Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My job isn't really portable. I've only got a handful of jobs, maybe 15-20 max, I could move into in the entire country in any given year. I've talked to my wife about moving back to Texas where there are a few jobs for me we and could spin our home sale here into a nicer house, but she adamantly does not want to move back there.
Depends on how bad you want them. Kids don't have to cost as much as people think, but they definitely are expensive, because you either have to pay for day care or one parent has to drastically cut back or give up on work to stay home with them. Both options are expensive.
Or find jobs that are flexible enough to let you work at home. I did for many years, I had a nanny at home too.
Regarding the OP, yes I know some, but it depends on what you mean by "self made." If you mean someone who started a business on a shoe string and made X million by hard work and nothing else, then no. But if you mean those who happened to buy their home in the right place at the right time or who happened to get a job with a company that paid above market while providing great stock options, then ...
Example: Bought his house in the 60s at a low interest rate and never moved. Good job with well above market pay and benefits. Drove a company car for 40 years. Company provides big stock options for that 40 years. So, is he self made or just freaking lucky?
I wouldn't call a California equity refugee, or anyone that got a nice profit off of their primary home, a "self made" millionaire.
They were lucky, same as if they got an inheritance or something. If it was just the good luck of the real estate market inflating around them, they were beneficiaries of phenomena outside their control. That is not "self-made" anything.
My own house in Oregon has increased in value by about 55% in less than 2 years. That has nothing to do with me, I was just lucky; I had no idea it would increase in value so quickly... all I wanted was a roof over my head.
I don't think it's the same as an inheritance.
If someone bought a house, they took action. They could of just rented.
Even though you needed a roof over your head, you didn't need to buy real estate to do that.
If someone buys multiple properties and rents them out and manages those properties..find tenants, does repairs, deals with all the other stuff.
That's running a business.
I've heard of lot's of real estate deals where people bought something for a price and everyone though they were crazy..then the price skyrocketed.
If you want to read about an amazing story like this , this is a good one. About a guy that made billions in NYC Forbes Welcome
He had the vision and saw the opportunity and perhaps most importantly was able to convince people to invest in him.
Even if you buy a house for yourself you have to be responsible and have good credit , no foreclosures,etc or the bank won't invest in you.
The number one axiom is that it's not what you make, it's what you keep.
I also know a lot of people who were millionaires but no longer are because they got careless and lost it all.
The number one axiom is that it's not what you make, it's what you keep.
I also know a lot of people who were millionaires but no longer are because they got careless and lost it all.
Yeah true. Had a relative like this, at one time supposedly had tens of millions, self made.
But by the end of their life most of it had been lost on bad deals/scams , or supporting relatives.
Example: Bought his house in the 60s at a low interest rate and never moved. Good job with well above market pay and benefits. Drove a company car for 40 years. Company provides big stock options for that 40 years. So, is he self made or just freaking lucky?
Luck alone can't explain it. Lots of people in a similar position would have traded up to "better" houses at least once, etc. It's easy to say that it's easy to just live modestly and not screw it up, but loads of people in similar positions will do just that.
The number one axiom is that it's not what you make, it's what you keep.
I also know a lot of people who were millionaires but no longer are because they got careless and lost it all.
I understand the sentiment, but this is too binary. BOTH are important; but I do agree that most people probably need to focus more on keeping overhead low.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
