Home › Forums › MGTOW Central › Want to Be Wealthy? Here's How
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iMickey503 1 year, 1 month ago.
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So many people complain that they need to make more money or that they wish they had more money. The reality of it is, learning how to become wealthy is EASY. Actually doing it is what’s hard. I would argue that it’s almost impossible to become wealthy if you have a bitch sucking your wallet dry. Thankfully we MGOOW (Men Going Our Own Way) don’t have this problem so it should be easier.
I’m going to lay it out for you in a simple, easy to understand manner. First off, wealth is NOT money. Money is a TOOL – nothing more. Wealth is ASSETS (house, car, personal possessions, etc.). There are three types of assets – appreciating assets, depreciating assets, and stable (also known as stagnant) assets. An example of an appreciating asset would be something like a house. Although housing prices can go down over time, they generally go in an upward direction.
That being said, DON’T buy in a housing bubble. Just don’t. It may take a lifetime for your asset to be worth what you originally paid for it and by then you’re dead so who cares? A good example of a depreciating asset would be a typical car. If you buy a brand new Ford, it’s going to be worth less and less over time until it’s a piece of rubble not worth anything. The only type of car that’s an appreciating asset is a collectible car – but you’d damn well better know what you’re doing in that market because unlike a house, a collectible car is a LUXURY item. In hard times it will be worth a lot less than you paid for it.
A stable/stagnant asset is something that generally is worth the same throughout it’s lifetime. Precious metals are a good example. Please note that money has NO value other than a medium of exchange and a temporary place to put wealth. I couldn’t care less what gold, silver, or real estate is worth in dollars once I’ve already acquired it. What matters is what that gold, silver, and real estate is worth compared to OTHER assets. You can tell when it’s a good time to acquire certain assets based on how they’re priced compared to OTHER assets. The price in dollars doesn’t mean s~~~.
If you want to become wealthy, you need to focus on acquiring ASSETS – particularly INCOME PRODUCING ASSETS. I prefer real estate. It’s tried and true and produces some pretty impressive returns if you buy it right. You need money or capital to acquire said assets…and not a small amount if you want to purchase real estate. You must have 20% down as a minimum if you want to buy a property that you intend to use to generate cash flow. 25% is better because you’ll get a lower interest rate.
So how do you raise this capital? Well, first off you have to make sure you’re starting smaller. No more than $250,000. That means that as a minimum you need to save up around $70,000. $50,000 will go to the down payment, $10,000 to closing costs (assuming you can’t get the seller to pay for those), and a bit of money in the bank so that the bank will actually lend to you. You need at least 6 month’s savings saved up in order for the bank to lend to you. Think it’s not possible to save $70,000? Think again.
Let’s go through a hypothetical scenario. Let’s say Bob here is a poor guy. He works at McDonalds making $1,500/month. He’s bottom of the barrel low. So how in the hell is he going to save up $70,000? Simple. The solution for Bob is the same as the solution for everyone else – increase income and reduce expenses. So how can he increase his income? Become a manager? Yeah, that might net him another $500/month…maybe. Come on. Let’s get real here. It will take him 12+ years to save up for the down payment on that house at this rate (assuming he doesn’t also reduce his expenses). So what’s the answer? What’s the magical equation that Bob can use to make $70,000 overnight? Well that’s just the thing. There isn’t one.
Making money requires passion, drive, and most of all, WORK. Bob should be doing everything he can to make more money. Get another job, do odd jobs on Craigslist, move furniture, paint houses, whatever it takes. Bob needs to start WORKING FOR HIMSELF rather than making the asshole that owns the McDonalds franchise richer.
On the other end of the spectrum, Bob needs to reduce expenses. Living out of his car is an excellent solution. Eat the cheapest s~~~ he can find is also good. With no rent, utilities, or other bills, Bob will be able to save a HUGE chunk of his income.
This is an extreme example. I hope nobody here is as bad off as Bob is. But let’s say you’re making a more reasonable $3,500/month. In that case, move to the ghetto, sell the car and take public transit, and don’t eat out. Also do everything you can to make more money.
When I was going through high school, I sold computers off Craigslist after school. I was bringing in $10,000+/month in PROFIT working from 3:30pm (when I got home from school) until early in the morning. I ran myself RAGGED, living on 2-3 hours of sleep per night. At the same time I spent as little money as possible. I lived on microwave burritos ($0.40 apiece) and wiped my ass with scratchy ass toilet paper. At the same time when things were slow I was balling it on Fiverr doing writing and SEO. I’d make around $100 with 2-3 hours of work. Yeah, it sucked compared to fixing and selling computers but I WASN’T PICKY. I even painted a neighbors house when I was making $10,000+/month and had over $200,000 in the bank. I still remember painting at 2:00am with my little $5 battery powered lantern I bought from Walgreens. I’d charge up the batteries with a crank mechanism. I’d paint a bit, crank, paint some more, crank. It f~~~ing sucked. But I was too cheap to buy a good lantern for $20.
LEARN A TRADE. I don’t care what it is. Mine was computer repair. Yours might be something totally different. But learn that trade – LIVE IT! With the internet nowadays there’s NO EXCUSE for not learning how to do something that others will pay you money for.
So yeah, I hope I didn’t shatter too many of your illusions. Becoming wealthy isn’t easy. You have to work HARD to get ahead. Wealth is nothing but your stored up work. In order to acquire wealth, you have to produce MORE than you consume. In essence, you have to produce MORE than you need to survive – and produce that excess over a long period of time and then STORE IT in an income producing asset. Then you can take the income produced by the income producing asset and snowball it in order to acquire MORE income producing assets. It’s that simple. Once you lay that first brick, it gets easier. By the time you’ve laid that first brick you will have already gotten used to your current workload and that brick will help you to lay more bricks and more bricks. Eventually the bricks will literally lay themselves and you can sit back and relax for the rest of your life.
The sad truth however is most people that succeed in life aren’t the type to just kick back and enjoy their empire once they’ve built it. I’ll use Trump as an example. He’s got so much money he could literally never get out of bed again and be taken care of by naked women who cater to his every whim. So what does he do? He becomes f~~~ing president of the United States. *Shakes head* I’m afraid I don’t have the same drive that Trump does. Personally once I get my empire where I want it to be, I’m checking out of society and all its bulls~~~.
F~~~ that, i will bang some rich girl with my magic dick, get me some kids, divorce rape him and live confortable forever… Ohhh wait, i guess i will have to work like bob.
Now my case, im a doc, in spain docs make 2000-3000€ month after taxes, minimum wage is 700€/month.
Currently the goverment take from my pay check 25-30%.
Im making more or less 42-44k a year, working from 8 am to 3 pm monday to friday, once saturday a month also have to work and i got three shift month 24 hours duty.
Now if i make 5 or 6 24 hours shift per month, my earnings go up to 50k or more year.
I have a mercenary mentality, i do odd jobs for private dialisis centers, 25€/hour. I ger around 250€ every week from them, more or less, that is another 1000€/month.
Now here is the catch, since im getting paid by two employers, my retention goes up. Since im now making 60000€ year, my taxes go up to next scale 37-45%, i basically LOSE MONEY BY WORKING MORE.
AND THIS IS WAY SPAIN IS F~~~ED UP.
of course abdul ackman fron f~~~youstand works in the butcher store of his cousing nassir, he is not registered as a worked and get paid inder the grid. Now abdul has four kids, a house of civil protection paid by the goverment and a monthly help of a few euros (400 i think).Your plan does not work in socialist countries… Unless you are abdul.
To those following me, be careful, I just farted. Men those beans are killers.
Currently the goverment take from my pay check 25-30%.
that’s an under estimate, to be honest. I get f~~~ed royally in taxes, when we consider state tax, property tax, gas, etc. Essentially, the more I work and earn, the more I have to pay in taxes in large chunks.
Now, let’s say I buy an apartment complex and get that rented out to make income. Sure, that’s steady income coming in every month, however let’s take a look at all the expenses: initial down payment, followed by fees and then the monthly mortgage that I have to pay because I sure as hell didn’t buy the complex in cash. Not to mention, in the state that I live, all the regulatory fees, real estate tax, upkeep costs, insurance and then there is the mental anguish of having someone managing the place because I sure as hell don’t have the time. All the bulls~~~ that it takes to deal with renters and the stress it’s going to cost me, damage done to property, collecting the rent, etc etc.
At my age now, I rather NOT deal with people, which I have to in my own profession and sometimes its enough to want me to scream. I make a living, then come home to a peaceful house, and can get to my hobbies. No worries on what’s going on in my investment properties.
And life is short, for god’s sake, I don’t need to save a whole lot. I have 401K, some investments in the market and save some cash in the bank every month. That’s it. I don’t have any heirs, who gives a f~~~ if I save millions for the future. I just need to live a frugal comfortable and stress free life when i’m older.
It’s all part of the game, to make people chase bulls~~~ dreams while slaving for the system to run off the sweat of my hard work and hard earned money through TAXES. I’m happy where I am now, after working hard for decades to earn my keep. Honestly, this is good enough. It’s more than enough.
And as for depreciating assets. I have lots of those. But they make my life enjoyable. I get to have some fun. What the f~~~ is the point of working this hard if I don’t get to at least use the money to get things that bring me joy. At the end of the day, we have a limited time on this earth. I lost my best friend a few years ago as he died alone in a lonely apartment. Makes you think about how much time is left here on earth. Just the fact that I’m alive now and free of these c~~~s, getting to live a comfortable life, that’s more than millions of people out there that are in dire straits. Enjoy your time gentleman. it ‘ll end soon enough.
God bless peace and freedom.
You dont understand, I CANT MAKE MORE THAN 60 K A YEAR.
is not profitable, i lose money actually, if i made it to 80000 a year, well thats another history, but the best i can do is 65k.
It is not worth it to work in spain, the system is made to force you to be lazy.
To those following me, be careful, I just farted. Men those beans are killers.
Great post!
If I were to summarize:
Work hard/Maximize your income.
Live below your means.
Don’t get married (or you’ll have to start over again living out of your car)
Take care of the basics, then invest in income-producing assets.
Long-term, money will make itself."Once you’ve taken care of the basics, there’s very little in this world for which your life is worth deferring." -David Hansson. "It’s not when women are mean or nasty that anything is out of the ordinary. It’s when they are NICE to you that you have to be on high alert..." -Jackinov.
You dont understand, I CANT MAKE MORE THAN 60 K A YEAR.
is not profitable, i lose money actually, if i made it to 80000 a year, well thats another history, but the best i can do is 65k.
It is not worth it to work in spain, the system is made to force you to be lazy.I know what you are saying. The taxes are horrendous. Guys like trump can get around it though. For you and me, the more we make, the more it hurts. That’s exactly why I decided against doing locum work on weekends. It just wasn’t worth the stress, risks and the tax burden
God bless peace and freedom.
You dont understand, I CANT MAKE MORE THAN 60 K A YEAR.is not profitable, i lose money actually, if i made it to 80000 a year, well thats another history, but the best i can do is 65k.It is not worth it to work in spain, the system is made to force you to be lazy.
I know what you are saying. The taxes are horrendous. Guys like trump can get around it though. For you and me, the more we make, the more it hurts. That’s exactly why I decided against doing locum work on weekends. It just wasn’t worth the stress, risks and the tax burden
I know right?
I aint gonna work 20 more hours a week for 200€, so the goberment can cash on 600, they make more than me from y extra work, insane.To those following me, be careful, I just farted. Men those beans are killers.
F~~~ assets. Keep your money liquid.
Peace is > piece.
Time in finite, you need to enjoy life. Have hobbies.
Develop mechanical skills.
Live frugally so you don’t end up needing to work more than is necessary. Deny the parasites.
If possible pay off your home ASAP. If times become tight, you can always rent a room or the basement for extra cash.
Have enough cash on hand to meet your needs for 6mo – 1 year. Don’t have it all in the bank.
The remainder of your wealth have a mixed portfolio of dividend bearing stocks and precious metals. Reinvest those dividends. Leverage the power of compound interest.- Marriage is described as an institution. You would have to be crazy to be commited to it. -"If you want to live a happy life, tie it to a goal. Not people or things" Albert Einstein
Time in finite, you need to enjoy life. Have hobbies.Develop mechanical skills.Live frugally so you don’t end up needing to work more than is necessary. Deny the parasites.If possible pay off your home ASAP. If times become tight, you can always rent a room or the basement for extra cash.Have enough cash on hand to meet your needs for 6mo – 1 year. Don’t have it all in the bank.The remainder of your wealth have a mixed portfolio of dividend bearing stocks and precious metals. Reinvest those dividends. Leverage the power of compound interest.
Bahhh that is overated, why you have to enjoy life? Why you need hobbies?
I have never seen a dead men lamenting the things he didnt do when he was alive, or bragging about what he did.
You dont “have to” anything.
No matter what happens, one day you will die and you wont care about anything (yoy wont be able to).
DO AS YOU WISH, BECOUSE YOU WANT TO.
i dont have to
I dont need to
I must not.If i wish i do it, but I DONT HAVE TO.
To those following me, be careful, I just farted. Men those beans are killers.
Time in finite, you need to enjoy life. Have hobbies.Develop mechanical skills.Live frugally so you don’t end up needing to work more than is necessary. Deny the parasites.If possible pay off your home ASAP. If times become tight, you can always rent a room or the basement for extra cash.Have enough cash on hand to meet your needs for 6mo – 1 year. Don’t have it all in the bank.The remainder of your wealth have a mixed portfolio of dividend bearing stocks and precious metals. Reinvest those dividends. Leverage the power of compound interest.
Althoug i do have some gold, six months worth of living cash… And a fungus on my toe, this f~~~er is hard to kill.
To those following me, be careful, I just farted. Men those beans are killers.
I would agree with a lot of this post – but not necessarily all of it.
My classmates were much better students than I was. I didn’t take chemistry, etc and didn’t want to. I was in upper classes in english, history and loved to read but hated math and my parents didn’t make me apply myself. So I was mediocre in school.
After getting a fairly worthless degree in liberal arts my plan was just get a degree and go back into the Marines b/c they DGAF what your degree is in as long as you can lead, have tactical skills and reasoning you can climb in rank.
The only problem was that dips~~~ Clinton was in and there weren’t any wars going on, so the armed forces were cutting heads. I hated being in garrison so I got a s~~~ty inside sales job. Paid my dues and went into marketing and outside sales.
Again, I worked with guys with much more text book intellect than I had, but I could sell and deal with people externally and internally. I climbed and then went into 100% commission sales. I quadrupled my income and sometimes I would look at my paycheck in dismay – it was what I made in one month at my inside sales job. All those super smart kids secured good jobs right out of college and then hit plateaus. I am out earning them and frankly I don’t work that hard anymore. (A topic for another day)
My point: if you have EQ and an entrepreneurial spirit you can make damn good money. You cannot be risk averse.
Regarding investing in land and houses: When I was at my earning peak I invested in rental homes. I would NEVER do that again. I am in a partnership with over 20 properties and they have been a drain on me. Thankfully we refinanced them and don’t have a lot of out-of-pocket expenditures, but for a while I was shelling out a lot of money for taxes and upkeep.
If I had it all to do over again I would have bought a liquor store. Those print money! These homes I have will be paid off in a few years and I’ll see a big chunk of money one day – but as far as selling them and cashing out- not an option. These are s~~~ty low income homes and no one really wants them. So for now the tenants pay the mortgages and will pay them off.
Also – I have a company on the side that allows me to generate some extra revenue and more importantly allows me to write off a ton of s~~~. I’m hurting right now due to giving away half my 401(k) to a selfish non earner/non saver and I have legal bills to pay. But my goal is to get a good refund this year and knock that debt down. When I was married I had ZERO debt other than house and car. I hate having debt now and can’t wait to get it paid off. Damn bitch.
That’s true, at least to some extent, in the US also. (Unless you’re in the top few percent, who pay essentially no taxes.)
You dont understand, I CANT MAKE MORE THAN 60 K A YEAR.
is not profitable, i lose money actually, if i made it to 80000 a year, well thats another history, but the best i can do is 65k.
It is not worth it to work in spain, the system is made to force you to be lazy.These are s~~~ty low income homes and no one really wants them. So for now the tenants pay the mortgages and will pay them off.
There’s your problem – right there. You do NOT buy dumps. They’re nothing but a money pit. And you do NOT buy a house that doesn’t produce positive cash flow (at least 14% ROI after ALL expenses). Not all areas have homes that fit this criteria. In that case, buy somewhere else. I currently own 8 properties. I’m hoping to get that number up to at least 30. I own mainly townhomes so ALL outside maintenance is handled by the association. All I have to worry about is the inside. The last townhome I bought was $200,000. I put $50,000 down and I have it rented out for $1,900/month. My mortgage + property taxes + association dues + insurance and maintenance comes to $1,228. So I have a positive cash flow of $672/month or $8,064/year. That’s a 16% yearly ROI. I automatically increase rent by 5% per year (rounded up to the nearest $10) so next year the rent will increase to $2,000/month. Then the year after that it will be $2,100. This is the kind of investment you want. You do NOT want an investment that barely breaks even and that you have to keep pouring money into. This townhome was built in 2009. I’ve put literally $5 of maintenance into it (I ended up having a duplicate key made).
You dont understand, I CANT MAKE MORE THAN 60 K A YEAR.
is not profitable, i lose money actually, if i made it to 80000 a year, well thats another history, but the best i can do is 65k.
It is not worth it to work in spain, the system is made to force you to be lazy.What is the penalty for tax evasion in Spain? I would never do it here in the US because the penalties are too stiff, but I understand that the US is unusually strict when it comes to punishing tax evaders. If the worst the government will do to you is give you a fine, then I’d just do everything under the table and hope for the best.
Great post!
If I were to summarize:Work hard/Maximize your income.Live below your means.Don’t get married (or you’ll have to start over again living out of your car)Take care of the basics, then invest in income-producing assets.Long-term, money will make itself.That’s pretty much it. It’s not hard to understand HOW to make money. What’s hard is having the drive, working your ass off and actually MAKING the money. So many people waste so much money on “get rich quick” schemes. Those are the types of people that will never be rich. They’re looking for an “easy” way to the top. Sorry snowflakes, but climbing a mountain actually requires…climbing a mountain. There’s no helicopter to take you to the top. If there were then EVERYONE would be at the top of the mountain. There’s a reason why less than .01% of people are at the top of the mountain while the rest of the world is at the bottom of the mountain looking up. IT’S HARD to climb a mountain!
If I were a doctor making 60K I would move to the United States.
#icethemout; Remember Thomas Ball. He died for your children.
I’m trying to imagine what Carnage would be like a roommate. Or travel companion. Hmm/.
You are all alone. If you have been falsely accused of RAPE, DV, PLEASE let all men know about the people who did this. http://register-her.net/web/guest/home
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