Notices

How did you make your wealth?

Old 01-21-2007, 07:17 PM
  #1  
Senior Member
Thread Starter
 
Join Date: Oct 2006
Location: An island in Maine
Posts: 1,410
Default How did you make your wealth?

Hey guys, I got to thinking today, as a 24 year old I am still getting established. I have a house that we bought 2 years ago, and an older boat of course, I see myself as being middle class my entire life. I read posts of $100K + boats being bought and sold all the time, and I cannot understand how one can obtain such a status in life. Do most of these people grow up in a high class home with wealth always there?

I asked this question to others I know and they claim that anyone with any kind of money had it either given to them, or they had a heck of a head start from a wealthy family.

So now I ask you, who are mostly middle and upper class members, what do you think? Is it possible to start with nothing and end up with something? I plan on starting my own company in a year, I hope that with my hard work I can wind up with some decent results. I for one feel that you will never get ahead unless you take matters into your own hands.

What do you all feel?
Johnshan is offline  
Old 01-21-2007, 07:36 PM
  #2  
Senior MemberCaptains Club Member
 
Join Date: Aug 2006
Location: Miami Beach, FL
Posts: 1,752
Default Re: How did you make your wealth?

Yes you can.
With a strong work ethic and a sound set of goals you can achieve your desired wealth. There is no easy street, find something you enjoy doing and remain committed to it.
Dsaltydog is offline  
Old 01-21-2007, 07:41 PM
  #3  
Senior Member
THT FOUNDER (inactive)
Marine Advertiser
 
Join Date: Feb 2001
Location: Jupiter & Ft Laud FL
Posts: 93,173
Default Re: How did you make your wealth?

I have yet to make financial wealth

Wet-n-Wiley is offline  
Old 01-21-2007, 07:41 PM
  #4  
Senior Member
Thread Starter
 
Join Date: Oct 2006
Location: An island in Maine
Posts: 1,410
Default Re: How did you make your wealth?

I am a Journeyman electrician, I will have my Masters license in hand within the year, so that is what I would be doing. I still wonder if those who have made their wealth were given a head start or a large check? Obviously with a 34' Intrepid, you have made it to wealthy status.
Johnshan is offline  
Old 01-21-2007, 07:46 PM
  #5  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: May 2003
Location: New Braunfels, Tx
Posts: 8,763
Default Re: How did you make your wealth?

Made my wealth in the military!


Seriously though, I met my wife, been all over the world and most of all I have a beautiful little girl who is beyond words.. That is wealth!

Now for the monetary portion - your question.. Yes, you can start with nothing and make it. When I left home, I had like $20 in my pocket (if that) and I've never borrowed a dime from my dad since then.. Sure he has given me money, but I have never asked for it. I work hard, I play hard and try to never make the same mistake twice. I may not have a top-tier boat and I don't care, I am still floating in the same water as that fella with the bling gear that costs more than my boat.. LOL

There's a saying I use all the time... Life's what you make it.. Sounds corny, but if you want think "the man" keeps you down, nope - you're keeping yourself down and using some copout as an avenue to explain your failure.

remember, life's what you make it...

ReelWork is offline  
Old 01-21-2007, 07:48 PM
  #6  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: May 2004
Location: Brandon, Florida
Posts: 2,118
Default RE: How did you make your wealth?

Johnshan - 1/21/2007 7:17 PM

I asked this question to others I know and they claim that anyone with any kind of money had it either given to them, or they had a heck of a head start from a wealthy family.

So now I ask you, who are mostly middle and upper class members, what do you think? Is it possible to start with nothing and end up with something? I plan on starting my own company in a year, I hope that with my hard work I can wind up with some decent results. I for one feel that you will never get ahead unless you take matters into your own hands.

What do you all feel?

What do you all feel?
I'm no psychologist, but my hunch is those "others" are justifying their lack of success by stating that only those who were born with a silver spoon are successful. There are many, many examples of persons coming from modest means and achieving success.

It has been my observation that people get wealthy in one of the following ways:

1. Inheriting it.
2. Marrying into it.
3. Going into a "can't miss" field, e.g., cardiology, personal injury law, orthodontics, but note, that it is not easy to enter these careers.
4. Getting lucky - win the lotto, be able to run a 4.3 forty, or be able to crush a 98 mph fastball 450 feet (without failing the 'roids test)
5. Starting your own business.

Without knowing anything more about you except that you are a sparktrician and seem to have motivation, I would think number 5 is the right path for you.

Take this for what it is worth.

My saying is, "Nothing that is worthwhile comes easily and nothing that comes easily is worthwhile"
greyg8r is offline  
Old 01-21-2007, 07:50 PM
  #7  
Senior MemberCaptains Club Member
 
Join Date: Dec 2001
Location: Coral Gables-Islamorada
Posts: 1,880
Default Re: How did you make your wealth?

Run your business well do exceptional quality and service then people can NOT compete much with you. Making good money is not easy though. Good luck
catfoiler is offline  
Old 01-21-2007, 07:50 PM
  #8  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Jan 2006
Location: Jax Fla,Horseshoe Beach Fla
Posts: 13,398
Default Re: How did you make your wealth?

Wet-an-Wiley - 1/21/2007 7:41 PM

I have yet to make financial wealth



me neither nor do i care wealth is who not what i take fishing my kids make me the riches man in the world.
tommyr904 is offline  
Old 01-21-2007, 07:51 PM
  #9  
Senior Member
Thread Starter
 
Join Date: Oct 2006
Location: An island in Maine
Posts: 1,410
Default Re: How did you make your wealth?

No one has said how they have actually made their money?
Johnshan is offline  
Old 01-21-2007, 07:52 PM
  #10  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Jan 2006
Location: Jax Fla,Horseshoe Beach Fla
Posts: 13,398
Default Re: How did you make your wealth?

Johnshan - 1/21/2007 7:51 PM

No one has said how they have actually made their money?


poor white trash plumber
tommyr904 is offline  
Old 01-21-2007, 07:53 PM
  #11  
Senior Member
Thread Starter
 
Join Date: Oct 2006
Location: An island in Maine
Posts: 1,410
Default Re: How did you make your wealth?

with a 25' fountain
Johnshan is offline  
Old 01-21-2007, 07:54 PM
  #12  
Senior MemberCaptains Club Member
 
Join Date: Mar 2003
Location: Annapolis MD USA
Posts: 433
Default Re: How did you make your wealth?

You are young and asking the right questions. My advice is find a qualified financial planner and start a plan NOW. Saving and investing early is easier than starting mid life or later, the power of compounding is amazing and works exponentially in your favor over a long period of time. I know it is a worn adage but I'll use it anyway "people do not plan to fail they fail to plan". Start now and buy the boat of your dreams when you can really afford it.

Brian
brisboats is offline  
Old 01-21-2007, 07:55 PM
  #13  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Jan 2006
Location: Jax Fla,Horseshoe Beach Fla
Posts: 13,398
Default Re: How did you make your wealth?

Johnshan - 1/21/2007 7:53 PM

with a 25' fountain


i'm a good white trash plumber




on another note.i don't and never will live beyond my means.my first goal was to have my house paid for.then i played.i keep my bills where if some thing happens to me the trucks boats and other things i have can be eliminated still have a roof over my head that no one can take.taken care of my kids is first the rest is my escape .but i can live without it.
tommyr904 is offline  
Old 01-21-2007, 07:59 PM
  #14  
Senior MemberCaptains Club Member
 
Join Date: Sep 2002
Location: On the wild side !!
Posts: 5,700
Default RE: How did you make your wealth?

I'm by no means wealthy.....but I've read a "wealth of knowledge" on THT !

Work hard, chase your dreams and be happy !
BW23 is offline  
Old 01-21-2007, 07:59 PM
  #15  
Senior MemberCaptains Club MemberPLEDGERPLEDGER
 
Join Date: Apr 2006
Location: Struggleville
Posts: 7,525
Default Re: How did you make your wealth?

Dirt. Good ol red dirt. I would like to add this also. One man's trash is another mans treasure.
Bugbuster is offline  
Old 01-21-2007, 08:01 PM
  #16  
Senior MemberCaptains Club Member
 
Join Date: Feb 2004
Location: Santee-Cooper
Posts: 2,220
Default Re: How did you make your wealth?

If ya aint got nothin....then ya aint got nothin to lose!!!!GLASSMAN> WIT 1 WIFE AND 1 BEAUTIFUL DAUGHTER
WFOFISHING is offline  
Old 01-21-2007, 08:10 PM
  #17  
Senior Member
Thread Starter
 
Join Date: Oct 2006
Location: An island in Maine
Posts: 1,410
Default Re: How did you make your wealth?

Good deal guys, currently have 20% of my check going into my retirement, always going to be doing that (or so I plan). We shall see what happens.
Johnshan is offline  
Old 01-21-2007, 08:12 PM
  #18  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Mar 2005
Location: Whitesboro, texas
Posts: 8,050
Default Re: How did you make your wealth?

Johnshan,
Do you really think ALL of us pay cash for these toys.


Wake up and smell the payment book.

Kind of like when you start your own buss. and you need a new truck are you going to pay cash for it .
It would be nice to pay cash for everything but for us working guys it dont happen that way.
With good work ethics and hard work you will go far just dont OVER extend yourself and be ready to give up any toy you have.

good luck.

welder is offline  
Old 01-21-2007, 08:19 PM
  #19  
Senior MemberCaptains Club Member
 
Join Date: Jun 2005
Location: shelby twp MI
Posts: 1,783
Default Re: How did you make your wealth?

With your line of work you can start out of your house and keep costs low. I'm starting my own HVAC company currently. In a few months I'll have my advertising out, and with any luck I hope to be on my own by the end of summer. (here's to hoping) Not everyone started out with money. When I was your age thanks to my ex wife I was on the verge of bankruptcy. I plan to have a large boat, send my girls through college, the whole nine yards. I've come across many people who think I'm nuts and feel that I will fail due to the economic situation in Detroit even all the officials in my union hall. They are finally coming to grips with the idea that I'm not backing down, and they are actually helping me a little bit. You'll have times where you question things. Don't. The fact is that other people have done it, so why not you? You want something, than go get it. And don't be afraid to ask questions. Try to hook up with other trades that might need an electrical sub. Starting tomorrow I'm going to start hitting up every pipefitting company in the local as well as a few others. Good luck. I know there are a couple electrical contractors here on the board, maybe they'll answer questions for ya.


BTW, I'm not wealthy YET!!!!


tinmarine is offline  
Old 01-21-2007, 08:19 PM
  #20  
Senior Member
Thread Starter
 
Join Date: Oct 2006
Location: An island in Maine
Posts: 1,410
Default Re: How did you make your wealth?

I know a lot of people do the payment thing, thats fine, but to make a payment on a $100K+ boat is still a lot of money every month.
Johnshan is offline  

Thread Tools
Search this Thread