Economics, Business, Money, Finance : Post deleted

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Re: Do you think getting rich is all about luck?

I think you're partly correct, and luck is an ingredient, but an often overlooked factor is a healthy appetite for risk.

I have an entrepreneurial friend who just doesn't care if a business fails to ignite. He'd rather try and fail than not try at all. Sometimes he wins, sometimes he loses. I have no doubt that one day he'll win big and never look back.

R. I. P. FFS (1975-2021)
Murdered by a Teutonic catfish

Re: Do you think getting rich is all about luck?

I've heard of people like this who start up multiple businesses and eventually one becomes a success. But usually these are the kind of people that can come up with a lot of unique ideas which I have a hard time doing.

Re: Do you think getting rich is all about luck?

I don't think you always need to have an original idea. Sometimes you can just do something in a different way, or with a different value proposition.

Look at the all the coffee houses out there. They're all just serving coffee. Some offer status by being chic, others are about the ethics of the beans, some are about the comfort of the shop itself, while many simply offer convenience of location.

R. I. P. FFS (1975-2021)
Murdered by a Teutonic catfish

Re: Do you think getting rich is all about luck?

most wealth is inherited, part is luck, timing, who you know and how far you'll stretch. I'm a tattoo artist and although I don't make much money, I'm good and what I can do and can promise you the highest paid artist isn't necessarily better than one who makes a low wage

Re: Do you think getting rich is all about luck?

Do you own your own tattoo parlor?

Re: Do you think getting rich is all about luck?

I wish!

Re: Do you think getting rich is all about luck?

most wealth is inherited
If this is true, how do you explain the exponential growth of global wealth over the past century or so?

R. I. P. FFS (1975-2021)
Murdered by a Teutonic catfish

Re: Do you think getting rich is all about luck?

inheritance, inflation and the end of the middle class, but mostly the rise of China and India. I believe I read a journal about China bringing the most people out of poverty in the last 20 years than any other country in history

Re: Do you think getting rich is all about luck?

So, not inherited wealth…

You do realize that inherited wealth is the same wealth that one person had moving to another, right?

It's not possible for it to be a reason for wealth. The wealth had to be created in the first place.

R. I. P. FFS (1975-2021)
Murdered by a Teutonic catfish

Re: Do you think getting rich is all about luck?

Luck plays a part, but it plays a part in everything, we learn that as you get older. We see very smart and focussed people get sidelined by bad luck in their business or work by health issues, or health issues with their parents or kids…. we are more fragile than we think that we are at 25 years old. And not everything that doesn't kill us makes us stronger; that's a pleasing lie.

Some people come from wealthy families and they are well-supported through failures and experimentation.

I think that the successful people I know are prepared to fail, multiple times. They learn from their mistakes. They can imagine a niche for what they can offer. And they worlk like dogs, and there is of course a cost to that.

Re: Do you think getting rich is all about luck?

Do you think getting rich is all about luck?

No. We had to work hard for everything we have.

On the flip side, my husband bought a few scratch off lottery tickets this morning. He won $110.00! Not bad for a few bucks!
It's PIZZA TONIGHT!

Fasten Your Seatbelts….
It's Going To Be A Bumpy Night!

Re: Do you think getting rich is all about luck?

Well I do realize that working hard is a part of it, however, I know that there's a lot of people that work hard their whole lives and never get anywhere financially.

Re: Do you think getting rich is all about luck?

I know that there's a lot of people that work hard their whole lives and never get anywhere financially.

True. I suppose that it is even more than luck.
We decided to live within our means. I think that is the key.

Fasten Your Seatbelts….
It's Going To Be A Bumpy Night!

Re: Do you think getting rich is all about luck?

Well it's not that easy to come up with a niche idea for me and chances are when you come up with one about 20 people soon come up with the same idea and start undercutting you.
pretty much the story right there.

timing, exposure, reputation, advertising. some you can control others you can't.

people who provide a service or who engage in personal services can do nicely. but like everything it comes down to time availability and how much the person is willing to lose in order to gain income.

yea, luck is important. plus the right connections and/or family name+ties.

Re: Do you think getting rich is all about luck?

That's especially true in the Amazon business world. And a lot of the times the manufacturers even come in and undercut you.

Re: Do you think getting rich is all about luck?

My grandfather was a Glaswegian salesman who one day saw a letter lying on his manager’s desk telling him he was about to be let go. He preempted this by resigning, took his clients with him and ended up making a massively successful company. When my dad was born they lived in a flat, and they ended up living in one of the most prestigious streets in the UK. My dad was privately educated as a result (same school as Michael Gove) and got a 1st in Law.

I never knew that grandad, but my dad said he was just extremely likeable and an awesome salesman. People were taken in by his Glaswegian charm.

So to answer your question, I think you need charm, hard work and luck.

Champions league winner and man of the match v England

Re: Do you think getting rich is all about luck?

Good that your grandfather was able to get that going. Yes charm and being good in sales helps too.

Re: Do you think getting rich is all about luck?

Well it's not that easy to come up with a niche idea for me and chances are when you come up with one about 20 people soon come up with the same idea and start undercutting you.

Sometimes they don't even copy the business idea. They copy the personality traits and everything else about a rich person so that way they are essentially copying that person and using it to get rich.

Re: Do you think getting rich is all about luck?

Like Lizzy said, "who you know".
Even the number of people you know plays a part, even if they're ordinary people. For example, one of the main ways to make a living through the internet is with one of those kits. Daisy Marquez became a makeup sensation, due to having a large family with many ordinary acquaintances she could sell makeup to.
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