New most helpful quote on how to be a millionaire/ billionaire

[GON]

Earlier today I read a quote on key tasks to be a millionaire / billionaire. The content was primarily focused for people wanting to start/ run a business but I think the principal applies to many aspects of any business/organization.

The quote " one has to master the boring stuff".

Your mileage may vary, but I will be using this quote for many applications for years to come.

Supplemental, I am a firm believer that a self employed person that has to go to work to make money does not own a business, just has a job. One becomes a business owner when he/she doesn't have to go to work and the business runs as usual.

 

[JHZR2]

Supplemental, I am a firm believer that a self employed person that has to go to work to make money does not own a business, just has a job. One becomes a business owner when he/she doesn't have to go to work and the business runs as usual.

Someone told me that the way to make money isn’t to sell your time, but to profit off of others’ time. Only when you have enough folks that you are profiting off of their time and knowledge, can you truly make money.

 

[AZjeff]

Having "just had a job" for 17 years I understand your point but don't agree with it. Making the jump from being a profit producing human part of a business to replacing yourself with someone competent AND having the profits to pay yourself to do nothing is huge. Many small businesses can't make that happen and many small business owners are happy and well compensated just being a worker as you say. I recommend everyone give it a go.

The boring stuff being done right can make or break a business.

 

[GON]

Th

Having "just had a job" for 17 years I understand your point but don't agree with it. Making the jump from being a profit producing human part of a business to replacing yourself with someone competent AND having the profits to pay yourself to do nothing is huge. Many small businesses can't make that happen and many small business owners are happy and well compensated just being a worker as you say. I recommend everyone give it a go.

The boring stuff being done right can make or break a business.

There is a awesome simple read book, published in the 1970s on how to have a business one doesn't need to be at. The book is still on the rack at Barnes and Nobles. The book is that good. No business book stays in the shelf for four decades.

The e-myth revisited, authored by Michael Gerber. A must read for anyone starting or running a business.

 

[JeffKeryk]

There are lots of ways to make a fortune. It starts with being at the right place at the right time, or at least helps a lot.
Get a skill or product that someone will pay good money for.
Then play the long game. Stock purchases, options and grants.
That's my experience. Silicon Valley tech for the win.

Otherwise play the lotto. I've never bought a lotto ticket.
Whichever way you take, I wish you luck.

 

[Zee09]

If you have to ask.............

 

[GON]

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[NOTEVIL81]

You're not gonna obtain wealth by working for someone. The idea of a business succeeding is extremely difficult. No one estimates the cost of operating a business based on employees. Payroll, workmens comp, double social security and any Benefits. Rent, utilities, insurance.It adds up very quickly. I've reluctantly invested in 3 businesses.In the last five years all have failed. Not from a lack of them trying. The way to accumulate wealth. Is through property. Yes I understand it is new longer two thousand and eight. Where you could purchase one hundred and fifty thousand dollar homes. And now it's worth over eight hundred thousand dollars. The corresponding increase in value increases the rent you're able to charge. Easy ROI. Commercial property non retail is even greater ROI. Under 5 thousand square feet units are the highest rent per square foot. Concrete industrial tiltups in southern california are the most lucrative to lease. Although the most lucrative small businesses in my complex are mom and pop c n c machiners.

 

[AZjeff]

The e-myth revisited, authored by Michael Gerber. A must read for anyone starting or running a business.

Why didn't you tell me about this in 1988??

 

[clinebarger]

Supplemental, I am a firm believer that a self employed person that has to go to work to make money does not own a business, just has a job. One becomes a business owner when he/she doesn't have to go to work and the business runs as usual.

I agree, My shop would be a dumpster fire within a week without me.

 

[John105]

Without getting into it, the first one imho is accomplished by the normal working/saving over a career. It's not the same as in our parents' nor grandparents' time. The second, now that's something (all you have to do is find someone 50 yo who paid off their home, that's likely going to get them into the first category).

 

[John105]

You're not gonna obtain wealth by working for someone. The idea of a business succeeding is extremely difficult. No one estimates the cost of operating a business based on employees. Payroll, workmens comp, double social security and any Benefits. Rent, utilities, insurance.It adds up very quickly. I've reluctantly invested in 3 businesses.In the last five years all have failed. Not from a lack of them trying. The way to accumulate wealth. Is through property. Yes I understand it is new longer two thousand and eight. Where you could purchase one hundred and fifty thousand dollar homes. And now it's worth over eight hundred thousand dollars. The corresponding increase in value increases the rent you're able to charge. Easy ROI. Commercial property non retail is even greater ROI. Under 5 thousand square feet units are the highest rent per square foot. Concrete industrial tiltups in southern california are the most lucrative to lease. Although the most lucrative small businesses in my complex are mom and pop c n c machiners.

Agreed--I'll belly ache to my buddy, "Just put in a 16.5 hour work day. That makes me a ________________."

(envision Samuel L Jackson as Jules Winfield filling in the blank)

He goes, that makes you a new High Country driving, home paid off, retirement saving and stock market holding fat income earning SOB.

And I tell him, dang Mattie, you always seem to see the bright side. I have been on call since 1996--how many years is that, and how many years did that shave off my life? All the out of hours nonsense to include holidays and family events, etc., on salary.

You can pay for your life by working for someone else, and even save up, but you're not gonna be wealthy, as you say.....I never saw this when I was 26 years old. But also, I know myself, I'm not the type who will come up with "the next great amazon" or anything close.

p.s. Should a person be happy, to have a net worth of 1 mil, 3 mil, 5 mil. 10 mil? I actually think so, it's not nothing. It's something. It's an accomplishment to some degree. But it's not "wealthy."

 

[supton]

p.s. Should a person be happy, to have a net worth of 1 mil, 3 mil, 5 mil. 10 mil? I actually think so, it's not nothing. It's something. It's an accomplishment to some degree. But it's not "wealthy."

I agree, a mil these days is rapidly becoming small money.

Agree with the OP, a well off business owner doesn't have to go to work. But getting there? no small task.

I watched my father's business flounder, and decided I'd never take that route. Times keep changing; in tech it used to be very common to change jobs. Now with the great resignation over, and AI threatening, I'm not sure what is going on. But I bet if wait another six months... it'll be different, again.

Only wish I had started saving and investing earlier. I'll never make billionaire--but I don't need to either. I learned early on to set my expectations and goals low.

 

[John105]

I agree, a mil these days is rapidly becoming small money.

Agree with the OP, a well off business owner doesn't have to go to work. But getting there? no small task.

I watched my father's business flounder, and decided I'd never take that route. Times keep changing; in tech it used to be very common to change jobs. Now with the great resignation over, and AI threatening, I'm not sure what is going on. But I bet if wait another six months... it'll be different, again.

Only wish I had started saving and investing earlier. I'll never make billionaire--but I don't need to either. I learned early on to set my expectations and goals low.

No lie, my cousin let me drive his 1995 M3 in 1996. I said to myself I’ll never have a BMW. This is sweet.

Again I’m glad for the timing, could not afford a E46 330Ci. That was a dream car. But I got a E92 335 in Dec 2006. Drove it to work today.

Will I ever get a M3? Very good chance no. I’ll live….

 

[K-Man]

You're not gonna obtain wealth by working for someone.

Plenty of upper-level executives in big companies, such as CEOs, would disagree with that. And often starting your own business is an excellent way to go bankrupt.

 

[AZjeff]

And often starting your own business is an excellent way to go bankrupt.

A common statistic is 50% fail by year 5 for various reasons. Not all go bankrupt but I'll bet few get out without a loss.

 

[Pablo]

There are five points. But first: Ironically I just watched this video:




No one has a single magic saying or formula. I know what we did. I know what my brother did. I know what my parents did. I know what my uncle did. All multimillionaires, which in 2025. not a big whoop.

1) Don't spend on useless stuff.
2) Work hard and save and save until your eyeballs bleed. But save FIRST, and there is not really any pain.
3) Invest. Start early.
4) Don't lose money.
5) At some point, the right point, sell your business.

 

[Nessism1]

People with money work at making money. They don't spend time changing the oil in their car, they pay someone to do it while they scheme on making more money. I'm paraphrasing an article I read, but the approach seems right in my experience. The hard part is building up some wealth early, so you have someone to play with.

 

[John105]

People with money work at making money. They don't spend time changing the oil in their car, they pay someone to do it while they scheme on making more money. I'm paraphrasing an article I read, but the approach seems right in my experience. The hard part is building up some wealth early, so you have someone to play with.

Good points. I consider people here to be wealthy because they can throw away good tires based on appearance or age. Or that they drive a $130k car. Or say their house is now worth 3 mil and they have no mortgage.

But you’re right, the fact that they are on a forum would take away from time where they could be making or breaking little worms every day, to their own gain. Is a dr working for a health system wealthy? To me yes but I get it, literally no. He works for a corporation which ultimately reports to a board and shareholders. But he has a decent living and is a great provider to his family. Truly wealthy like a billionaire, no.