how do the wealthy become wealthy? what sets them apart from the other 99% of people?

Cubanista

hi,


i have always been fascinated by how that 1% become wealthy, super rich, mega rich, whatever you want to call it. you never really hear of people of everyday professions becoming super wealthy such as nurses, physios, teachers, tradesmen, or even doctors, lawyers, surgeons etc.


i am sure the latter professions can provide a great income, but it's unlikely that they ever become millionaires. the only people i read/hear about who are wealthy are businessmen/women. it is very unlikely (unless you save and invest well) that the average job with a good career will ever see a million pounds.


can you explain how the wealthy become wealthy? is there a special trick or do you just have to have the nous for becoming super rich? from an outsider looking in it seems as though there is some special formula to become wealthy, but is there? or can anyone become wealthy?


thanks,


cubanista.

tomtontom

Inheritance, and ingenuity - or both. Finding a gap in the market and exploiting it.

somethingcorporate

Luck, plus you have to speculate to accumulate and those with money (from historic reasons) have the opportunity to make more.

Brooker_Dave

Inheritance and dishonesty.

jobbingmusician

I'm not really sure this is well placed on the employment board! I don't really think mega-wealth is that strongly correlated with employment, is it? Is anyone going to come up with a strong argument against me moving this to the Arms?

fairy_lights

My employer and his wife are wealthy - they both have wealthy parents who gave them a lot of financial help to get their business off the ground. They have been able to send their children to private schools, give them financial support in their own careers and they in turn are wealthy.

getmore4less

i am sure the latter professions can provide a great income, but it's unlikely that they ever become millionaires. the only people i read/hear about who are wealthy are businessmen/women. it is very unlikely (unless you save and invest well) that the average job with a good career will ever see a million pounds.



You will be surprised how many people in these "normal jobs" are paper millionairs. just from their own saving/investing

It is very easy for a couple of teachers to acheive that if you count their pensions and a paid off house.

Pension you can multiply by 20 to get a paper value so a £20k pension is worth the equivilent of £400k in a pot.

Doctors no problem.

Wealth is generaly not about how much you earn but how much you spend.

With a 40year earnings life, you would need to invest around £500pm* to reach 1/2 million with a low 3.5% return, achieve 6% return you will have your £1m.

(*todays money returns over inflation)

agrinnall

jobbingmusician wrote: »

I'm not really sure this is well placed on the employment board! I don't really think mega-wealth is that strongly correlated with employment, is it? Is anyone going to come up with a strong argument against me moving this to the Arms?

No, sounds like a good plan to me, I only wish other board guides felt the same way when someone starts a thread that is basically a rant with no question or useful information to pass on.

tomtontom

jobbingmusician wrote: »

I'm not really sure this is well placed on the employment board! I don't really think mega-wealth is that strongly correlated with employment, is it? Is anyone going to come up with a strong argument against me moving this to the Arms?

Is it doing any harm? There are plenty of threads on here asking how to make the most money, about self employment, climbing the career ladder and so on. I'm not aware that the board has financial limits.

Sharon87

My former housemate has it in her sights to become a millionaire, she's very determined and knows how she wants to do that - property. When she lived here she was working for an estate agents so knows the market.

I think for the self made millionaires determination and a good plan is key.

I also think dishonesty can play a part in some of the super wealthy! That and being stingy!

1940sGal

Look at someone like Alan Sugar, for example. Started with nothing and used his talents to create a lot more.

You've got to know what you're good at. Know your talents & know how to make them work for you. I imagine everyone who ever made a million is a good salesman in some way or other.