If you are ‘upper class’ how did you make your fortune?

amother

↑ Phlox ↓

Today at 1:55 am

amother Stone wrote:

To me, the most important part of wealth mindset is believing you can and should become wealthy and the actions follow from there.

You live under your means because you want to invest because you believe the investments are going to make you wealthy. You rather have money than the things itt can buy.
You start a career or business with high potential young and work hard at it. You believe you're going to get promoted and make it to the top.
You work long hours and make your career a priority.
You like money. Not just for what it can buy you but for having it. You like learning about money. You like reading books about mutual funds because you like money.
You never cap your income. Your goal is not to make 2 million or 5 million or retire at 50. Your goal is to make it big and then bigger.
You take moderate calculated risks with your money. You know the next risk can help you achieve your goals. So you research well and then take the plunge.
They accumulate "good debt" and stay far away from bad debt. They have a clear understanding of the difference.

Not everyone with this mindset will become wealthy. But almost everyone wealthy shares many of these attitudes.

I'm not passing any value judgments here. The research shows these are common things among people who become wealthy. And they are far less common among people who don't become wealthy.

Most people I know don't want to be wealthy. They want it in theory, like to win the lottery. They want it in convenience, like an unlimited credit card. But they don't have a wealth mindset. Maybe they don't believe they could become wealthy. Maybe they don't believe they should or deserve to becomes wealthy (I know very many in that category.) They may be too risk-averse, or they might be scared to do the proper research and take bad risks. They know they should read up on of the stock market but the thought of that scares them. They make it a low priority. They're not sure they are capable of understanding the stock market or real estate investments. Most people I know either don't prioritize becoming wealthy or have an emotional block to achieving it.

Sounds like my dh but he caps his income. I can never get him to stop saying things like „We will never xyz“ or „We are too old for…“

Otherwise yes

amother

↑ Phlox

Today at 2:10 am

amother Poppy wrote:

Yes I know people like this. They forgot to read koheles.... hakol zeh hevel tachas hashumesh. I wanted to quote some psukim, but I realized I would have to cut and paste the entire koheles...

And yet I know wealthy people who do not have this money mindset, bh. These are the people who are able to enjoy their wealth and give generously to tzedakah... they are not defined by their money.

Sure they must have had generational wealth. OP didn’t specify it but the question is how to build wealth from scratch, not how to „be wealthy“. There are many mindsets that people can have in regards to managing the money they inherited or were gifted. There are not many mindsets with which people can build something out of nothing

amother

Cerise

Today at 4:04 pm

amother Stone wrote:

I agree with this 100%. I am too scared. Having the money in my bank account where I can see it whenever I check my balance...makes me feel secure. Trusting someone enough that they would give me good advice and then trusting myself to invest in sth and maybe losing everything? I can't do it. To me its a "I have it, and its 100% real" vs "I could have so much more but also lose it all". I rather take what I have. Which isnt much, but its enough for the basics.
I had a very turbulent childhood and I am still in survival mode also financially.
Dh decided to invest 700$ after reading and researching for several months and lost most of it. That made my fear even worse. Also our neughbours invested a couple thousand and lost it. They didnt really do research though