Why do the rich get richer?

[Consept]

On 10/10/2022 at 8:03 AM, ThePoint said:

@Yarco and @Consept

If you had to start all over, what would you do to become wealthy and achieve financial freedom? 

If I had to rewind and lets say i was 21, I would educate myself on how money works in terms of if i make money where to invest it, Id learn a lot about property, stocks and take risks by getting into them early. Looking back I wouldnt really change things because i did learn a lot, but there are definitely some things I couldve done differently which wouldve sped up the process - 

- Really work out if a business is capable of making money. When i started I had a lot of projects which were good ideas but quite hard to monetise, I created a couple of music based websites. These worked but it was just hard to make money from them and i ended up spending a lot of time on something that would either hit really big or not be able to make money. So I found that i need to be clear on what i want to do and if i want to make money it has to be a tried and tested model that i can then adapt and make it work for me, rather than something completely new. If you do have a passion project its better to either try and get funding for it if you can sell it to others or make money first and then fund it with that. 

- Know when to stop and also be brave and know when to take the next step. As I mentioned above I shouldve stopped those ideas years before i did, the other side of it is if you have something thats working you can get comfortable and just keep milking that cash cow but there i always other opportunities and sometimes you can make a lot more if you pivot somewhere else. For example i was making decent money on ebay and i didnt see the point of learning how to sell on amazon as i was already making money but when i finally did i changed how i did everything, the workload was much less and i was making 7x what i was making on ebay. So always be looking a how you can improve and dont get comfortable, this can be very difficult. 

- Reading books and just in general learning, I wish Id done more of this but this can really just boost your mindset and make it an almost inevitable that you will do well

[Roy]

Our economic systems are pyramid schemes built on exploitation with black holes at the bottom and top. If you don't have a lot of money you ironically have to pay more for not having a lot, and if you have a lot of money you get more simply for having it. Then there is everyone else in the middle desperately trying to avoid the bottom and standing on each other to get to the top.

It's up to us to figure out how to reform the system in a conscious manner.

Edited October 11, 2022 by Roy