves should be their ultimate goal. Therefore all of the hard work goes in your own pocket versus making someone else all the money.
Yes, this is what I lecture my kids on... Learn leadership skills, financial skills, and pursue an education that puts you in the best position to set up your own shop and not have to depend on anyone else to provide you with a job.
Oops. My "working your butt off" comment was aimed at having the ultimate goal of working for yourself. But in all cases working hard is better than coasting which many employees do.
On average, a "j-o-b" doesn't want to share their wealth. Climbing the corporate ladder means there is no room for error. Companies also often discriminate based off of age.
That said, if you have the company over the barrel they WILL share in most cases (but not always). But you have to be politically savvy. Also jobs that are closer to the money stream are easier to measure your value. Sales comes to mind.
It took me till 35 to figure out that working for myself is the best approach for financial freedom and job security. I never have the itch to lay myself off. I've lectured my kids that working for themselves should be their ultimate goal. Therefore all of the hard work goes in your own pocket versus making someone else all the money.
Yea, but you take all of the loss and liability too.
It really depends on what your endgame is. If you have no desire to be rich, I would say a day job is by FAR the best option.
Yea, but you take all of the loss and liability too.
It really depends on what your endgame is. If you have no desire to be rich, I would say a day job is by FAR the best option.
That is a matter of opinion and not always dependent on desires to be rich. IMO, regardless of wealth, a day job is by FAR the worst option.
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If you want to out pace the competition, work your butt off and your financial shape will dramatically improve. If you don't push and work your butt off to be the best you can be then like exercise, you will be average. It's not fun to exercise nor is it fun to make sacrifices to be the best in your career.
Climbing the corporate ladder means there is no room for error. Companies also often discriminate based off of age.
