Self Made Millionaires Reveal How They Got Rich (r/AskReddit Top Posts | Reddit Stories)

serious rich people of Reddit who were not born rich how did you get rich I was an early employee of a dot-com company that eventually went public had no idea about stock options really I was in my 20s but one day I realized I was worth millions on paper and was one of the lucky few who was able to vest in cash out a lot of dollar sign dollar sign dollar sign before the various collapses changed my life same here I wish I could take credit for great planning but I also sort of lucked into it I didn't have a clue what stock options were and how much they could be worth moved almost all of it out of the market just before the crash again not my super fiscal abilities just dumb luck somebody must be looking out for me I became rich by my country's standards by starting off as an employee saving a little money each month until I was able to buy myself some tools started my own business welding 12 - 14 hours a day seven strokes seven 365 stroke 365 always took care so that I spent as little as possible and it my best as a welder becoming better and better over the years I did a lot of reading taking courses for everything from metallurgy to logistics and planning and talked as much as I could to advertise my business never refused a job unless it wasn't profitable it was a hard path to take but so damn worth it my husband and I dropped out of college and got ourselves into big pharma companies we then went to night school three and got our degrees we both got promoted every few years and as we climbed the corporate ladder we never changed our standard of living I wouldn't say we're super rich but we'll never have to worry about money sidenote my husband was often teased at the office for being the only executive not driving a high-end car in the exact parking lot there were BMWs et Cie and my husband's pickup truck moved up to middle management in the corporate and nonprofit worlds learned the ropes of funding and capital started a company with some other people and now make a bunch the trick to being rich despite making anywhere from 500k to 750 K a year I live in a 150 K country house drive use Toyota's and married a woman who also knocks down a hefty salary TL DR get stupidly lucky at the job lotto and so lotto and don't spend any money the trick is networking and never burning bridges make 215 ka through constant networking and making friends people enjoy talking about themselves so encourage them to talk they'll become your best buddies in the industry and then continue on their coattails went from 60 K to 215 K in three years be friendly provide honest feedback and express to those above you that your success is marked by their success so help those above you to help yourself move up by not spending money on unnecessary sheet my friends tend to throw money around at everything that comes their way I was with them Friday night at an event and someone was trying to get us to buy something they said to me you're rich you buy it I said no thanks the reason I am rich is because I don't buy stuff like this besides the essential I tend to put money into things that I'll make me more money I am worth well over a million dollars but I Drive a ten-year-old truck sometimes buy clothes at Goodwill and always haggle on price we've the book millionaire next door it will enlighten you stock options from working at a tech company that went unicorn you lose a hefty chunk off to taxes when you aren't starting with lots of cash to play with from the get-go which is frustrating but in the end you still have life-changing amounts of money I just saved up as a poor person rick has a different definition once I started making more I kept hold of it staying with my normal lifestyle haven't told my friend but I am willing to help them same we were happy and had no desire for staff we grew up poor and knew how to be happy without spending money I say good for you you'll never be sorry grew up middle-class never inherited money always given anything bought a business seller financed it grew the business bought some commercial real estate 40% occupied by my business 60% by other tenants little or no assets and negative net worth in 2006 now I have $4 million mean assets a little under a $2 million net worth I take about two hundred and fifty thousand dollar salary I am in the Midwest I suppose this qualifies maybe not in California or New York I got rich by making a lot of rich people rich and happy literally I started working for a stockbroker at the City of London made it loads of money for the millionaires who used to trade with my firm at this point making about one hundred and fifty thousand dollars before bonuses took a part of the clients and their loyalties with me to hedge fund got a great job pay equals dollar sign two hundred and seventy five before bonuses worked at the hedge fund for about two years and walked out with a couple of MIL in hand as bonuses with a few Mills in savings and fans I started my own fund one year through managing money for people I raised more $100 mother-in-law Raval count stands at about two hundred and ninety dollar mother-in-law today not very rich but I guess which enough to be accepted here at it please refrain from Wall Street hate PMS I am not the bad guys go talk to the people from G s city will say the same P seriously duck you haters I work hard for the money I make em so do you respect a fellow man's work you idiots just because you couldn't make it here it doesn't make me a criminal married into it my wife's grandfather was the VP of a coal mining business he recently passed and left her an incredible inheritance trust fund I own several businesses and I am worth a little over two million dollars all in all including the properties I own investments and - a mortgage on one condo I am paying off there is no trick the only way to do this is hard work and sacrifice you want to watch a basketball game make it twenty minutes and back to work you want to go on rabbit you better be off it quick or not get on it at all I'm on Riddick now for the first time in months and I know I will leave soon to work I saw my friends and colleagues floundering getting interested in their hobbies I decided that I'd rather work as hard as I can and get the most out of life as I can went a financial planner who told us to save $1,200 no regularly that he'd invest 30 years later retired at 60 with three million dollars do it doing exactly this starting 10 years ago at age 25 so far so good save young save a lot decent college plus good grades plus 99th percentile of SAT equals top law school plus top 5% grades equals top law firm plus sticking around for long enough equal salary plus bonus just barely in the one-percent range but still increasing every year I would like to credit hard work but it is honestly just been the path of least resistance I won the genetic lottery for certain kinds of intelligence and have a tremendous aversion to failure we law perceived so I picked the path I knew I would be naturally best at and worked just hard enough to succeed sir honestly how do you like your life mostly it's great I was lucky enough to meet my amazing wife Bri law school and we have two great kids the job is met and I sometimes think about quitting for something less lucrative bit more fulfilling but the golden handcuffs are real the best part of my job is that all the people I work with are really smart and effective the worst part is that they are all lawyers my husband began as a helper for an air conditioning company when we were 20 he learned everything he could took every exam and eventually became licensed now we are 30 and own an HVAC company here in Texas it's people like you who restore my faith in the American economy I don't know you kind stranger but I am really happy for you good luck my parents became rich in the weirdest way by winning the Reader's Digest sweepstakes five million dollars paid over 30 years they were both teachers so growing up we had hardly any money Yvonne we've done well by living well below our means and investing our savings my husband both enjoys and is good at buying and selling stock and has made quite a bit of money over the years sure I'll bite not untypical second generation immigrant story parents worked hard to get us to lower middle class I worked hard to get into a top Ivy School took a job on Wall Street worked hard and am good at what I do never anything immoral like most of Reddit believes not in be ultra wealth club either yet have had some seven-figure pay years though drive several exotic cars take very nice vacations and otherwise firmly in the 1% but still well shy of the private jet giant yacht ownership crowd which really starts with 100 mil net worths also still working hard for my money and still working for a boss though directly for a CEO next step would be to run and own my own business that's where the real money is at even at my level the true wealth of the world goes to the owners invested in my first flip as soon as I had enough for the down payment after college lived with my parents until I met my husband who was a realtor we began flipping properties together and now owned over 4 million plus and real estate after 20 years it wasn't easy but we are lucky enough to live in a very hot real estate market although we pull in enough rental income to never have to work again I love my job so fortunately for our son it looks like he will be set up for life as long as the market doesn't crash he's 7 and he already likes visiting houses with his dad so it looks like we have bred another real estate freak : about ten years ago I had just graduated college with a theater degree I had dreams of becoming a stage actor nothing big but I was satisfied just doing local productions that would pay me something to live on I was able to get a few gigs here and there but nothing steady still I was able to pay rent buy cheap food and go drinking every once in a while then 2008 happened and any and all work available dried up completely I worked retail for a while but got laid off after a couple months eventually I was flat broke and spent my last few dollars on some apples from the grocery store this was during the summer and there was a local farmers market on Sundays I had a crazy idea to sell these store bought apples or some kind of small homegrown artisanal gardening apples and surprisingly people bought them for $3 in Apple the next few weeks I bought even more apples and started selling them gradually getting more money and it wasn't long before I was making enough to actually barely scrape by then I won the lottery and put all of that Apple sheet behind me I was born privileged which is not exactly being born rich but pretty close I showed up for a few things and learned how to write decent software which one day I'd been doing longer and better than most other people and that had economic value I did work hard sure but I started out working hard on things that hard work pays you back for overtime and that was all a matter of luck I invested all my pennies into stocks in March of 2009 I didn't have a lot of savings but what I did more than tripled and I've been playing the market ever since I wouldn't say we were poor but we definitely weren't rich when I was growing up I remember the amount of fighting my parents had over finances my parents worked hard and set up a shares portfolio for me as well as a separate one for themselves they instilled the same work ethic into me so in addition to that portfolio I've got a decent chunk of personal savings I never turned down any hours off of that work I'm never petty I always put my hand up at opportunities I try to be generous with everyone basically it's about working hard and doing the best by yourself and others I'm also pretty frugal the first thing I do whenever I get paid us to put some aside in savings I've personally avoided credit cards although if you can get them to work for you great born into lower middle-class wife and I are on a nice steady path that wealth accumulation ask me in 30 years how lead it I'll echo what a lot of people have said which is to be frugal know where your money goes and save as much as possible as early in life as possible people who know how much we make just assume we're made of money but if you are saving for retirement saving for your children's eventual college expenses paying off school loans et Cie then discretionary spending is fairly limited at least for us I manage all of our finances and make sure our spending money is minimal also I Drive a ten-year-old vehicle in good repair and my wife's vehicle has been paid off for a while now we are comfortable but coming from the economic class sided I feel like some sort of financial ruin or stress is always on the horizon this is a logical given the last 17 years of being a legit adult and being fairly smart about money I'd always had a feeling that I'd be rich despite being raised poor just an internal feeling of fate that I'm meant to succeed especially with my attitudes growing up my dad instilled a hard work ethic in all of us and said if he ever won the lottery he wouldn't even tell us things were looking great before I went to college I had a well-paid job I was getting paid for sporting ventures now I'm a few days away from being homeless because I'm thirty pounds short on rent but I guess in life some of us need to fail I've realized that now call it luck call it karma it's just how the world works this is a boring answer we worked hard put off holidays and threw all that money at a deposit for an investment home in our early 20s real estate is the quickest way to financial comfort [Music]

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Id: GKUKuaCf9Qk

Length: 16min 49sec (1009 seconds)

Published: Mon Sep 23 2019