Consider starting your own business

[MoustacheDArgent]

I worked for many years busting my but to try to move up the corporate ladder and succeed.   In a good year I might have received a 5% pay increase vs the normal 1-3%.   Then I realized everyone else was making essentially the same and not working hard, so all that work was really just for 1-2% more than them.   I was frugal, I budgeted I saved money, i did all the stuff recommended here and it all helped it really did, but man was it a slow way to go.

Finally I started a side business and it took a couple of years and I was finally able to quit my job and become a millionaire three years later, much quicker than the path I had been on.

Anyway, the whole point I'm making is that owning a business or investing in real estate can really jump start you if you are on a quest to become a millionaire.   

[stylesjl]

Business can certainly be a good way to make huge amounts of money. Big problem though is the risk. Most businesses fail in the long term and even a large amount that survive will pay no more than what working as an employee for all that time could have achieved. Many of the anecdotes about successful businesspeople are often the product of Survivorship Bias.

Having said all of that: Good on you. You took a risk and it paid off in spades!

[MoustacheDArgent]

I really didn't take much risk.   Many people think of starting a business as coming up with a new idea.   

In reality, most people who start a successful business are just doing boring things that many other people are doing.   
There are plenty of businesses that don't take much if any capital to start and people willing to teach others how to do it.
I think that's the key - find someone who can teach how to do the business.   

I started with $1100 and didn't quit my job until I felt I could make it without the job.   Just find something that people are willing to pay money for and do it over and over again.   It gets boring, but so does working for other people and having no freedom.

[mozar]

Well please do share. I would be very interested in a course on how to turn 1100 into a million dollars in three years.

[Metalcat]

As someone who advises extremely stressed out small business owners, I both totally agree AND totally disagree with you.

Business is simultaneously that simple and not at all that simple.

[MoustacheDArgent]

I did it with land investing.  However, if I were to start today with no money, I'd probably go into short-term rental management.   There's plenty of courses out there.   I know people who have managed within a year to get up to 20k month in profits and quit their jobs.   

There's plenty of other options too.    https://sweatystartup.com/  - this guy has a whole podcast about service businesses that can quickly grow to six-figure incomes

It's not for everybody, but I think too many people think you need tons of money to start a business.   

If you already have some money, you can buy an existing one and grow it.  there's plenty of courses about doing this too

[mozar]

Thanks!

[SwordGuy]

If you run a side business you learn to think like a business person.   That knowledge can be very useful in your day job (assuming your day job is in a business and not the government).   You will have better knowledge and insights that many of your peers when problems need to be solved and good managers will notice and appreciate it.   That leads to opportunities.

Practicing those skills whilst paid by someone else also leads to recognizing opportunities for yourself.