Most of us, in one way or another, wish we were wealthy. We might not have aspirations to be billionaires, but I work under the assumption that pretty much everyone would like to be comfortable, to be able to cover their needs, have a little luxury, and have a secure and steady financial situation that provides enough. What "enough" is might differ person to person, but let's just go with an unstated ambiguous amount that provides.
I was reading an article from Finland today that was based on a survey of 3000 Finns as to what they deemed "acceptable" ways to become wealthy, and the results were unsurprising, but still interesting.
29% stated lottery is the most acceptable
22% stated entrepreneurship is the most acceptable
18% stated inheritance is the most acceptable
I don't know what the other 31% said.
What I find interesting is that I get why people will put lottery above inheritance as more acceptable because the work was performed by others, but why would lottery be above entrepreneurship? I can imagine that the respondents might believe that to become wealthy through entrepreneurship requires immoral activity, but anyone, including themselves, are able to play the lottery.
The survey was performed by a bank and the original article can be found here in Finnish. But there were some other interesting numbers involved.
Finns still consider investing to be a much less possible way to get rich than traditional saving. 14 percent of Finns feel that they can become wealthy by investing less than 500 euros per month in shares or securities, and 10 percent feel that they can become wealthy by investing more than 500 euros per month in shares or securities.
I have read it in Finnish a few times, but it doesn't make complete sense, but what is clear is that in Finland at least, the belief that investing will lead to wealth, is not so strong. This is actually quite interesting in itself, because once upon a time, Finns were very good savers, but have not translated that as heavily into investing as other Nordic countries, like the Swedes and the Norwegians. And I think that this also has impact on the way inheritance is seen publicly.
It could be that part of an investment mindset isn't just about risk and reward, but it is also about preparing for the future, including maintenance and growth of assets, but also succession planning on how to maintain and grow after death. In Finland, there is still perhaps the attitude that an individual should be "self-made" and make their own money, rather than benefit from the investments and planning of those before them. It seems that the lottery counts as being self-made.
If this is the case, it has likely hamstrung the investment mindset for many, because "we can't take the money with us", so it is better to spend whilst alive. And then, this in turn will have impacts on the way people teach their children about money, investments and how to plan for their financial future. Perhaps this saving mindset from the past was driven by environmental needs, where cold winters required preparation, but nothing grew in that time. Come spring, growth was only considered as far as making through the next winter.
Thinking about acceptable ways to get wealth, I think that I would probably put entrepreneurship at the top, but I don't think it matters all that much for me as an individual. The ranking is for other people. Would I feel very different about my wealth if I won the lottery or inherited it? Maybe - but I think that if the source is known, I might judge others differently on how they got their wealth.
Would you?
What has more clarity in my opinion, is that how we think about money has an impact on how we are going to manage our financial lives, and probably our careers as well. If we are expecting that windfalls are the best way to build wealth, are we as likely to invest? If we aren't thinking about passing on financial inheritance, are we teaching our children the lessons they need to have healthy financial lives?
Money is not the most important thing in life by most people's measures, yet it often has profound impacts on the things that we value above it. Because of this, even if "not interested" in money, we should probably all spend some time considering how it affects the things that we are interested in, and impacts on the things that are important to us. If we leave our financial wellbeing just up to chance, chances are we aren't going to have our needs met, nor our wants.
Taraz
[ Gen1: Hive ]
My friend, let us bear in mind that wealth does not come overnight and that honesty is essential, but those who are getting rich today are not doing so in a healthy way.
Entrepreneurship is a challenging but rewarding journey. By starting your own business, you can create value for others and, over time, reap the financial rewards. Keep in mind, however, that most businesses do not generate significant profits at first. It takes perseverance, management skills and a solid idea to succeed. That's right, a lot of time, and it may be your children who will inherit the real profits.
Work and save, that's the traditional, classic formula. Work hard, live within your means and save. Over time, compound interest can make your savings grow. Investing in yourself and your loved ones (education, skills) is also part of this process. It is not glamorous, but it is effective. It is also time-consuming, and it will be your heirs who are likely to enjoy your efforts.
Sometimes wealth comes from the good fortune of being born into a well-to-do family. If you receive an inheritance, manage it wisely. Not everyone has this opportunity, but if you do, consider investing or diversifying your assets. This has certainly been the potential of today's wealthy.
The lottery is an unlikely gamble. Most people don't win big prizes. If you decide to gamble, do so in moderation and do not rely on it as a strategy to get rich. In particular, I have never gambled on these ways of losing money and nurturing false hopes.
Investing in stocks, real estate or mutual funds can generate long-term growth. However, it requires financial education and patience. Don't expect immediate results; think in decades, not days. At the end of the years, it may be the grandchildren who will inherit the real fruits.
Criminal enterprise, this is where the line becomes dangerous. Criminal activity can generate quick profits, but often at the expense of others and with legal consequences. I cannot recommend it. Wealth gained dishonestly is neither sustainable nor satisfying. But this is and has been the way to get rich today, and we can see it in Latin countries where imposed dictatorships have enriched those tyrants and their families.
Philosophising a bit, my friend @tarazkp, remember that wealth is not just about money; it's also about emotional well-being, relationships, and health. Finding a balance and pursuing goals with integrity is the goal and the gain. A hug full of blessings.
Everyone?
You forgot blogging on Hive 😉
Of course - that is a little entrepreneurship, and a lot of lottery combined :)
I think I would vote differtly depending on the level of wealth. Somone can make thewir way to owning a million, or two with hard work and saving, ethical investments, or entreperneurship. But use some of these samne tools to make it to 10 or 100 million, and chances are you've done something highly unethical.
I think the lottery is interesting because its about luck. It seems to me that the combination of luck, talent and hard work probably combines to the best way to get >=10 million wealthy without ethical compromises. Fat tail activities. When I write a book, its hard work, it takes talent, but without a huge amount of luck I'm making less than my 18 year old kid makes at the supermarket. There is a tiny change though that I'll somehow get lucky, and the pay-out would be a thousand times that.Luck, talent, hard work.
As for the least ethical way, apart from human traficing and being a hit man and stuff like that, my vote would be divorce.
Just as divorce can immediately enrich the couple, it can impoverish the husband in Latin countries and under leftist regimes a good point to keep in mind.
Most likely. Saving will probably never make someone wealthy, unless their job is one of those 10M a year kind of deals.
I think "the chance for luck" is emphasized when there is the hard work and skill put into it also. Part of this is being able to see lucky opportunities when they arise. I suspect that my lack of talent in any areas has meant that I have missed many lucky outcomes :)
Perhaps there is the assumption that if you have enough money to start your own business and go the entrepreneurship route, you likely got that money from somewhere else like an inheritance. I'm guessing that seed money wherever it came from leaves less of a "starting from nothing" impression. I'm going with investing since that is likely my only shot at actually gaining wealth.
Investing is probably my only route. I think the other thing with starting a business to be wealthy is, what kind of business and what level of wealth. I know a lot of people who have made themselves very comfortable from nothing, but they aren't going to be on a very rich list.
Yeah, that is probably a good point. Rich is also quite relative I am assuming...
As long as it's not illegal, I guess any form is acceptable. One dollar earned through lottery or honest work still buys you the same amount of stuff.
This is one way to look at it for sure. I don't think I would care how (within my own ethical bounds) I was wealthy, but I think I would still feel that sense of judgement of how for others.
Both Entrepreneurship and Investment can make us wealthy but I will vote for Entrepreneurship because to invest you need to have good amount of money and which can be gathered only by entrepreneurship.
On the other hand a Criminal enterprise can bring us money in a short time but it can also bring gaol.😅
A lot of strategies work best hand in hand, so they can compound.
What about just a short period of intense criminal enterprise, collect the capital, and then go legit? ;D
If hive would suddenly be worth 100 dollars would you consider that purely entrepreneurship or partly winning a lottery?
Haha that's an interesting thought! It's both in my view! Hehe!
A bit of both. It would be like doing all the work to build a company, and then have the good fortune of someone paying a hell of a lot for the business.
Amazing numbers. One in three people hope to get rich from the lottery, but how many percent of them actually win big? Every fifth person thinks that his business will lead him to wealth, but not all businesses are successful, some lead to the ruin of people. Investing in good stocks is the best way to accumulate capital.
It takes money first. I think that in the early years, if people had good financial knowledge and habits, they would work harder and invest more earlier.
Interesting collective thinking. Thus meme coins over solid business plans in crypto.
I see our poll favors investing to entrepreneurship too. But at least it's investing, not lottery. I voted investing too, but just because I'm a poor entrepreneur.
These have a far higher likelihood of success! :D
Entrepreneurship is difficult for most of us. For me, it is all the admin involved.
I think any legal means of making wealth is acceptable, so long as we are not defrauding others, or killing or doing anything against the law to make the wealth.
In some cases, defrauding and killing are government sanctioned and encouraged.
Wow, that's bad, but my conscience will never permit me to do anything crazy just for wealth.
There's an old saying: lotteries are a tax on people who can't do maths and don't realise the probability of winning is miniscule.
I think investing is the easiest way to become wealthy. You need a bit of discipline to save up some initial capital, and then you need to do some brainwork and research.
Entrepreneurship is hard. You need an idea; you need sales ability to sell your product or service; you need administrative ability and you have to be able to manage staff. If you can pull it off though, it yields the biggest reward.
This is asking far too much of 80% of the population! :)
I see I can only choose one option. I was briefly tempted to pick "criminal enterprise" to be contrarian. Wealth gained by black or gray market activity still counts as entrepreneurial or work activity, but wealth gained by violating someone else's life, liberty, or property is immoral. That is why I am anti-government, after all. Don't steal or murder. Government hates competition.
If you were a criminal, what kind would you be?
I live in the "Land of the Free," so I probably already commit about three felonies a day, but merely existing in a Byzantine authoritarian system isn't exactly profitable. It also suggests I shouldn't self-incriminate online. 😉
Entrepreneurship is my life. 32 years now. Wealth is different for everyone. I have had great years financially and recently the worst year so far. But I feel pretty good with what I have gotten. As I came from absolutely nothing. Ground zero.
But still a lottery/crypto Lambo would be so nice...
[src-img](www giphy.com/lambogif)
It's probably just me being a bit over the top as usual but it definitely felt/feels this way sometimes (and this is coming from having had/run a business once upon a time).
when I'm in a particularly bad mood I do equate it with criminal enterprise XD especially with the bigger companies which I still relate/conflate/equate to "entrepreneurship" but have noticed that other people around me seem to limit entrepreneuriship to small-medium businesses
As a parent I'm all for trying to leave something worthwhile to the descendents to give them a little boost to geting on with life. As a child I don't see why my parents shouldn't be able to use their money however the hell they want and I really don't understand the mentality of fellow children who are having tantrums about how their parents are selfish and irresponsible because they're "spending their inheritance".
actual conversation I wasn't quite part of but I very much walked away from
The poll options are taking me way more consideration than they probably should given how much I tend to conflate all of them XD
Most of us like to make the most with the least effort. Everyone wants to get rich overnight, but in fact, it is better to gain knowledge and work and climb step by step. To be useful and grow. I think wealth that does not help you and others and your society grow is not worth it!
Then, which is the best and most expedite way to become wealthy?
Lottery? Inheritance? Entrepreneurship? Investments? HardWork? Immoral/Unethical activity? Criminal activity?
Nah! I reckon having good friends, better contacts and awesome relationships is enough!