Is anyone here a self made millionaire?

[Newbie 0]

Quote

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.

Thanks for taking the time to reply.

What area of consulting are you operating in, IT or management? All of the points you summarised in that paragraph where you mentioned the content of that book basically sums up what i was looking for when posting this thread, so thanks for that.

So far what i'm getting from this thread is:

Live well well WELL below your means
Don't let your ego decide where your money should go
Work hard and save hard
Don't try and keep up with the Jones under any circumstances
Create your own opportunity

Anything i'm missing here?

"Skydiving is a door"
Happythoughts

[ypelchat 0]

Quote

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

You are the master of your own universe....
Good or bad, you're the judge...
Yves.

[Newbie 0]

Quote

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.

Are you talking about the trick where you stand with both feet together, offset the angle your audience see's you by 45 degrees and trhen you raise your feet up through pushing off your toes on your foot furtherest from your audience?

The David Blaine levitation thing?

"Skydiving is a door"
Happythoughts

[Newbie 0]

Quote

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

Damn sorry to hear that about your friends dad, condolences.

If you think back to what sort of person he was, can you think of any unique or distinct traits he had that allowed him to achieve such financial success? What's the first sort of things that pop into your mind when you think back to what sort of character the guy was?

"Skydiving is a door"
Happythoughts

[Muenkel 0]

Well, most of his development was done near a major ski resort. So I would say it was his keen sense of location. He also knew that his demographic came from the New York area and had enough disposable income to be interested in vacation homes. He also took advantage of the commercial market, by developing commercial real estate that was quite accessible to the same market.

Chris

_________________________________________
Chris

[happythoughts 0]

I've made my money. I'm semi-retired.
I don't think that one million is the goal though.
Definitely a three million target.

[slug 1]

Quote

I've made my money. I'm semi-retired.
I don't think that one million is the goal though.
Definitely a three million target.

We retired at 48.

People asked how can we afford to. It doesn't take a lot of money to be happy. You just have to match your expenses to your income.

If anyones interested in the concept check out amazon.com for a book "Your Money or Your Life"

R.I.P.

[Squeak 17]

Quote

Quote

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).

that's me, read my previous post, I own 3 properties at present and within a year or two I'll have 5 altogether.

Quote

Many people have benefitted from massive house price inflation in the last decade - most of this is down to luck, pure and simple.

luck has very little to do with it, however like most things you will need to do some research into property investment.

If you are the latter, please let me know so i can grill you for insight into how your mind works

like i said readmy previous post

You are not now, nor will you ever be, good enough to not die in this sport (Sparky)
My Life ROCKS!
How's yours doing?

[slug 1]

IMO bying real estate on leverage is a proven way to success.

but it's not guarantee. Check out the loan rate's for the last 35 yr's. You'll notice if you look a wide range from the highs to the lows.

Alex greenspan " The interest rate will eventually go down and eventually go back up.

Exactly when will that happen is the unknown. Can you wait to sell your house if the interest rate doubles and then takes X yr's to return to a affordable level?

R.I.P.

[Squeak 17]

Quote

IMO bying real estate on leverage is a proven way to success.

but it's not guarantee. Check out the loan rate's for the last 35 yr's. You'll notice if you look a wide range from the highs to the lows.

Alex greenspan " The interest rate will eventually go down and eventually go back up.

Exactly when will that happen is the unknown. Can you wait to sell your house if the interest rate doubles and then takes X yr's to return to a affordable level?

R.I.P.

Not a problem for me , My domocile is NOT leveraged, the investment properties have enough equity in themselves to be able to borrow another 300K or so so I'm all good
But as i said previous, OZ real Estate market is very good

You are not now, nor will you ever be, good enough to not die in this sport (Sparky)
My Life ROCKS!
How's yours doing?

[mirage62 0]

1. Carry no debt other than your house or business. - none. This also means all "toys" are paid for at the time of purchase.

2. If you don't own your on business work for a company that treats you like an owner.

3. Sales is the highest paid hard work and the lowest paid easy work. Work hard in whatever you do.

4. Attempt to create three kinds of incomes. Real estate, stocks, company ownership. Grow them in 1/3's (don't get to heavy in one)

5. Have fun, money w/o enjoyment is worthless. If you love the work you do, generally the money will follow - but if it doesn't you still love what your doing!

Kevin Keenan is my hero, a double FUP, he does so much with so little

[happythoughts 0]

I made all my money in genetics research.

I created genetically-altered cats that eat lovebugs and pee gasoline.

[GQ_jumper 4]

through mega hard work.

Quote

I'm still holding out that somewhere in the world I have a long lost relative that rules a small country and I'm going to inherit it. I'll tell ya how it works out for me and if you want I'll pass the word on to one of my fellow rulers in teh UN that you're in teh market for a small country too

History does not long entrust the care of freedom to the weak or the timid.
--Dwight D. Eisenhower

• Quote

[WrongWay 0]

Just reminded me of the song..."I'm Drunk Again" by Reel Big Fish

"If I had a dollar bill for every time I've been wrong, I'd be a self made millionaire and you'd still be gone, so hand me down my best dress shoes and my best dress shirt, cuz I'm goin out in style to cover the hurt"

Okay, I'm done. Carry on.

Wrong Way
D #27371 Mal Manera Rodriguez Cajun Chicken Ø Hellfish #451
The wiser wolf prevails.

[LisaM 0]

Quote

through mega hard work.

Quote

I'm still holding out that somewhere in the world I have a long lost relative that rules a small country and I'm going to inherit it. I'll tell ya how it works out for me and if you want I'll pass the word on to one of my fellow rulers in teh UN that you're in teh market for a small country too

Ooh! Do that!

*happy dance*

~ Lisa
~ Do you Rigminder?

• Quote

[squirrel 0]

Quote

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

4 investment homes, now general contracting (spec building) for ourselves and selling, wife is our realitor, and soon to be broker...gotta keep it all in house. this is the ONLY way I see to not work for someone else. grill away

________________________________
Where is Darwin when you need him?

[GQ_jumper 4]

Ooh! Do that!

Quote

k I'll pu tin a good word for ya at the UN, and when my little country conquers the world your name will be on the list of those we spare

History does not long entrust the care of freedom to the weak or the timid.
--Dwight D. Eisenhower

• Quote

[TheBachelor 4]

Quote

What area of consulting are you operating in, IT or management?

I'm in IT -- I stay as far away from management as I can. I started out doing mainframe programming. From there, a client offered to train me on client-server. I took the training, then further trained myself to be a database administrator. When a client showed their DBA the door, they asked me to take his place (as a consultant.) I learned PeopleSoft, which because a great niche market. I do most of my work in PeopleSoft now, but a client is paying to train me on JD Edwards now. Could be another good niche.

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