Orogun01 Posted July 5, 2017 Share Posted July 5, 2017 While having capital and connections makes things vastly easier, that guy working in the supermarket still has the opportunity to start a business and become a millionaire. The odds are obviously going to be stacked against him, but hard work and a good business plan will help even them out a bit. It happens regularly. I live in an area where people become millionaires with regularity. I'm talking middle class folks who often times don't even finish college. You get in early with the right tech company, and you will strike it rich. It's not an uncommon story. The problem right now is it is feast or famine. You either strike it rich in the Bay Area or you struggle to get by. There is a shrinking middle class. Also I'm not sure how this applies to Justice John Roberts. He comes from a middle class background. You lost me at middle class. I'd say the answer to that question is kind of like the answer to "who's the sucker in this poker game?"* *If you can't tell, it's you. Link to comment Share on other sites More sharing options...
Orogun01 Posted July 5, 2017 Share Posted July 5, 2017 Depends on what you call rich I guess. If you are talking about billions it hard to make that kind of money in one lifetime. I've known people with a net worth over $1M and not a pot to piss in. One of my former business partners was in that boat. He could barely afford his mortgage but his total net worth made him a millionare. It's a subjective standard. Nah, even start ups need to have some capital to cover the operating costs before they manage to produce anything. The notion that the guy working at a supermarket can just save enough money and then quit his job to start a business and that it will make him a millionaire is nonsense. At best they end up owning a store or food place, which it will take them years to develop into a franchise only to be bought out by one of the major players or to keep competing across multiple generations(and that its how it should work up to a point). Meanwhile some rich guy is able to use both his capital and connections to grow a business in less than a decade and he gets praised for it, never mind that his only contribution was to have the capital and the connection and nothing more. So with all that in mind, please forgive me if I take what rich people say with a big heap of salt as I know my situation is way too different to what they started with. Also, what's your friend lifestyle like? is he good with money or is he wasteful? In short, what's the reason for his current predicament? Because I find the whole thing weird; not impossible, just a bit hard to swallow without some context. A few years back I and five other partners started a company selling, installing and servicing public Wi-Fi. We split the start up cost six ways. I took out a 2nd mortgage on my home and borrowed the max allowed from my retirement savings. I went all in for my part. We worked 14 hour days, sometimes even round the clock. Sometimes every day of the week. When I travelled I did so on my own dime. The company was a success, it began to grow. It became very profitable. And after three years we sold it. With my share I paid off my house, all my debts, fully funded my retirement when the time comes if I'm careful, and a little money in the bank for other investments like my rental property. I'm not a millionaire by any means but by my estimation I'm rich. I owe nothing to anyone except my car payment and I have everything I need and a few thing I want. If a dumbass like me can do that, anyone can. But you have to have something to sell, and the capital to get it off the ground. But it can be had without being or knowing millionaires. If you have a product you can sell, and that product can be your labor or knowledge or skills you have, and a workable business plan you can find investors. Believe me, anyone can do it. The guy I mentioned was on of my partners in this enterprise. He's not wasteful, just seriously overleveraged. He's got a lot of money tied up in long term growth projects that he really does not want to sell. He discussed an opportunity with me but off shore real estate is a little too risky for me. Just my $.02 here but real wealth isn't a bank balance. It freedom from worry. Debt is worry. I know guys who have made money leveraging debt. In fact we have a guy like that in the White House right now. Nuts to that. Wealth is not being able to buy big things, it's owning the things you have. I don't care about nice clothes, or fancy cars, or big vacations. I do care about not waking up at night worrying about a bill that needs to be paid. I may sell my home someday but you better believe I'll never borrow against it again. Thanks for sharing, I'm always curious about these types of things. It just seems to me that either you had to rely on angel investors or you had some money saved, the latter not being viable for someone whose job doesn't generate enough capital to provide for their need and start a business. OTOH I see a lot of people whose jobs are so demanding that have little time and little will to embark on a business venture specially when it can mean that they lose their job in a very hostile job market. I'd say the answer to that question is kind of like the answer to "who's the sucker in this poker game?"* *If you can't tell, it's you. Link to comment Share on other sites More sharing options...
Hurlshort Posted July 5, 2017 Share Posted July 5, 2017 You lost me at middle class. Now you are just being silly. Your default seems to be "**** you're not below the poverty line, what the **** do you know?" Link to comment Share on other sites More sharing options...
Orogun01 Posted July 5, 2017 Share Posted July 5, 2017 You lost me at middle class. Now you are just being silly. Your default seems to be "**** you're not below the poverty line, what the **** do you know?" I wouldn't say it so rudely to you, after all we are all friends here. But you're right, I will say that I'm aware that is not impossible for low class to start a business but I always draw a blank when I try to think how they did it. My guess is that they had the connections beforehand and wasn't as big of a risk for them to take loans. I'd say the answer to that question is kind of like the answer to "who's the sucker in this poker game?"* *If you can't tell, it's you. Link to comment Share on other sites More sharing options...
Hurlshort Posted July 5, 2017 Share Posted July 5, 2017 I would agree with you there, connections are important. However most communities have those types of connections available to those with the drive and personality to pursue them. Clearly there are more risks and obstacles the farther down the ladder you are, but it does happen. I would say it is very possible to at least climb into that middle class you were dismissive of. Link to comment Share on other sites More sharing options...
Blarghagh Posted July 5, 2017 Share Posted July 5, 2017 (edited) Eh, I grew up seriously straddling that poverty line and I'm kinda with Orogun. It's possible to get out, but even hard work and smart thinking is sometimes not enough to do that. People who get out generally have help from a connection and otherwise it's an uphill struggle. EDIT: Probably time to close this. New one coming up! Edited July 5, 2017 by TrueNeutral 1 Link to comment Share on other sites More sharing options...
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