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0 pointsaresant13y ago0 comments

Here's a shorter answer to "how to get rich" - be a successful entrepreneur.

But applying the above: let's say you're at a low-wage, hand-to-mouth style job today.

a) Today commit to being smart about taxation since that is one of your most addressable costs (and study it, there are literally THOUSANDS of loopholes)

b) As a result, save up enough "runway" over several years to go take a swing at a start-up.

c) Reinvest profits vs. buying a brand new status car or whatever and then cash out w/your $$$ at cap gains.

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gnosis13y ago

"Here's a shorter answer to "how to get rich" - be a successful entrepreneur."

Even shorter answer: win the lottery.

Don't know which is more likely.

erikpukinskis13y ago

There are about 1,600 people who win a million dollars in the lottery each year[1]. There 2 million+ businesses in the U.S. with 5 or more employees[2]. It seems safe to say you've got a better chance at starting a successful business. Although I was surprised at how close the numbers were.

That said, consistent application of intelligent effort will only meaningfully increase your odds in one of those games.

[1] http://ezinearticles.com/?Lottery-Millionaires---How-Many-Pe...

[2] http://www.census.gov/econ/smallbus.html

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