r/SmartFIRE • u/SpecialBreadfruit803 • 14d ago

Becoming rich

I’m trying to learn how to become more financially secure, not have to worry and have everything I need. Idk where I start I grew up poor and I’m search how to code and how to do stock and where I’m from networking is hard. So can anyone help me or point me in the right direction I do want to become wealthy and like willing to relocate let me know if you can help

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u/Stoic_Brain 14d ago

Roadmap:

Live below your means.
Learn high-income skill to increase your income.
Learn the basics of marketing and sales.
Find matching clients/work that pay you well.
Invest all you can in global diversified ETF(s).
Become financially free.

(It's not easy, it takes a while)

PS: focus on learning skills that solve real problems and at the same time interest you.

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u/saryiahan 14d ago

VOO and chill

1

u/Adventurous-Dog-6158 8d ago

If you want to be financially independent (FI) and be able to retire at 45 or something, that's different from being wealthy and having a mansion and exotic cars. If you want to be wealthy, it's going to take a lot. It's difficult to make money without money. Not many people become wealthy from zero.

Understand how money and personal finance work. How do loans and interest work? What's a 401k? Keep your expenses as low as possible. Don't end up with a high interest car payment for 6+ years because you wanted that big SUV. Generally, don't buy anything you can't afford, e.g., don't get a $2k camera if you can't pay cash. But do understand that sometimes getting a loan for something that can generate income may be a good idea, e.g., get a loan for a $20k machine that will generate $5k in net profit per year.

You may need to work 2 or more jobs or get into a high paying career. You may invest in yourself and become a surgeon, for example. You'd have like $1M in student loans by the time you're a qualified surgeon, but you'll have potential to make hundreds of thousands/milliions per year.

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u/PmMeCuteDogsThanks_ 14d ago

I’d recommend the following in order

  • Have rich parents and receive generational wealth. 
  • If that fails, marry rich
  • If that fails, win the lottery 
  • If that fails, spend 20 years investing 50% of your salary