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Reply to "Is this a common feeling in your early 40s? Feels like friends are getting rich and we're stagnant"
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[quote=Anonymous]Give me a break. People make money in so many ways other than their primary profession or inheritance. But I'm sure a common trait is that they are all good at managing money which can be self-taught. Sources of income outside your primary profession: (1) Stock Market/Investing - This is a big one. Invest early and often. Live below your means early in your career and invest and let the growth and compounding work its wonders. They may have taken more risk and invested in individual stocks and hit it big. High Risk/High Reward. Perhaps these people invested a small sum in Tesla stock before its meteoric rise and multiple stock splits. Ted Weschler turned his $70K retirement account into a $264M Roth IRA investing in stocks that everyone else had access to. (2) Side Hustles/Entrepreneurship - Another big one. Especially with the rise of social media influencing. (3) Real Estate Investing. They probably started small and built up from there. Rents they collect more than cover expenses. (4) Two income households. Allows more of #1.[/quote]
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