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Old 02-25-2013, 09:12 PM
 
Location: Texas
4,935 posts, read 7,078,903 times
Reputation: 5507

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Share your success story here. I'm struggling to find my way right now and its really starting to eat away at me. I'm nowhere near where I wanted to be at the age of 24. Don't even have a "real" job and feel like other than a having a fun time, earning my bachelor's degree was a complete waste of time and money (admittedly I poorly chose a highly competitive and low paying field).
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Old 02-26-2013, 07:50 AM
 
19,667 posts, read 21,189,634 times
Reputation: 8840
My success story? I work and was good at what I did... and what I did was what people wanted.... but I also knew that my work generated a good salary but people out there are trying to constantly take a percentage away for themselves... so I position myself to keep as much as I can... I enjoy doing my work but honestly, half of my real work is to keep greedy people from taking from me "just because"... the number one culprit is the government... my salary didn't go up but my taxes sure did...
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Old 02-26-2013, 01:40 PM
 
9,291 posts, read 7,884,187 times
Reputation: 4634
Quote:
Originally Posted by Philosophizer View Post
Share your success story here. I'm struggling to find my way right now and its really starting to eat away at me. I'm nowhere near where I wanted to be at the age of 24. Don't even have a "real" job and feel like other than a having a fun time, earning my bachelor's degree was a complete waste of time and money (admittedly I poorly chose a highly competitive and low paying field).
I am like you and I am older by a bit. But I know how I will make my first Million and beyond: through inheritance LOLZ HAHAHA.

Just kidding, but seriously, let me tell you how my boss made his first million. He bought rental property in Manhattan, when the era of the white gangster was about to end. Then he waited for the recent Gen Y gentrification of Manhattan, and open sesame.

I just hope he loves me enough to include me in his will.

Making the right RE speculation has been a very popular, and sure fire way to make your million. That or even selling it, especially commercial. Commercial RE is usually more than residential, so your commission is higher. All you need is some people skills, and a good work ethic, stay in the game long enough, and you may become a broker with several agents that split commission with you. Your company gets big enough, and you may find yourself a newly minted millionaire.
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Old 02-26-2013, 06:40 PM
 
Location: WY
6,057 posts, read 4,199,140 times
Reputation: 7215
I remember when I was this young.

Seems like a really long time ago now.
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Old 02-26-2013, 08:11 PM
 
1,139 posts, read 3,047,573 times
Reputation: 794
Quote:
Originally Posted by Philosophizer View Post
Share your success story here. I'm struggling to find my way right now and its really starting to eat away at me. I'm nowhere near where I wanted to be at the age of 24. Don't even have a "real" job and feel like other than a having a fun time, earning my bachelor's degree was a complete waste of time and money (admittedly I poorly chose a highly competitive and low paying field).
Am nowhere near but here is a thought.

Save $100K a year and become a millionaire in 10 years & you'll be 34.
Save $50K a year and become a millionaire in 20 years & you'll be 44.
Save $25K a year and become a millionaire in 40 years & you'll be 64.

Now think about what you have to do to save $25K or $50K or $100K a year!
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Old 02-26-2013, 08:41 PM
 
Location: Tyler, TX
16,203 posts, read 19,214,625 times
Reputation: 8691
You're only 24 and you're complaining that you're not a millionaire yet?!?!

Wow... The millennial generation really is as bad as they say.

Here's what you need to do. First, work your ass off. Second, stop spending money. Seriously. No Starbucks. No fast food. No concerts. No video games. No iPods or latest-greatest cell phones. If you're really serious, cut out cable TV and get the cheapest 'net access offered, or cut it out entirely at home and use free commercial wifi around town. Save every single cent you possibly can, and invest it wisely. You're young enough that you can put it into riskier stocks and funds, with a higher potential for payoff.

Most of all, though, stop whining. You're just getting started in life. Define a long term plan and stick to it, and you'll be ok.
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Old 02-26-2013, 10:24 PM
 
Location: North Idaho
25,244 posts, read 33,166,349 times
Reputation: 52036
me, real estate.

My mother: real estate

1 uncle insurance

1 aunt real estate

1 uncle oil

1 uncle department stores

1 cousin Cadillac dealership

1 uncle real estate

1 uncle law practice and into politics

3 cousins, computer programing and development

My ex -MIL, inherited

my ex-FIL rum running and hotels

1 of my son's cousins, vanilla plantation

The majority of those persons started out with absolutely nothing. The cousins did get their college paid for and 2 of those people got some family money to set them up, and, of course, the one inherited and then married for more.

I hope that helps.
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Old 02-26-2013, 10:33 PM
 
Location: North Idaho
25,244 posts, read 33,166,349 times
Reputation: 52036
I had to come back and say this:

A million dollars is not very much money any more. Even if you could earn 10% on it, which is extremely difficult in this economy, that is only $100,000 a year in income and then once all the taxes are paid on it, you are left with about $50,000 to live on.

$50,000 is barely hanging onto middle class by the skin of your teeth and you'd have to be darn good at budgeting to live any way but austerely on that amount. No yachts, no European vacation, no Lamborghini.

So, OP, I suggest that you aim higher.
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Old 02-27-2013, 12:19 AM
 
5,722 posts, read 9,015,361 times
Reputation: 7961
Quote:
Originally Posted by oregonwoodsmoke View Post
I had to come back and say this:

A million dollars is not very much money any more. Even if you could earn 10% on it, which is extremely difficult in this economy, that is only $100,000 a year in income and then once all the taxes are paid on it, you are left with about $50,000 to live on.

$50,000 is barely hanging onto middle class by the skin of your teeth and you'd have to be darn good at budgeting to live any way but austerely on that amount. No yachts, no European vacation, no Lamborghini.

So, OP, I suggest that you aim higher.
$100K or $50K on day 1 with 364 days remaining in the year to do with what you like (Including making money) is something...
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Old 02-27-2013, 09:50 AM
 
Location: Chicagoland
5,722 posts, read 9,127,320 times
Reputation: 6916
Hard work, the right knowledge, networking, sales skills, and leverage.... Leverage your own and other people's (bank) money for ownership - buy income-producing properties, businesses, etc.. Leverage your own and other people's skills (employees) to create/sell products to the market. Oh, and don't trust anyone, have everything in writing...CYA. And have a good accountant / tax attorney.
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