Saturday, July 21, 2007

Getting rich –is it as hard as it was?

Stacey and I were enjoying our last meal in Croatia last night when the subject of where we "go" next came up. I've never hidden the fact that I want to be wealthy, in fact I would imagine many who know me would go as far as it's what drives me. This is true in a sense however you will notice I used the word "wealthy" rather than "rich" or "loaded".

What many people seem to do is confuse what I mean when I say I want to get wealthy (or sometimes rich), I don't mean I want to have stacks of cash sitting in the bank or a huge number of shares under my belt, what I in fact mean is I want to enjoy myself, ok I need cash to do that but it's more important that I -and those around me- are happy.

Anyhow, I digress. As I was saying, Stacey and I were talking about how we were going to get our incomes to a level that would support the somewhat luxurious lifestyle we have imagined for ourselves when she said "The people with stacks of money have inherited it". This -in many cases- is true, people such as Paris Hilton for example haven't "done" anything to get the money, it has been -or will be- inherited.

That got me thinking, does that run true in today's society? Of course there are people who have inherited serious sums of cash but there are also a large number of self-made -and young- millionaires cropping up all over the place. A few that sprung to mind almost immediately are Bill Gates, Larry Page and Sergy Brin (the Google Guys), Richard Branson¹, Sir Alan Sugar, The Bechams, Duncan Bannatyne, Peter Jones² and more recently the plethora of web 2.0 start-ups that are getting sold off for millions.

¹ Ok, I know many say that he was given a pretty good start by his father but you still have to have something to make it work

² IIRC Peter Jones (from BBC's "Dragon Den"/ITV's "Tycoon") was also bankrupt a few years ago

So it got me wondering -disregarding those who were able to make a serious amount of money through "lucky breaks"³ in technology and successful "celebrities"- has the birth of the Internet made making large amounts money a whole lot more reachable?

³ Personally, I think it takes more than just being in the right place at the right time (which undoubtedly helps), I think you also need to be able to spot the opportunity and have what it takes to grasp that opportunity.

Getting rich –is it as hard as it was?

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Tags: Business | Random | WebDD

Sunday, July 22, 2007 9:55:54 PM (GMT Daylight Time, UTC+01:00)

I believe his Billness had family help as well - his dad was a big-shot lawyer (hence MS's never ending concerns with intellectual property) and his mum knew the North-West head of IBM (hence the DOS deal). I guess his ruthlessness is all his own though.

I think it takes a lucky break (family-provided or right place/time), spotting the opportunity, laser-focus/determination, confidence (or arrogance) and rock-solid belief. Very few have all of those at exactly the same time.

Baz

Monday, July 23, 2007 9:24:50 AM (GMT Daylight Time, UTC+01:00)

Yeah, IIRC his father stumped up the initial £70k or so to buy IBM, it still takes something to use that money (and you can easily "borrow" money if needs be).

I agree with you though, balls of steel are definatly needed!

Tim

Monday, July 23, 2007 10:26:50 PM (GMT Daylight Time, UTC+01:00)

Hi Simon,

haha thanks!

It's a difficult one, Stacey has said in the past that she thinks that it's in part because they've not had "enough" money themselves i.e. two people earning £30k is enough to live very comfortably, but when you get there you perhaps realise that having another £30k isn't going to make you as happy again. I think it's the same concept as developing countries can get large rewards from small investments where as developed countries make much larger investment but see smaller returns.

Tim

Tim