That won’t work, because you see… When you are born rich, your parents know people who can make any crime go away. When you are not born rich, you don’t get that privilege and you will get made an example.
Why not simply try your best to be born into a rich family?
That was my first mistake that I still haven’t financially recovered from.
I’m in my 40s now. Is it too late to do this?
How do you feel about reincarnation ?
Not too good actually.
You can look into adoption. I’m sure there are plenty of billionaires who are looking to adopt a 40 year old boy (or a girl)
I don’t know how common this was elsewhere, but in feudal Japan it was common for powerful families without a son to adopt an adult son who could carry on their family name and titles.
Unfortunately, these days the billionaires seem to be fond of pumping out dozens of children with different women, so they’re not likely to need a son to carry on the family name.
I can’t confirm this. They all seem to like little children.
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The issue is that coffee is clearly too cheap and should be more expensive when scaled to your total price of housing.
Exactly, you need to do four things in order to become rich:
- Do NOT pay taxes; taxes are only for poor people; be proactive.
- Use your tax money to
bribelobby politicians into help you become richer. - Abuse your employees and your providers; squeeze them like you were a baddie from Dune.
- Be a pillar of the community, which means paying a PR agency to boost your image.
Or at least that’s what I learned from the rich.
That’s not how you become rich-er. To become rich in the first place, you need to try real hard to be born rich, or be one of the four people per generation that get stupid lucky.
The important part is once you’re rich, claim it was due hard work and perseverance only.
And Cuban is fond of saying that anyone building wealth from nothing who tells you luck wasn’t involved is lying.
There are 13 million Cubans which one said this?
The Cuban duhhh, we all know that Cuban.
Lol kidding aside, if you didn’t know him Mark Cuban is a real person, he’s a billionaire or at least super super rich.
You’re way of base here.
It’s a talking cigar.
Cuban is an idiot as well to be fair. Even if he was being based here.
Pretty sure that the 3 comma club dude in Silicon Valley is based on Cuban.
Making coffee at home does save you quite a lot if you drink even a decent amount. Won’t make you a millionaire though.
This is ridiculously insufficient to become rich!
I make my own coffee at home, AND I bake my bread myself!
Beware the next billionaiiiiiire!!!
Getting a little interest free loan of a few million from your family also helps.
Making coffee at home while I collect a paycheck from one of seven different no-show jobs.
Rather than agreeing to lower pay and poor working conditions, why not demand better by using your father’s influence as the head of a top fortune company to simply buy out your workplace and skim the payroll of your fellow workers into your own account.
Yeah, I never thought of doing that. Now i know what I’ve been doing wrong. Your coworkers hate this one simple trick to becoming a millionaire.
There’s a video I like that talks about how pointless it is to cut minor expenses at the cost of your mental health. If you instead decide to invest an extra 1% a year once a year you will make hundreds of thousands over your life versus saving $2000 a year.
It’s certainly possible to earn yourself into being a millionaire without fraud. You need more than a million dollars just to retire in the US.
Billionaires are another story entirely.
It’s certainly possible to become a millionaire without committing any fraud - you just have to start as a billionaire first.
If you are given/get/earn $51,000 and you invest that at a 7% return when you are 21 and never save a single extra penny, at age 65 you will have $1,001,051.44.
I’m not suggesting everyone can come up with $51k at 21. This is just illustrating that the path to being a millionaire is can be more about how early you start saving rather that how much. If you start saving much later, you have to save much MUCH more to reach $1m.
More realistic example for most:
At age 18 start investing 200 per month at 8% return. At age 63 you have over million dollars. If your parents invested the 200/month for you for the first 18 years you were alive, you’ll be a millionaire at age 45.
I’ve always thought that we should offer some kind of a credit to parents to invest in a retirement account for their kids. Nothing huge, but something that will get six decades of compound interest. Not only would that help all future generations to retire in an economically sustainable way, but it should also be a slow and steady boost to the economy.
Unfortunately, that would be unlikely to happen in the best of times. The people who would benefit most won’t be voters for years, and won’t actually reap the benefits until the politicians passing the law are all long dead. Given the dystopian nightmare timeline we’re in now, I’d say the odds of a program like that being created are slightly lower than the odds of us trying to fund social security by invading Ireland to find their leprechaun gold.
I’ve always thought that we should offer some kind of a credit to parents to invest in a retirement account for their kids.
Parents could do savings, but in the USA a “retirement account” is usally defined by an IRA or 401k. For an IRA, there’s actually no age restriction, but the person must have earned income. I suppose this could even be a 12 year old babysitting or lawn mowing, but the 12 year old would have to file a tax return (but they wouldn’t be charged any tax for their low income).
Nothing huge, but something that will get six decades of compound interest. Not only would that help all future generations to retire in an economically sustainable way, but it should also be a slow and steady boost to the economy.
Starting in 2024, you could rollover unused funds in 529 accounts (college savings accounts) into IRAs (retirement accounts) without any penalty. So I suppose this would check the box with what you’re asking for. Note: limit on this is up to $35k.
Unfortunately, that would be unlikely to happen in the best of times. The people who would benefit most won’t be voters for years, and won’t actually reap the benefits until the politicians passing the law are all long dead. Given the dystopian nightmare timeline we’re in now, I’d say the odds of a program like that being created are slightly lower than the odds of us trying to fund social security by invading Ireland to find their leprechaun gold.
Well beside the 529 rollover to IRA, there was a great problem called myRA which was a baby Roth IRA with no fees, no minimum deposit to open it, a guaranteed return (backed by the US Gov), and contributions could be as little as $5.
"The myRA was a “new type of saving bond that we can set up without legislation”[1] guaranteed to have a decent return, by holding an “add on” Treasury security in a Roth IRA, with contributions after taxes and lifetime growth to be tax free. The maximum annual contribution is $5,500, including any Roth and Traditional IRA contributions.[17] When a myRA account reaches either $15,000 in value or 30 years of age (whichever comes first), it will roll into a private-sector retirement account. The initial investment can be as low as $25, and one can make periodic investments for as little as $5 every time one gets paid.[18] "
It was closed down in 2018 because so few Americans used it. source
It was closed down in 2018 because so few Americans used it
I was getting excited up until this point. It’s too late for my kids now but I wish we knew about this
Edit: oh, it was only there for a few years, and we were having a medical crisis at the time. We wouldn’t have been paying attention
The difference between my proposed policy and the ones you are discussing is that I would suggest that there should be some amount of funding for it coming from the government. I wouldn’t object to parents being able to invest some additional money into the account, but I don’t think it solves the problem if parents are the only ones contributing. Kids already put a strain on finances, and most people aren’t going to invest money they need today in an account that won’t be touched for more than half a century. Lower income families in particular would get the most benefit from such a program and would be the least likely to use it unless it was funded by the government.
I wouldn’t even want to make this an optional program, I’d say the account should be created automatically and parents can gain access in order add money of their own or possibly to adjust the investments among a defined set of options. When a kid comes of age they would be able to claim the account, and they should be able to contribute to it with a withholding from their paycheck.
How many banks in the US offer that rate?
How many banks in the US offer that rate?
If you’re looking at parking your money in a bank for any appreciable return, you’re going to be disappointed. 7% is a moderately conservative expected return rate especially given a 45 year time horizon. The boring S&P 500 has a historical rate of return of 9% to 11%.
I’m not, I’m British, I think the highest bank interest rate here available to anyone is 4, maybe just under 5. I was just after comparisons. Thank you though.
Bank interest rates will never be a path to wealth. At most they help your money stay even with inflation, but usually not even that. This is a reliable low risk way to park money that might npbe needed on short notice, such as an emergency fund
investments might make you wealthy, over a very long time, assuming prudent choices. However usually risk is inversely proportional to reward: you can also lose a lot very fast, or you might only make middlemen wealthy. Investing is a huge topic area with all sorts of sometimes conflicting advice.
However looking historically there has never been a, was it decade, where the SP500 stock index lost money. The most reliable way for most people to raise their status might be:
- start with your first job and put something aside
- continue putting something aside for your working life
- invest In an index fund of a Broad market stock index, such as SP500 or FTSE
- leave it there, rain and shine. Timing doesn’t work but time does
- retire a millionaire
Your 4% and 5% across the pond are about the same here stateside for what are considered “high yield” savings accounts (government protected) or money market accounts (private-based protection). These rates are largely tied to US Treasury Bill rates which echo what you’re seeing on your side too.
I don’t have enough up votes for this.
Maybe if you skipped the avocado toast every now and then you could afford to pull some upvotes from your bootstraps or something
As someone who doesn’t make coffee at home, I guess it’s the combination of both
Downvoting because of the blue checkmark.
Sorry for being so pedantic, but I don’t want to support Twitter’s pay-for-engagement system, or anything about Twitter at all, even indirectly through a screenshot.
Keep in mind this tweet is probably old enough to rent a car.
In a few years it should be able to drink.
Don’t most rental agencies use 25 as the min. age to rent? Or is that just Canada?
They’ll let you rent one at 21 in the US but it’s more expensive with insurance up until age 25.
Come to think of it, it’s probably the only sane thing about any kind of insurance…
Here’s a few more from today that you forgot to lecture:
https://lemmy.world/post/25716307
That screenshot is so old, it predates the Musk takeover
Downvoting because of the blue checkmark.
Sorry for being so pedantic, but I don’t want to support Twitter’s pay-for-engagement system, or anything about Twitter at all, even indirectly through a screenshot.
Downvoting because of asinine slacktivism. It’s a screenshot posted in a community that’s almost entirely screenshots of tweets. Get a grip.
You’re such a activist!
