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Old 03-11-2013, 11:58 PM
 
3,770 posts, read 5,824,775 times
Reputation: 3002

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i haven't cared much about making my first million. i've focused on technical challenges in business. i've succeeded in those challenges. So my next challenge is making as much as I can with as little effort as possible. That will take solving a problem or coming up with a process or product with a lot of effort and innovation, but they key here is it needs to be able to be replicated with little effort once figured out. That's what they call scale in business.

I don't care a lot about money, but I care about seeing if I can do something. I want to see if I can make a lot of money. It's a game and dollars are the score. I don't care about buying stuff or social status.

But to point you in the right direction. I have noticed one thing about people who make a lot of money. Their motivation in business is profit. They don't care what business they start, except for that it needs to make money.
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Old 03-12-2013, 06:17 AM
 
12,140 posts, read 14,094,506 times
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Bad line of questioning: How did you earn and save your 1st million would be more helpful!

I made my first million years ago, too bad I needed that money to live on!
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Old 03-12-2013, 01:57 PM
 
Location: North Idaho
25,250 posts, read 33,183,633 times
Reputation: 52076
People with wealth have their money working for them. But before you can have your money working for you, you must earn and accumulate the money to begin with.

Hard work. Austerity. Taking the time to learn how money works.
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Old 03-12-2013, 06:33 PM
 
1,858 posts, read 3,175,444 times
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The key for most of us is going to be learning how to save while living below our means.
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Old 03-13-2013, 12:21 AM
 
Location: Los Angeles (Native)
25,305 posts, read 17,125,812 times
Reputation: 12206
True , most Americans seem to have difficulty living below their means...and the others are barely making ends meet so it's hard to save money.

Saving and living below means is important, but another essential part of the equation is investing in something with a high yield , like real estate. There are many advantages to real estate that aren't found in other investment vehicles ..leverage is a big one.

The two top ways people get rich are by owning businesses or real estate. But owning real estate is really a form of business too so it falls under business ownership in my mind.

401ks and IRAs are good to have and put money towards...but when was the last time that you heard someone got rich investing one. The downside of these investment vehicles is that their only goal is for you to have money when you are older...which is important but it gets people into the mindset that they have to work and work at a job( or several jobs) they might not like for decades and then when they are 65 or whatever can finally retire.

I really think everyone's goal should be to be able to retire early. As early as possible.

With the right investments one can retire a lot earlier and then have the time to enjoy things while they still have the ability to.
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Old 03-15-2013, 01:01 PM
 
1,858 posts, read 3,175,444 times
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The thread is not about how to get rich, but about how you got your first million. A millionaire isn't necessarily rich. So yes, I agree that the most common ways to get rich are through owing a business or real estate. But a lot of people could save a million or more if they were able to save money and live below their means. That's how most people will do so. For example, I am fairly confident I will eventually be a millionaire, but as for rich, I am not so sure.


Quote:
Originally Posted by jm1982 View Post
True , most Americans seem to have difficulty living below their means...and the others are barely making ends meet so it's hard to save money.

Saving and living below means is important, but another essential part of the equation is investing in something with a high yield , like real estate. There are many advantages to real estate that aren't found in other investment vehicles ..leverage is a big one.

The two top ways people get rich are by owning businesses or real estate. But owning real estate is really a form of business too so it falls under business ownership in my mind.

401ks and IRAs are good to have and put money towards...but when was the last time that you heard someone got rich investing one. The downside of these investment vehicles is that their only goal is for you to have money when you are older...which is important but it gets people into the mindset that they have to work and work at a job( or several jobs) they might not like for decades and then when they are 65 or whatever can finally retire.

I really think everyone's goal should be to be able to retire early. As early as possible.

With the right investments one can retire a lot earlier and then have the time to enjoy things while they still have the ability to.
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Old 03-15-2013, 02:52 PM
 
Location: Logan Township, Minnesota
15,511 posts, read 14,350,787 times
Reputation: 7470
I worked for over 50 years 3 different careers.

Pilot (total military time 7 years but only 3 on flying status)

Structural Steel Draftsman & associate Engineer (20+ years)

Psychologist (Physiological psych not clinical, so don't expect any free mental evaluations or personality analysis) (20+ years)

Currently raising horses


Made well over a Million total, spent every penny of it so the kids and grand kids don't have to worry about fighting over any inheritance.
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Old 03-15-2013, 03:15 PM
 
2,288 posts, read 2,788,474 times
Reputation: 7029
I'll have to get back with ya.
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Old 03-15-2013, 03:28 PM
 
Location: Living on the Coast in Oxnard CA
16,255 posts, read 28,417,108 times
Reputation: 21652
Working on it now. Here is what I am doing.

1. Spend less than you make. A good way to do this is to fund your retirement. You can save up to $18,000 a year in a 401K or 403B. (On a side note, just saving $1,000 a month can do it over time. Just doing that will get you $1,500,000 by the time a 20'something retires. You could go more aggresive and do better than $1,500,000 but then many want the safe route.

2. Get a second job, live off the income from the first job and invest the rest. Investments that you are looking for are income producing. A rental property, part ownership in a business, or something like that.

3. Follow the cycles. People will tell you when to buy investments. When everyone is buying, run the other way. Short it if you can. Take gold for example. The time to buy was when no one was buying. Now is the time to sell. If you can't afford gold start with silver. A good place is when you can buy at the $10 or less an ounce range. I prefer actual coins and not bullion. Coins are an easily marketable item. I bought mine for around $4 an ounce. You can use the money from the second job to get some investment cash set aside.

4. Any other multiple streams of income. MLM's are great. The past few years were great times to get involved. Yes even these have a cycle that you have to follow. It is easy to get a large downline when people are doing anything that they can to get by. Not that everyone is a sucker but when that $100,000 job is not there anymore and someone wants to maintain the lifestyle that they once had they will many times jump into a MLM fomated company to make some money. You just need to find a company that you belive in that is easy to sell to these people.

5. Develop assets. These can be physical or intelectual. You can write a book and sell that same book to lots of people. Web site's, blogs. All kinds of ways to make addtional investment money. Once you have your idea sell the idea to big money people. They will give you the money to take your idea to the next level. This is my favorite way and one that has the most promise over time. Many people made millions developing apps for phones. Many more will make millions doing the same thing.
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Old 03-15-2013, 03:35 PM
 
Location: Colorado
3,762 posts, read 3,089,853 times
Reputation: 3155
I'm surprised how many posters said real estate was their ticket to success. I would be a little leery though with real estate, especially commercial, as I have seen many developers fold up and lose lots of money in this last recession in the CO Springs area. Not to say that real estate doesn't work, but realize that it has risks. The smart people in real estate probably saw this last recession coming and stepped out, waited for the economy to crash, and then step back in.
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