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Okay so what do you suggest? I though college and work would give me some capital to start off with
You can try it certainly, but the question is would you rather have a 10% chance of being a millionaire at 35 or an 80% chance of getting there at 50?
If you put all your capital into a single business (your own) you just might win big, but you also might lose it all, and most likely you'll do ok for a few years and then have trouble and either have to sell your business at a loss or shut it down and liquidate. Most small businesses fail before they get big.
On the other hand, you could just put it into diversified stock mutual funds with good tax efficiency, low turnover, and low fees and keep your day job, and quietly surpass the 1 million mark uneventfully after 25 years of investing $1500/month from your day job.
This is the USA and all you have to do in the USA to be rich is to want to be rich. But I don't see anything in your note that indicates that you want to be rich. All I am seeing you write about is all the ways you want to spend money.
Being rich and spending money are polar opposites, so I don't know of any way to help you. Not to mention, that no one can tell you how to become wealthy in a 25 word email to a forum.
Okay this is a very common question and majority of people would love to achieve this goal..
But I want to realistically know how I can become a millionaire or multimillionaire at a younger age perhaps 30 or 35. I want to make all the right decisions. I would appreciate not to hear comments telling me "money doesn't make you happy" or "you can't do it". I'm not doing attempting this to try to make me happy, I'm not that insecure. I simply want to be able to live financially free and not be in debt all my life. I want to be able to pay cash with things without having to to worry if it's going to hurt my finances. I want to live in a nice car and have a nice car and be able to use my wealth to travel the world. I also want to be able to give back to my family. My main reason to wanting to become wealthy is wanting to have the ability to travel whenever I want and experience many things with my friends and family I would not be able to do without money. I don't want to have to work all my life in a corporate job until I'm 60 or 65 to be able to retire and enjoy my money. I want to enjoy life earlier and live an exciting life. I'm ambitious and I listen to people like Dave Ramsey who talk about management of wealth.
I am currently 18 years old and starting my first year of college at a large public university. I am getting a bachelors' in accounting or finance, but most likely accounting, and from a pretty decent accounting school. I plan to also pursue a masters in accounting/finance, or an MBA/CPA if it will help me out in my life. I have a friend that works for a big 4 firm, and he has kinda guided me into going into that career path. So I was planning to work for a big 4 and save my salary and maybe invest in a business or a franchise like McDonalds after 10-12 of work. Maybe even get a high paying job in industry after a few years in a big 4. Any advice? REALISTIC please.
Also I am very entrepreneurial and I'm trying to learn more about business and also ways of making money through the internet. I love the show "Shark Tank", and it inspires me. But my true goal would be to be a millionaire as fast as possible maybe with an investment, real estate venture, a business or product, or franchises, or even online businesses. But I really need to good advice and HELP so I can achieve my goals. I rather be my OWN boss and not have to be working off a salary every year. I want capital and ability to invest in other things. Honestly I would like to retire as early as possible so I can spend more time with my family and experiencing the world I haven't been able to see.
Can someone give me some good advice? I'm young and have time to prevent future mistakes by learning from other people. And I don't know where to precisely begin...Would greatly appreciate some help.
One example why: They get sick or are unable to work, so you will be supporting 2 people, and paying heavy medical bills.
Not to mention, kids, which are sometimes accidental, and are the big expense.
There's disability insurance people can get if they are unable to work. SSDI as well. There is health insurance people can get in case of sickness to help with costs. For kids, well there's the pill, condoms and, well, you can always obsain from intercourse during the ovulation period. Pulling out works as well. But the true 100% way is to not have intercourse.
As for getting wealthy. Takes a dash of luck, some smarts or unique talent, or inheritance. 90% of businesses fail within 5 years. If you have some programming skills, I would make some mobile apps. That's where the money is now. You can become and accountant or CPA. That's a great career. However, in order to make the big $$$, you would need to live near or in a big city. Work very demanding hours for a low starting pay (unless you're Ivy). In 20 - 30 years you then prob. get a million if you max out your Roth IRA and 401k. In additional, you would need to live within your ( and your gf/bf/spouses) means. You can treat yourself (and your gf/bf/spouse) every once and a while, but get it under control. When things are good, they are very good. When things are bad, they are very bad. It is best to keep the same budget and way of life through the ups and downs with small variations in between. Therefore, you will always be ahead of the game. In terms of investments, go long on the S & P 500, Russell 2k and natural resources. Also, do not do any type of debt. No school debt, no credit card debt, no automotive loans, no mortgage (if possible). Debt is the number 1 killer of income savings and growth. Do not buy anything you cannot immediately pay off with the cash you have on hand. If you want something, save up for it. It's also important to build up a healthy emergency fund that contains 6 - 8 months of funds to hold you over in tough financial times. This money is to be in safe secure assets such as a no termination fee CD or online savings account.
There you go. Follow these rules of the game and you'll be all set. But, as of of now, the chances of you being a millionaire in 10 or 20 years when you've yet to graduate college nor found an Internet or Mobile darling is highly unlikely. Sorry. The advice above will, however, help you get there faster than 95% of the rest of America.
If your goal is to start a business your probably asking the wrong people IMO. Plenty of people have started business and sold them for million by their late 20's early 30's my guess is none of the posters are one of them. Having a good idea is less than half the battle I can tell you that for sure. You need to have a good idea sure but the most important thing is execution, working your ass of to make that idea an actual tangible product/service that people will pay you for. 90% of businesses fail but you could certainly be in that 10 if you have the tenacity to keep trying after you fail and to take some massive risks. You will only live once so why not go for the gold! But as people there is no career path you can take that will enable you to earn million by age 30.
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