Re:How to get rich without getting lucky
by 11thEarlOfMar on Friday June 01, 2018 @11:12AM
(#17206019)
'bouts of unemployment' this is bad luck and you are correct that it can take the wind out of anyone's sails.
Looking at the math, it's not difficult to find a mainstream mutual fund like FCNTX that has been pretty big for a long time. Since 1993, 25 years ago and encompassing both the dot com bust and the sub-prime catastrophe, it has returned, on an annualized basis, around 9%. I use that example because it's a pretty mainstream fund that has been highly rated by Morningstar most of those years, so it isn't hard to identify it as a fairly safe place to get excellent returns. I've been in it for most of those 25 years and when I first chose it, I was for sure a novice at investing. Note that today, it is only one of several funds in multiple sectors that I hold, I've diversified over time.
There really is no way to get rich quickly that does not involve a large dose of luck. The <30 multi-millionaires in Silicon Valley tilted the odds in their favor via a variety of means, but I'd guess that for every example of those people, you'd find dozens who moved to the area, worked their asses off in startups for a few years and then crashed and either settled for a regular job or moved elsewhere.
Looking at the math, it's not difficult to find a mainstream mutual fund like FCNTX that has been pretty big for a long time. Since 1993, 25 years ago and encompassing both the dot com bust and the sub-prime catastrophe, it has returned, on an annualized basis, around 9%. I use that example because it's a pretty mainstream fund that has been highly rated by Morningstar most of those years, so it isn't hard to identify it as a fairly safe place to get excellent returns. I've been in it for most of those 25 years and when I first chose it, I was for sure a novice at investing. Note that today, it is only one of several funds in multiple sectors that I hold, I've diversified over time.
There really is no way to get rich quickly that does not involve a large dose of luck. The <30 multi-millionaires in Silicon Valley tilted the odds in their favor via a variety of means, but I'd guess that for every example of those people, you'd find dozens who moved to the area, worked their asses off in startups for a few years and then crashed and either settled for a regular job or moved elsewhere.