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If you are buying a move in house at full retail price this is less likely true.
For it to work you have to buy the "ugly house" that people will turn their noses up at or not consider and buy it at a discount.
There are people that have done this and not just in the sweet spot window of the last years.
Yes people that have done this have 'sacrificed' in a way by not having a fully renovated house to move into but the rewards can be great.
Important also to pick a market that is on the upswing. Rather than just buying anywhere. All markets move differently.
Real estate is different from the stock market. On the stock market you have to buy the stock for the asking price. You also have no control of the company to improve it unless you are on the board of directors or own a bunch of the stock.
If you own property it's in your control how you want to improve the property to increase the value and 'force appreciation'.
It's strange that this isn't everyone's goal and they just feel their only option is to work until they die or practically die.
It's great to work if you enjoy it..even if working for someone else or a nonprofit but in America most people don't enjoy their jobs according to studies.
No joke at all. There is money enough at the top of every field. But you won't get to the top of any field that you don't love because those who do love it will be the ones who can and do put in the extra time and effort necessary to get to the top. That leaves you out in the cold, slaving away every day for the rest of your life at something you don't love now and will eventually come to hate. That's a poor choice. That's the land where mental breakdowns come from. Don't go there.
Eh, I certainly don't think doing work you hate works. But by the same token, I don't think doing what you love works, either--at least not most of the time. Also, you can learn to love (or at least like) your work if you make an effort. Sometimes passion actually follows effort, not the other way around.
For the most part, I think doing what you like works best for most people, most of the time. Unless you like doing things most other people don't, doing what you love often requires giving everything else up in your life to follow that passion.
Eh, I certainly don't think doing work you hate works. But by the same token, I don't think doing what you love works, either--at least not most of the time. Also, you can learn to love (or at least like) your work if you make an effort. Sometimes passion actually follows effort, not the other way around.
For the most part, I think doing what you like works best for most people, most of the time. Unless you like doing things most other people don't, doing what you love often requires giving everything else up in your life to follow that passion.
Many of my friends have over a million in assets. In the oil industry, working 10-20 years for over 100k, plus smart investing and compound interest becoming a millionaire is not uncommon.
This. Almost anyone who makes six figures can be a "millionaire" within a generation - provided they simply save and compound investments. It can almost happen passively at those income levels.
The vast majority of millionaires in America (both statistically and anecdotal) are small business owners / self employed (nearly half) or well-compensated professionals. Upper middle class at best. 80%+ have college degrees. Almost the same amount (~80%) did not start as millionaires.
I guess the best thing to do, in general, is to rent Uncle Rico's time machine, go back to High School, and hit the books a bit harder (for the right reasons). Take a risk or two. Or at least do a well-paying job for a long time.
I'm not a self made millionaire....yet..but I actually feel that it's within reach...and not just when I get to old age.
It's clear that most millionaires are small business owners or entrepreneurs. I think there is a lot of myth around business in society. The constantly repeated , "Business is risky ...business owners are risk takers" is kind of annoying.
Of course there is a risk..but even having a job can be a risk. Look at home many layoffs happen all the time....and people don't know when they'll be able to get another job.
"Myth 5: Entrepreneurs Are Extreme Risk Takers (Gamblers)
The concept of risk is a major element in the entrepreneurial process. However, the public’s perception of the risk most entrepreneurs assume is distorted. Although it may appear that an entrepreneur is “gambling” on a wild chance, the fact is the entrepreneur is usually working on a moderate or “calculated” risk. Most successful entrepreneurs work hard through planning and preparation to minimize the risk involved in order to better control the destiny of their vision. 1"
I feel there is a difference between a calculated risk and just taking a risk , which sounds more reckless and immature..
It's like when someone looks at someone that built a successful business or invested in real estate or something else that makes them millionaires and people say they, "Got lucky"
It's kind of an insult.
I feel luck plays a roll...but it's not the whole thing.
From my experience those that have become self made millionaires have been people that have had a successful business and kept at it...and kept growing that business. I know of at least a few parents of people I grew up with that followed this path and are multimillionaires.
One of them owned their business since the 1980s and I recently read that additionally they are invested in some of the hottest restaurants in my city today..in addition to running that same business.
That's not as exciting though as talking about tech startup billionaires...or someone trying to make millions of their super cool invention on Shark Tank.
I don't think any of these people are necessarily super smart..but they clearly had an idea of what they wanted to accomplish and put in the decades of dedication.
Eh, I certainly don't think doing work you hate works. But by the same token, I don't think doing what you love works, either--at least not most of the time.
Let's keep in mind that the advice comes in the context of young people being beaten up and bullied for majoring in supposedly non-marketable "liberal arts" fields when they ought to be focused on STEM and IT-type pursuits because that's where the big dollars are. Put briefly, that sort of advice stinks.
Quote:
Originally Posted by mysticaltyger
Also, you can learn to love (or at least like) your work if you make an effort. Sometimes passion actually follows effort, not the other way around.
Sounds like a pitch for arranged marriages, and it should be rejected just as quickly. People who love what they do tend to just kick the crap out of everybody else trying to do it for some other reason. And if somehow it doesn't work out, you'll know that you tried, and you'll still have time to move on to the next-best thing you can find.
Yeah, I've seen that sorry article many times. It seems to be one of the few things that people can think of to post in response. They don't seem to sense the equivocation inherent in a phrase like "a ton of money" or in asking haplessly insincere questions like "What if I love to play video games?" Then there's the open admission that making good money and being utterly unhappy in what you do is outlandishly COMMON, and therefore you shouldn't mind at all if you waste your own one and only life in following all of those bad examples. What a load of worthless bunk! If you are going to end up as some sort of wage-slave drone living out a life of quiet desperation, at least make them force it onto you. Don't go out and volunteer for it. Do what you love. Do what has meaning for you. There is money enough at the top of every field, but you will never get to the top of any field unless you love what you do.
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