How do you make some serious money, become wealthy?

[300bhp/ton]

I suspect few people ever mean or want to be envious of others, but even looking at something as simple as the classifieds and the types of cars you see at meets, it's clear that many people seem to do more than a bit "ok" money-wise.

I'd love to be one of these people but seriously how do you get to being well off?

Logically it seems these are potential ways:

-born into money (I wasn't)
-inherit it (sadly I won't)
-marry it (I didn't)
-win it (pretty unlikely and hard to make happen)
-steal it (quite a large life altering decision to make, with potentially disastrous consequences, oh and rather immoral and illegal too )
-earn it

Are there any other ways?

__________________________


Taking the last point 'earn it'.

How do people manage to get to a position that this is possible? Is it mostly fortunate circumstances; knowing the right person, being in the right place at the right time, getting a helping hand out at the right time??

Or can such a situation be more easily created for those with the determination to do so?

I know "I worked hard to get were I am" plays a part in it. But there must be more too it, as lots of people work hard, but don't have much money.

[Eric Mc]

For those who have to work for their wealth, the main route seems to be - start a business, build it for a couple of years, sell it.

Some people have managed to do this a number of times in their life.

[skahigh]

I think you're going to need to define what you mean by wealthy.

[300bhp/ton]

skahigh said:

I think you're going to need to define what you mean by wealthy.

I suppose more than I have now.

Seriously, I guess I mean the ability to buy and own a house of moderate size and be able to seriously consider £50k toys as well as having a nice 'family' vehicle.

Nothing to OTT and I'm not talking country estates or mansions. Just a detached property with a drive and maybe an acre of land.

[rotarymazda]

300bhp/ton said:

Are there any other ways?

1. Property and leverage before a house price boom. Unfortunately, we are still in one.

2. Play the property planning system to turn a your one acre field into a house plot.

Working in the PAYE system will never do it unless you are one of the few bankers that get mega bonuses.

[Pulse]

rotarymazda said:

Working in the PAYE system will never do it unless you are one of the few bankers that get mega bonuses.

I don't know about that... There has to be plenty of people earning a pretty good wage on PAYE, which would lead to the 'wealthy' impression from 300bhp. If you were on £100k a year, you'd probably not think much to buying a supercar, for example.

[300bhp/ton]

rotarymazda said:

1. Property and leverage before a house price boom. Unfortunately, we are still in one.

2. Play the property planning system to turn a your one acre field into a house plot.

Ok, so how do you get to the point you can even do this?

[Eric Mc]

Pulse said:

rotarymazda said:

Working in the PAYE system will never do it unless you are one of the few bankers that get mega bonuses.

I don't know about that... There has to be plenty of people earning a pretty good wage on PAYE, which would lead to the 'wealthy' impression from 300bhp. If you were on £100k a year, you'd probably not think much to buying a supercar, for example.

You really think that?

I know quite a few people who salaries at or above such levels and would never consider a supercar.

[Eric Mc]

300bhp/ton said:

rotarymazda said:

1. Property and leverage before a house price boom. Unfortunately, we are still in one.

2. Play the property planning system to turn a your one acre field into a house plot.

Ok, so how do you get to the point you can even do this?

Luck?
Knowing the right people in the right places?

[Muzzer79]

300bhp/ton said:

but seriously how do you get to being well off?

<snip<

How do people manage to get to a position that this is possible? Is it mostly fortunate circumstances; knowing the right person, being in the right place at the right time, getting a helping hand out at the right time??

Or can such a situation be more easily created for those with the determination to do so?

I know "I worked hard to get were I am" plays a part in it. But there must be more too it, as lots of people work hard, but don't have much money.

Seriously?

Does the concept of being a high earner really seem so hard?

All of the wealthy people I know, with the exception of those who inherited it:

1. Took risks
2. Worked f'in hard
3. Wanted to be successful very very much
4. Diversified
5. Didn't give up
6. Worked f'in hard a bit more
7. Are intelligent. I'm talking nous, not qualifications.

And a large percentage of them:

8. Lost it once, then built it back up again.

8 is by no means a requirement like the other 7.

I find that people who aren't 'wealthy' are either lucky (inheritance, marrying it, winning it, etc) or find that they're missing one of the 7 points I mention.

[sideways sid]

I would add having the balls to take a risk sometimes.

You rarely hear of people being highly risk-averse AND having achieved vast wealth through earning it.

[GT03ROB]

300bhp/ton said:

Seriously, I guess I mean the ability to buy and own a house of moderate size and be able to seriously consider £50k toys as well as having a nice 'family' vehicle.

Nothing to OTT and I'm not talking country estates or mansions. Just a detached property with a drive and maybe an acre of land.

Most don't have the ability or imagination or courage to go off & set up their own business. To achieve the above is a decent PAYE job. For that work hard & be prepared to do the things others won't do.

[300bhp/ton]

Muzzer79 said:

300bhp/ton said:

but seriously how do you get to being well off?

<snip<

How do people manage to get to a position that this is possible? Is it mostly fortunate circumstances; knowing the right person, being in the right place at the right time, getting a helping hand out at the right time??

Or can such a situation be more easily created for those with the determination to do so?

I know "I worked hard to get were I am" plays a part in it. But there must be more too it, as lots of people work hard, but don't have much money.

Seriously?

Does the concept of being a high earner really seem so hard?

All of the wealthy people I know, with the exception of those who inherited it:

1. Took risks
2. Worked f'in hard
3. Wanted to be successful very very much
4. Diversified
5. Didn't give up
6. Worked f'in hard a bit more
7. Are intelligent. I'm talking nous, not qualifications.

And a large percentage of them:

8. Lost it once, then built it back up again.

8 is by no means a requirement like the other 7.

I find that people who aren't 'wealthy' are either lucky (inheritance, marrying it, winning it, etc) or find that they're missing one of the 7 points I mention.

Really no need to be quite so conceited.

But maybe you could expand on points 1 & 4 specifically. What risks should you take and how do you get to a point that you can even take a risk?

Edited by 300bhp/ton on Thursday 18th July 15:13

[birdcage]

Eric Mc said:

For those who have to work for their wealth, the main route seems to be - start a business, build it for a couple of years, sell it.

Some people have managed to do this a number of times in their life.

This. Nice tax advantages, both in and out

[Muzzer79]

300bhp/ton said:

Muzzer79 said:

300bhp/ton said:

but seriously how do you get to being well off?

<snip<

How do people manage to get to a position that this is possible? Is it mostly fortunate circumstances; knowing the right person, being in the right place at the right time, getting a helping hand out at the right time??

Or can such a situation be more easily created for those with the determination to do so?

I know "I worked hard to get were I am" plays a part in it. But there must be more too it, as lots of people work hard, but don't have much money.

Seriously?

Does the concept of being a high earner really seem so hard?

All of the wealthy people I know, with the exception of those who inherited it:

1. Took risks
2. Worked f'in hard
3. Wanted to be successful very very much
4. Diversified
5. Didn't give up
6. Worked f'in hard a bit more
7. Are intelligent. I'm talking nous, not qualifications.

And a large percentage of them:

8. Lost it once, then built it back up again.

8 is by no means a requirement like the other 7.

I find that people who aren't 'wealthy' are either lucky (inheritance, marrying it, winning it, etc) or find that they're missing one of the 7 points I mention.

Really no need to be a conceited dick about it.

But maybe you could expand on points 1 & 4 specifically. What risks should you take and how do you get to a point that you can even take a risk?

How is it being a "conceited dick"?

You've posted a thread asking people how you get wealthy. Do you not think it's a bit open-ended, with far-reaching possibilities? If you could post a reply answering that question, don't you think that everyone would do it?

Point 1. Risk taking could be anything. Starting your own business, expanding your own business, making a move into a new field, moving abroad for more experience. Wealthy people don't get wealthy by standing still and/or taking the safe option in their chosen field.

Point 4. Diversifying means broadening your knowledge and experience horizon. For (a poor) example, if you work in banking; adding to your banking knowledge by learning other types of banking and exploiting the most lucrative banking avenues.

[skahigh]

Pulse said:

rotarymazda said:

Working in the PAYE system will never do it unless you are one of the few bankers that get mega bonuses.

I don't know about that... There has to be plenty of people earning a pretty good wage on PAYE, which would lead to the 'wealthy' impression from 300bhp. If you were on £100k a year, you'd probably not think much to buying a supercar, for example.

100k pa would give you roughly 5.5k net per month working through PAYE.

I earn about 2/3 of this and dont really believe I can afford to buy a newish bmw or merc for example, can't imagine what i'd have to earn to consider a ferrari or lambo.

It's obviously entirely dependent on your other commitments but I'd say mine are reasonably low at about 1.25k pm.

[Steve Evil]

There's also the other option to becoming wealthy, saving lots of money and not chasing the fancy cars and toys. As much as I'd love to have a nice toy or two on PCP or finance, I'd rather have paid my mortgage off before I'm 40 and be nice and comfortable.

[Ossiantoad]

Logically it seems these are potential ways:

-born into money (I wasn't)
-inherit it (sadly I won't)
-marry it (I didn't)
-win it (pretty unlikely and hard to make happen)
-steal it (quite a large life altering decision to make, with potentially disastrous consequences, oh and rather immoral and illegal too )
-earn it

Are there any other ways?

__________________________

Yes there is another way and it is THE way.

Create it.

You need to start a business that can be sold at some point. Or buy one and make it bigger.

This is the number one engine for wealth creation.

[rotarymazda]

300bhp/ton said:

Ok, so how do you get to the point you can even do this?

"Stake" money and leverage.

Unless you are given it, the stake money would have to come from working for it, so you need special skills, job hopping (between countries if necessary), and pay as little tax as possible. Some friends made a packet in the dot.com boom through share options.

Otherwise, leverage either requires debt or turning something of low value into high value (e.g. field->plot).

I'm not wealthy but have managed to turn a plot where I was told by the planners that I would not get permission into finding a legal way to add 140sqm of living space and a big uplift in the value. Other neighbours have turned fields into building plots over the years.

[DSLiverpool]

Take risks - you don't get £ without taking risks