Wealth without a business

[casey15]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....
         When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business. At this point, it is not  referred to as spending but as investing, because the changes and expansion will bring in more profits.
         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

[_act_]

However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

Some people are collecting salary but in a way that they still have enough to safe after spending on basic needs and necessities. There are many of them that save and later open a business. But this can not be for those that have low income which may not be enough for saving up to what they can use to establish a business. Not everyone will be able to. But regardless of what someone is doing, having a business is very good and it can be very helpful

Everything in life have hierarchy. There are some people that their salary is very huge. But I think they will also later prefer to have businesses.

[Churchillvv]

It's pretty simple for you to get a good income "you must be a producer and not just a consumer" I believe this rule is what must people who are entrepreneurs live by, hence must salary earners at some point after accumulating enough savings they result into owning a business but perhaps it's not compulsory to own a business.

Some people who owned business still remain poor so it's not a guarantee that you will be successful (what you call "rich"). If one earns a good or significant amount of money and do not want to own a business investing in others business could still make you a very good return, perhaps being a shareholder is quite a good way to earn as much as the entrepreneurs.

[Botnake]

There are only two ways to get rich, one is acquiring some inherent assets from your wealthy parents, and the other one is building a business or investment that will create massive returns.

However, if you work on several jobs and receive high compensation from each job, maybe that will help you to become financially stable in the long run. But if we mean to say getting rich in the end, for me that will only be possible if you have bigger investments and huge businesses that will definitely give you passive income.

[Furious 7]

Although in the end being a businessman is a good thing but sometimes saying it will be easier if compared to doing it and of course with the mechanism of the world today we must realize that not all will become a businessman so no matter how hard they want to become a businessman but when they do not have any talent in a business then they will only waste time and spend the capital they have.

True, everything needs a process and something must be sacrificed but back again there is such a thing as talent and until now I don't believe in the words as long as we try then we will eventually succeed because for me it is just a word of encouragement so that we eventually try again and again but on the other hand this does not teach us to a self-awareness that we must also be aware of the qualifications we have because when we do not have qualifications in a business no matter how hard we try and no matter how much capital we have everything will still run out in the end.


The mechanism of how to work in today's life there are those who become businessmen and of course there are those who become workers with monthly or weekly salaries and the nature will be more workers than businessmen but that does not mean they will not be able to succeed because even if they are workers and get monthly results but when they utilize and are good at managing it then success will still be obtained.

[Rruchi man]

         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

It is still very possible for a salary earner to invest some from the salary they earn. It will require a lot more sacrifice because unlike being a business owner that can have access to money and no fixed earning, a salary owner having a fixed salary will need to cut some other expenses to have enough for investment unless the job is very well paying which is not much as well.

A salary earner will also need to be very strategic and careful with what they invest in, so not to waste their salary years on something that has no or very little ROI.

[Davidvictorson]

However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

Put an amount on what it is to be rich according to you. Is it $1000 or $10000. People who earn salaries can also be rich too but it takes a level of smartness to get there. The higher your educational qualifications the higher your chances of getting an increased income and moving up the corporate ladder. So get more educational qualifications. Get more technical skills. And do your job well. Salary earners have more opportunity to become rich than business owners because their income flows in consistently and over time, they build wealth.

[kotajikikox]

         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

One does not necessarily need to have or run a business. I do not think everyone is built to have a business. Yes you can learn and study how to run a business but some people's personalities are simply not meant for running a business.

If not business, there are a lot of other investments one can go into. There are a lot of possible passive investments that would not require one to need to focus on that business so much. Crypto is for example. If you just buy and hold for a long time, you could earn profits on the long run. Of course it would not be a quick profit but it is still possible to earn a lot even if it comes slowly.

[Sebas.tian]

Wealth without business it will not going to last long, when you spend so much funds on businesses, it will make your wealth surplus because you have spend on that business but if you depend only on wealth, it will make your wealth not to be stable.  There are some people who don't want to invest or own their business, because they don't have time to spend in growing such business for future purpose but such people will not know what they are doing to themselves now until they retire from work in old age before they will realize what they have done to themselves not to have source of income. When you generate or create good businesses in your environment, it will open more door for incom to be coming in and it will increase your wealth and it will be difficult for your wealth to decrease in the nearest future.

[Don Pedro Dinero]

<...> do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

It depends, what you are talking about is going to be much more common in a professional football player (or NBA or similar) than in a McDonald's worker. And even so, people who have very high incomes from work will need the knowledge and discipline to save and invest a good part of their salary to build a considerable amount of wealth. But let me tell you that if you work at McDonald's and you are thinking of starting a business, you are not likely to succeed either.

[goldkingcoiner]

Money does not make money automatically without putting any work in. It takes time and dedication, even if you invest in businesses and live off the dividends you still need to be able to invest in the right businesses. Otherwise you will lose your money. That research alone is a small part of the work you have to do in order to profit off your investment in the future.

[TastyChillySauce00]

However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

salary man can become rich by invesitng, but depends on the income, you aren't making wealth with minimum wage even with investing, the time it take to accumulate the wealth would be too long but if you have high income, then you can simply invest into something lucrative like bitcoin, gain 5x like what bitcoin did in this rally and you're already making big money here.

there are simply too many factor to consider to become wealthy, its not only from your income, it can also depend on your investing strategy as well.

if your income is low, try starting business, if your income is high and stable, invest.

[avikz]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....
         When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business. At this point, it is not  referred to as spending but as investing, because the changes and expansion will bring in more profits.
         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

This is a very generic observation. Both business and salary can make you rich only when you know how to invest the money that are getting credited to your personal account. The end moto of both business and job, is to earn money. None of it is going to make you rich overnight. It requires patience and persistence to create wealth via investing. Some method can even take longer than anticipated and some methods can do it faster.

For example, the stock market crashed during COVID. I personally know one of my colleagues who had recently sold off his apartment was sitting on a good amount of cash. When the market crashed, he invested that entire amount of cash into the stock market and into the bluechip and midcap stocks. In 2023, he took retirement at the age of 35. So it is also important to take risk and do planning.

Being rich, is a mindset. Poor will remain poor because of the mindset and low risk appetite.

[MArsland]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....
         When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business. At this point, it is not  referred to as spending but as investing, because the changes and expansion will bring in more profits.
         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

No matter how much money you have, in the long run when you don't have management, I guarantee you will become poor. As for the case of income from salary, the way to overcome it is to be able to live comfortably, reduce expenses, and increase investment. We often hear that expenses > income will not make you rich as if you are only a gateway for money to enter and exit.

However, on the other hand, if income > expenses, then the opportunity to become rich is quite reasonable because you have targets, management, and discipline to always think about long-term investment guarantees.

[Hewlet]

         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

if as a salary earner you live just on your salary and only waits to receive the pay that goes into your routine spending, what lies ahead of you at retirement is suffering because you have failed to make good use of your productive days. investment is not done just because you want to feel among or because you have too much and don't know what to do with it, even if you are a regular salary earner, having an investment plan is very necessary because you will need it in the raining days. it must not necessarily be that you have to start a business and it is not everyone that ought to start a business, if you are not wired to go into business, you can delegate a portion of your earning into something else that has the potential of yielding additional income apart from the ones you are already earning from your regular salary, it is just a wise way of increasing what is coming into your account at the end of the month. depending on a single salary is just like being enslaved by the work you are doing.
 

[Dave1]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....
         When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business. At this point, it is not  referred to as spending but as investing, because the changes and expansion will bring in more profits.
         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

It's how they handle the money that they profited from their business. I read that other owners really put everything in the business itself, meaning they got the ball rolling and never pocket any profit as they put it back and then the cycle repeats itself. So you are correct with you notion that business owners should really re-invest their money on their business, simply as that.

Of course they will have to put aside some money to keep the operation alive, but still the lesson here is that you really need to re-invest your money. As for people not owning money but can still be rich, I think there is, as long as this guy are in the high level of job, like a lawyer or doctor who are being paid handsomely.

[Justbillywitt]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....
         When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business. At this point, it is not  referred to as spending but as investing, because the changes and expansion will bring in more profits.
         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

It depends on how much you earn as salary and the level of responsibilities that you have. If you are earning a good salary, and your financial obligations are minimal, there are chances that you will be rich, provided that you have job security. But for you to be considered wealthy you can't do that with salary, because I haven't seen anyone who's considered being wealthy by just earning salary.

Well I will say it's not really compulsory that everyone must own a business, because not everyone has the ability to run a business of their own. Business is a skill, that's why you see some people succeed in business, while others struggles in business and yet fail. Those who succeeds in business have the skills required to run a business. If you don't have that skill to run a business you can't succeed in it, rather you can invest in other people's business in the form of shares. So it's not compulsory for everyone to own his/her business.

[Pi-network314159]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....

I agree with you. Most people have countless opportunity to invest with the amount they get from there previous business, but they chose to enjoy than invest. That's why they said that it's better to suffer at young age and enjoy at old age than enjoy in your youthful age and suffer at old age. There are several criteria about life most people don't understand and they later take responsibility of it when it's too late. We should try to focus on how our old age will be than thinking of our current age. If everyone should think about the future and how it Hodls, I bet they will not make mistake.

     When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business. At this point, it is not  referred to as spending but as investing, because the changes and expansion will bring in more profits.

Anyone that need to succeed should have to evisearch the end from the beginning. To succeed you need dedication, focus, make decisions and stand by it and this decision includes the ones that will deprive you of some pleasures to be able to succeed. If anyone doesn't have the mind to sacrifice or lay off some attitude you can't succeed. Lets take for example a guy who is a womanizer that spend money on women everytime may not succeed if he doesn't stop such pleasure or reduce such habit. It might look as its not anything until you take a bold step then you will know the difference.

[mamesso]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....

Financial management is a basic thing that business people need to do, every income from the business needs to be divided into two parts, basic needs and expanding or adding capital to the business. Wealth does not just come to certain people, except those who inherit wealth from their parents.

However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

It is very difficult for someone who receives a salary from a company or government agency to become rich without additional income (business). Employees will lose their jobs at some point, but you will be the boss if you have your own business.

[AYOBA]

I think One of the reason why people remain poor even while earning a decent amount of money from their businesses is the fact that they see money as a spending means and not investing....
         When building a business, it requires some level sacrifice and discomfort, after there have been significant growth l, money can be spent for expanding the business.
         However for the case of people earning salaries, do you think there is a way they can be really rich without owning a business and or is it compulsory for one to be own his own business

A business is a way of leading a lot of people to become wealthy because one thing about money is that even when a person is earning more than a million naira in a month or week and he/she refuses to find another alternative for success or income, it is nothing since it is money that they use to make more money, but not all people understand that. That’s why some will be spending without a plan for themselves.

Proverbs prove that opportunity comes but once; it’s better for everyone who has big opportunities to use them in a right and right place so that he/she will not regret it in the future. I don’t know why some will keep spending their money in a wrong place after they know that in life nothing is permanent.