How to get rich (Full Version)

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Termyn8or -> How to get rich (3/25/2008 10:01:16 PM)

No, I am not a poor Nigerian with millions in the bank for you. Don't even think that.

Now this is a question, but I must preface it. First I will tell you what I know as the first tenets of getting rich, and I measn doing it just about independently, no connections or under the table deals. Money above board.

What I have to say first is important to the context of the question.

First of all you need a source of income to sustain yourself and then you need side money. You will work if you don't inherit it. But it is how you work that matters. You have to have a business. You have to be the big boss, no partners. The business must succeed of course, but that comes later. So it succeeds and you see how your employees are, and you pick a successor.

You restructure the management so that you no longer have to be there. Basically this is pretty similar to training your replacement when you quit a job. And that is exactly what you do. Pay the people well, treat them right and take your cut and take some time off before the next time.

Then you go do it again. These can be existing businesses or ones that you start, but you see the goal is to make it run itself.

By the same token you could also become a professional landlord. Once a house is rented you can buy another because your income is replaced. It can go on and on. You can find competent guys that will fix the places up, and you keep them around for maintainence. So what you have to pay them once in a while.Cost of doing business.

Thing is though, not to spend your life on it. Once you get to the point where you are making money without having to be there, you made it. This is the paramount issue.

Once you don't have to be there you do it again, and again.

Now I fully understand that this is easier said than done. In the beginning it might be a good idea to just sleep at work. But that is exactly what must change.

It is a multiplication factor. Nothing more. Even if you only make $25,000 a year off of a business, if you got five or six going like that, you might be OK.

So the question is, what kind of business to go into. That is the hard part, every business has it's pitfalls and other problems. What kind of business lends itself so well to the theory ?

MANUFACTURING.

But what to manufacture ?

The service industry is the hardest to make run on it's own, perhaps restaurants but that opens up a whole new swampfull of worms. I'd like to stay away from automotive. Arts and crafts do not pay enough. What is left ?

And that has become the question. Any ideas ?

T



faerytattoodgirl -> RE: How to get rich (3/25/2008 10:03:54 PM)

how to get rich??? SIMPLE!!!!!

point a gun at someone named rich...pull trigger...

I GOT RICH!!!!!!!!!!!



GreedyTop -> RE: How to get rich (3/25/2008 10:06:16 PM)

LMAO, Faery!!



LadyEllen -> RE: How to get rich (3/26/2008 1:50:40 AM)

The whole make it-move on-make another is what I have planned. In my sector I can start the same business in multiple locations all across Europe - then maybe later on across the world. The beauty of my sector is, that with a little knowledge, a lot of contacts and almost no money, one can produce a profitable business within months, from home if you want to keep overheads down.

Although, I'm rather tempted to franchise the whole thing out - its just a case of how to do it, what it costs, what I could charge etc. for a quick result.

Manufacturing is a tough one though. Without mass production, you have to concentrate on small runs of very high value items that will return a good price and are in demand so that you have no stock lying around. Its all about cashflow. Unless you have some huge new idea (which someone will steal at some point), youre going to be in a "me too" sector with high competition, fighting for market share with more established businesses. Or, going back to the very high value items, you could try to build an exclusive brand with very high quality and rely on the brand to do your selling. On the other hand, the fastener sector has always intrigued me - making nuts, bolts, screws etc, which it seems anyone can do - low priced but sold in millions. For a quick and easy business though, get an exclusive agency for something made abroad at low price which you then sell in the US at commission - no risk, no investment, potentially huge income.

E



SirRober -> RE: How to get rich (3/26/2008 1:55:52 AM)

You could do a
taxi business low start up 100-250k.
porn store start up           unk
adult full/partial nude        unk
towing service                  atleast 250k +
dog breeder                      25-100k

The biggest part is what does the area need or can be convinced it needs around you.



pahunkboy -> RE: How to get rich (3/26/2008 3:12:19 AM)

Fine.  Lets form a corporation, and start with one property.  If you have handyman skills  it will work.  I am touring a property today with the realitor.  --the ecomony is based on servicesor goods that cant be outsourced.



Aileen1968 -> RE: How to get rich (3/26/2008 4:28:17 AM)

When is $.50 worth more than $1.00?  When someone else makes it for you.



Aneirin -> RE: How to get rich (3/26/2008 4:54:42 AM)

If one looks at succsessful people and how they got rich, there may be seen a lot of 'flying under the radar' activities going on, avoiding taxes and shrewd investments etc. So it may be said that honest people who play the game, pay their taxes and do everything by the book won't get rich.

I think basically the key to success is be dishonest, Something I dislike.





TheGorenSociety -> RE: How to get rich (3/26/2008 5:34:06 AM)

If you are thinking abut the fastener business forget it. I used to own a bolt and nut company here in the States. I sold it  to my then partner and kept a percentage  it worked  for a while, but the Chinese and now the Indians have cornered most of that market unless you have a very large base already.We used to sell to the DOD and NASA but even that was not enough to keep it here in the States.Sadly there is not  whole lot out there that you can make a decent profit easily with out the big companies dominating the market or driving you out of the market.I have seen hundreds of small to medium business close because they can no longer pay the high cost to compete with lower cost from overseas.



camille65 -> RE: How to get rich (3/26/2008 6:31:28 AM)

quote:

ORIGINAL: Aneirin

If one looks at succsessful people and how they got rich, there may be seen a lot of 'flying under the radar' activities going on, avoiding taxes and shrewd investments etc. So it may be said that honest people who play the game, pay their taxes and do everything by the book won't get rich.

I think basically the key to success is be dishonest, Something I dislike.



 I normally enjoy your posts. However you hit upon things that actually piss me off.Not every person that turns their life into wealth does it by being dishonest. Some, yes. Not all though. How are 'shrewd investments' dishonest?? My father pays more in taxes than I will ever earn in a lifetime and he has one of the strongest moral codes of anyone I have ever met.He also has donated/given away & helped financially more than I would see in several lifetimes. Please don't generalize and say all those that become wealthy are dishonest & avoid taxes. Like all generalisations there are grains of truth that apply to some but not all.



MusicalBoredom -> RE: How to get rich (3/26/2008 6:45:32 AM)

I have to agree with the OP.  I have been an entrepreneur for most of my life.  The only thing to remind people is that if you are in the business of making business then not all of them are going to work but that doesn't mean you should stop.  Think of starting businesses as being like selling shoes -- if one person doesn't but a pair you move on to the next customer, not close the shoe shop.



kittinSol -> RE: How to get rich (3/26/2008 6:59:39 AM)

I want to get rich without having to think about it [:D] .



cjan -> RE: How to get rich (3/26/2008 7:06:05 AM)

The landlord /real estate business is a good one,
but , as in anything to be succesful, you gotta do your homework (big time).

Also, a relatively low start up business that can be quite lucrative is the pizza or sandwitch shop business. You, of course, have to be in an area/location that allows for volume, but, I have a few friends that now wear pinkie rings and smoke cigars while they listen to that cash register ring. Also, a good way to get into a multi-location operation, as you suggest, OP.

One final thought, don't be too "proud" to get into something that seems, ummmm,mundane. One of my heroes is the guy who started up the "Bob's Barricades" business. You know, those thousand of street barricades on the side of road construction that we run over all the time. You think Bob gives a shit when we run them over ? Hell no ! there's plenty more where they came from and he's prolly on his boat or in St Barts and chuckles every time one get's mashed.



pissdoll -> RE: How to get rich (3/26/2008 7:39:24 AM)

A little under 80% of small businesses in the U.S. fail within the first five years.

Bottom line, don't invest any more than you can afford to lose in a venture.



LadyEllen -> RE: How to get rich (3/26/2008 7:43:44 AM)

I wonder though, from seeing some at play trying to start their own business, how many fail because the owners dont understand from the off that this isnt a job, it has to be who they are 24/7? Starting my business five years ago it was 7 days a week to get everything done - and not 8 hour days either, but all day and all evening. Even now, five years on, an 80 hour week isnt uncommon, and 60 hours is normal.

E



mzbehavin -> RE: How to get rich (3/26/2008 7:57:08 AM)

Hair salon/ Day spa. 7 years in business and just now thinking of selling it and starting over. Nice post, thanks.



Mercnbeth -> RE: How to get rich (3/26/2008 8:06:51 AM)

T,
Good luck with your plan!

You have hit upon the key to wealth - work for yourself. As I've told my kids from day 1; the only way you ever get paid what you are worth is when you own your own business. That holds true whether you become wealthy or poor as a result of your effort.

The other 'fatherly' advice I gave them. "Prepare for success and plan for failure. You'll experience both along the way.



faerytattoodgirl -> RE: How to get rich (3/26/2008 8:50:23 AM)

quote:

When is $.50 worth more than $1.00? When someone else makes it for you.


when my canadian .50C gets exchanged into an US $1.  (yes it will happen)



DesertRat -> RE: How to get rich (3/26/2008 9:27:41 AM)

quote:

...Now I fully understand that this is easier said than done...

Might work. Right now, though, I'm busy using Steve Martin's "How to Have a Million Dollars and Not Pay Taxes" plan.

Bob 



meatcleaver -> RE: How to get rich (3/26/2008 9:54:37 AM)

My brother's father-in-law said to him 'Don't work hard at earning a living, poor people do that, work hard at accumulating wealth.'



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