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Wealth & Economics > What do you need to get rich?

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message 1: by Nik (new)

Nik Krasno | 13492 comments The notorious 'hard work' might be essential, if you didn't inherit fortunes, but this article stresses the 'luck' factor in William Gates context:
There are millions of people working very hard every day and getting nowhere on the personal estate chart, lots of smart guys stopped by a glass ceiling, lots of entrepreneur types going bankrupt, dudes with guts and instincts applying them elsewhere.
So what combination is needed to make it big? Is it always within our power or favorable 'circumstances' are a required tailwind?

message 2: by Joanna (new)

Joanna Elm | 145 comments Absolutely agree 100 % Luck is the right answer. Along with "being in the right place at the right time. " Or as my husband often says: "timing isn't everything, it's the only thing." But that is assuming you have drive and a modicum of talent.

message 3: by Nik (new)

Nik Krasno | 13492 comments The link above offers an interesting insight into Gates' success. So can anyone become rich or it'll be dependent on contingencies?

message 4: by Barbara (new)

Barbara | 156 comments There was a book that came out about 20 years ago - saw it mentioned a lot lately and even heard a man on the radio mention it - called "The Millionaire Next Door." It talked about the habits and priorities of people who had average jobs, not from wealthy families, who became millionaires because of their work ethic and thrifty habits. Most of them lived in modest neighborhoods, always bought used cars, were careful about their spending habits.
I will say that technology has blurred the line between want and need - it used to be you had a land line for communication and a TV for entertainment. Now people feel they need the latest iPhone, a tablet, laptop, need to pay for subscription services for news, device protection and entertainment which adds a lot of spending and strains a budget. It also used to be that for health insurance you had something called "major medical" that paid for hospitalization, emergencies, critical issues, but you paid out of pocket for routine checkups, shots, prescriptions etc - now health plans cover everything but cost a lot more.

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