Master Don Juan
- May 3, 2013
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That article references billionaires which is a whole other kettle of fish. I’m comfortably on track to be a millionaire by 50 although that definition becomes less meaningful with inflation.Not sure exactly what you do but according to this 80% of millionaires in UK are self made and didn't have outside wealth facilitating it. Maybe it is the subsection you are seeing but for the most part that is not true. My observation in the US is pretty similar to that as well. Most I know came from middle class backgrounds and did it themselves. If you grow up spoiled you really just are not going to develop that same resolve and work ethic. You also miss out on a lot of lessons learned with failure.
Britain's billionaires are more likely than their U.S. counterparts to have made their own money rather than inherited it, a study has found, challenging popular perceptions of greater social mobility in America.www.reuters.com
What I am saying may sound cliche but it is the truth. Ask anyone who has actually done it themselves, imagine they say something similar. If you have a non compete with your job there is no rule the business you do is in the same realm. I completely switched industries. There are plenty of things you could try and do part time nights and weekends with relatively low cost. Go knock on doors at small commercial buildings, do cleaning at nights and as you get more accounts scale up on hiring. Do some sort of online business, sell a product, start small and see what sells. Create a digital product to help people learn in an area of your expertise. There are almost infinite possibilities. Really you just need to do something and figure out what works and what does not. Action and motion. Put yourself out there and apply real effort, you never know what doors will open up
I live in a 50% tax area too, owning a business greatly decreases that exposure. Is your wife working? If not, maybe she needs to for a few years. If she is not willing to, have her assist with a business. If she does not want to contribute at all and get a free ride, maybe look at who you are attaching yourself to. If you really want to do it instead of making excuses on why you can't. Take each one of those concerns and brainstorm what needs to happen and backwards engineer the steps to get. Then set goal dates that would can realistically reach.
my wife is starting a business, we need to accumulate £80k in savings (or savings and loan) to get there which is doable.
I’m not disputing that there’s lots I can do and will do, I’m salty that I have to do it, basically, as I’ve said, while we are toiling working long nights and probably dropping dead of heart failure, others just waltz off and get everything for free.
I would seriously question the idea most millionaires are “self made”. My strong suspicion is they inherited or were given something, made it work and then it’s ascribed to self-made. They got £200k, bought a ton of property and then hey presto. Or those who are “self made” but leave out all the private education they received.
As I’ve said, I meet lots of them and it’s very rare I meet anyone who genuinely came from the wrong side of the tracks who now has millions.
I think a lot of this general narrative of it being a choice is propitiated by people who had leg ups but did SOME work and don’t want to feel privileged about it, so amplify their contribution and would ascribe the foundational opportunity - ie their family capital, as “you need a little bit of luck”
There is no possible way I can start running businesses as my employer wants their moneys worth and with keeping myself fit, and looking after my daughter there is no way I can go and do a 2nd job. At present I’m just saving what I can into passive income,and it will pay off but it takes time - years. I’ll be done and dusted at 57 I know that much.
I’m not disputing people can make it, I’m just saying people make it a lot easier with a bit of good luck and I don’t feel I’ve had any.Boo fkin hoo. The issue is it makes me resentful when I’m grinding, it’s 6am here and ive already done an hours work, and others are waking up at 8am, checking their enormous balances and doing things they enjoy for shytting a golden egg. I suppose people are waking up in crack dens too. So things could be worse it’s just those around me almost all of them have it better. Perils of being working class but in a middle class profession