How do poor people become rich stories happen ?

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amother

Fri, Mar 24 2023, 11:43 am

Besides for winning the lottery , I have heard of stories of people who were so poor they couldnt afford bread etc.. and then one day they own a whole business or company etc.. how does that practically happen if they didnt have a penny to begin with ? (For example I heard this story from The Rabbi who tells interesting stories (forgot his name) about an arab who was so poor etc.. and now owns a whole gas station business...)

(couldn't find a better form to put it in, mods feel free to switch if needed)

ectomorph

Fri, Mar 24 2023, 11:44 am

Honestly, I assume they are exaggerating and omitting details.

amother

Feverfew

Fri, Mar 24 2023, 11:48 am

We were poor (in debt) and now were doing pretty ok because of a business. Were not rich, but we're very comfortable.

I'lljust say one thing, it took YEARS OF HARD WORK to get to this point. It didn't happen overnight like many people assume. Blood, sweat and tears went into this, and bh we've seen success.

amother

Glitter

Fri, Mar 24 2023, 11:50 am

If you can convince someone to pay you in exchange for providing a service - you have started a business… it can be that simple.

amother

Ecru

Fri, Mar 24 2023, 11:51 am

In my town there was a man who couldn’t afford tuition for his children. He really had no money. He tried a number of different jobs and wasn’t really successful. The school took his kids anyway.

Until one day the business venture he tried really took off. I think related to the recession in 2008. He became a major gvir and supported all the schools, kollelim, tzedakos in our town and beyond. Probably most people have heard of him.

Unfortunately he was niftar, but his business is still successful and his kids give support. Don’t know how poor he started, but it sounds like he started pretty low.

amother

Green

Fri, Mar 24 2023, 11:52 am

I wish I knew the secret!

I thought going to school and getting a professional degree was the secret to climbing out of poverty. But after years of work I'm making an ok salary, nowhere near enoguh to cover basic frum expenses.

I also have a side freelance gig that brings in extra income, but never took off to the point that it brings in huge sums. I keep coming up with new ideas for my side gig thinking that this time it's going to all work out but they don't end up going anywhere. I mean maybe in a spiritual sense it's accomplishing something but not bringing in a lot of money.

amother

Fri, Mar 24 2023, 11:55 am

amother Glitter wrote:

If you can convince someone to pay you in exchange for providing a service - you have started a business… it can be that simple.

yes.. I agree but even people with services I usuallly don't see become massively wealthy unless they are specialized in the field so much that there is none like them.. it's usually the business owners who I see have more potential , bu the question is where did they get investing money to begin with.. (If someone could remind me the name of the Rabbi listed above I could try to find you the youtube video)

amother

Charcoal

Fri, Mar 24 2023, 11:59 am

I had a friend growing up who was in not good circumstances. She was overweight and had a death in the family when she was in high school. The rest of her family was pretty dysfunctional. (She happens to be a really great and smart person.). We were at an engagement party and she asked the Kallah to set her up with one of the boys. After she left the Kallah and other girls were making fun of her how they would never set her up.

P.S. she married a lovely guy who treats her like gold. He’s from a wealthy background and also does well in his business ventures. They live in a mansion and he flies her on trips around the world. The Kallah from many years ago and her friends are living very simple lives. Which isn’t the end of the world, but the moral is - hey, you never know. I use this as a bedtime story for my kids.

amother

Vermilion

Fri, Mar 24 2023, 12:00 pm

They become a story because it's so rare.

amother

Green

Fri, Mar 24 2023, 12:00 pm

amother Glitter wrote:

If you can convince someone to pay you in exchange for providing a service - you have started a business… it can be that simple.

I have a skill. It's in demand. But people don't want to pay me a lot of money for it. (I write for frum publications.) I keep thinking there's gotta be a way to capitalize on it, to market myself better, to find a niche. But I'm so busy with the day to day that I can't put those plans into action.

Also, as a frum writer I'm torn between writing the things I'm passionate about, which may not be the same things that will earn a lot of money.

I'm afraid of risks. I stick to the same publications that know me and like my work. I'm so afraid of branching out to other types of publications (like non-frum Jewish or secular). It would be a lot of work for me to figure out an angle to be true to myself and still write things that would be marketable to a more general audience.

Just to give a sense for why a person can have talent and still be poor.

amother

Fri, Mar 24 2023, 12:04 pm

also to point out , the more money one makes the more taxes are implemented , so one has to make a really massive amount to build up... and if one wants to try to make off the books (which is not my point here or what I am suggesting) it doesn't really work because one cant be secret and massively wealthy..

amother

Vermilion

Fri, Mar 24 2023, 12:04 pm

amother OP wrote:

Those people generally took risks that paid off. For each successful risk taker there are plenty who risked & lost. Look at statistics of how many startups are successful, it's not very positive.

Some borow $$ without knowing how they'll pay back. This is not for everyone.

amother

Aubergine

Fri, Mar 24 2023, 12:05 pm

Dunno. I assume it through a business of some sort taking off. My husband has been working at his professional job for about 6 years and we are nowhere near wealthy but happy to at least be paying our bills even with a growing family.

amother

Sand

Fri, Mar 24 2023, 12:05 pm

I think it involves being willing to take pretty significant risks. Which many (like me) don't have the stomach for.

amother

Lilac

Fri, Mar 24 2023, 12:06 pm

amother OP wrote:

Rabbi Yoel Gold tells that story.

small bean

Fri, Mar 24 2023, 12:09 pm

It's usually a combination of mazal, business smarts and work ethic.

amother

Fri, Mar 24 2023, 12:09 pm

amother Lilac wrote:

Rabbi Yoel Gold tells that story.

Yes it was him .. It was a nice story but (unfortunately) even with my inspiration at the end I asked myself (I know I shouldn't have been judgemental) how in the world did such a thing happen ?

amother

Fri, Mar 24 2023, 12:10 pm

amother

Lilac

Fri, Mar 24 2023, 12:15 pm

amother OP wrote:

Yes it was him .. It was a nice story but (unfortunately) even with my inspiration at the end I asked myself (I know I shouldn't have been judgemental) how in the world did such a thing happen ?

I don’t remember it sounding like he got wealthy very quickly. There were decades in between the beginning and end of the story. And the Arab was still working at the counter of the convenience store/gas station, wasn’t he?? Sounds comfortable, not mega wealthy. Unless I’m remembering it incorrectly.

amother

Fri, Mar 24 2023, 12:18 pm

I think he owned the gas station and others as well.

ETA Min. 4

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