What is the key to wealth? Watch

Iownuk
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Is it as simple as making yourself more valuable?

By this I mean learning some skills such as:

Public speaking skills
Leadership skills
Persuasive skills
Social skills
Cooperation skills

And other stuff depending on the job.

So is this the key to wealth? Most rich people I know had to change themselves drastically to get where they are.
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hello_shawn
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Yep, all the skills that let you command a high salary, the most important one being leadership. Unfortunately most leaders aren't compassionate, whatever compassion they show is usually faked to keep them legitimate. So with wealth usually comes greed and power, more often exploited for nefarious deeds.
Imo the best form of wealth is your own satisfaction. For most people that's earning enough to live another day, for others it's being able to go on fancy holidays and making people jealous through their Instagram posts etc.
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Yardloaf Corp
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Find a niche
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Iownuk
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(Original post by hello_shawn)
Yep, all the skills that let you command a high salary, the most important one being leadership. Unfortunately most leaders aren't compassionate, whatever compassion they show is usually faked to keep them legitimate. So with wealth usually comes greed and power, more often exploited for nefarious deeds.
Imo the best form of wealth is your own satisfaction. For most people that's earning enough to live another day, for others it's being able to go on fancy holidays and making people jealous through their Instagram posts etc.
That’s perfectly fine. I have my own reasons for becoming very wealthy though. I’m sure most leaders aren’t as bad as you make them out to be but they are doing what they need to do to accomplish their goals (I assume)
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mattymoo432
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Learn something that governs a high salary.
Save 75% of salary on assets
Live minimalist lifestyle
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harrysbar
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(Original post by Iownuk)
Is it as simple as making yourself more valuable?

By this I mean learning some skills such as:

Public speaking skills
Leadership skills
Persuasive skills
Social skills
Cooperation skills

And other stuff depending on the job.

So is this the key to wealth? Most rich people I know had to change themselves drastically to get where they are.
The primary key to wealth is being born lucky - into a rich family
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mattymoo432
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(Original post by harrysbar)
The primary key to wealth is being born lucky - into a rich family
85% of millionaires are self-made
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the bear
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being a **** helps enormously
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harrysbar
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(Original post by mattymoo432)
85% of millionaires are self-made
Or so they say

Anyway, that dubious claim is made about American millionaires.

We're different with our class system
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thestudent33
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(Original post by Iownuk)
Is it as simple as making yourself more valuable?

By this I mean learning some skills such as:

Public speaking skills
Leadership skills
Persuasive skills
Social skills
Cooperation skills

And other stuff depending on the job.

So is this the key to wealth? Most rich people I know had to change themselves drastically to get where they are.
Perseverance
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Acsel
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(Original post by Iownuk)
Is it as simple as making yourself more valuable?

By this I mean learning some skills such as:

Public speaking skills
Leadership skills
Persuasive skills
Social skills
Cooperation skills

And other stuff depending on the job.

So is this the key to wealth? Most rich people I know had to change themselves drastically to get where they are.
No, it's not as simple as just making yourself more valuable. You also have to find a useful way to apply those skills.

Many people have some, if not all of these skills. That alone does not make them wealthy. For example, many people in low paying jobs are good at teamwork, many people in management positions have element of leadership skills and so on.

Simply acquiring skills does not make you wealthy, just like how acquiring tools won't make you an expert carpenter.

It also depends entirely on what you class as wealthy. There are some very well paid employees and there are some poorly paid entrepreneurs. The skills you need to succeed will vary greatly depending on the industry you want to get into. Any advice you get is simply going to be someone else recounting what worked for them. We could give you a list of skills that someone else had, you're unlikely to reach the same end result.
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Iownuk
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(Original post by Acsel)
No, it's not as simple as just making yourself more valuable. You also have to find a useful way to apply those skills.

Many people have some, if not all of these skills. That alone does not make them wealthy. For example, many people in low paying jobs are good at teamwork, many people in management positions have element of leadership skills and so on.

Simply acquiring skills does not make you wealthy, just like how acquiring tools won't make you an expert carpenter.

It also depends entirely on what you class as wealthy. There are some very well paid employees and there are some poorly paid entrepreneurs. The skills you need to succeed will vary greatly depending on the industry you want to get into. Any advice you get is simply going to be someone else recounting what worked for them. We could give you a list of skills that someone else had, you're unlikely to reach the same end result.
Well of course you need to apply every skill you learn but I think that making yourself more valuable is half the battle. If you’re a good communicator, chances are you won’t be broke
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Acsel
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(Original post by Iownuk)
Well of course you need to apply every skill you learn but I think that making yourself more valuable is half the battle. If you’re a good communicator, chances are you won’t be broke
Honestly, I wouldn't even consider it half the battle. I think it's the most time consuming element, but I don't think it gets you half way there.

Obviously having skills is better than not having them. But unless they are relevant and something you can demonstrate or apply, they are meaningless. Skills are only as important as the environment they can be applied in. You might spend a long time working on a skill that has zero practical application. The obvious caveat is that making yourself more valuable implies you're developing useful skills.

All of the skills in the OP are useful in a practical sense, and certainly not something you'd waste your time on developing. But as anyone with wealth will tell you, they don't represent the hard work actually involved in accumulating wealth. Having the right tools is important, but it's really only the start. In some cases, they make the work easier. In others, they give you a chance to actually do the work in the first place.

So I think considering the accumulation of skills to be half the battle severely underestimates the effort required to accumulate wealth.
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Iownuk
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(Original post by Acsel)
Honestly, I wouldn't even consider it half the battle. I think it's the most time consuming element, but I don't think it gets you half way there.

Obviously having skills is better than not having them. But unless they are relevant and something you can demonstrate or apply, they are meaningless. Skills are only as important as the environment they can be applied in. You might spend a long time working on a skill that has zero practical application. The obvious caveat is that making yourself more valuable implies you're developing useful skills.

All of the skills in the OP are useful in a practical sense, and certainly not something you'd waste your time on developing. But as anyone with wealth will tell you, they don't represent the hard work actually involved in accumulating wealth. Having the right tools is important, but it's really only the start. In some cases, they make the work easier. In others, they give you a chance to actually do the work in the first place.

So I think considering the accumulation of skills to be half the battle severely underestimates the effort required to accumulate wealth.
Nice points you make there. I agree with having personal skills like that won’t magically get you wealth. Applying those skills to land you more jobs and such however should result in some success. I’m getting into copywriting so these skills would definitely help me secure a job
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Simonthegreat
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(Original post by harrysbar)
The primary key to wealth is being born lucky - into a rich family
or marry into it like royalty
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JackBAlan
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I guess it depends what you mean by wealth. Is it as simple as being rich? How do you define success?
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dylantombides
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Honestly, a lot of it comes down to living frugally for a substantial amount of time. High salary, low spend = wealth. Even on a medium salary and low spend you can get pretty rich. Having said that, people want to be wealthy for a higher quality of life but being so stingy with money means you won't really be enjoying yourself.
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Acsel
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(Original post by dylantombides)
Honestly, a lot of it comes down to living frugally for a substantial amount of time. High salary, low spend = wealth. Even on a medium salary and low spend you can get pretty rich. Having said that, people want to be wealthy for a higher quality of life but being so stingy with money means you won't really be enjoying yourself.
Honestly this is the big issue with "get rich by saving". It takes far too long to actually save the money. By the time you are rich, you're middle aged or retired. Most people want the money to enjoy in their prime years. A lot of people subscribe to the "live cheap, save lots" way of getting rich, and my response is always that I don't want to be rich when I'm 60 and can't enjoy it as much.
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Iownuk
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(Original post by Acsel)
Honestly this is the big issue with "get rich by saving". It takes far too long to actually save the money. By the time you are rich, you're middle aged or retired. Most people want the money to enjoy in their prime years. A lot of people subscribe to the "live cheap, save lots" way of getting rich, and my response is always that I don't want to be rich when I'm 60 and can't enjoy it as much.
That’s because you’re supposed to get rich with income not saving. If you have to save to get rich, you have an income problem not a saving problem. Learning high income skills like marketing and closing is the key to wealth. Then opening your own business is the key to becoming a millionaire
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Acsel
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(Original post by Iownuk)
That’s because you’re supposed to get rich with income not saving. If you have to save to get rich, you have an income problem not a saving problem.
Not really. Someone can be on a high income and spend all their money, resulting in no savings. Or someone can be on a low income, live frugally and save most of their money.

Nobody gets rich based on income. Because the whole notion of being rich is that you have the money in savings. Someone isn't rich because they earn £1,000,000 a year, they're rich because they manage to save 80% of it. Obviously someone earning more is therefore able to save more, but income is generally not a good indicator of net worth because most people are so bad at managing their money.
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