People who earn a big salary (over $150k), what do you do?
#81
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.  

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!

I'll just say this: market forces are a fact of life, regardless of ideology and political system. Speaking economically and not politically, Marx was a classical economist, too, and knew that as well as Smith did, even if his modern followers are oblivious.

"Capitalism" is a set of rules to play in the markets by and it has the word capital right in it. You play by accumulating capital, even if it's just shares of stock.

What a lot of people are mistakenly doing is playing a different game, "Consumerism", and not realizing that even though they're participating in markets, they aren't playing the same game. There is no win condition in Consumerism.
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#82
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!
On that topic Blitzscaling is a good book
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#83
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.  

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!

In my opinion, it's not about a certain amount of money or a larger amount of money, but rather living of a life with purpose. If that lifestyle involves a business, the focus shouldn't be on an arbitrary financial goal, but rather solving a problem that people need solving.

When you provide value, the money will follow. So the best (non-metric based) goal is to always be finding ways to serve people's needs better.
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#84
(09-06-2020, 02:23 AM)Suits Wrote:
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.  

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!

In my opinion, it's not about a certain amount of money or a larger amount of money, but rather living of a life with purpose. If that lifestyle involves a business, the focus shouldn't be on an arbitrary financial goal, but rather solving a problem that people need solving.

When you provide value, the money will follow. So the best (non-metric based) goal is to always be finding ways to serve people's needs better.

This is completely correct. Focus on solving problems and helping people.

An example of what not to do is anything relating to online courses / amazon / forex / crypto / etc where you are providing nothing and merely focusing on getting money.

May get haters for this comment, but if anyone here makes 150k+ consistently with crypto forex etc I'd love to hear what you do. People claiming it are usually selling courses.
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#85
(09-06-2020, 10:31 AM)MGFSU Wrote:
(09-06-2020, 02:23 AM)Suits Wrote:
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.  

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!

In my opinion, it's not about a certain amount of money or a larger amount of money, but rather living of a life with purpose. If that lifestyle involves a business, the focus shouldn't be on an arbitrary financial goal, but rather solving a problem that people need solving.

When you provide value, the money will follow. So the best (non-metric based) goal is to always be finding ways to serve people's needs better.

This is completely correct. Focus on solving problems and helping people.

An example of what not to do is anything relating to online courses / amazon / forex / crypto / etc where you are providing nothing and merely focusing on getting money.

May get haters for this comment, but if anyone here makes 150k+ consistently with crypto forex etc I'd love to hear what you do. People claiming it are usually selling courses.

I agree with the "providing value" part.

Trading (crypto, forex, etc.) is one of the very few ways to make money without providing any value to the economy or society.

With online courses and Amazon I disagree. You can provide value through an Amazon business if you sell good products. You can also provide value selling courses if your courses are really good and help people change their lives to the better.
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#86
I'm going to have to somewhat disagree with the "providing value" part.

I know that gets passed around in entrepreneurship circles a lot. But fact is richest members of society don't provide the most value. There's a disproportionate "reward" for those with capital in a position to lend money and invest.

One good example of this is engineers. They're the prime drivers of technological innovation (and thereby economic growth). But they're not anywhere near the richest segment of the population. Most don't have good business sense and they get stuck in the wage slave rut. Or if they start a business they often get eaten alive by financiers.

Other countless examples I could give.

It does make me lean more socialist as I get older.
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#87
(09-06-2020, 02:16 PM)floridaman Wrote: I know that gets passed around in entrepreneurship circles a lot. But fact is richest members of society don't provide the most value. There's a disproportionate "reward" for those with capital in a position to lend money and invest.

This guy gets it.
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#88
In before the socialism versus capitalism POLITICS debate starts

[Image: d11viw2-1c36fd91-6b62-4883-a166-38200528...nT5Gs21YkU]
If you haven't met anyone, I'll assume you're lying (h/t to Teedub from the old forum)
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#89
(09-06-2020, 02:16 PM)floridaman Wrote: I know that gets passed around in entrepreneurship circles a lot. But fact is richest members of society don't provide the most value. There's a disproportionate "reward" for those with capital in a position to lend money and invest.

That's true, but how do you get into that position if you weren't born into the right family? Also, you could argue that the ability to lend large sums of money is a form of providing value.

Engineers don't provide value directly to the marketplace. They primarily provide value to their employer who then provides the market with value.
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#90
(09-06-2020, 03:59 PM)Bateman Wrote:
(09-06-2020, 02:16 PM)floridaman Wrote: I know that gets passed around in entrepreneurship circles a lot. But fact is richest members of society don't provide the most value. There's a disproportionate "reward" for those with capital in a position to lend money and invest.

That's true, but how do you get into that position if you weren't born into the right family? 

That's the magic question isnt it? Most people spend their wholes lives like hamsters in a wheel trying to get to that position. 
Quote:Also, you could argue that the ability to lend large sums of money is a form of providing value.

You could argue that. But my point is there's this general idea that the wealthiest people are the greatest problem solvers, most creative,etc. And that's not the case. Most of the investor class doesn't even do their own due diligence on their investments lol. They outsource that too.

(09-06-2020, 03:56 PM)AirWaves Wrote: In before the socialism versus capitalism POLITICS debate starts

[Image: d11viw2-1c36fd91-6b62-4883-a166-38200528...nT5Gs21YkU]

That's actually an economics debate lol. 

But I'm not interested in it either. I think both models in their pure form have proven to be flawed.
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#91
^^ My post was relating to how to become wealthy from scratch. Obviously wealth effortlessly breeds more wealth. Everybody knows this.

Bateman covered the point about engineers too. An engineer who also starts his own business has enormous potential for wealth by solving problems in the world. This is what I did, after declining job offers post university.
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#92
(09-06-2020, 02:23 AM)Suits Wrote:
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.  

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!

In my opinion, it's not about a certain amount of money or a larger amount of money, but rather living of a life with purpose. If that lifestyle involves a business, the focus shouldn't be on an arbitrary financial goal, but rather solving a problem that people need solving.

When you provide value, the money will follow. So the best (non-metric based) goal is to always be finding ways to serve people's needs better.

Fair enough. That makes sense, although I also disagree with you about serving people's needs better. My businesses are average, mainstream middle of the road quality in every sense except marketing, sales and me pushing every day to grow and make more money. Drive makes money if you ask me, not a desire to offer the perfect solution to a problem. History is littered with "better solutions" going by the wayside to more aggressive inferior solutions.

A life with purpose to me means supercars, models and knowing my family will be provided for for generations.

Each to their own I suppose.
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#93
(09-08-2020, 11:19 AM)CrashBangWallop Wrote:
(09-06-2020, 02:23 AM)Suits Wrote:
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.  

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!

In my opinion, it's not about a certain amount of money or a larger amount of money, but rather living of a life with purpose. If that lifestyle involves a business, the focus shouldn't be on an arbitrary financial goal, but rather solving a problem that people need solving.

When you provide value, the money will follow. So the best (non-metric based) goal is to always be finding ways to serve people's needs better.

Fair enough. That makes sense, although I also disagree with you about serving people's needs better. My businesses are average, mainstream middle of the road quality in every sense except marketing, sales and me pushing every day to grow and make more money. Drive makes money if you ask me, not a desire to offer the perfect solution to a problem. History is littered with "better solutions" going by the wayside to more aggressive inferior solutions.

Let's not overcomplicate this. Sometimes the need you are serving is simply providing people an opportunity to spend money in a way that gives them momentary pleasure.

(09-08-2020, 11:19 AM)CrashBangWallop Wrote: A life with purpose to me means supercars, models and knowing my family will be provided for for generations.

Each to their own I suppose.

Do you have all of those things? If not, how do you know that having them will give you purpose? Purpose is usually found in the ascent, not the being at the top.
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#94
Average service with average prices is still solving a problem for people. That's why they spend money with you. And chose you over the competition.

Even something simple like a local laundrette or cocktail bar is solving a problem (need to clean clothes, need to have good time). Nobody is saying go and be Elon Musk.
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#95
I recently met a financially successful person and I asked him what career path to go down. The advice he gave me is that nothing comes easy and the "smart" part is maybe 10%. Then it's 70% hard work and passion, and 20% pure luck. Basically, he said any field, within reason, is a good way to earn a living. I think we all know which fields are good (science, finance, coding, skilled trades) and which aren't (art, social work, theology, childcare, unskilled work).

Highest-Earning Majors

Mining and Mineral Engineering
Metallurgical Engineering
Mechanical Engineering
Naval Architecture and Marine Engineering
Electrical Engineering
Chemical Engineering
Aerospace Engineering
Mathematics and Computer Sciences
Pharmacy and Pharmaceutical Sciences and Administration
Petroleum Engineering


Lowest-Earning Majors

Health and Medical Preparatory Programs
Visual and Performing Arts
Communication-Disorders Sciences and Services
Studio Arts
Drama and Theater Arts
Social Work
Human Services and Community Organizations
Theology and Religious Vocations
Early-Childhood Education
Counseling and Psychology

After taking his advice, I re-enrolled in college and am working towards a useful degree, one that can be used for a career abroad and that will pay well. I'll keep his advice in mind: nothing comes easy and the "smart" part is maybe 10%. Then it's 70% hard work and passion, and 20% pure luck. Now, enough with the internet searching and back to what I have control over and what is most likely to get me there- hard work.
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#96
(09-08-2020, 04:04 PM)Blake2 Wrote: The advice he gave me is that nothing comes easy and the "smart" part is maybe 10%. Then it's 70% hard work and passion, and 20% pure luck.
I have heard this cliche before, but that has not been my experience as an early-retired, high earner.
The smart part is about 75% and involves strategic choices like what to study, which opportunities to reject and which to take, emotional intelligence, workplace politics, networking, etc.
Those who work hard and with a passion don't necessarily succeed beyond average.  There are cooks who work hard and with a passion, but they stay cooks all their lives. This is about 20%
There is really no such thing as luck because it is really the conflation of preparedness, opportunity, and action.  This is about 5%
There are no hard and fast rules with the percentages because it varies according to each person, his industry, his location, his appearance, etc.  But don't rule out intelligence as a huge factor in getting in and getting ahead while other hard workers languish.
Favorite Countries:  Finland, Latvia, Ukraine, Serbia, Montenegro, Georgia, Japan, Argentina.

Countries For Future Travel:  Norway, Sweden, Uruguay, Paraguay, Bosnia, Macedonia, Moldova, Uzbekistan.
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#97
As of 2020, there is no way to increase your intelligence so no point worrying about it.

And a hard working average intelligence guy can earn a lot more than a lazy smart guy.

A childhood friend went into wielding at a young age, saved up money and opened a business. Not super smart, but he makes good money.

But agreed, gotta pick a decent profession to get into.
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#98
All the people I know who are earning north of $150K are very hardworking and intelligent.

They all know how to network, and have highly specialised domain knowledge or niche skills (or a combination of both). Picking a good profession is only the beginning.
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#99
(09-08-2020, 01:51 PM)Suits Wrote:
(09-08-2020, 11:19 AM)CrashBangWallop Wrote:
(09-06-2020, 02:23 AM)Suits Wrote:
(09-05-2020, 04:26 PM)CrashBangWallop Wrote: The biggest mistake that people can make after they decide to start a business is not thinking big enough.  

Fuck all this £/$100/150/200k and I've made it shit.

Seriously.

Think bigger!

In my opinion, it's not about a certain amount of money or a larger amount of money, but rather living of a life with purpose. If that lifestyle involves a business, the focus shouldn't be on an arbitrary financial goal, but rather solving a problem that people need solving.

When you provide value, the money will follow. So the best (non-metric based) goal is to always be finding ways to serve people's needs better.

Fair enough. That makes sense, although I also disagree with you about serving people's needs better. My businesses are average, mainstream middle of the road quality in every sense except marketing, sales and me pushing every day to grow and make more money. Drive makes money if you ask me, not a desire to offer the perfect solution to a problem. History is littered with "better solutions" going by the wayside to more aggressive inferior solutions.

Let's not overcomplicate this. Sometimes the need you are serving is simply providing people an opportunity to spend money in a way that gives them momentary pleasure.

(09-08-2020, 11:19 AM)CrashBangWallop Wrote: A life with purpose to me means supercars, models and knowing my family will be provided for for generations.

Each to their own I suppose.

Do you have all of those things? If not, how do you know that having them will give you purpose? Purpose is usually found in the ascent, not the being at the top.

Yes I do.
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Agree that "working smart" is a huge part of it. Work smart. Obsess over making something happen. Leverage your time where you can.

I have seen so many people fail, or successes come crashing down, because of consistent poor decision making.

Often, "working smart" means understanding and accepting that you aren't skilled in certain areas, and finding other people to help. I've seen ego destroy/hinder people more than anything else. People think they can do it all themselves.
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