Is luck a large part of growing rich? honest answers please, though this is probably the most relevant board to ask
define "rich"
>>1176964
Luck and an impeccable work ethic
>>1176964
Its a factor but without it you can do well
>>1176986
this
because I define rich as making $50,000 in a foreign country doing creative bullshit as being rich
>>1177012
Exactly. What "rich" means is highly varied. I'd say it would have multiple passive income streams, all adding up to a healthy six-figure income, 200k p.a. minimum.
>>1177029
Yes, but how MUCH? As in what level of wealth do you mean by "rich"? By itself, that word means nothing.
>>1177030
I mean having a lot of purchasing power, this implies wealth, think about it.
- Purchasing power is the number of goods or services that can be purchased with a unit of currency
>>1176964
for the most part, unless your father works his ass off all his and your life to hand you a turn key company it's not luck
let's say you want to make $5,000,000 USD and just retire
from what I've personally seen from millionaires, they work their asses off, like 60 hours a week, that being said they party their asses off when they can and live a very fast paced life
there is no day where making money isn't 1st priority
if they're able to get things in a place where they can just fuck the dog from an office that's not luck, that's knowledge, it's the ability to properly hire someone to run the business for you and you just sit around and watch the numbers to make sure they're not fucking it all up
knowledge and hard work get you a business loan, if you know you can buy X for $25,000 in bulk and sell it for $75,000, how do you get a bank to hand you that money? you have to put together a business plan and do research to show a bank they're not losing $25,000
let's say you got a local venue that holds 5,000 people for a concert, if you sell out $50 tickets that's $250,000, so you can afford to pay a band $25,000-$100,000....you gotta hire plebs to do security and shit, for for maybe 8 hours....it won't do much damage to the remaining $150,000, the venue might be $2,000-$10,000 to rent... might cost you $2,500 for the tickets, maybe you gotta pay a % of ticket sales to a company who lets people buy tickets online....like fuck have you see the price of tickets for some artists?
I'm just saying that the problem isn't anything about luck, it's about putting in the work to make sure you're going to make money renting that venue and paying that band and selling tickets and making sure everything works as it's assumed it should
go to a concert and eye up all the staff that's paid there, it's the same shit with any business, it's work
From the outside it sure looks that way. But from the inside, it's better not to believe in luck.
>>1177040
to build on this further
I have a family member who used to be into horse racing, horses need certain things, IV's are one of them, if I can get bulk orders of IV bags, I can sell boxes of these bags to trainers, boxes, they give horses X amount of IV's per week, some trainers have 20 horses so they'll literally buy boxes.
the only luck in that is my family member having the idea to sell them boxes in bulk instead of them buying individual bags for a cheaper price...
maybe in another horse racing area, like one of the tracks that takes in $700,000 per race from betting someone is already doing that, but locally nobody is...
it would be a full time easy as piss job, you pick up IV bags in boxes, you sell off the boxes, you have to buy a bulk order of boxes
that's the problem, nobody is waiting around to hand us $10,000 to buy IV bags, (saline or some shit) to whole sale to horse trainers, breeders and drivers
there's no luck, maybe it's lucky if we know someone who works at a pharmaceutical company that sells IV bags?
Luck is what happens when you try something once and are wildly successful. The reality is: you have to keep trying and fail repeatedly until you succeed and when you finally do its no so much luck as it is experience that decides your fate. Poorfags will obviously tell you otherwise, but this is because they like to believe that the universe is mostly random so they don't have to be accountable for their own failure in life. Plus, even knowing that you're in control is actually a huge burden since it shows you a glimmer of success without conveying the difficulty.
>>1177046
yeah networking and being on the lookout for profit making opportunities is the way to go
why would the trainers buy from you if they can get them cheaper elsewhere? also where would you sell them
>>1177050
>why would the trainers buy from you if they can get them cheaper elsewhere?
they can't though, they gotta buy from veterinarians and pharmacies, nobody has a hook up with a company that sells IV bags, we know a guy, I know a guy, but...I'm too much of a pussy to ask since I can be anonymously honest, it's not really my idea or my connections so if my family member doesn't want to ask someone he knows, then why should I? I am just a lazy POS and don't really care or see any value in driving around selling boxes of saline IV bags
>also where would you sell them
I'd drive them right to the trainers/barns, my family member has enough connections to get the word out enough that it will spread, knows trainers, breeders, works with some of them from time to time
>>1177036
You're thinking the wrong way round.
'rich' is a word kids throw around.
If you have consider having £200,000 of 'spending power' rich, then you will be poor again very shortly.
>>1177058
you could have $50 and be rich, if it costs $1 to buy a house
purchasing power
>>1177054
Is this a legit market? Saline bags for horses
>>1176964
>implying anyone on this board is rich and would therefore know the answer
topkek
>>1176964
>Is luck a large part of growing rich?
Yes, although most people don't acknowledge this. Nobody chooses where they are born, to what parents they are born or which physical features (height, facial shape, body structure) and mental capacity (IQ, mental health etc.) they gain during adolescence. The amount of uncontrollable parameters in life is enormous.
There is a random factor to financial success, however it is only a make-or-break factor for extreme outliers.
What you could define as luck is opportunities, but there is no shorting of opportunities. What makes success is the work you put in to be in a position to recognize and take advantage of opportunities.
tl;dr: Randomness more than luck, hard work is what makes randomness work in your favor.
>>1178704
*make-or-brake
>>1178608
>Nobody chooses where they are born,
ssssssshhhh anon
don't want to trigger the millionaires here how they got to where they are through hard work (read: partying with clients in strip clubs, sleeping their way upto the top, and getting sweet inheritances from deceased rich relatives)
>>1178608
If you're lucky enough to be born in a first world country, you can be successful even if you start at 0. The problem is that a lot of people perpetuate poverty by starting their kids off at -100.
Work puts you in a position to take advantage of luck
90% luck
9% intelligence
.5% ambition
.5% hard work
>>1176964
the short answer is yes, but you also need to put yourself into a position to be lucky
Hard workers are luckier than lazy fags that don't even try.
>>1178765
10% luck
20% skill
15% concentrated power of will
5% pleasure
50% pain
>>1178806
100 percent reason to remember the name
>>1178765
>90% luck
Let me guess. You've so far failed at becoming wealthy.
>>1176964
The best way to get rich, according to my micro professor, is to be born to a rich family. I stand by it as it motivates me to work hard so my children won't have to
>>1179085
Your micro professor sounds like a bitch
>>1179251
Nah he was just fucking around.
"Sorry to tell you guys, but if you became an econ major to make money...well if you aren't already rich the chances of you getting rich are slim."
He said it as a joke but I took it ,somewhat, to heart
>>1178439
Sell them to knackers instead, it's two things they love the most: horses and stuffing needles up their veins
>>1179279
I mean, anyone with a grad degree in econ could easily become comfortably wealthy over the course of their lifetime.
You wouldn't be Buffett rich, but even the government economists earn 6 figures plus a pension; if you happen to study something targeting oil or other similarly lucrative commodities you could easily retire early with $5M in assets if you know how to save and aren't retarded with your investments.
>>1176964
Yeah but everybody is lucky in certain ways. Most are lucky just being alive desu senpai.
In terms of becoming wealthy over time the most important part that circumvents luck is developing social skills and math skills in a meaningful way before you are an adult. If you make friends well, you'll be rich. If you can calculate well, you'll be rich. If you want to be globally wealthy you need to move to America or get into politics. But just relative wealth and success will grow exponentially until you are mid 30s if you work hard and focus on the social and financial aspects of your life. After that it just depends on whether or not you've started a family
>>1176964
It is to a certain extent, as some anons have noted, since you can't choose your iq, where you're born, your family etc., but in most cases you can overcome adversity. There are very straightforward strategies you can use to get rich and you don't have to be the next super genius like Elon Musk, Bill gates etc to implement them.
Assuming you didn't fuck up too bad in high school you can easily get into college, major in a STEM field and easily come out making 50k- 100k+ at the high end. Even if you fucked up in high school you can go to a community college and transfer into a state school and do the same shit. Once you start working rent out a small ass room and live frugally and do extra shit to make cash on the side like delivering pizza, driving uber etc. Doing this you should be able to save a nice chunk of cash after 6months to two years depending on how much you save. Even if you don't go the stem route you can easily get a blue collar job and work on the side to build up your cash.
Once you have a good stash saved up like 50-100k you can start buying businesses/real estate by combining your money with investors and build up your portfolio. It's not rocket science, the hardest part is getting that initial bankroll to get started. You don't need to create the next big invention just do something modest like real estate. Use your stash to buy an apartment building, live in one and rent the rest out, build equity and use the equity to buy another bigger building, rinse and repeat. If you take the time to study business you can take a little more risk and buy struggling businesses and turn them around then sell them for more.
The shit is not hard it's just that the media makes it seem like the only way you can get rich is if you're a nerd genius and create the next Twitter/Instagram/Facebook/Apple/Tesla when that's not what most rich people do. All you do is buy assets that produce cash flows and use those flows to buy bigger cash flows.
>>1179320
What if you want to be reasonably wealthy at a relatively young age so as to attract females. Honestly growing old is my worst fear
>>1179328
It's different tertiary education system in different countries. I go to a top 100 uni despite doing average in high school
>>1179331
Reasonably wealthy for young girls just means you can buy alcohol on the weekends and you at least have your own clean place.
Literally any sales job will do it for you, just cuck yourself with 60 hour weeks and beg for more. If you aren't already skilled in something or have a friend/family member it's just not going to happen otherwise. If you start on your own it might take 5-10 years for any money at all to come in.
Take accelerated courses in data science/marketing and propose some ideas out of that to people at networking events/career fairs and local businesses. If you're shit with computers then start small in a factory
>>1179341
Time is money I guess, I just hope this economics degree is in my best interests
>>1179320
Well the context was people making +million.
>>1179331
Then go into IB or something equally mind-numbing in finance or technology.
Finance & technology are the two main career paths with quick earnings growth potential; everything else is more or less stagnant or regressing, unless you're starting your own business/income stream.
>>1179367
...I mean, you don't need millions if you're working for a government that's going to pay you ~80% of your wage for life after you hit 20 years of service.
I'd take that deal all day every day if I were an economist; earn $75k for 10+ years, moving toward $120k for the last 10 years, then retire at 50 with a wage of $100k and I don't have to actively save for any of it? I mean, sure it's mind-numbing, but there's no reason you can't put your 40/week in and then look for side income or volunteer work or something else rewarding to do with your life.
Working for the government is about as literal as wage-slavery gets, but at least they recognize how shit it is and reward you by giving you a pension and benefits for life at the end of it; most businesses these days fight you for every pay raise, try to avoid training you, force you to contribute to your own retirement fund, and then drop your entire department as soon as they have a down quarter, only to bring in a consultancy 6 months later at 2x the cost.
Maybe I'm jaded after working in the F500 for a while, but seriously, government work looks better & better each year out of school. I don't have a grad degree to follow up my undergrad econ degree though, so no way I'd ever qualify for a non-LEO division of government, and I don't feel like working for the FBI or intelligence community (spying on your child porn habits is not my idea of fulfilling work).
related
>>1176964
if you want to make it from scratch luck is a huge part. the first $500k is what makes a rich person.
you must do illegal shit or get incredibly lucky and take huge risks to have that.
>>1179387
Shit, I just realized all I need to attract girls is to APPEAR wealthy, I don't actually need to reveal my true net worth Huehuehuehuehue
A lot of it comes from timing (which is what a lot of people call "luck").
Having a good idea, and the work ethic/motivation to pursue it, is usually enough to make a living.
True wealth depends on being one of the first to have an idea after it becomes viable. Leonardo designed a helicopter, but that wasn't viable yet. You need to be one of the first on the cusp of the possible, and that means your idea and determination needs to be paired with good timing.
>>1179396
Lol no you don't. I'm at just under 200k net worth and I've just been saving for four years. Middle class.
>>1179458
It was viable, he just didn't have the immediate means of building one.
>>1179481
It wasn't viable, because it depended on technologies that wouldn't exist for centuries.
