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The best path to financial success?
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You are currently reading a thread in /biz/ - Business & Finance

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Let's have a thread where we try to come up with a rough idea of what the 'best' path to financial success would look like. For the purposes of this discussion, let's define financial success as earning $500k - $1M / year with as few working hours as possible, even in the process of amassing the wealth (which pretty much excludes things like working 14h/day 7 days a week for 15 years in IB and then retiring).

Let's also assume that the person for whom this plan is designed is of above average intelligence. Let's again define this as being smart enough to earn a degree up to and including the master's level in any field (engineering, science, economics etc.) with good results.

Lastly let's assume this person was born into the middle class, i.e. negligible inheritance to work with

First of all I would argue that entrepreneurship is *not* the way to go considering how much time and energy one would have to dedicate, and even with that, the high failure rate. I'll leave it to you to rebut this and to come up with other paths to eliminate.

The best plan I can think of is this:
>Earn master's degree in financial engineering / mathematical modeling / comp sci / numerical physics or some other field mixing mathematics, comp sci and some angle of application
>Save large portions of your income once you start working
>Invest in a mix of long term stable funds and high-risk stocks in an area of personal expertise
>Also invest in real estate and compromise parts of the profits in exchange for a management company freeing up your time.

Discuss
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>>1063364
"Can money buy happiness"

Enjoy chasing the dragon for the rest of your life. This will not fix your nihilism
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>>1063592
I'd rather be crying in a $50M mansion than in a 150 sqft shared apartment tbqhfam
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>>1063606
>can wood build you a house?
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>>1063364
>First of all I would argue that entrepreneurship is *not* the way to go considering how much time and energy one would have to dedicate
But consider this, you will never have a higher wage than your boss.
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>>1063364
>Earn master's degree in financial engineering / mathematical modeling / comp sci / numerical physics or some other field mixing mathematics, comp sci and some angle of application
Masters? I'm assuming you don't want to go through the hassle of working through the entry-level position. Without working experience though, you're stuck with the entry level position no matter what you do.
>Save large portions of your income once you start working
Doable enough, good advice OP, however with your entry level wages don't expect to be featured on Forbes within the first ten years.
>Invest in a mix of long term stable funds and high-risk stocks in an area of personal expertise
>Personal expertise
Without working, how did you come by this OP? Don't get me wrong, I think the whole investing your money thing is a great idea, just don't expect to see a lot of it very soon.
>Also invest in real estate and compromise parts of the profits in exchange for a management company freeing up your time.
I don't even know what this is. Explain.

Overall you've got some good points but a millionaire it ain't gonna make you.
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>>1065220
wrong.

Sales jobs
>>
Either do something you genuinely love doing, or try reaching financial independence as quickly as possible. Preferably both.

Start investing early.
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>>1063364
>>1065273
both wrong.

Buy ethereum
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>>1063364
Lonnie deals and then scoop up the actual trailer parks and then use the equity from those to buy an apartment complex
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OP please stop spreading the high rate of failure meme. When most start ups say they fail, that means they make less than projected, or manage to break even. If things go south, you always could just liquidate it. You personally won't (shouldn't) go poor afterwards.
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>>1065332
>wasting 10 years playing russian roulette for bored VCs before you realize it's 90% a scam run by Wall St rejects who behave like highschool girls and get all uppity because once in a blue moon a startup gets somewhere that isn't a ponzi scheme in spite of them.
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Here is the formula

>great undergrad school with amazing grades
>spend a year in Asia
>many internships
>work 2 years as slabs labor for some company like bane or Mckenzie
>go to top tier graduate school
>get vp position at some company
>work like a motherfucker 80 hours a week for 10+ years
>eventually become coo or cfo or some shit
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>>1063364
Suck some dick.
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>>1065273
What kind of sales jobs in particular you thinking of?
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>>1063364
There are many roads to success here are a few I've seen done before in my personal life...

Go to med school, specialize as much as possible (urologist, gastrointerologist, etc) , start a practice in an upper class suburb outside of a city, easily puts you in the 500k range working 4 days a week.

Learn plumbing, work as an apprentice plumber while reading as much as you can on starting your own business, eventually become master plumber and find area with high population density and/or low competition, higher 3-5 plumbers, teach them everything you know, start your own company, eventually expand with more employees / covering more area / etc. Operate at a substantial profit for 10 years then sell business for ten million by the time you're 55. Same can be done with electrician / mechanic / any trade that is in high demand

Go to school for engineering / finance / accounting / other job that is always in demand (helps if it's top tier school with mucho connex) immediately get first job out of college paying around 90k, get promoted a few times up to 150 k while living as minimalist as possible (small residence, no family, very few expenses) saving everything you have in low return safe account, find some other successful people and pool your money together to start investing in commercial properties that lease units to successful businesses who will become your tenants (doctors offices, IT centers, medical labs etc). Reinvest profits in more real estate, increasing holdings to where you earn more in passive real estate income than your actual job.

There's a lot of money out there /biz/ you just have to know how to get it.
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>>>1065659
Sorry, I meant *hire* 3-5 plumbers
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