No. You start by maximizing your corporate benefits. Then you focus on spending (much) less than you earn. Then you move the money you saved into compounding investments. Then you maximized your tax advantaged accounts. Then you use leverage to further accelerate your savings. Then you develop an exit strategy. Rinse and repeat prior steps until exit criteria are met.
Chasing for money rarely is successful, though. Inheriting a fortune is a way which worked for many of the rich, though. For some it was work on a good idea and producing a good product.
Most rich people in the US didn't inherit much money, they had to build it. A few prominent super wealthy did, but for the most part it is create it yourself.
A good education in a good field is a good start. If you are reading this you probably already have that. All it takes is living like you are poor, and investing the difference.
Some years ago my wife was talking about a poor family we know: while looking their finacnces over realised if you subtract 401k (which they don't have) and house payment (my house was a lot nicer, though both of us should have it paid for in 30 years) I actually have less take home pay to live on in a month. Of course that difference means a nicer house to live in, and a very comfortable retirement plan.
deelowe|3 years ago
johannes1234321|3 years ago
bluGill|3 years ago
bluGill|3 years ago
Some years ago my wife was talking about a poor family we know: while looking their finacnces over realised if you subtract 401k (which they don't have) and house payment (my house was a lot nicer, though both of us should have it paid for in 30 years) I actually have less take home pay to live on in a month. Of course that difference means a nicer house to live in, and a very comfortable retirement plan.
kragen|3 years ago