Is anyone here a self made millionaire?

[shall555 0]

I'm a self-made thousandaire !

Does that count ?

[i1tojump 0]

If I was meant to be Rich, my parents wouldn't have named me Bill

[Tonto 1]

I am!

Skydive + pack job = R200

I have 5033 skydives = R1006600!

I'm a millionaire!

t

It's the year of the Pig.

[slug 1]

Hi NB

I will be as soon as i can pick up my multi million dollar check thats waiting for me in Nigeria. The prince mumbo jumbo has assured me its a done deal.

Im not greedy anyone want half my share for $5 (in advance).

[Newbie 0]

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And i don't mean through passive investments like getting lucky through house price inflation.

Has anyone here done anything to actively make themselves self made and made a million from doing so, whether it's through active speculation and investment, or pure hard work and saving, i'm curious to know what people have in common charcteristics-wise who are self made and financially secure.

Why discount passive property investment I have over a miullion dollars in unencumbered property equity in only 7 years there's nothing passive about that

I will be interested in those that speculated on property as an investment vehicle and bought property surplus to their needs (i.e. as investment opportunities rather than a dwelling to actually live in).

Many people have benefitted from massive house price inflation in the last decade - most of this is down to luck, pure and simple. In a few rarer cases it's down to entrepeneurial spirit of seeing an opportunity. I'm interested to really tap into those who had the foresight and entrepeneurial/investment streak to invest in property outside of their main dwelling, because they saw the potential for capital appreciation. If you are the latter, please let me know so i can grill you for insight into how your mind works

"Skydiving is a door"
Happythoughts

[Newbie 0]

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I ran a projection through our retirement calculator at work the other day. If I continue to invest in our savings plan at my current percentage and continue to have a reaonable rate of return on my investments, then I will be worth between $900,000 and $1,500,000 when I retire in 17 years. The current rate of return is actually considerably higher than what I used, but I don't expect it to continue indefinitely.

If I had the forethought to actually begin saving when I started my career instead of 20+ years later, I might would have been able to retire much sooner. Oh well. I would have just spent it skydiving.

Would you be willing to share your savings/investment plan with us? I'd like to see it, it's part of why i put up this post myself, to try and learn from what others are doing.

"Skydiving is a door"
Happythoughts

[Newbie 0]

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And i don't mean through passive investments like getting lucky through house price inflation.

Has anyone here done anything to actively make themselves self made and made a million from doing so, whether it's through active speculation and investment, or pure hard work and saving, i'm curious to know what people have in common charcteristics-wise who are self made and financially secure.

NWFlyer said it best. It's kind of like asking "So, how much do you make?" The ones with true wealth or status don't need to share it.

Well, the secure ones, anyway.

I don't think this is the same as asking "how much do you earn", and from what i have gathered, and this is a sterotype to an extent so you have to excuse that, Americans are less snooty and particular about looking down their noses at those who have been financially successful, and to learn from those who have "made it financially" is encouraged, not frowned upon as it can be here in the UK even today.

I realised when i asked the question, if there were any self made millionaires, they probably wouldn't want to say. The reason i posted this was to try and learn from those who have secured their financial future, as well as try and find cross matching characteristics of those who have "made it" financially.

I realised (hoped) that i most likely would receive PM's in answer to my question - but then that's fine with me, it still gives me answers and insights into how to plan for my financial future. Unfortunately, no one has PM'd me yet so i can but hope someone who has made it will read this and is willing to share their insights.

"Skydiving is a door"
Happythoughts

[Newbie 0]

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And i don't mean through passive investments like getting lucky through house price inflation.

Has anyone here done anything to actively make themselves self made and made a million from doing so, whether it's through active speculation and investment, or pure hard work and saving, i'm curious to know what people have in common charcteristics-wise who are self made and financially secure.

I would not consider investing in rental properties while my buddies are buying new cars and taking trips to who knows where...."getting lucky." One year, my wife and I purchased 3 houses, that took 90% of our income (we worked on the road, so over head was low), instead of spending it in a bar, or on depreciatable items....well, we did skydive here and there. but, yeah, i paid for my college, lived in my pickup truck, on a small boat...just to get exactly where I am...now...to push on even further. and, oh, i still drive a 17 year old beater car. its not what you make, its what you save, and how you spend it.

edit to add:

and i will spend my future life, in blue jeans, and a t-shirt. many people could be millionares...if they just stopped trying to look like one, or what society thinks a millionare looks like. the only person i have to impress is...myself. hell, isnt that why we all started skydiving. but it turns out that where i grew up, the last of 8 kids, a powerline foreman son...the area went big, and now the millionares, are just your average joe....at least finacially...mentally....thats a entire different story. mentally, i would consider myself a billionare...i have traveled, lost friends, gained friends, love my wife, doggies, and what i do...i just whanna die with 5 dollars in my pocket so i can get an icecream on my last day.

Thanks for sharing - actively investing in rental property is not what i would consider passive investment myself either. Thanks for sharing - much of the traits you have mentioned (live well below your means, save, work hard and make your income work for you) are all things i try to do myself - but often find it hard (found myself dreaming about trying to finance a "new" secondhand car last night, instread of being happy with my old wreck that at least gets me from A to B etc etc).

Thanks for helping reaffirm some thoughts about the road to financial freedom.

Just out of curiousity, is your money still paper money? BY that i mean, have you sold up your rentals and realised the capital appreciation? Has the housing downturn affected your balance sheet much? Property speculation has really gone through the mill here in the last 5 years, and capital appreciation in it is largely seen as a dead duck now. Too many speculators all trying to do the same thing - at least it is keeping rents cheap

"Skydiving is a door"
Happythoughts

[Regan1990 0]

Not a millionaire but i now offically have more money than sense

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[Skyrad 0]

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Does the lotto count?

Hey don't knock it, everyone needs a financial plan

When an author is too meticulous about his style, you may presume that his mind is frivolous and his content flimsy.
Lucius Annaeus Seneca

[The111 0]

To the guy who said he will be a millionaire in 17 years: keep in mind that each year, a million dollar is worth less. In the future everyone will be millionaires, and it won't matter.

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Property speculation has really gone through the mill here in the last 5 years, and capital appreciation in it is largely seen as a dead duck now. Too many speculators all trying to do the same thing - at least it is keeping rents cheap

Fill in the blank: following every unhealthy speculation boom is a __________. See also: Miami land boom, dot com boom, etc. Many who claim to be wealthy now, but are not covered by paper, have a lot less than they think.

www.WingsuitPhotos.com

[Slappie 9]

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I don't think this is the same as asking "how much do you earn", and from what i have gathered, and this is a sterotype to an extent so you have to excuse that, Americans are less snooty and particular about looking down their noses at those who have been financially successful, and to learn from those who have "made it financially" is encouraged, not frowned upon as it can be here in the UK even today.

No it's looked down upon here as well. The rich get richer on the backs of the poor. Seriously.

What I think you're referring to is called an "infomercial" and they do nothing except fleece your wallet and make the pitch man rich. The pitch man didn't make his money in cars, property or some financial secret on the market. He got his cash by telling you he's rich because of those things. People believe him and give them their money for the secrets.

IF you actually find someone who's self made, not egotistical and willing to share their information for free. You're pretty lucky.

I was born poor and I'll die poor. end of story.

"Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them."

[mailin 0]

Act your Wage.

Its the only way to do it!

1. Don't take on debt, pay cash for everything.
2. If you don't have cash, don't charge, don't buy it.
3. Save for emergencies, before they happen
4. Plan for retirement
5. Save, Save, Save...

Anyone can be a millionaire just on their salaries if they just stopped spending when they don't have it.

I will be a millionaire one day, and have no debt to go with it... anyone can do it.


Jen

not a slam at your slappie, just happened to reply to you as you were the last response in this thread

Arianna Frances

[Thanatos340 1]

A Million is really just not that much money in today’s world. A Million in Liquid assets (if that is all you have) is really not even enough to quit working if you are still young.

At a solid 10% a year return, You are only making a 100K per year before taxes. While it is a nice income, You will NOT be living the high life on that.

Also I disagree that self made Millionaires would not speak up. In fact most self made Millionaires I know are very proud of their accomplishments. Others are so totally focused on Money that they will tell you over and over again how they make their first million.

[Brains 2]

So tell us how YOU did it

In all seriousness, i agree with you J, and add that some people may run or own companies that are worth millions, but only take a small salary for themselves.

Never look down on someone, unless they are going down on you.

[Newbie 0]

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I don't think this is the same as asking "how much do you earn", and from what i have gathered, and this is a sterotype to an extent so you have to excuse that, Americans are less snooty and particular about looking down their noses at those who have been financially successful, and to learn from those who have "made it financially" is encouraged, not frowned upon as it can be here in the UK even today.

No it's looked down upon here as well. The rich get richer on the backs of the poor. Seriously.

What I think you're referring to is called an "infomercial" and they do nothing except fleece your wallet and make the pitch man rich. The pitch man didn't make his money in cars, property or some financial secret on the market. He got his cash by telling you he's rich because of those things. People believe him and give them their money for the secrets.

IF you actually find someone who's self made, not egotistical and willing to share their information for free. You're pretty lucky.

I was born poor and I'll die poor. end of story.

Nah i'm not looking for someone with a "get rich quick infomercial" approach to help me along my way, i'm hoping to hear from people who have actually made themselves financially secure though hard saving, investment or both, and to learn from those people in terms of character traits, less about their specific investments themselves (although that's still interesting).

Not everyone "gets rich" off the back of poor people. Ask anyone selling a good or service in the luxury/high end markets and i'm pretty sure they would disagree with you. There are also many people now earning their keep and doing very well through social enterprise business start up's, or those who only invest in socially responsible and sustainable businesses.
It's a fallacy to believe everyone who is self made did so off the back of exploiting the poor and uneducated.

"Skydiving is a door"
Happythoughts

[Slappie 9]

I guess I'm pretty bitter living on one side of the tracks but being bussed to the other for school. So I've seen both sides.

I'm just a bit jaded with people who've got money and an ego to match. So ignore me for the most part.

"Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them."

[Thanatos340 1]

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So tell us how YOU did it

In all seriousness, i agree with you J, and add that some people may run or own companies that are worth millions, but only take a small salary for themselves.

I own 1/4 of a Software company that is worth 4 to 6 Million depending on which method you use value the company (2x Annual Sales or 10x Annual Profits). We had a buy out offer earlier this year that we declined because it would not be enough for the 3 of us to retire and we like what we do.

And Yes, I make a relatively Small Salary and company profits are reinvested in the company. Actually myself and one other partner are in the process of buying out the Senior partner (That is nearing retirement age). We are 2 years into a 5 year deal that gives him 90% of company profits (First $125K each year goes into his Retirement plan to minimize taxes). In the end when he retires, We will have purchased the remainder of the company with company money. At that point we will look for buyers and see about our own retirement.

[TheBachelor 4]

I made it there with a combination of things. First of all, I went into consulting when I was out of college for just one year. I immediately doubled my pay. I doubled it a couple more times over the years. I've been fully employed as a consultant for 20 years now. How do I stay employed? Work hard, try not to piss people off (since they could be hiring next week), and don't screw up.

I did also start investing in the stock market when I had my debts (school loans, etc.) paid off. Other than my house, I never financed any purchase, and with my house, I paid it off as soon as I could. Some people would say invest that money somewhere else, but I always felt more comfortable with owing nothing to anyone. The stock market investments have done fairly well, although I did take a loss of about $400K when the market was doing poorly. I didn't panic, and kept investing, and I've more than made that money back.

I haven't been too aggressive in investing. Buy companies that you know. For me it was things like Oracle, Cisco, IBM, and Amgen. I've probably been too conservative at times where I've had a lot of cash (600K+) just because I didn't see anything I wanted to invest in.

All of this reminds me of some characteristics of millionaires as described in the book "The Millionaire Next door". The are:

They live well below their means
They allocate their time and money efficiently, in ways conducive to building wealth.
They believe that financial independence is more important than displaying high social status.
Their parents did not provide economic outpatient care.
Their adult children are economically self-sufficient.
They are proficient in targeting market opportunities.
They chose the right occupation.

I work with a lot of people who make $200-$300K per year, and have nothing saved. They do have new cars all of the time, and they have a lot of toys. Cars and toys aren't good investments. I just bought a new car this year, but prior to that, I was driving a 1997 Honda Accord with 146,000 miles on it.

There are battered women? I've been eating 'em plain all of these years...

[labrys 0]

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I went into consulting when I was out of college for just one year. I immediately doubled my pay

Sorry but huh?

Consulting for what?

Owned by Remi #?

[MagicGuy 0]

I'm not a millionaire, but I do have somewhat of an Internet success story.

When I was 16 I came up with an idea for a magic illusion where you appear to levitate. Didn't do anything with it for a couple of years because I didn't see it's potential.

Met up with an online magic dealer a couple of years later and sold them the rights to sell it exclusively for ten years. It's been almost 4 years - the company has become the biggest and most well-known Internet magic dealer, and my idea has been extremely successful.

It's amazing when I think about it. It's only an idea, not even a physical thing, yet it generates more money than my 9-5 job.

Damn, I need a new job!

[Muenkel 0]

This is a true story:

A close acquaintance of mines' father is worth somewhere between 50 and 100 million due primarily to real estate investments. Unfortunately, he was killed last week while attempting to land his plane at the airport he owned. He was only 65. Really great guy also.

I just thought I would share this for no other reason than the fact that this man I know fits the criteria you are looking for exactly.

Chris

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Chris

[skydemon2 0]

Ok lets get the crystal ball.......

My investment should start paying off a few years after Im dead just in time to make the kids rich....

Beauty is only skin deep, but ugly goes clean to the bone!

I like to start my day off with a little Ray of Soulshine™!!

[Muenkel 0]

I appreciate the humor. In fact, I always appreciate humor. This occurence though is really sad for me.

My point wasn't that he shouldn't have made his fortune because he may die early. I just thought it was kind of eerie how this acquaintance of mine fit the profile exactly.

Chris

_________________________________________
Chris

[Newbie 0]

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So tell us how YOU did it

In all seriousness, i agree with you J, and add that some people may run or own companies that are worth millions, but only take a small salary for themselves.

I own 1/4 of a Software company that is worth 4 to 6 Million depending on which method you use value the company (2x Annual Sales or 10x Annual Profits). We had a buy out offer earlier this year that we declined because it would not be enough for the 3 of us to retire and we like what we do.

And Yes, I make a relatively Small Salary and company profits are reinvested in the company. Actually myself and one other partner are in the process of buying out the Senior partner (That is nearing retirement age). We are 2 years into a 5 year deal that gives him 90% of company profits (First $125K each year goes into his Retirement plan to minimize taxes). In the end when he retires, We will have purchased the remainder of the company with company money. At that point we will look for buyers and see about our own retirement.

Thanks for sharing Thantos. Did you start this company up with your other partners? I am a firm believer that unless you go out on your own branch and do your own thing, in whatever capacity that may be, you will never truely be in a strong financial position. This just proves that.

Unless of course you happen to be a highly skilled professional earning multiple 6 figures and you are disciplined at putting things into your nest egg investments of course.

Thantos, what would you say you have personally had to invest to get your quarter share of this business to where it is today (has it been luck. hard work, well timed speculation, a natual predisposition to work in this industry, or a combination of the above)?

"Skydiving is a door"
Happythoughts