I am going to give you a quote from Warren Buffett's biography "The Snowball" by his great (I stand to be corrected) grandfather Sidney Buffett
“Try to be punctual in all your dealings. You will find it difficult to get along with some men, deal as little as possible with such.... Save your credit, for that is better than money.... If you go on in business, be content with moderate gains. Don’t be too hasty to get too rich.... I want you to live so as to be fit to live and fit to die.”
Trying to make money quickly requires a great amount of risk and often times, doesn't work, because the thing is with money is if you risk it and lose it, you're in a far worse off place had you not risked it at all, but if you take less risk and protect your capital (investing rule no.1) you'll make good returns over time (the power of compound interest)
On that note 6 months (if having no capital) is unreasonable, if you have $100,000, it then becomes achievable but i think the great premise you must take from this is that making money through any system requires time to (for a lack of better word) manifest.
And furthermore what would be your goal - what is considered rich or even very rich?
$500,000 annually is considered rich in the US and far less in other perts of the world - very rich I would assume from the lack of details is double that, a cool $1,000,000 annually.
So if you can make that sum of money annually, you're considered (very) rich. If you gave a time frame of about 5 years, it becomes more plausible (even with some capital) and still yet not that all realistic but often times simple money management tools don't do the trick, you're going to need to use a lot of leverage and that again requires risk.
The most plausible way to become rich with little risk is to start your own company - 47% of millionaires are business owners - Millionaire
Starting a company puts you in good company (no pun intended) - unfortunately there is no sure fire way to become very rich in a short span of time - I blame the thinking that its even possible to the culture we live in - instant gratification - I'd suggest open up a brokerage account that allows for leverage and over a couple of years (with some training and guidance) you can generate good returns i.e. be a millionaire. The internet is littered with guys that have started accounts with $1,000 and turn it into $1,000,000 - In a couple of years. Aside from starting a company that offers real/perceived value to society, there is no other way.
This is what Warren Buffett's wealth curve looks like
He wasn't a billionaire until he was over 50 and this is coming from a guy who started investing when he was a teenager, and is also the greatest money manager of all time.
Truly wealthy people made there wealth by making a couple of good decisions using leverage and that's it, after that, they live of interest because they know of the principles i mentioned above (and also the risks involved)
You look at any road to riches story and you'll see that once someone reaches a certain level of wealth, it sort of "platuea's" or rather, does not grow at the same rate as previously - look at all the guys like Cuban, Branson, Abramovich, Gates, Koch brothers, Page, Brin, Ellison, basically the Forbes list - all of these guys could never match the previous amount of growth they had, which is what makes up a bulk of their net worth.
I'm sorry I didn't answer your question, but i rather informed you on why it's so unrealistic, it'll save you getting sarcastic answers like the one's you've already gotten.
Source : Quora
No comments: