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How did you become wealthy?
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Posted on Mon, May 15, 2006 10:47

sharp1 write:
Lombard write:
Many people, throughout history, have said the following things more eloquently:

To get comfortable or wealthy, most of us need to work many years, save "off the top" (I'll explain this later), stay frugal and disciplined and accumulate slowly and surely.

A few people have a natural ability to make money. This is a gift like great beauty, charisma or the ability to hit the inside fastball. It's unfair, inexplicable and rare. Most of us don't have this gift.

For the rest of us, stamina and persistence are required. We all started out with low paying grunt jobs. If we were lucky, they were in our field of interest. Most of us weren't lucky and we did what we did because we had to. The ones that are ahead of the game now are the ones that prudently saved a portion of their income, not at the end of the month, but put it away as soon as they got it.

Don't run up credit debt, don't assume that you will always make the same as your largest paycheck and put away something every month.

As you accumulate, diversify. I'm not smart enough to guess successfully about any particular investment, but, by sticking mone in lots of different things, some have hit pretty big.

A college education is not a requirement to become wealthy, but the same traits that drive you to study and succeed in school i.e. self- control and a long term view of the world, are the same characteristics that lead to wealth accumulation. Also, wealth accumulation is dependent on salary, and, unless you are one of those natural money makers, you won't get a great paying job without a degree.

Everybody wants to be rich, but nobody want to do the things you've gotta do to get there. Wealth is also not a gaurentee of happiness. Money is only a tool, and not an end to itself.

So much for the lecture.


Very nicely written...does it get more eloquent?


No, I am waiting for part II.



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Posted on Sun, May 14, 2006 07:14

Lombard write:
Many people, throughout history, have said the following things more eloquently:

To get comfortable or wealthy, most of us need to work many years, save "off the top" (I'll explain this later), stay frugal and disciplined and accumulate slowly and surely.

A few people have a natural ability to make money. This is a gift like great beauty, charisma or the ability to hit the inside fastball. It's unfair, inexplicable and rare. Most of us don't have this gift.

For the rest of us, stamina and persistence are required. We all started out with low paying grunt jobs. If we were lucky, they were in our field of interest. Most of us weren't lucky and we did what we did because we had to. The ones that are ahead of the game now are the ones that prudently saved a portion of their income, not at the end of the month, but put it away as soon as they got it.

Don't run up credit debt, don't assume that you will always make the same as your largest paycheck and put away something every month.

As you accumulate, diversify. I'm not smart enough to guess successfully about any particular investment, but, by sticking mone in lots of different things, some have hit pretty big.

A college education is not a requirement to become wealthy, but the same traits that drive you to study and succeed in school i.e. self- control and a long term view of the world, are the same characteristics that lead to wealth accumulation. Also, wealth accumulation is dependent on salary, and, unless you are one of those natural money makers, you won't get a great paying job without a degree.

Everybody wants to be rich, but nobody want to do the things you've gotta do to get there. Wealth is also not a gaurentee of happiness. Money is only a tool, and not an end to itself.

So much for the lecture.


Very nicely written...does it get more eloquent?



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Posted on Sun, May 14, 2006 00:32

Lombard write:
Thanks for humoring me Sunshine. We all like to feel people are listening to us, even if we aren't saying anything particularly original. It's amazing how much I sounded like an old man in that last post. I think just last week I was playing guitar in bars, hitch-hiking across country and sitting around campfires with long hairs talking about the secrets of the universe. Oops, that was 30 years ago.


Oh I was just perched on your knee, listening, taking notes, doing a little macrame.... Is that humoring someone?



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Posted on Sat, May 13, 2006 12:38

Lombard write:
Many people, throughout history, have said the following things more eloquently:

To get comfortable or wealthy, most of us need to work many years, save "off the top" (I'll explain this later), stay frugal and disciplined and accumulate slowly and surely.

A few people have a natural ability to make money. This is a gift like great beauty, charisma or the ability to hit the inside fastball. It's unfair, inexplicable and rare. Most of us don't have this gift.

For the rest of us, stamina and persistence are required. We all started out with low paying grunt jobs. If we were lucky, they were in our field of interest. Most of us weren't lucky and we did what we did because we had to. The ones that are ahead of the game now are the ones that prudently saved a portion of their income, not at the end of the month, but put it away as soon as they got it.

Don't run up credit debt, don't assume that you will always make the same as your largest paycheck and put away something every month.

As you accumulate, diversify. I'm not smart enough to guess successfully about any particular investment, but, by sticking mone in lots of different things, some have hit pretty big.

A college education is not a requirement to become wealthy, but the same traits that drive you to study and succeed in school i.e. self- control and a long term view of the world, are the same characteristics that lead to wealth accumulation. Also, wealth accumulation is dependent on salary, and, unless you are one of those natural money makers, you won't get a great paying job without a degree.

Everybody wants to be rich, but nobody want to do the things you've gotta do to get there. Wealth is also not a gaurentee of happiness. Money is only a tool, and not an end to itself.

So much for the lecture.


We like lectures or I do, anyway.

I think Lombard, in our generation a college degree may not have been needed but today it is. There are also still gender biases, where a woman isn't going to make as much money as a man in an entry level job. Look at inflation and housing costs? Those will continue to rise, so while at one time a woman could have a service job, live frugally and accumulate wealth, I am not so optimistic today. Especially when you look at the cost of living increases, housing, insurance (medical, auto, property), utilities, etc . If the same woman that Cyn cited started out today, she'd have to pay what 20 times what she did for her house-just as an example. She most likely would not be able to afford it and would have to rent decreasing her overall net worth.

I think you have to do as you suggested and as I put it, live below your means but also get a good education so that you can pursue a career that has a higher wage scale from the onset.

Personally, I haven't loved all the jobs I've had. But I've found something about them to love so that I can be passionate about it and keep learning.



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Posted on Sat, May 13, 2006 11:07

After, I left my ex> he used to take my time.

  


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Posted on Tue, May 09, 2006 17:15

Hi Glenna, you agreed with Sharp1's advise and I was co-signing that. No misunderstandings!



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Posted on Tue, May 09, 2006 08:39

Excuse my posting again, but had the same conversation with two nieces a while back.

As Sharp and Glenna said, you need a degree. If you think that you are tired of school, you are going to be even more tired of working low paying jobs.

I am also finding that language skills are essential, no matter what business you get into. Am certain that others here have multiple language skills as well. I have three and it has helped incredibly. If I thought I could do it, the next language I would learn is Chinese--Mandarin.

Hours are long, that why you need to find something that you love because you do need the passion.

Hope this helps.



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Posted on Sun, May 07, 2006 09:43

FiestyWeelassy1 write:
seattlesunshine write:
Find something that you can be passionate about and pursue it. Seek knowledge always. Find efficient ways to get good results. Ask for help And in turn, mentor others.

Live below your means. Know that happiness and satisfaction are qualities that you all ready possess; they come from the inside, they are not going to come from an external source. If you rely on someone else or others to tell you you are successful or to make you happy, you will spend a lot of time wasting time.

Oh and if you can get an oil well or two that doesn?t hurt either!

Screw all the nice babble shite...Lets just concentrate on the oil wells....wooo hooo


I agree, Wee, but oil is finite, happiness and talent are infinite!



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Posted on Sat, May 06, 2006 20:11

seattlesunshine write:
Find something that you can be passionate about and pursue it. Seek knowledge always. Find efficient ways to get good results. Ask for help And in turn, mentor others.

Live below your means. Know that happiness and satisfaction are qualities that you all ready possess; they come from the inside, they are not going to come from an external source. If you rely on someone else or others to tell you you are successful or to make you happy, you will spend a lot of time wasting time.

Oh and if you can get an oil well or two that doesn?t hurt either!

Screw all the nice babble shite...Lets just concentrate on the oil wells....wooo hooo



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Posted on Sat, May 06, 2006 18:01

Find something that you can be passionate about and pursue it. Seek knowledge always. Find efficient ways to get good results. Ask for help And in turn, mentor others.

Live below your means. Know that happiness and satisfaction are qualities that you all ready possess; they come from the inside, they are not going to come from an external source. If you rely on someone else or others to tell you you are successful or to make you happy, you will spend a lot of time wasting time.

Oh and if you can get an oil well or two that doesn?t hurt either!



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Posted on Fri, May 05, 2006 21:32

Most have University degrees of some kind. But a degree won't help you. It takes saavy, alot of hard work...12 to 14 hr days 6 to 7 days/week. Are you prepared to put in that kind of time? Also, a good idea for a business helps, or knowledge of smart investing.
Those who became wealthy without a degree...got their wealth the same way, only they probably had to work that much harder! Nothing comes easy.