Better off as a plumber?

[blackjack007]

what james doesn't realize is that entrepreneurship isn't for everyone. just like being a teacher or an astronomer isn't for everyone.

only a certain % of the population has the mindset to be an entrepreneur. i have seen people try and fail, not because they were dumb or because they had bad ideas or because they were lazy... but because their personality wasn't suited for it. they were a bit "soft", kind of the passive type, and didn't know how to deal with adverse situations. you have to be firm, strong, reasonably aggressive, and not afraid to hurt people's feelings once in a while to succeed as an entrepreneur.

 

[Cache Landing]

Quote from sle:

Obviously, everyone has different natural abilities. This, however, does not preclude them from being pretty successful in pretty much any endeavor. Yes, its unlikely a deaf child would become a concert pianist, but here we are talking about relatively modest aspirations. Education is a tool to getting into an environment where you can prove your worth by labor.

Lets take me as an example. I went to an Ivy League school for both undergrad and PhD, worked for a few big name banks (some are dead and some are still alive and taking over this country) and now am running an IR derivatives portfolio at a large hedge fund. This said, I am pretty sure that most kids from the Bronx would be able to learn what I do given the right education and commitment. It does not take much brains to get there, but it does require an opportunity. Education provides one with this opportunity.

Wow, this conversation didn't go the direction I had expected. I really don't mean any offense, but I find it humorous that the Ivy League, PhD, investment banker, hedge fund manager is calling me (state schooled, from a poor family, completely under the radar) the elitist.

Anyway, I agree with you that most things really aren't that hard, and by definition most people are of average or higher intelligence. Where I make the distinction is that certain people can perform a task sufficiently, while others are truly skilled at it. Others will never be able to do it regardless of how hard they try. Not suggesting that they are inferior or anything. It is just life. Certain people have advantages, while others are at a natural disadvantage.

 

[george_s]

A plumber gave me a $200 bill for a one hour job. I told him- "My doctor charges less than that".

He said: "I know. I used to be a doctor"!

 

[stockstalkerv3]

Quote from Neenisti:

My in laws currently have about 2 million in investments and have been retired for 8 years. Their high year so far is 7% return or $140K and their low year has been 4% or $80K. They don't come close to spending what is returned on their investments. A lot of it is returned to the kitty. They live in a nice middle class rural area where this income level is average. Their TWO new homes are paid for (2nd in Florida), they each drive new cars that are paid for and they have zero long term debt. They are extremely comfortable and travel extensively. Most importantly they are extremely happy. Seems like a nice goal and not a third world scenerio.

That's the trick! If your house(s) and car(s) are paid for, I don't see why you can't live life to the "max" on $80k.

There's absolutely nothing that a billionaire can do that an $80Ker can't (given their willingness to stretch a buck or two).

 

[ashatet]

I think the La La days are over. I had a limo driver tell me that he was making 350K a year fixinf appliances for a major retail chain. He blew all that money and bought his kids anything at all that they wanted. Now he works for 20 an hour, if that.

I had a plumber come to my home and give me an estimate of 350 for attaching water line to my refrigerator and the other asked 150 for the same. I got the 2nd one. My friends at work laughed at me and told me that most of them could have helped me for a case of good beer and the supplies cost a mere $5.

Now I know someone who works at 35 an hour and does plumbing if I ever need.

Union Plumbers are still making good money.

 

[bearice]

There are honey collectors in Bangladesh who collect honey from forest and sell for good profits. Their investment is near to $0.

I think Russian forest honey collectors sell honey for $200 per Kg (not sure).

 

[luisHK]

Quote from blackjack007:

what james doesn't realize is that entrepreneurship isn't for everyone. just like being a teacher or an astronomer isn't for everyone.

only a certain % of the population has the mindset to be an entrepreneur. i have seen people try and fail, not because they were dumb or because they had bad ideas or because they were lazy... but because their personality wasn't suited for it. they were a bit "soft", kind of the passive type, and didn't know how to deal with adverse situations. you have to be firm, strong, reasonably aggressive, and not afraid to hurt people's feelings once in a while to succeed as an entrepreneur.

It makes sense, I remember a study concluding that most people react far more to the fear of losing than to the prospect of winning, hence I'd venture most people don't have the right mindset to become an entrepreneur, where one need to take considerable risks in order to reap consequent rewards. This plus what you said, which is also not for everybody :

" you have to be firm, strong, reasonably aggressive, and not afraid to hurt people's feelings once in a while to succeed as an entrepreneur."

Besides I wouldn't venture to say that playing chess or globe trotting are better schools to become a succesfull entrepreneur than college. I lost contact with most people I met during my young adult years but the huge majority seemed in a dead end road when I left them.

But thanks Surfer for the link, I will look at this blog.

 

[luisHK]

Quote from stockstalkerv3:

That's the trick! If your house(s) and car(s) are paid for, I don't see why you can't live life to the "max" on $80k.

There's absolutely nothing that a billionaire can do that an $80Ker can't (given their willingness to stretch a buck or two).

Than, what car and what kind of house ? If we get more details on this couple's life standard, it will likely be far below the expectations greedy traders on this forum have.

The terms "middle class neighbourhood" sound nauseating to me for instance.

 

[marketsurfer]

Quote from stockstalkerv3:

That's the trick! If your house(s) and car(s) are paid for, I don't see why you can't live life to the "max" on $80k.

There's absolutely nothing that a billionaire can do that an $80Ker can't (given their willingness to stretch a buck or two).

You are out of your mind. Or. Extraordinarily naive.

 

[Vishnu]

I completely address that issue in the article on my blog.
-James Altucher

Quote from blackjack007:

what james doesn't realize is that entrepreneurship isn't for everyone. just like being a teacher or an astronomer isn't for everyone.

only a certain % of the population has the mindset to be an entrepreneur. i have seen people try and fail, not because they were dumb or because they had bad ideas or because they were lazy... but because their personality wasn't suited for it. they were a bit "soft", kind of the passive type, and didn't know how to deal with adverse situations. you have to be firm, strong, reasonably aggressive, and not afraid to hurt people's feelings once in a while to succeed as an entrepreneur.