I worked professionally as employed trader for about 12 years, another 8 independently running my own fund.
That does not sound right. For 240k you would need to charge 120 an hour work full 8 hours every day every workday of the year. And that's before you paid a penny in taxes. And that is all given you work independently for yourself. Hard to achieve unless you are a super in demand electrician somewhere in a large affluent city
You will be surprised how much agricultural products fetch these days. But I am not farming nor ranching in the traditional sense. I just bought lots of land and a lot with a workshop and lots of storage for all the toys.
the bootstraps fallacy comes apart when people snap out of the "trickle down" spell and wake up to piss and not dollars.
Exactly it has been structured like MLM matrix payoff - structured so that you have a few big winners to show it's possible and make the money off everyone else.
Poor and middle-class people work for their money. Rich people, on the other hand, do the exact opposite, they make their money work for them, using other's people money and paying almost no taxes, legally. That's their secret right there... The idea that "hard" work will surely produce wealth at the end is completely obsolete.
Exactly. In fact when we trade leveraged financial instruments we are basically using our broker's money to get rich. Same thing if you put $20K down to buy a $200K house (with the bank's money) and then use the monthly rental income you get from your tenant to pay the monthly mortgage. Soon your house will be paid in full (your tenant is paying for it) AND you will also have a positive cash flow each month. Then rinse and repeat... Vast real-estate fortunes have been amassed that way, with extremely modest (or even no) starting capital