How did the rich people you know get rich?

[Anonymous]

All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

[Anonymous]

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

Keep whining.

[Anonymous]

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

[Anonymous]

Anonymous wrote:One guy we know started a cyber security business and sold it.

One guy we know started a software business and got bought out by a larger company.

Cryptocurrency

We may or may be considered rich. Dh is a specialized surgeon and earns $1-2m per year. He worked very hard in school and work.

So he grew up UMC, because few LMC people would take on medical debt that could be crushing for a career that can be ended by carpel tunnel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

Yeah very few LMC people can fathom taking on current law school debt for a shot at BigLaw, which itself has become more classist and pedigreed in last two decades.

[Anonymous]

Anonymous wrote:Specific examples please.

Generational wealth. And it didn't have to be a lot of wealth. But, they paid for their kids' colleges, helped with things like down payments, home renovations, childcare expenses, paid for travel . . . that allowed their kids to have excess money to invest and grow.

[Anonymous]

Real estate
Restaurants and real estate
Start-ups

[Anonymous]

Hard work, don’t buy crap you don’t need

[Anonymous]

Anonymous wrote:

Anonymous wrote:Specific examples please.

Generational wealth. And it didn't have to be a lot of wealth. But, they paid for their kids' colleges, helped with things like down payments, home renovations, childcare expenses, paid for travel . . . that allowed their kids to have excess money to invest and grow.

This is so true. We are paying for our kids college, due to savings and doing well enough so that now we could cash flow it if needed. One has graduated and working/living on their own. They want to fully support themselves, but we are always willing to help. In fact, we "gift them" $15K per year to fund their Roth IRA and rest into their 401K---because time is on your side and the benefits of investing $6-15K/year into retirement starting at age 18 is huge (we matched their earnings during HS/Summers up to what they put in their Roth since they started working). By the time DC is 30, they will be almost be set for retirement---they will have over $2M just from before 30 investing for when they turn 65. It's a gift we can afford but will make their entire life and their future kid's lives so much easier. They know we will put trusts in place for any future education for them and for any future grandkids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Specific examples please.

Generational wealth. And it didn't have to be a lot of wealth. But, they paid for their kids' colleges, helped with things like down payments, home renovations, childcare expenses, paid for travel . . . that allowed their kids to have excess money to invest and grow.

This is so true. We are paying for our kids college, due to savings and doing well enough so that now we could cash flow it if needed. One has graduated and working/living on their own. They want to fully support themselves, but we are always willing to help. In fact, we "gift them" $15K per year to fund their Roth IRA and rest into their 401K---because time is on your side and the benefits of investing $6-15K/year into retirement starting at age 18 is huge (we matched their earnings during HS/Summers up to what they put in their Roth since they started working). By the time DC is 30, they will be almost be set for retirement---they will have over $2M just from before 30 investing for when they turn 65. It's a gift we can afford but will make their entire life and their future kid's lives so much easier. They know we will put trusts in place for any future education for them and for any future grandkids.

Is this entire board a self-congratulatory forum for rich people to humblebrag about their terrific lives?

[Anonymous]

Realestate over a 15 -20 year period, now accumulates 60k profit a month through rentals.

Another was lucky to join startup revolution in bay area in the 2000s.

I do not know anyone else.

[Anonymous]

Anonymous wrote:Hard work, don’t buy crap you don’t need

LOL.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Started own business together which they funded with credit cards and sold for $20M.

So if they went bust they would have to move home to Appalachia trailer park?

I imagine one option would be to declare bankruptcy and go back to their W-2 jobs.

[Anonymous]

1. started her own tech company, sold it to a Big Tech Co, got stock options and when the IPO happened became a millionaire a couple times over

2. worked in BigLaw, lived frugally and socked away income, bought properties in gentrifying Brooklyn in cash and now has a constant flow of passive income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

Yeah very few LMC people can fathom taking on current law school debt for a shot at BigLaw, which itself has become more classist and pedigreed in last two decades.

well, my friend who worked in biglaw was an immigrant from really humble beginnings (though with very smart parents). she went to a public Law school and knocked it out of the park and got a big law job. It is possible.