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Self-made millionaire: If you want to get rich, start working 95 hours a week

Discussion in 'Real Estate & Other Investments' started by Scorpio, Dec 6, 2016.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Business
    Self-made millionaire: If you want to get rich, start working 95 hours a week

    Kathleen Elkins,CNBC Mon, Dec 5 8:02 AM PST

    [​IMG]

    Grant Cardone didn't always have millions in the bank. At age 25, he was deep in debt and stuck in a sales job he hated .

    The entrepreneur, who owns and operates four companies that do nearly $100 million in annual sales, reached seven-figure status by putting in more hours, he writes on Medium: "Most people work 9 to 5. I work 95 hours (per week). If you ever want to be a millionaire, you need to stop doing the 9 to 5 and start doing 95."

    He's not the only self-made millionaire to say that the steady salary that comes with a 9-to-5 job is holding people back from getting rich.

    Steve Siebold, who also spent 25 years studying wealthy individuals for his book "How Rich People Think," notes that there is a critical difference in how the wealthy and everyone else choose to get paid: Average people choose wages based on time — an hourly rate, for example — while the rich are typically self-employed and get paid based on results.

    "The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises," Siebold writes.

    They "wait on the sidelines, terrified to get in the game for fear they will lose the little money they have. Meanwhile, the world class is earning more in a year than the average person will make in a lifetime."

    If you want massive success, you have to focus on earning and be prepared to grind, Cardone says. And once you do start seeing financial gains , don't change your mentality: "If you gave me $5 billion, I'd still be grinding tomorrow.

    "My life is not in the stands. My life is not as a spectator. My life is being a player on the field."

    Remember, "there's no shortage of money ," Cardone writes. There's just "a shortage of people doing 95 hours each week."

    https://www.yahoo.com/news/m/64a87c69-108b-3f92-ae0c-c000fdb9c41e/self-made-millionaire:-if-you.html
     
  2. SilverCity

    SilverCity Gold Member Gold Chaser

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    The self-made man sure spared God an awesome responsibility.

    SC
     
  3. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Open your own business and take risk. When it's bad it sucks, but when it's good there is nothing better.
     
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  4. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

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    My problem is, which business? My greatest marketable skill is moving dirt/ore/coal as quickly and efficiently as possible. Been doing it for 30 years. I'm a jack of all trades kind of guy, master at one. I've given a good deal of thought to getting off the treadmill and have yet to strike on an idea that suits me.
     
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  5. davycoppitt

    davycoppitt Seeker Seeker

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    check out HVAC. In Midwest busy as all hell. Tons of different jobs for all ages. I was in night class and just about everybody was age 30+. Had a few in their 50s. Anybody can PM me if they are ever interested. Best thing I've done in my life. Side jobs are billed at $100 an hour and easy to find at that price.
     
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  6. pitw

    pitw Gold Member Gold Chaser Site Supporter

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    If you are like most people and like eating look into the agriculture field. In my busy season 95 hours a week would give e weekends off.LOL
     
  7. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    I crap out business ideas like a madman. My problem is that I don't want to deal with taxes and regulations, so I keep my ideas to myself and work for a corporation.
     
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  8. Montecristo

    Montecristo Silver Member Silver Miner

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    If you are the kind of guy who is multi-talented, and it sounds like you are, my bet would be you will be successful in what ever you apply yourself to. I say this because I have noticed that individuals who know a lot about a bunch of stuff (jack of all trades) are generally the kind of people who aren't afraid to get dirty and learn new things. They don't shy away from something because there isn't an easy answer and they are going to have to put in some time to learn a new skill or become familiar with new ideas. If you're that kind of guy, you just need to pick one thing, and your natural capacity of not being afraid to work will be your ticket to success.
     
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  9. Someone_else

    Someone_else Gold Member Gold Chaser

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    I bet you could quickly get up to speed doing dirt work with a loader or backhoe. Maybe something in highway construction as a sub-contractor? If you have a loader and a trailer, and are willing to go where the action is, maybe emergency snow removal or hurricane cleanup?
     
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  10. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter ++

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    Becoming a millionaire is about deferred gratification (don't go into debt!)

    Spend as little as possible for a sustained period of time and invest the difference and it'll happen on its own whether you work for yourself or others

    Working for others you need to be the only guy that can do the thing, work hard always, and that doesn't make waves because that how salary rises the quickest.

    Working for yourself can be brutal because there are always five things you can't get to until you grow to critical mass size. If you have the wearwithall it's worth it, but you can wipe out get really set back

    I've got a mechanic that borrowed 100k for a snap on truck 6 years ago and is still paying off the balance 4 years after giving up.

    Personally I like turn around plays. Small companies that took on private equity partners and never turned profitable. Private equity that grew weary of putting money in and trades ownership for effort (called sweat equity)

    Lastly I'd say, take your time, look at things carefully,ask the awkward questions. Your future wealth is at stake
     
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  11. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

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    IMHO, becoming a millionaire isn't hard. My parents are the millionaires next door. It was a different process for their generation. The last generation that didn't believe in divorce, They lived without man and woman screwing each other over. The old man was a millwright and currently has five different checks coming in to them with moms SS. Mom stayed at home and managed all of that, to include the money. She doesn't know squat about investing but, she is a saver. Us kids looked like hobos (lol), really, we did compared to the other kids whose parents spent lavishly. I used to hate it, wearing the same two pairs of jeans and a couple of corduroys to mix it up on Fridays. Dad recently told me that he hated the way she dressed us but, he's rich because of it. In order to live like no other; you have to live like no other.

    I used to pick at the old man, giving him shit about being a baby boomer who was part of the problem. My last trip back east I was picking at him again and he said 'Fuck you, me and your mom were born in '44, we are part of the "Greatest Generation"'. Shut my ribbing down cold. He stayed on the treadmill his entire life, to the age of 70, retiring just two years ago. I could do that as well, but between two divorces and being a single male parent who never got a red cent in child support I'm far behind where I wanted to be at my age.

    I could be satisfied on the treadmill. I could work a hell of a lot more than I do but, I hate OT and like to have some semblance of life outside of work. I know that when you own your own biz you essentially give up five years of your life to get the thing off the ground. I could do that and be satisfied in doing it but, I suck at sales and excel at hard work. Sales is by far my biggest shortcoming. At the tender age of 49 I know that it would require me to have employees to do the catch up game, and I don't know if I truly have the balls to carry other peoples lives in my hand in order to make the money to catch up to where I think I should be. Call me Pussy from here on out. Or at least until I man up.
     
    Last edited: Dec 6, 2016
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  12. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    You fucking pussy.
    Jk EOA, you're fine Sir. I releate with what you said and appreciate you sharing it.
    There's no shame in an honest living. But many times i feel like ive sold myself short following in pop's footsteps. He's busted his balls his entire life and has little to show for it.

    His downfall was having 5 do nothing brothers and 6 good for nothing but putting their hands out on Friday sisters.

    3 of his brother's were part of the dysfunctional family framing outfit as I grew up. Two of which were psychos with alcohol induced grandiose delusions.
    The other was a Vietnam veteran addicted to crack and smack, all three whoremongers, avid gamblers at the horse and dog track, as well as the casino's in Mississippi, who collectively, moonlighted as carpenters.

    And each of them were born fucking losers guaranteed to be flat broke by Monday regardless of what they extorted from pops on Payday.

    My pop while he will toke occasionally has lived a clean life, save the Marlboros. Guess he felt a sense of duty to provide for his bros even in light of them destroying what he and my Grandfather had worked to build. I did not share my father's feeling about that and made it known.

    I joined them full time at 18 and at 20 I had seen enough and started using my money to invest in tools that wouldn't be pawned on Thursday so we could get to work on Friday.

    It wasn't long and every tool we had was mine, it was hostile takeover time and the 3 Amigos knew it was coming. One bailed, the other two I informed were working on their last house with my pop and i, and that was it.

    At this point my granddad who was 74 and still working with us decided to call it a career. However we still paid him until at 77, after falling in his bathroom and bumping his head, he choked to death on a wad of his beloved Redman.

    Me and the old man have spent the last 17 years side by side framing, trimming, painting, roofing, building cabinets, footings... generally doing anything that came our way and backed down from nothing.

    The past few years we've teamed up with another 2 man outfit from time to time on things and generally we stay pretty busy.

    However I've had a lot of time to post lately due to a serious fucking case of not much to do. This is always they worst time of the year to be a handyman around here though.

    Lean times drove me into becoming a saver and eventually a silver hider, which led me here, so I could share my little story with a bunch of sirs.

    I'll never be a rich man by any stretch but I aim to have something to give my girls when I go.

    .... and thats really all I care about as being a rich feck never really appealed to me as much as being close to my pops, like he was his...
     
    Last edited: Dec 7, 2016
  13. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter ++

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    Employees are a big step and one I only take after I am 100% sure I can keep them employed for the long term. I've been using 1099 relationships. A little more cost but no long term commitment (from either side). The other thing to consider is 100% commission based sales. To be fair I pay a higher rate when I structure like this but I have no cost if there are no bookings and the people get to work or not work as they see fit
     
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  14. gliddenralston

    gliddenralston Gold Member Gold Chaser

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    I hate to let my secret to building wealth out..... spend less then you make...rocket science I know....amazing how many never figure it out!!!!
     
  15. gliddenralston

    gliddenralston Gold Member Gold Chaser

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    Dude, been a contractor all my life....that just described every drywaller and some carpenters I've ever known.
     
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  16. Agavegirl1

    Agavegirl1 Silver Miner Site Supporter ++ Platinum Bling

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    My uncle was a farmer that slowly and methodically turned his excavating skills into an excavating business that he was able to leave his three sons. Gradually the barns became steel garages, the tractors became excavating equipment, the sunroom became an office etc. He was not just a family farmer, he was an iron miner. When the Minnesota Iron Range was dying, he was transitioning and thriving. I think you have a very useful skill.

    ETA: Read your next post and you are absolutely correct. The thrifty can become the "Millionaire Next Door" and the treadmill can be the way. BTW, my husband is a millwright.
     
    Last edited: Dec 8, 2016
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  17. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Wow great advice. Who would of guessed that working almost every waking hour would help financially.
     
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  18. Zed

    Zed Size doesn't count! Midas Member

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    .... or you could just join Goldmansucks, you know, just sayin... that was this years bonus wasn't it? :blond:
     
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  19. mayhem

    mayhem Другая перспектива Silver Miner Site Supporter

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    Some outstanding replys above. I was born in 42, mom stayed home till I turned 16. They grew up during the depression, though dad did make gin during those years. He had a third grade education but there wasn't anything he couldn't fix. He learned english from reading the newspaper and it served him well. He had a policy when we sat down for supper. My sister and I had to tell him something new every nite. Sometimes we had to go to the encyclopedia and look stuff up. Little did we know then that he was using us to learn himself. Tought us to save and only buy with cash. In 1982 I saw a Olds Cutlas (used) that I wanted and knew if I waited to save the extra 1k I needed it would be sold. That was the first time I applied for credit. I had to agree to pay 25% interest on that 1k, but paid it off in 4 months. Credit manager asked me where I had been for the last 40 years as I had no credit.

    I started finishing drywall in 70. Became a drywall Contractor in 78, but never borrowed a cent, paid in cash as I was being paid in cash. Those were the building boom years here in South fla and a lot of wiseguy money was being washed. Then I went all legit and 1099 everyone but one employee who was my right hand guy. We worked every day as a team on every job I contracted. Never went for the brass ring like many others who made a bunch and lost a bunch. Never fell into the guy who just drove around checking on the jobs. But I always had work, turned down a bunch as we did the best framing, hanging, and finishing around and were in high demand. I guess I was scared to go for the big time, but I never needed to be a millionaire, but became one anyway because my folks taught me right. I passed on to my son the work ethic that dad tought me, and he decided to go into repairing autos at 18. I fronted him 40k in 79 and today he has one of the best high performance shops in the country doing very well and makes me proud.

    Along the way I have owned a ISP, that I sold to Quest in 2003, then scaled my construction work down to insurance damage repair including mold remediation. Shawn my right hand came with me and we only did work in 1m+ homes where the insurance company's didn't nickle and dime us. Had to quit after a massive heart attack in 2010 and sold my co to Shawn for a song, I didn't need the bucks, hell I was OK. Life has been good till recently, but I have no complaints whatsoever.
     
  20. mayhem

    mayhem Другая перспектива Silver Miner Site Supporter

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    Trouble with dem is you need to spend a million to make a million.
     
  21. Zed

    Zed Size doesn't count! Midas Member

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    Yeah... but its not like its your money + you get to keep most of the profit! Dats modern banking ain't it? :D
     
  22. arminius

    arminius Gold Member Gold Chaser Site Supporter ++

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    yeah, true isn't it. sta\eal as much as you can and see if they attempt to get it back. Thats the modern banking method, as you well know but probably refuse to acknowledge..



    That ^ being somewhat inflammatory, I would like to open this thread to any who have the balls, all sextes, or cajones to discuss: monitory reality in this age...

    Anyone truly intellectlully interested?
     
  23. Zed

    Zed Size doesn't count! Midas Member

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    Not really, I know what modern banking is, under no illusions there. More interested in learning new things, but don't let me hold the conversation up!
     
  24. mayhem

    mayhem Другая перспектива Silver Miner Site Supporter

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    I only know one banker on wall street. He always made big bucks, but he had to spend big bucks entertaining clients day and night for, making the next commission. He hated it but knew if he got out of the loop he would have to go back to a 50k job. He finally burned out on coke and lost everything anyway. Haven't heard from him in a long time. Maybe he isn't any longer. Not sure, but I think only one in 10k make it on wall street. The rest just feed the top.
     
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  25. Zed

    Zed Size doesn't count! Midas Member

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    In the end I'd rather be poor! :D
     
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  26. BeefJerky

    BeefJerky Gold Member Gold Chaser

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    Spent a better part of a decade working nonstop building a company. Then spent another decade pretending to be normal but still always consumed by responsibility. Finally , said effit and sold out. I am happy to have completed the work race early. Still struggling with a feeling of nonaccomplishment 3 years later though. Not sure if I will stay idle. Could never have done what I did for myself if I had to work for others.
     
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