Age you think you'll be a millionaire?

[RT Wolf]

If I had to recommend two books on the subject, they would be:

The Automatic Millionaire. Great book, mostly about the basics of personal finance and a decent plan for getting started on the road to becoming a millionaire (for those of us who don't want to spend lots of time working on becoming a millionaire but want it to sorta just happen).

The Millionaire Next Door is also an amazing book from a few years ago. Many of the current millionaires (80%) are first generation rich. Most of that 80% got rich by either budgetting or paying yourself first (saving ~10% of every paycheque automatically), so paying yourself first does work. This book is great for insights into what habits and beliefs make people rich (self-employed people are really up there, btw).

I don't really have a set plan for when I want to be a millionaire, I'd like to be one before 30, but I am intending it every ~day. In a little while, I'll put together a solid plan for when/how I wanna be a millionaire, besides investing and so forth. There's lots of other stuff to focus on first and now (physical, fun and recreation, mental development).

[Henry]

Originally Posted by RT Wolf

If I had to recommend two books on the subject, they would be:

The Automatic Millionaire. Great book, mostly about the basics of personal finance and a decent plan for getting started on the road to becoming a millionaire (for those of us who don't want to spend lots of time working on becoming a millionaire but want it to sorta just happen).

The Millionaire Next Door is also an amazing book from a few years ago. Many of the current millionaires (80%) are first generation rich. Most of that 80% got rich by either budgetting or paying yourself first (saving ~10% of every paycheque automatically), so paying yourself first does work. This book is great for insights into what habits and beliefs make people rich (self-employed people are really up there, btw).

I don't really have a set plan for when I want to be a millionaire, I'd like to be one before 30, but I am intending it every ~day. In a little while, I'll put together a solid plan for when/how I wanna be a millionaire, besides investing and so forth. There's lots of other stuff to focus on first and now (physical, fun and recreation, mental development).

I want to also recommend The Richest Man In Babylon

[Dbarker]

Originally Posted by Zach

I'm not really interested in big fancy houses, expensive cars, etc...I just want the means to be able to help people out who need it. For instance, a close family member of mine badly needs a better car. If I could, I'd take care of that.

There is a man I know who has made himself very well-to-do through entrepreneurship, and he has retired from his business to travel to various parts of the world (such as India) to help people who need it most by building excellent schools, homes, and other buildings that Westerners really take for granted. Over there in that part of India, education isn't exactly popular, and most of the children grow up to participate in the "family business."

What I admire about him is he goes personally to supervise these building projects, he doesn't just give money to some random organization to "perhaps" use the money for what he gives it. I want to be able to do the same, someday.

Sounds great, Zach. I hope you make it soon.

[toasterwater]

I think learning is more important that earning. Andrew Carneigie (the richest man in the world at one point in time) once said that if someone were to take away all of his money and businesses, and leave him with only his knowledge, and his associates (he associated with a group of people you might call business associates, i think ive also heard the term "mastermind group", but they basically put their knowledge together to work toward a common goal: basically to get rich) he would be back in riches within a few years... or some really short timeline-sorry for the vagueness, but i cant find the exact passage in my history book . Anyway, I believe Steve Pavlina has also said something along the same lines. Basically, I would like to reach that point of knowledge. To be smart enough- well educated enough in the field of economics and business, to be able to go from broke to millionaire in a matter of a couple of years, is worth more than many millions of dollars.

This being said, I know there are people out there who know how to do it- I also know that much of this knowledge is floating around on this site--- the only problem i currently have is that i cant read fast enough to absorb all that knowldge. My Photoreading package seems to have been lost in the mail .

[Zulu]

A fascinating thing about money is the less you need it; the more you'll make!

I'm currently touching a nice salary as a medical student sponsored by the army. I have very little spending (living in residence, no car) so I get to invest the bulk of my earnings.

[kmr321]

hehe photoreading i havnt figured it out completely.

Well its good to see your acting on limited information of stocks. At least you dont have the problem of having knowledge and never applying it which would frankly seem to be my biggest problem.

id be interested to hear what you have learnt from investing when you sell your stocks toasterwater.

[G. Gekko]

Originally Posted by toasterwater

I think learning is more important that earning. Andrew Carneigie (the richest man in the world at one point in time) once said that if someone were to take away all of his money and businesses, and leave him with only his knowledge, and his associates (he associated with a group of people you might call business associates, i think ive also heard the term "mastermind group", but they basically put their knowledge together to work toward a common goal: basically to get rich) he would be back in riches within a few years... or some really short timeline-sorry for the vagueness, but i cant find the exact passage in my history book . Anyway, I believe Steve Pavlina has also said something along the same lines. Basically, I would like to reach that point of knowledge. To be smart enough- well educated enough in the field of economics and business, to be able to go from broke to millionaire in a matter of a couple of years, is worth more than many millions of dollars.

This being said, I know there are people out there who know how to do it- I also know that much of this knowledge is floating around on this site--- the only problem i currently have is that i cant read fast enough to absorb all that knowldge. My Photoreading package seems to have been lost in the mail .

I think you hit the nail on the head with this one buddy.

The first one that comes to mind that was able to go from billionaire to bankrupt to billionaire again is Donald Trump. Also, I heard that there were a group of millionairs that will periodically would challenge each other on who could make the most profit starting a business or investment with no money of their own.

[Trustme]

excellent thread, quality posts so far.

I am listening to the unabridged audio version of Millionaire Next Door and I highly recommend this book too. It tells a truth a lot of people probably don't want to hear. On the other side it might be enlightening for some of us. I believe in living below my means because one day this will equate to still living below my means but a higher living standard than most people have.

Lots of guys I know who graduated at the same time live this high consumption life style. One might think they earn twice as much as I do and as a consequence I sometimes had the feeling that I have obviously done something wrong because I don't have the money for a big car and big apartment and a luxury vacation three times a year. Now I know - they don't have the money either.

I am convinced you get a headstart to financial freedom if you start thinking about these topics early in life.

[Rat-race]

Originally Posted by kthdsn

Why is everyone so interested in accumulating such a ridiculous amount of money? Since money transferred rather than created, there is a limited amount to go around. Making that much money means you are taking that much money away from others. Why not just earn what you need and leave it at that?

I couldn't agree more. After years of always wanting more money, I realized that my time was more valuable.

I've given up on my ambition to become a millionaire in favor of a more simplistic lifestyle that centers around only taking what I really need.

[G. Gekko]

Originally Posted by Colin

Ah, money can be such a nebulus thing.

You are incorrect in stating that money can never be created. Your central bank (the Bank Of England), and most other central banks (such as the European Cenral Bank and the Federal Reserve Bank in the US), can quite happily create money right out of thin air each and every day. Such is the wonder of living in a world of fiat currencies and fractional reserve banking systems.

It is a fascinating subject, and you might find a book such as 'The Creature from Jekyll Island' by G. Edward Griffin enlightening.

Alternatively, watch Aaron Russo's latest movie: 'America: Freedom to Fascism', where he takes an indepth look at the Fed and what a fiat currency such as the dollar has gotten us. You can watch the full movie free on Google video here (link is approved and sanctioned by Aaron Russo and appears on their offical website).

That's absolutely correct. I have a friend who works for the US Federal Reserve bank. They incinerate millions of dollars daily to make way for new currency and thwart counterfeiting.

Money's just paper. It's the mindset that makes you wealthy. And there's no limit to that.

[Wanderer]

I think through living frugally as Jill says, and careful investing it would be quite easy to amass a million, especially if using a multiple streams of income idea like Steves. Cant wait to see how many of us make it.
Good Luck Everyone

[songwriter]

Personally I don't mind. I want to make a living of music, not neccesarily be rich.

[The Protagonist]

Ooops I said <20, but in reality I am shooting for a net worth of $15,000,000 by the age of 25.

[Henry]

Originally Posted by The Protagonist

Ooops I said <20, but in reality I am shooting for a net worth of $15,000,000 by the age of 25.

*cough*

You made me swallow my gum. What's your plan of action to get $15 million?

[Fusebox]

Bump... Just want to see The Protagonist's response to Henry.

I know I'll have close to $1.5m by the time I hit 55. Im currently 26.

[Cassie]

millions are only as good as you utilize it. Personally when I acquire a nice stash like that through investments, I'm going to turn around and give the majority of it back into the universe. There's no point having money or the power that comes with it without serving a greater good, in my opinion. It becomes an empty pursuit otherwise.

Im not overly attached to money. Its only flimsy paper, a man made object with no inherent value.

[Gerto]

I'm planning to have a million before I turn 25, I'm 18 now, so that's plenty of time
But off course, the most important thing is indeed waht you do with it. I don't think I'd really change my life because of the amount of money I have. If I magically got 1 million$ today, I'd probably buy a boat for my mother (something she's been dreaming of for all her life) , and I'd just invest the rest I think :-).

I just want to make sure I never have to worry abouy money and that I can help other people realise their dreams and projects.

[Still Growing]

Ahimel,

I'd like to offer some unsolicited advice.

I wouldn't say you are almost a millionaire since you have a list of things you've learned before starting the business. This is simply a good foundation.

What I have found is that with almost every business you will most likely hit a brick wall. When you do hit a brick wall, its how you learn to climb it, break through it or go around it that will determine your success and ultimately make you a millionaire through business.

When I started out I thought like you, thats the great thing about such forums is that you can learn from others.

Sincerely,
"Still Growing"

[Still Growing]

Ahimel,

I'd like to offer some unsolicited advice.

I wouldn't say you are almost a millionaire since you have a list of things you've learned before starting the business. This is simply a good foundation.

What I have found is that with almost every business you will most likely hit a brick wall. When you do hit a brick wall, its how you learn to climb it, break through it or go around it that will determine your success and ultimately make you a millionaire through business.

When I started out I thought like you, thats the great thing about such forums is that you can learn from others.

Sincerely,
"Still Growing"

Originally Posted by ahimel

Sounds like a workable plan. We also are starting a business in January that we plan to build up to a franchise, and sell for $1,000,000 within a couple of years. At this point, I would technically be a millionaire. Even if we don't find a buyer or choose not to sell, I would own a business worth a million, and so would also technically be a millionaire.

2 years to a million is ambitious. Am I almost there? It really depends on how you define "almost there." I haven't technically started the business yet, so in that sense I'm nowhere close. But I've laid a lot of groundwork since I started thinking about being rich 6 years ago:

• I overcame the zero-sum mentality of economics
• I accepted that the best way to become rich is to provide value
• I learned enough about the stock market and financial terminology to become a licensed financial advisor
• I've worked for a small business
• I've helped start a small business
• I've met with and talked to a lot of people who own small businesses
• I've studied to learn what makes businesses successful
• I've studied to learn the differences between a small self-employment business and a large business
• I've learned about C-corps, S-Corps, LLCs, Tax requirements for businesses, and paperwork requirements for businesses
• I've learned how to write a business plan
• I've spend hours refining the best ways to launch this business

So in some sense, I really am "almost" there. The only thing I have left is the busywork to actually get it done.

[The David]

I'm not sure. I don't know enough about investment. I'm very frugal (i.e stingy), though.

[tracyrtwyman]

Originally Posted by kthdsn

Why is everyone so interested in accumulating such a ridiculous amount of money? Since money transferred rather than created, there is a limited amount to go around. Making that much money means you are taking that much money away from others. Why not just earn what you need and leave it at that?

You are wrong. Money is created, and there is not a finite amount of it.

So many people are ignorant about even the basics of modern economics, that they too share this total misunderstanding of how currency is created by banks. It is the ultimate in "scarcity thinking", as Steve Pavlina calls it. Not only do you believe that you personally can only have a finite amount of money, but you believe that your country, and indeed everyone in the world, is thus also limited. It's not true, and our country is great because our leaders have always understood this. But thinking this way as a populace is what creates depressions, recessions, and currency devaluations. It's actually unpatriotic to think this way, and it hurts the entire country.

Here's an article I wrote about how the Federal Reserve creates money, and how the concept of infinite wealth is built into the very structure of the American dollar: [LINK]

And here's the book I wrote that goes with the article: Solomon's Treasure: The Magic and Mystery of America's Money.

Anyone want to talk more about this? Ask me a question or make an observation. I love this topic!