How do billionaires get so rich?

Two words: Compound Interest

They don't waste their time reading letsrun

Buy and hold, brother. Don't try and time the markets. 15 year mortgage. And live in Ohio to keep costs down. And be bald, shampoo is expensive.

Check out Tai Lopez podcast on Itune. Self made millionaire who knows what he talks about.

By exploiting poor people

to get a billion you have to either inherit it or start your own business - I doubt anyone has made a billion working for someone and investing.

a billion is a thousand million - that's a big number.

although in a multi-generational sense, it is possible to amass that kind of fortune, if you can find a way around the estate tax.

say you inherit $5,000,000 at age 60. in 53 years at 10% that's a billion dollars.

not going to happen in that guy's life, but put in a trust and invested wisely and somehow avoiding estate taxes...it's not crazy.

But people are terrible investors - the chance of three generations tending to money carefully and well is unlikely.

and that estate tax thing too

Invent Microsoft? Start and grow a Walmart? Create google?

random3 wrote:

Invent Microsoft? Start and grow a Walmart? Create google?

Yeh those things have already been done

From Carter’s Adventure, here is a list of three habits of billionaires:

Exercise daily.

Follow your passion.

Read. A lot. At least two hours a day, but many said they read four or more hours a day.

This type of advice always makes us reflect back on the McSweeney’s piece, 7 Habits of Highly Successful People:

Skiing

Yachting

Snorkeling

Golf

Polo

Dinner parties

Shopping

In our professional opinion, the best way to become obscenely wealthy is still the old fashioned way in 4 simple steps.

Western World Version

Take outrageous risks with extremely high upside.

Be the 1 out of 500 million for whom it pans out. This one is key so focus on it.

Attribute your wealth creation to your own hard work, your own genius and the power of your business plan. Be sure to stress how your wealth was singularly made possible by your unique endowment of elbow grease, street smarts, common sense, all of which your competitors obviously lacked (proven by how poor they are compared to you).

Buy a mega yacht and/or athletic team.

Russian World Version*

Acquire assets illegally either from or with the help of the state. Extra rubles for seizing commodity related assets

Kill all your rivals.

Buy a mega yacht and/or athletic team.

* The Russian version is only 3 steps reflecting certain “efficiencies” in the Russian billionaire market.

From

http://longorshortcapital.com/four-simple-steps-to-becoming-a-billionaire.htm

ken Ya wrote:

By exploiting poor people

Typical left-wing ignorance.

i agree with ken Ya although I am republican.

Most often, with this one-step program:

Step 1: Have billionaire parents.

You Are What You Is wrote:

Most often, with this one-step program:

Step 1: Have billionaire parents.

If not, then:

1) Have millionaire parents. Bill Gates, Zuckerberg

2) Do a bunch of sleazy, unethical shit. Bill Gates, Zuckerberg, Sam Walton

99.9% of all billionaires steal or inherit the money.

They simply get lucky. We need to take their money and distribute it to the hardworking poor who haven't been as lucky.

Law And Order wrote:

You Are What You Is wrote:

Most often, with this one-step program:

Step 1: Have billionaire parents.

If not, then:

1) Have millionaire parents. Bill Gates, Zuckerberg

2) Do a bunch of sleazy, unethical shit. Bill Gates, Zuckerberg, Sam Walton

99.9% of all billionaires steal or inherit the money.

you should move to cuba or venezuela man - no billionaires stealing your stuff there. it's a paradise. Tell you what - any place with 'people's republic of...' is awesome. That way you KNOW that successful people who hire millions and provide valuable services won't be in your way.

Just get every few people to give you a dollar.

recuerdo wrote:

you should move to cuba or venezuela man - no billionaires stealing your stuff there. it's a paradise. Tell you what - any place with 'people's republic of...' is awesome. That way you KNOW that successful people who hire millions and provide valuable services won't be in your way.

Glad that you're happy with your minimum wage job. It's because of low life losers like you that I can drive my Porsche past you while you're waiting for the bus.

Law And Order wrote:

You Are What You Is wrote:

Most often, with this one-step program:

Step 1: Have billionaire parents.

If not, then:

1) Have millionaire parents. Bill Gates, Zuckerberg

2) Do a bunch of sleazy, unethical shit. Bill Gates, Zuckerberg, Sam Walton

99.9% of all billionaires steal or inherit the money.

273 of the Forbes 400 are self-made.

nvdf wrote:

273 of the Forbes 400 are self-made.

In other words, 272 of them somehow stole the money. Like Bill Gate's most famous quote, "I got the loot."