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Not when your business is water.......people need water to live.
So? They could move out of the area your wells are in, or everyone could go to rainwater collection, or we could all use desalinization plants, or get water from rivers and lakes, or some combination. You are not in complete control of your income - it is still contingent on other people's decisions, one way or another.
More plausibly, people could go to your competitors for business instead of to you. (And if you don't have any, some could spring up.)
While not a millionaire myself, I am pretty close and should be in the 2 comma club by age 25. My friend who is also my age (23) is a millionaire.
We both started very young making money online, by age 16 we both knew CSS/HTML and would make little crappy websites and would spam them on games and chat rooms. We had little ventures on and off like this, while still in high school we were pulling in just over $5k /month through affiliate offers and pay per download offers. This eventually ended and I found a real job, my biggest mistake. My friend meanwhile, learned and became very good at various programming languages. Created a SaaS website that was very much in demand in a certain market, he also had good online marketing skills and could manipulate the search engines. So he created a web based service that people wanted, was 1st in the google results getting thousands of visits per day. I remember him showing me his outright.com book keeping account and paypal account, he was pulling in $100 - $200k per month, after expenses clearing 70% of it.
After a couple years competition got fierce and the gravy train ended. He had a nice chunk of change, and he moved on to developing mobile apps where he has done very well. He had the money, marketing skills, and programming knowledge which helped a lot in creating something successful.
I do very well myself in the same field, though not as good as my friend. The only difference is I don't spend much and invest most of my money. At one time, I was clearing in $30k a month living with my parents, paying them near nothing in rent. So I was able to save 95% of my income and put down a large down payment to buy a SFH in a pricey real estate market. From there and to this day I still live cheap, my roomates who are my good friends pay my whole mortgage. I have bought rental properties outright every 6 - 12 months, and invest a little in stocks.
None of us went to college, I got my high school diploma and my friend dropped out his senior year. To this day he doesn't even have a GED. I come from a middle class family, and my friends family immigrated to the US in the early 90s, they were I guess what you would call lower class.
So? They could move out of the area your wells are in, or everyone could go to rainwater collection, or we could all use desalinization plants, or get water from rivers and lakes, or some combination. You are not in complete control of your income - it is still contingent on other people's decisions, one way or another.
More plausibly, people could go to your competitors for business instead of to you. (And if you don't have any, some could spring up.)
Not likely, to get in the water well drilling business takes years to get a license.........and then just the basic equipment would cost well over a million dollars.........not counting buildings and land.
In fact.........the county just to the south of us has no drillers now.
A few years ago the DEQ pushed a lot of drillers out of business.
Don't discount the role Lady Luck plays in all of this. Sometimes, good things happen by random chance (or perhaps even not-so-random chance). Don't mistake luck for skill.
50+ years since I've been tracking. I call that the long run.
Doubling every two years for 50 years would be an increase of 2^(50/2) = 33554432 fold increase. A $5,000 house would be now worth $167.8 Billion, north of Bill Gates' and Warren Buffett's net worth. Can you spell "sanity check"?
Don't discount the role Lady Luck plays in all of this. Sometimes, good things happen by random chance (or perhaps even not-so-random chance). Don't mistake luck for skill.
A person can also make a good share of their own luck............I know I did.
I helped the state take out most of my competition...........but, they where breaking the rules or it would not have worked.
Doubling every two years for 50 years would be an increase of 2^(50/2) = 33554432 fold increase. A $5,000 house would be now worth $167.8 Billion, north of Bill Gates' and Warren Buffett's net worth. Can you spell "sanity check"?
Please reread what I said. This has occurred in every one of the last 5 decades. The frequency is approximately every 10 years.
The casinos are full of people who could have been millionaires if they would have put all that money in the stock market instead of the slot machines.
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Can you spell "sanity check"?
