How do I become rich?

[Stephvai]

Hi guys, long time lurker, and first time poster around these forums. My goal in life is to become rich, I have devoted my education, my time, and my career towards this. Anyways, after a lot of thinking, and soul searching. I noticed that the rich are bigger risk takers, because they still have capital to fall upon in case that their investment fails.

For example losing 300,000.00$ is a lot harder on someone that was making 50,000.00$ a year compared to someone that had a wealthy family backing their investment in case of default.

My question: Is it better to invest myself into a business that requires a low capital, since I don't come from a wealthy family?

[Gaulkin]

Its better to invest yourself in something you love no matter the capital.

[RLorenzen]

Don't look for a business to start based on the capital investment needed. If you find a business idea that you have researched thoroughly and you are confident there is a need in the market for it, go for it. No matter how much capital you need to start it, you will always be able to get loans, possibly borrow from family, use credit cards, etc. Look at Bill Zanker, he thought of the idea for the Learning Annex but didn't have nearly as much capital as he needed to start it. So, he maxed out all of his credit cards and took a major risk. Since then, that risk has very much paid off and he has made that investment back many times over.

Concentrate on the quality of the business rather than the minimum investment. This will keep your mind open to many more great ideas.

Best of luck.

[Frenchiexno1]

Im currently singing the praises of domain name trading as it is something I have recently got in to. You can buy a domain name for $10 and they can be worth millions. Realistically though you may get a good one worth a few hundred dollars.

The trick is to buy names and monetise them with advertising and make your reg fee back. Low startup costs yes - hard work - actually yes.

Thats it! My contribution

[RLorenzen]

Im currently singing the praises of domain name trading as it is something I have recently got in to. You can buy a domain name for $10 and they can be worth millions. Realistically though you may get a good one worth a few hundred dollars.

The trick is to buy names and monetise them with advertising and make your reg fee back. Low startup costs yes - hard work - actually yes.

Thats it! My contribution

It's very hard to find any valuable domains still available at reg. fee. Have you had any big hits yet?

[Terra Andersen]

I've also had success with domain names. However, I find that becoming rich is more of a mindset thing. You really need to make sure your net worth is higher than you think it is. Investing in a business is a wonderful idea if you know your market, your business plan, and your exit strategy.

[Tao]

domian names are challenging? How do you know if you are buying a domain name that has no upside?

[Stephvai]

The problem is that i'm not 100% confident that my business idea is going to work, because it have never been attempted before. I believe that I know my market, and it's either going to make me a lot of money or lose me a lot of money. I'm willing to take the risk, but I rather build my capital then rack up some additional debt..

[DPayne]

How to become rich:

1. Build a very successful business that will generate passive income for you.

2. Win the lottery.

3. Inherit it.

4. Marry into it.

The only realistic one is the first one. It will require a lot of work and a lot of time, but it is possible.

[Gaulkin]

How to become rich:

1. Build a very successful business that will generate passive income for you.

2. Win the lottery.

3. Inherit it.

4. Marry into it.

The only realistic one is the first one. It will require a lot of work and a lot of time, but it is possible.

5. rob a bank

6. sell drugs

[Stephvai]

you forgot real estate, except that the market really sucks right now.

[mankeyinc]

I guess if your intentions are to help others while you are on your way to manifesting your thoughts and self to becoming rich, you will eventually make it. Hope it helps.

[DPayne]

you forgot real estate, except that the market really sucks right now.

Real estate falls under the build a business catagory. And the market doesn't "suck" right now. It only sucks if you're on the wrong side of the table or trying to do the wrong thing in the wrong market.

[BusinessAdviser]

Its better to invest yourself in something you love no matter the capital.

Even if the goal is maximizing returns, which seems to be the goal of the original poster?

[BusinessAdviser]

How to become rich:

1. Build a very successful business that will generate passive income for you.

2. Win the lottery.

3. Inherit it.

4. Marry into it.

The only realistic one is the first one. It will require a lot of work and a lot of time, but it is possible.

Are you sure that you cannot become rich by building a very successful business that still requires hard work instead of just generating passive income? It obviously requires more work than receiving passive income, but I'm pretty sure you can still become rich from it.