Poll: How do rich people become rich in the first place?

Wakey87

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They work for it. Everyone thinks they are just "born with it" but the truth is no one gets rich by spending their money.
 

Loonyyy

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Athefist said:
Katatori-kun said:
There are loads of people in the same position as you, only they don't have family connections and so they're forced to put in 50 hours a week at McDonalds. At a dead-end position where they're forced to work long hours just to make enough to survive, but they have no hope of rising out of that position to something better.
Lots of people use low pay jobs to not only grind out hours for a paycheck, but also learn a skill.
Here's the problem: Finding a job where you can do that is hard, particularly if you haven't an employment history, so people without your advantage have to grind. Hell, even some retail joints won't hire people without experience.
If you want to eventually run a McDonalds, by all means take a job there. If you just need a bit of cash while going to school, take a job there. If neither of those apply, don't take a job there.
Or, you might need it to eat, make rent etc. You assume that you can always find the job that will teach you a skill useful to your career. I guess having one handed to you makes that feel likely. It isn't. And to find such a position in a field which will make you enough to be called "Rich" is incredibly unlikely. Even finding a crappy job which gets you nowhere with perks useful to you is hard.
I could make small money slaving away as a plumbers apprentice, but at the end I'd hopefully be a plumber.
Which requires that you get said apprenticeship. Jobs aren't always easy to come by.
We're talking apples and oranges here really. The young guy who gets someone pregnant isn't a person driven towards success no matter what his background is.
That's a wonderful and completely irrelevant example. And I'm sure you've got no chance at all of unexpected pregnancy. I'm sure no-one driven ever has accidentally gotten someone pregnant, or had a problem in their personal life which affected their life and career.
Being driven means you make sacrifices. You don't do much that isn't focused on achieving your goal.
Unless of course, you want to be able to do those things while having a roof and food.
Driven people are constantly asking themselves "Is this activity propelling me in the direction I need to go?" if the answer is no, they drop it.
Which is an incredibly privileged response.

Here's something. I'm working towards being an engineer. And I have to work a part time job to make rent and food money, and pay for books and fuel. And I still have to take money from both student assistance and my father to make it. My fast food job isn't leading me anywhere, and it's actively wasting my time which could be spent on my studies, but I need it. It's even worse for some people worse off than me who don't have even that amount of family support.
On a personal level, I don't get paid much for the work I do. I have 4 roommates and really own very little. The trade off is my education is paid for
I guess it's lucky that student debts aren't a thing or a serious problem. Oh wait. They are.
and at the end of it I will be taking over portions of the business.
Hence, lucky. You've got a job lined up, which you lucked into, which basically paid off your education. For that, I'd have to sign up for a military scholarship, which would result in me being signed with them for my time in school+some, and paid at a lower rate than I would outside of the military. And of course, there's whether you want to work for the military at all, but that's besides the point.
If I didn't have the family connections, I could still have the 4 roommates, work a low end job to cover expenses and still intern at a place where I wanted to eventually end up.
You would want to intern. Whether you could or not is a matter of chance. I'll tell you one thing. The manager at McDonalds is far more likely to hire you as an unskilled kitchen hand than the H&R person is as an intern. Especially if you can't afford the education to go with the job.
 

Techno Squidgy

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Bamba said:
Well? Does anyone know? Ive heard that they just got lucky by winning a lottery or being successful in making business and stuff like that. But I dont really know. So.....I was just hoping if you guys can please explain to me? I know its too early to dream about that, but I plan on trying to become rich myself somehow.
There are a few ways.

1. Inheritance (Old Money): Just being born into a rich family and inheriting your wealth.

2. Business/Achievement (New money): Earning your money through hard work (and possibly dodgy deals[see option 5]). Businessmen, Musicians, Actors, Athletes, etc. See: Bill Gates, Sir Richard Branson, Sir Paul McCartney

3. Pure dumb luck: Finding gold, Finding oil (Warning: Side effects include a friendly visit from the U.S. military, and possible attempts to 'liberate' you and 'give you freedom'), winning the lottery

The fourth involves a loss of all dignity, self-respect and human worth.
4. Appearing on reality TV and becoming a cheap sell-out whore, further damaging any shred of culture that still remains and the progress of humanity as a species.

Oh and there's also option 5.
5. Lie, Cheat and Steal: Robbery, the Black Market, etc. Some occasional overlap with option 2. See: Organised Crime, Wall Street, the 2007-2008 financial crisis.
 

mgirl

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manic_depressive13 said:
That implies that people who don't get rich don't work hard enough, which anyone can see is bullshit.
No, it does not. What I said was some of the rich had to work at it to get where they are. That says nothing about anybody else, you're just inferring, I'm not implying.

[quote\]Yeah, they worked, but they didn't generate millions or billions in wealth out their ass. Other people worked to generate that wealth but those people didn't get that wealth. No matter how hard someone works, they can never, ever work hard enough to deserve such obscene amounts of wealth while the people who actually created that wealth bust their ass trying to survive on minimum wage, sometimes less. That's what exploitation is. [/quote]

Again, generalisation, isn't relevant to what I said. I said 'not everyone got to where they are through exploitation'. I don't doubt that some did, but this isnt relevant to my point.

[quote\]No one is saying that every wealthy person spends their days spinning in their chair. They are just saying they sure as fuck didn't do anything that would earn them the right to such obscene wealth while other people die from poverty.[/quote]

Also not relevant to my point. I didn't talk about the right of people to be rich. What is this, first world guilt hour? I know that people are dying from poverty and that by pure chance I was born in a place where I don't have to worry about that, but that doesn't change the fact that not all rich people are these evil explotiative bastards that you seem to think they are. There are also plenty of 'obsenely wealthy people' who donate millions of their money to charities to help the people in these situations.

Look, the only point I'm trying to make is that just because someone has money doesn't make them a bad person. They're just people, and any person can be a complete dick or a kind person.
 

Athefist

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@Loonyyy: I can't really relate to your overwhelmingly bleak outlook. If anything, your post is a fairly clear illustration of what separates people like my dad from other people. You can eloquently discuss the things holding people back, while he would and did view them as obstacles that needed to be overcome. I'm nowhere near on his level, but I do try. My life of "privilege" centers around 2 things: Work and school. My possessions amount to basically my clothes, laptop and school stuff. I share a house with 4 other people and split bills 5 ways. My earnings for 2012 were $7,307 usd. I haven't had a "day off" in at least a year and a half, and I really should be sleeping right now instead of typing this because I have a full day today. And I am grateful for every bit of it. Would I have the same amount of ambition if I came from a lower income family? Possibly? How could I even know. My dad did, and he turned it into something pretty great. He pushed himself because he didn't want to be like his dad. I push myself because I want to be like him. And yes, there is going to be a payoff at the end, but it's not being handed to me on a silver platter. If I were a screw up with no ambition or work ethic, I'd earn the life of a lazy screw up. If I were mediocre and content to punch a clock, then I'd earn a spot on the payroll.

My only other thought is that I think you should have a better perspective on your job. It's giving you partial means to get your engineering degree which can lead you to a very satisfying quality of life.
 

M920CAIN

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dyre said:
I imagine a few of them worked super hard for a really long time, a few of them were at the right place at the right time, a few of them saw an opportunity before most others did and took a risk to pursue that opportunity, and a few just got it from their rich parents.

Like when asking "how do the poor become poor," you're likely to get a huge range of answers.

Heronblade said:
Copper Zen said:
Most people get rich the REAL 'Ye Olde Fashioned Way'...they inherit their money.
Incorrect, while that was true a few centuries ago,the vast majority of millionaires and billionaires these days did not inherit their fortune.

Got to love all the unsubstantiated hate going around this thread. Jealousy is a powerfully blinding emotion. The simple truth of the matter is that no one, even given all of the advantages in the world, can make that kind of fortune without a great deal of personal ability and hard work.
Hey, at least of all the groups of people who have been the subject of unsubstantiated hate, the rich are doing well enough to generally shrug off that hate!
How do the poor become poor?
Well I can answer that. Parents have good jobs, make loan, build (not buy) house on bought terrain with loaned money. Parents think "sure we can pay for the loan in 10 years with our salaries." Company goes bankrupt, whole city is full of unemployed people, parents can't get new jobs, children are learning well, want higher education, can't go where they want, they stay in the city with their parents and study at city college. kid graduates. tries to find work (still searching) in a city with lots of unemployed people and few options (besides slave labor with subminimum pay) => BINGO: broke ass family. no food on the table. bank threatens to sell house built for peanuts, family in the street. savvy?

Also: true story.
 

Robot Bunny

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As I am super cool, and come from a well of family, I know a lot about two thing Economics and middle upper class society in the UK. People become rich through a cycle which is simple if you are rich you can afford to send your kids to better schools, so they then, if they aren't stupid, then they go to good universities and therefore get good well paid jobs, which earn them money and because of this meet the offspring of other rich people and they have children and the cycle repeats.
 

Lazy Kitty

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May 1, 2009
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By cheating other people out of their money with a technique known as "hard work".
For example, by having a company that sells electronic gadgets that allow you to call people, run applications, play music and games. Sometimes such products start with a vowel followed by what they are supposed to be.
Like for example an eMail or an iPhone or possibly even a uTube.
It's only a matter of time before someone comes up with yDuctTape. Which is like regular ducttape, except with a lot more computational power and can be used to play videogames on and people will ask "Why? Why would anyone invent something like that", while others don't ask any questions and just buy it, even though it's probably overpriced, making the one who invented it (or sells it) rich.
 

floppylobster

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(1) Seems simple and obvious - but they don't spend money. Rich people are the absolute tightest people you'll meet. They'll haggle over things, bring in coupons and demand value for money in every transcation.
(2) They are driven by collecting money (and this is what differentiates them from bargain hunters who also come under (1)). It's all about the pursuit of it, the counting of it, the micro-management. They love it and their first thought about anything is to how to make more of it.

So if you're into having money and being rich then you will never be as rich as someone who just loves making money.

The downside is, to be rich, you will always be consumed by the pursuit of it and almost never get a chance to enjoy it. And even if you did, you wouldn't enjoy it - because the only real enjoyment you'll get from life is in the pursuit of money. Not the having or spending of it.
 

Relish in Chaos

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How do rich people become rich in the first place? Intelligence, skill, really hard work, a lot of motivation, single-mindedness, a lot of luck, fame, good money management, business know-how, criminal activity via a legal loophole (e.g. tax avoidance), and/or inheritance.

If you want a combination of all those, you would have to be friggin? Superman with a dark side, picked up by the British Royal Family when he landed on Earth, and Lois Lane never existed. Or Mr. Krabs from SpongeBob Squarepants.

It?s essentially the opposite of asking ?How do poor people become poor in the first place?? Low intelligence, lack of skill, indolence, lack of motivation (or otherwise, low self-esteem), distractions, being unlucky, social invisibility (i.e. majority of working-class), bad money management, inexperience or lack of business knowledge, criminal activity without the benefit of a legal loophole to get them out of it (e.g. thieving), and/or having working-class parents (who themselves may?ve had working-class parents and simply followed them into their line of work; men often taking menial labour, women often becoming housewives).

Roxor said:
wombat_of_war said:
forget about getting rich with a lottery. most people who win lotteries when checked 12 months later were worse off financially 12 months later
If schools taught kids how to actually handle money, this wouldn't happen.
But that begs the question: is it schools' jobs to teach students about money management? As far as I know, it was just education in numerous fields that subjectively work well for the society around them, obedience to authority, a bit of counselling, but aside from that, you learn it from the universal class of "life", when you're actually in work, and, you know, actual counsellors and/or therapists.
 

dyre

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M920CAIN said:
dyre said:
I imagine a few of them worked super hard for a really long time, a few of them were at the right place at the right time, a few of them saw an opportunity before most others did and took a risk to pursue that opportunity, and a few just got it from their rich parents.

Like when asking "how do the poor become poor," you're likely to get a huge range of answers.

Heronblade said:
Copper Zen said:
Most people get rich the REAL 'Ye Olde Fashioned Way'...they inherit their money.
Incorrect, while that was true a few centuries ago,the vast majority of millionaires and billionaires these days did not inherit their fortune.

Got to love all the unsubstantiated hate going around this thread. Jealousy is a powerfully blinding emotion. The simple truth of the matter is that no one, even given all of the advantages in the world, can make that kind of fortune without a great deal of personal ability and hard work.
Hey, at least of all the groups of people who have been the subject of unsubstantiated hate, the rich are doing well enough to generally shrug off that hate!
How do the poor become poor?
Well I can answer that. Parents have good jobs, make loan, build (not buy) house on bought terrain with loaned money. Parents think "sure we can pay for the loan in 10 years with our salaries." Company goes bankrupt, whole city is full of unemployed people, parents can't get new jobs, children are learning well, want higher education, can't go where they want, they stay in the city with their parents and study at city college. kid graduates. tries to find work (still searching) in a city with lots of unemployed people and few options (besides slave labor with subminimum pay) => BINGO: broke ass family. no food on the table. bank threatens to sell house built for peanuts, family in the street. savvy?

Also: true story.
Incredible, I had no idea "the poor" were a homogeneous group, with each member sharing the exact same life story! My parents told me a story about how their parents became poor because the government in Cultural Revolution era China seized the possessions of all the business owners, college educated people, scientists, etc in the country, but clearly they must have been lying because that doesn't at all match the story you told...
 

templar1138a

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As I see it, there are three ways to become rich. Given that luck factors into each one, I won't bother counting it.

1. Be born rich.
2. Be financially savvy.
3. Steal.

Obviously, none of those three are exclusive from each other. After all, those who are born rich can become richer if they grow up with the savviness, and oftentimes said savviness coincides with thievery.

Lottery tickets are not a viable method for becoming rich. After all, most people who would seriously buy the tickets in the first place aren't financially savvy enough to handle the money properly even if they win.
 

Scow2

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There IS no single, simple answer - the results are too consistent to attribute merely to serendipity. Ultimately, it comes down to a generalization: "Be successful" - Look at how things succeed even in non-economic areas, and learn from them. It's a 'simple' principal, but one that's difficult to put into actual practice... especially in a world that offers so many 'false successes' (Virtual and romantic stimulations being two of them. Being employed as a subordinate without any plans to take charge is a third).

The actual way to earn the greatest amount of wealth is to do something and find a way to profit from changing the socioeconomic 'landscape' of the country and/or world. Neither the too-early pioneer who's developments the world isn't ready for, and the too-late bandwagon followers.

Bend the world to your will, instead of whining about how it's not being fair to you.
 

Rule Britannia

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1. Right place, right time.
2. Inheritance
3. Innovative (some might call this lucky)
4. Good with stocks...reallll good.
5. Literally lucky....won a butt ton of money at a casino :p
 

M920CAIN

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May 24, 2011
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dyre said:
M920CAIN said:
dyre said:
I imagine a few of them worked super hard for a really long time, a few of them were at the right place at the right time, a few of them saw an opportunity before most others did and took a risk to pursue that opportunity, and a few just got it from their rich parents.

Like when asking "how do the poor become poor," you're likely to get a huge range of answers.

Heronblade said:
Copper Zen said:
Most people get rich the REAL 'Ye Olde Fashioned Way'...they inherit their money.
Incorrect, while that was true a few centuries ago,the vast majority of millionaires and billionaires these days did not inherit their fortune.

Got to love all the unsubstantiated hate going around this thread. Jealousy is a powerfully blinding emotion. The simple truth of the matter is that no one, even given all of the advantages in the world, can make that kind of fortune without a great deal of personal ability and hard work.
Hey, at least of all the groups of people who have been the subject of unsubstantiated hate, the rich are doing well enough to generally shrug off that hate!
How do the poor become poor?
Well I can answer that. Parents have good jobs, make loan, build (not buy) house on bought terrain with loaned money. Parents think "sure we can pay for the loan in 10 years with our salaries." Company goes bankrupt, whole city is full of unemployed people, parents can't get new jobs, children are learning well, want higher education, can't go where they want, they stay in the city with their parents and study at city college. kid graduates. tries to find work (still searching) in a city with lots of unemployed people and few options (besides slave labor with subminimum pay) => BINGO: broke ass family. no food on the table. bank threatens to sell house built for peanuts, family in the street. savvy?

Also: true story.
Incredible, I had no idea "the poor" were a homogeneous group, with each member sharing the exact same life story! My parents told me a story about how their parents became poor because the government in Cultural Revolution era China seized the possessions of all the business owners, college educated people, scientists, etc in the country, but clearly they must have been lying because that doesn't at all match the story you told...
Happened to my family too in the communism era. So that would be another reason, before the present one :D :(. I even have a grand parent who went to jail because he refused to freely give up his business (a bakery) to the state. So yeah, but I was giving just one example, I didn't say it's universal. Point is, some people are poor because others want to be very rich, no matter the cost to others.
 

J Tyran

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Some people genuinely work at it, even if they had help from lady luck a little bit they would never have been able to make the most of luck without the hard work. Some of the worlds mega rich did nothing to earn it though, they where either born into the right dynasty or got handed massive commercial interests by governments (I am looking at you Russian oil, mineral and fossil fuel magnates). Other mega rich people did earn it, like some of the entrepreneurs or tech industry giants and should earn respect for it.
 

Amethyst Wind

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Seriously rich people either got very lucky once or had ancestors who got very lucky once.

Well-off people just find ways to spend less than other people.