Luke Rockhard -
i make about 5 million a year.
I own several businesses. Most of the people in the country making a nice living are self employed.
High level executives do ok. C level does really well depending on the size of the company.
Wall street and anyone connected with wall street (i.e. Big Tech) can get very wealthy through the various options avaiable to them, including going public.
as far as your speicific questions thats hard to answer about frugality and investing. Some wealthy people are great investors and some are very frugal. Some arent.
You want to be wealthy in this country you almost have to be self employed.
Cool. Care to elaborate what kind of business your in?
something to think about.... I have a service business that I started about 5 months ago and I'm on the 5-7 year plan to get to a million per year in revenue
The standard business margins if ur at 20 percent ur doing well...so if I can get revenue to 1 million bucks a year that only leaves me 200,000 dollars profit at the end.
kind of sux
Considering it isn't that hard to earn $200k/year working for someone else while letting them take in all the financial risk while you take home your guaranteed paycheck, the idea of grinding your face against the waves for 5-7 years just trying to get there - while hoping along the way to avoid suffering any kind of catastrophic loss that could cost you everything - being self employed doesn't always make the most sense.
However, if you can get there and make it work, and maybe hit a few homeruns in there and grow your revenue to the $500MM+ range, it makes a lot of sense. I think it all comes down to opportunity. What's in front of you and do you have a clear, defined path to get there.
Kind of agree with ya ... but
so so basically I'm in a win win situation, cuz I've started a side business while having a job as a firefighter in a major city
so I make about 80 k plus insurance/benefits and a great retirement.... while trying to build a small business
ive already got it up and going successfully as an owner operator... But the real challenge will be hiring employees and getting four and five trucks out on the road