Making it big..?

lessonlearned

motorguy wrote: »

And did your aunt start out wanting to be rich? Was that her aim?

I would say her aim initially was to put food on her table, then to be successful, and at some point after that she was "rich"

Yes she did want to be rich. She didn't want to just survive and scrape by.

When her husband died she was thrown onto the mercy of the state who abandoned her - this was pre WW2.

And - just like Scarlet O'Hara in Gone With the Wind - she vowed she would get rich and never be poor again…….

She deliberately set out to get rich.

motorguy

lessonlearned wrote: »

For some becoming wealthy is a by product of success but for others becoming wealthy is their main objective.

I'm not quite sure why you find this distasteful or somehow "less worthy".

I've known several people who made being wealthy their primary goal. They made up their minds when they were quite young that this is what they wanted to achieve.

To begin with none of them actually knew how they were going to achieve their goals, they were all in their early teens when they began their journeys - they just knew what they wanted. They just knew that they didn't want to be poor, they had tried that and didn't care for it much.

So having made up their minds what they wanted to achieve they then set about ways to to achieve that end.

One of them was actually extremely dyslexic but that didn't stop him from building up a plant hire business. He had no great passion for JCB's or road sweeping machines :rotfl: He just spotted a gap in the market and went for it because he saw it as a way of making money.

Just like Arnie who broke down his primary goal of becoming a movie star into manageable steps, these young people looked at their final destination and then mapped out how to get there.

Obviously it's not the way you work or think but it does work for some people.

Some people achieve wealth because they work hard at becoming successful in their chosen field, e.g. The Beatles, Bill Gates, David Beckham and then, as you say, the riches follow.

For some people achieving wealth is their motivation. They get the money under their belt first and then do what they really want by either changing their career - like the two ex city bankers I mentioned who made their pile and then went and did something completely different or by branching out into a different business.

One guy I know did exactly this - made some money first and then, once he was happy he had enough, he became a full time artist. As he ruefully admits he wouldn't enjoy his current lifestyle if he had to rely on selling his paintings;).

I don't think it matters much either way. As the old saying goes - there's more than one way to skin a cat.

My only caveat is that money is made legally (no drug dealers need apply;), and without trampling over everyone to get it.

Fair comment and well explained. :beer:

alex_p

motorguy wrote: »

Is it really??

Setting yourself unrealistic expectations based on fantasy is setting yourself up to fail.

Setting your aspirations to be pure financially based is not a way to be happy in life.

Why not? If you have low expectations - they will likely materialise. I don't see any harm in aiming high. What's the worst that will happen? You will fail? So what?! No harm in trying. If you don't try anything then nothing will happen - that I can guarantee!

However I fully agree with your point about having the right goals which are not purely monetary. I prefer the sort of goals like "I'd like to run my own business and be financially independent" for example to "I want to make a million pounds"! The former is a more meaninful goal.

Now I'm not advocating OP quits his job or anything rash like that but it's good to have challenging goals in life to keep you motivated. Just have to make sure those goals are the right ones.

I would actually advocate that OP keeps growing his career, getting more experience and at the same time learns more about managing money - making his surplus money work for him!

swizzy

Hello!

First and foremost, thank you Lessonslearned and Motorguy for your major contribution to this thread. It means a lot to me!

Motorguy, I completely understand your position and what you mean. By all means, what you are saying is right and your sensible and well-balanced approach sets a good example. I am genuinely happy for your son to be in his position, especially at this age. I also agree that meaningful goals are important. People do not get rich, because they make money. They are rich because they do something that satisfies others' needs and something that others are willing to pay for.

motorguy wrote:

Perhaps why i'm being a little over hash on the O/P is because hes shown nothing that makes me think hes of the opinion that he deserves the millionaire lifestyle because he thinks it would suit him.

To be honest - do I have to show it?

In the first post, I have explained that I did not want to sound like a spoiled brat. I have skipped the meaning of life, my motivations and aspirations. This thread is about getting closer to wealth, not about the meaning of my life.

I hate saying that, but every sensible target I had set myself to achieve, I have managed to achieve. This is both in professional and personal life. I am asking then, why not go for more? Why not understand successful people's psychology? Why not understand logic of investment opportunities, reduce risk and go for it?

It's not about throwing away fulfillment of life - it is about making life better. I do put happiness and fulfillment above money. However, if I have time, drive and motivation to make it better by adding money - why not? It's about sensibly making it happen as I believe it is possible, and people do not do it because they are lucky.

Lessonslearned,
Thank you for your support. I just couldn't agree more, and I will get back to your posts every now and then. They resemble my approach more than Motorguy's, however both of you are right, and I thank you both for your advice.

Back to the thread, folks!

I have had a look at Ramit Sethi's materials as suggested earlier. Thanks! Even though he is just another I-will-make-your-life-better author next to Tim Ferriss, I feel different this time. I think that for the first time in my life, I am in a mindset to make it all real.

I spoke to a few trusted people about my goal. My conclusions are:

1. Excel in my career to create a solid base and be employable.

I have actually spoken with a few high-level people in my company who are my mentors/coaches, and for a time being, changed the purpose of my coaching. Instead of personal development, we'll focus on 'fast-track to senior management' and development of critical skills.

This is a no-brainer, actually.. It doesn't get me to my goal in the timescales I am aiming for, though. Therefore:

2. Establish a 2nd income stream by the end of this year.

Ideally, it will be my own small business, and at this stage, I want it to bring more than £1/month. You've got to start somewhere, don't you? I have concluded it is easier to turn £200 into £400 rather than £0 into £200.

3. Just do... something! (but wisely)

I'm getting to a point in which I will just enter the property market. With contingency funds in place and day-to-day necessities secured, if I don't make it, at least I tried. But I'll do all I can to increase the odds of being successful.

4. Continue to increase knowledge about success

Biographies are my hobby, and I will definitely read Arnie's. I am working my way through Wolf of Wall Street now. Even though Jordan Belfort's aspirations were kind of flat, he had more balls than I do - see point 3.

This is to read more about successful people, but also to get to know successful people personally. I find it more stimulating.

:j

lessonlearned

Hi Swizzle

So glad to see you back.

Re property.

I have over 30 years experience in the property business, first as an estate agent, then a letting agent, then I worked for a series of new build developers, and finally starting my own company selling property overseas.

(I've definitely completed my 10,000 hours of training and practice).

Then my husband became ill and I gave it all up to become his carer. Now he is in a nursing home and I am once again free to indulge my "passion for property" - How I hate that phrase.

I am now officially retired, however, in reality I have no intention of retiring as such. Why retire when work is so much fun. If you love what you do then it's not a job it's just a wonderful hobby that you get paid for.

So rather than reach for the carpet slippers I have set up my own fledgling property business.

I've been on site today and I just love it. Rolling up my sleeves and getting stuck in is my idea of heaven. Happy as a pig in muck as they say round my neck of the woods.

I am essentially the brains of the operation and my sons provide the muscles. I am teaching and guiding them and grooming them to take over the business in due course.

I am project manager, I organise the trades, source materials, design layouts, choose the fixtures and fittings, manage the budgets, make the tea and bacon butties.

I am, in effect, the general dogsbody.

We have two projects on the go at the moment and today I viewed what may become our third.

My advice.

Before you plunge into buying your first property do your homework. There are some excellent books, and even some of the TV programmes can help you learn a few basics.

I can recommend the lovely Sarah Beeney, she is grounded and full of useful commonsense advice and tips. She's written several books.

One of my favourite property guys is Gary McCausland. He is another "poor boy who done good". He knows his stuff, with a degree and career in Estate Management before he launched his own company. Yes he's another one who has obeyed the 10,000 hour rule.

Read his book entitled "How to become a Property Millionaire" and take a look at his company's website - https://www.richlandgroup.co.uk They've done some fabulous projects.

Your 4 step plan sounds good - well balanced and achievable.

I'm hoping to see Wolf of Wall Street in the next couple of days - if I can sit still that long without seizing up. :rotfl:

lessonlearned

Swizzy

For some general reading about money management and wealth creation I can recommend the following books.

The Rules of Wealth by Richard Templar

The Millionaire Next Door -Thomas Stanley & William Danko
A bit wordy and they do go on at length about the American Car Industry but a good book - American but the basic principles still apply in the UK.

A Pocketful of Holes and Dreams - Jeff Pearce

The Happiness Advantage - Shawn Achor
Not about money as such but how psychology works in relation to business.

None of these are "Happy Clappy, Just Think Rich and You'll Be Rich" twaddle. No affirmations, chanting at the mirror or silly exercises - just good solid practical advice.

Right that's me done - time for a nightcap.:rotfl:

Edited to provide the names of the authors.

I'm good to you…..

swizzy

Thanks, lessonlearned.

I have already red Templar's Rules. Along his Rules of Work I will check out the other titles.

This thread has provided me with a huge base to start working from. Keep your fingers crossed!

lessonlearned wrote:

I'm good to you…..

Thank you and apologies I had misspelt your name, haha

lessonlearned

swizzy wrote: »

Thank you and apologies I had misspelt your name, haha

Hadn't noticed:rotfl:

Keep us appraised of your progress.