What does it take to become a self made millionaire (alternative, employer)
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......... I really aspire to live life in a lap of luxury one day (Like owning a Ferrari 458 and a 5 bedroom mansion). ........
You don't want to be wealthy. You want to spend money. You'll have a difficult time of it with that attitude.
But you really want the secret? It's put your money to work for you. Put other people's money to work for you. Put other people to work for you and let them generate income for you. You are very unlikely to save your way into a top income position in society.
For what you aspire to, I recommend that you be a national level football hero, a popular film or music star, or win the lottery. Then you can spend like a rock star.
I know a lot of extremely wealthy people and not one of them owns a Ferrari. Only one of them owns a private jet and that is set up as an office and he works as he is flown around the world to his various investments.
People with a lot of money work at it. If you don't pay attention to your money, it disappears somehow while you are left not knowing where it went.
In order to put your money to work for you, you must first accumulate that money. That is where savings and a good salary come into it. Both before and after, you will have to work hard for it, or you will never have it.
Is their way to get rich repeatable by others? I mean how many people could say they've done something like The Beatles, Led Zep, U2, Rolling Stones, Cream/Eric Clapton, Duran Duran, Police/Sting, Pink Floyd, Elton John, Black Sabbath/Ozzy, Deep Purple, etc.?
Not many!
So, their fame and fortune is not copyable nor repeatable; as what Bill Gates&Paul Allen did, etc.
There is only one Elvis, Marilyn, Bogart, Wayne, Chaplin, Spielberg.
But, the lottery is repeatable winnings for many who have become filthy rich overnight with a $1 ticket.
Sure, many people have lost their lottery fortune over time; but so have investors in wall st, stock market, and real estate.
True it is hard to create still, the idea was that it was said that no one had become a millionaire in England and I proved that wrong. Lots of other ways to get rich.
Good luck with that lottery plan. The problem with the vast majority of Lottery winners is that they did not work for the money so in essence they have no idea how to manage that kind of wealth. For those that have made it and lost it, they allready know how to make it and many of those people make it again. A family that I have known for years went thru that. They had built a massive net worth. They had three Malibu area properties, a large business, and several million in the bank. This was back in the early 1980's. I watched as they lost their fortune, the business went under, and they slowly sold their homes and land in Malibu. They moved several times and ended up in a small condo in Oxnard CA. Their accountant asked them one day when they were going to build their wealth again. Like it was that easy. Turns out that it was. Within a 15 year time frame they had reclaimed most of their lost wealth. Let me see a lottery winner do that.
Robin Leach in a doc about credit cards stated he lost a lot of his "friends" because of the tanked economy. Them rich folks just lost their fortune and disappeared.
I've been on estate tours on Long Island of former Rockefeller, Getty, Astor abandoned mansions which are empty as either the family sued each other, died out, lost mullah, cashed out and left, or whatever, just ghosts remain.
In fact Long Island is full of abandoned mansions of former millionaires; As is England, Ireland, and Scotland.
Build a business from the ground up. Work, and invest into 401ks, roth iras, and index funds. Franchise a already successful business and reinvest the profits.
How are they going to be able to afford medical school? Yeah you could make $300k a year, pay for a $150k house and still have a huge debt from medical school.
Not a problem, as long as the newly-minted doctor is willing to live like a resident for the first few years of practice and focus on using that big paycheck to rapidly pay down the debt before buying a house, new car, etc.. Of course, that's hard to do if you have the OP's mindset of wanting to live large.
The bigger problem is that no one knows how much healthcare reform is going to decrease physician salaries in the long term, so going to medical school may not be as financially safe a move today as it was in the past. I wouldn't recommend anyone go into the field if their primary motivation for doing so is simply money.
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stupid
