How do poor people become rich stories happen ?

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Forum -> Household Management -> Finances

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pause

Fri, Mar 24 2023, 2:46 pm

amother Rainbow wrote:

Honestly you wanna know what I think.

I think any field that is getting paid from goverment money is how to strike it rich.

So, nursing homes, with patients on Medicare/Medicaid. Real estate with tenants on HUD. etc

Nuh-uh. Not in NY within the last 3-4 years.

amother

Fri, Mar 24 2023, 2:52 pm

Thank you for all your replies and responses... to make it clear my intention was not what busniesses earn most profit or a nursing home debate... my point was how did the process actually happen from those who are so poor that they can't afford bread... (which today is hard to find because at least people could have SOME money from foodstamps for bread..) to owning 24 gas station , like where does the transition happen practically, So like one poster said it took a long time... but the question is where did the breakthrough happen ? For those who say loans, who would lend a ton of money to someone who is penniless ? also did these super poor people have aspirations or dreams to become massivley wealthy or (probably) they were just awaiting the day where they have a normal place to live and eat ? (some people posted like that in this chat but it's not exactly what I am reffereing to)

amother

Fri, Mar 24 2023, 2:54 pm

pause wrote:

Nuh-uh. Not in NY within the last 3-4 years.

how does a person with absolutuely nothing come to own a whole piece of real estate with tenants.. (I am not asking how a person who is pennilies ends up buying a house)

amother

Fri, Mar 24 2023, 2:55 pm

pause wrote:

I know someone like that IRL. In debt, not a penny to their name, and now BH doing very very well. The answer: Hustle.

They lived and breathed their business. No sleep, no vacation, nonstop hustle. I watched it happen. So although I am happy for them about how well they are doing now and sometimes a twinge of jealousy can creep in at the things they can afford without second thought, I just need to remind myself of all those years where they didn't have a life. I would never be able to live that way for a year, let alone 5 years, and let my marriage suffer, my kids being greeted from school by cleaning ladies, and so on. I also don't have the physical energy to be so constantly on the go.

OTOH, I admire someone who has the energy and focus and does what they need to do to give themselves and their kids a better life, because it sure isn't easy.

Obviously there are exceptions where people just have mazel, but usually there was a lot of sweat and blood before there were any results.

this is an answer that explains it.. wishing health wealth and happiness for all..

SYA

Fri, Mar 24 2023, 3:08 pm

I have a friend who saved to purchase a home which they rented out. They saved the profit to purchase a second home and continued this over several years and now has income from numerous properties.

That’s beside their regular day job.

Short term rentals can be more profitable. So some like to do that instead.

amother

Antiquewhite

Fri, Mar 24 2023, 3:10 pm

amother OP wrote:

how does a person with absolutuely nothing come to own a whole piece of real estate with tenants.. (I am not asking how a person who is pennilies ends up buying a house)

You do realize that there's something called a mortgage right?

My DH does real estate as a side job. The way he does it is that he takes out mortgages, home equity loans and things like that. And any property that goes up in value significantly can be refinanced and more real estate invested. It's one approach, it's not the approach for everyone though. And real estate right now, especially in NY, is super though. Even those on HUD pay a portion of the rent out of pocket, and many people haven't paid that portion just because they can. Meanwhile the mortgage and repair expenses still exist. So yeah not all landlords are rolling in it. Some are barely making it.

groisamomma

Fri, Mar 24 2023, 3:18 pm

Food boxes from Covid. That’s why Pesach in hotels and in Orlando exploded the last couple of years.

amother

Apple

Fri, Mar 24 2023, 4:53 pm

We were poor. DH was a rebbe and sometimes bounced checks, it was hand to mouth and very challenging. We were never hungry BH but sometimes I didn’t have money to shop for Shabbos until Friday, very stressful.

I was unhappy in the marriage and after many years demanded marriage counseling. It was a lifesaver and DH learned to be much more confident and improve his people skills.

Then he had the confidence to buy a property and flip it. He got the money from zero percent credit card checks and it was scary. BH he made a nice profit and repeated. We’re not rich but comfortable and I cry for myself from the past whwn I think about it, when our checking account was always around zero, it was so painful.

groisamomma

Fri, Mar 24 2023, 5:29 pm

amother Apple wrote:

Then he had the confidence to buy a property and flip it. He got the money from zero percent credit card checks and it was scary. BH he made a nice profit and repeated. We’re not rich but comfortable and I cry for myself from the past whwn I think about it, when our checking account was always around zero, it was so painful.

Can you please share how this works? I would like to try it.

amother

DarkViolet

Fri, Mar 24 2023, 6:02 pm

amother OP wrote:

how does a person with absolutuely nothing come to own a whole piece of real estate with tenants.. (I am not asking how a person who is pennilies ends up buying a house)

So let’s say with us personally, we took out a home equity line of credit, built a pool in my backyard , and then I started teaching swimming lessons on the side.
Gradually I got more and more students and bought property to build an indoor pool.
I started out very small, and as I make money I am investing it into the business to hopefully break the cycle of poverty that we have been in through the years of kollel and chinuch. It’s super rough because it takes a lot of work and a lot of risk, and we aren’t seeing the profits yet but I hope within a few years our finances will be in a totally different realm.

amother

Snowflake

Fri, Mar 24 2023, 6:08 pm

groisamomma wrote:

Can you please share how this works? I would like to try it.

I think it’s risky and not as easy as it sounds. Some people do well but others lose their shirts

amother

Peony

Sat, Mar 25 2023, 1:20 pm

I grew up really poor and we had nothing when we married. I went into a higher paying field, my dh went into a decent paying field and we don’t have heavy needs and hate stuff. We then moved to Israel so no more tuition. B”h we’re doing very well. We’re saving for our apartment now and b”h we have a lot more than we need every month and I can take on side jobs whenever I want or can to make more. We’re still young and we b”h already have enough saved to marry off some of our kids in good accounts, we are blessed with good retirement plans and Hashem has given us tremendous blessings. I’ll contract more when I don’t have little kids and I hope to build a business in Israel to bring skills in this area because it’s really lacking. People who see us have no idea and think we have a lot less. There are those who did it with good degrees and education! You just need to be very careful about fields and have realistic expectations.

amother

Peru

Sat, Mar 25 2023, 1:56 pm

My husband told me a story on shabbos about his friends father who was in kollel for years didnt have a penny to his name and started having to marry off his kids. His wife was working for a company doing very low paying work (typing) and the owner of the company was friendly with the husband. He came to him one day and said we are paying a third party company a very high price for doing something for us that really we can open up a seperate division ourselves, but we dont have enough brandwith for it right now. Do you want to start this company to provide service for our comapny. He agreed, so the business owner funded it but the peniless husband did the work providing the service for the company (that had to pay for it anyway) and then starting serving other comapnies and eventually he got so big they are a leader in the industry, and he makes millions.
The other guy (owner of the ornigal company) is still a 50% partner for doing nothing, but he provided the cash in the begining.

Howerver if you think its hustling, you got it wrong. It's Siyatta Dishmaya, most people I know work very hard for a living and then you have people working the same hard or less and could be
more successful.

It wasnt always like this but now I work 3 hours or less a day and make 18k a month and I totally see Hashem sending the money into our hands becasue I don't do any adverting for my busness, and then you have people hustling way harder and barely making ends meet.

amother

Hyacinth

Sat, Mar 25 2023, 6:04 pm

amother Peru wrote:

It wasnt always like this but now I work 3 hours or less a day and make 18k a month and I totally see Hashem sending the money into our hands becasue I don't do any adverting for my busness, and then you have people hustling way harder and barely making ends meet.

Could you share what you do working less than 3 hours a day and bringing in that kind of salary?

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