Author Topic: How can I become a MILLIONAIRE at a young age?  (Read 22834 times)

sol

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #50 on: July 25, 2014, 11:32:41 PM »
THERE IS NO GET RICH QUICK scheme that works. 

I disagree, there are LOTS of get rich quick schemes that work.

1.  inherit money.

2.  steal money.

3.  get an MBA from an ivy and then a crazy-high-paying wall street job, and don't blow it all on stupid shit.

4.  start a technology business or write a smartphone app, then get bought out by google or facebook.

5.  start a traditional business and manage it well.

6.  convince other people that you are an investing genius, start your own hedge fund.

7.  take on enormous debt to play high risk bets on the stock market.  You can only go so bankrupt, and might hit it big.


There are lots more.  The problem with all of these plans is that they are high risk.   They can either make you very rich or very poor.

For most people here, gathering a million dollars is just sort of the side effect of working diligently at a job they find meaningful while living a deliberately restrained lifestyle.  It's not necessarily an end in itself.  Making money your life's goal is a sure path to misery and disappointment, but that doesn't mean there's not a path available for the choosing.

Jon_Snow

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #51 on: July 26, 2014, 05:36:26 PM »
A very brief synopsis on my own path to millionairism...

Age 25, not a penny to my name.

Age 28, met and married a woman with her financial s*it together.

By age 35, thanks to dual incomes and a fierce determination not to spend much of it, we hit 1M NW

By age 42, salary increases, compounding dividends, and refusal to allow lifestyle inflation to set in, we hit 2.1M NW.

Of course there is a fair bit more to it all (thanks Vancouver real estate boom), but that's how we got to be FIRE'd in our early 40's.

2527

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #52 on: July 27, 2014, 06:57:00 AM »
You will need a high income and low expenses.  You will need to invest well.  Learn everything you can about investing.  Also, with your energy and ambition you should look into ways to go into business for yourself.  People in business for themselves make the most money.

I wanted to become a millionaire and I did.  I'm glad I did and I enjoy it.  However, having a million dollars doesn't really rocket you into Lifestyles of the Rich and Famous.  If that is what you want, you need a high income. 

TreeTired

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #53 on: July 27, 2014, 12:15:35 PM »
A man walking down a street saw another man selling hot dogs "How much are your hot dogs?" the first man asked.
"They're a million dollars each!" replied the vendor.
"A million dollars!?" exclaimed the first man. "Do you realize how hard it will be to find anybody who would pay that price?"
"Yes." replied the vendor. "But I only need to sell one, and I'll be able to retire!"

SnackDog

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #54 on: July 27, 2014, 01:28:26 PM »
If you seriously want to earn a great deal of money, you need to avoid jobs which I refer to as "Those Who Specify".   This includes most technical jobs.  You want be among  "Those Who Sell", which includes entrepreneurs, bankers, agents, etc.  Find a field for which you have a passion, then get involved on the side where you have a direct stake in the success of the business (or a commission).  The sky is the limit if your sales can be scaled up.

Chranstronaut

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #55 on: July 28, 2014, 10:48:47 AM »
You can only go so bankrupt

You would be fun to play Monopoly with :)

wjon16

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #56 on: July 28, 2014, 11:25:13 AM »
I feel that in many businesses and online companies there is so much competition now because everything has virtually almost been created.

cynthia1848

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #57 on: July 28, 2014, 12:39:50 PM »
You need to work VERY HARD in school and then VERY HARD again at networking in order to get and keep a good job.  Accounting degree, fine - then go big 4 if you can, go back and get an MBA, post-MBA get a job on Wall Street, save all your money, done.

dragoncar

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #58 on: July 28, 2014, 02:25:27 PM »
You can only go so bankrupt

You would be fun to play Monopoly with :)

This guy is going straight to wall street!

I feel that in many businesses and online companies there is so much competition now because everything has virtually almost been created.

+1... I have personally virtually almost been created a number of thing.

edit: corrected some grammar

FIreDrill

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #59 on: July 28, 2014, 03:29:46 PM »

Obviously you could go many different ways in trying to tackle this awesome goal of yours.  But to keep it simple, I'll just tell you what I did since it sounds like we have fairly similar goals.  Although, you may be looking to have larger amount of money than me in the future. 

When I got close to graduating high school I started looking at different ways to pay for college and I ended up getting a scholarship for 11k that paid for a good chunk of it. I knew what industry I wanted to go into so I also looked for ways to get experience  in that area through part time jobs and what not.  After 2 years of College I had some decent experience and was able to get a couple good certifications so I started looking for a career job.  I looked at companies that were larger and provided good benefits including educational assistance for college.  I eventually decided on the company I wanted to work for and applied for over 25 jobs in a period of 6 months.  I eventually got an interview and landed an entry level job to get my foot in the door.  I got my Associates Degree about a year after that and was promoted after 8 months with the company.  I've been here 3 years now and have recieved another promotion.

I will get my Bachelors degree in the Spring of 2015 and my employer will have paid for about 15k worth of schooling. I started with my company making 38k a year and after 3 years I'm up to around 62k a year plus 3k tuition and 6k employer 401k match.  So my advice to you is to work your butt off and get your foot in the door ASAP.  Look to see what will make you stand out from other canidates and if you can increase your odds by getting different certs then do it.  I worked full time and went to school full time for a while and it sucked, but I'm loving the position I'm in now. 

Feel free to check out my journal for more info on my story.

SS




lpep

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #60 on: July 29, 2014, 04:40:18 AM »
Spent first 10 yrs of 15 at  Big 4 and in addition to CPA had law license.  Yr 2000 first yr salary was 52k they lead you along, thinking that everyone wants to be partner. I am not a Millionaire  but I have made more money in last 5 yrs than first 10.  It makes sense to stay until senior associate and then jump.  Unless you think you want to be partner.   Law Firms usually have 1 partner ratio to 2-3 associates.  CPA firms in Big4 have 1 partner ratio to 10-12 professionals.

My sister is a CPA at a big 4 firm, and "they lead you along" is the understatement of the year. She works 80-hour weeks for 6 months out of the year, is really unhealthy, and is not willing to consider jumping ship for something more reasonable because "I just have another two years until I'm partner." They string you along with little bonuses, awards when they think you're considering leaving, little perks here and there. It's sick.

Don't sacrifice your health for money. Don't sacrifice your happiness.

chasesfish

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #61 on: July 29, 2014, 04:54:00 AM »
I'll hit the number around 34 it looks like and have made plenty of mistakes.

You're starting off right, college and a degree with a high income right out of school (Accounting).  There's tons of advice on here, but the biggest two I can give you are:

- Don't inflate your lifestyle as you start making money, the marketing machine is after your wallet at all times
- Learn about investing with Vanguard and stay the course.

There's a lot more advice we can give as you get through school, just work as much as you can and start saving while in college.

Edeceo

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #62 on: July 29, 2014, 04:52:01 PM »
I feel that in many businesses and online companies there is so much competition now because everything has virtually almost been created.

Wrong, that's a wrong way of looking things.

If you think an industry is already overcrowded, you create a whole new industry.

You don't look at the business world and think that the industry you're interested in is already full.


sol

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #63 on: July 29, 2014, 05:36:18 PM »
If you think an industry is already overcrowded, you create a whole new industry.

You don't look at the business world and think that the industry you're interested in is already full.

Henry Ford said that if he'd ask the public what they wanted, they would have said "faster horses."

Edeceo

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Re: How can I become a MILLIONAIRE at a young age?
« Reply #64 on: July 29, 2014, 05:39:37 PM »
If you think an industry is already overcrowded, you create a whole new industry.

You don't look at the business world and think that the industry you're interested in is already full.

Henry Ford said that if he'd ask the public what they wanted, they would have said "faster horses."

Exactly, that's why he created the model T.

Which created a whole new field that we know today as the automobile industry.