Is it easy to become a millionair?

[RestUnknown]

Hi all

My simple goal in life is too have a decent sized home with a nice view somewhere in the south of Europe or Carribean where I can relax for the rest of my life and drink gin-tonics at my pool until I die.

I'm currently 28 and I have a job which gets me 4000 euro's after taxes per month. This is very decent I'm aware of this, but to be honest, it's not enough for what I want. At the current rate and for the kind of home I want, I'd still have to work till I'm 60 before I can get what I truly want. I love my job, but I'd love to retire as soon as possible even more.

Now I think the only way to be able to achieve this is to start a business on my own as I don't think any job is able to get me net figures of 5 numbers a month (besides top jobs like doctors, lawyers,...). But I don't have a degree for that.

The problem with starting my own business is, although I do think I have the character to work hard to get what I want, I don't have a clue what I could start a business in. I have no knowledge of anything, besides my current job and it's impossible to start a business in that.

Any ideas?

 

[evan12]

why not you try to go out and see what people are buying or selling , browse diffrent websites and products and see what will grap your attention.
also being rich should not be a goal but being happy should be. Many rich people are full with problems

 

[marmel75]

Easy? Fvck no. If it was everyone would be one.

 

[CarlosR]

Nothing is more difficult than trying to be a millionaire. Especially if you do not have the economic resources to achieve it

 

[Brad]

Mate. What’s your underlying reasons for being a millionaire? To not do anything for the rest of your life? Sounds terrible IMO.

Do what I did. Don’t work for a year. Don’t do anything. You don’t need to be a millionaire to do this. Just save up a bunch of money.

You’ll find quickly that whatever feeling you’re looking for by being a millionaire is not worth working toward.

 

[Tenacity]

Hi all

My simple goal in life is too have a decent sized home with a nice view somewhere in the south of Europe or Carribean where I can relax for the rest of my life and drink gin-tonics at my pool until I die.

I'm currently 28 and I have a job which gets me 4000 euro's after taxes per month. This is very decent I'm aware of this, but to be honest, it's not enough for what I want. At the current rate and for the kind of home I want, I'd still have to work till I'm 60 before I can get what I truly want. I love my job, but I'd love to retire as soon as possible even more.

Now I think the only way to be able to achieve this is to start a business on my own as I don't think any job is able to get me net figures of 5 numbers a month (besides top jobs like doctors, lawyers,...). But I don't have a degree for that.

The problem with starting my own business is, although I do think I have the character to work hard to get what I want, I don't have a clue what I could start a business in. I have no knowledge of anything, besides my current job and it's impossible to start a business in that.

Any ideas?

Easy? No.

Possible for some? Yes.

Here you go: http://www.sosuave.net/forum/threads/get-rich-slowly-not-quickly.239975/

 

[jaygreenb]

I am 37, about to be 38. On paper I am technically a millionaire if you included the value of my business, cash and investments. You will need to really dedicate your life to it and make serious sacrifices if you want to achieve this goal. I suggest you read the book The millionaire next door if you want to understand the profile and money habits of most millionaires.

As far as what type of business to start, it would also depend on how much cash you would be able to invest. I am going to assume it isn't a lot, correct me if I'm wrong. If that is true, I would suggest a scalable service based business that people need in good times and bad. In the beginning if you do not have the capital you will most likely have to be the labor as well. When you have enough business that you can't do all the work, hire an employee to assist you. As you grow, continue to hire more always keeping an eye on and maintaining your target margin. If you want to make serious money you will really need to scale it and eventually have a lot of employees. This will not be easy and plan on not pulling any money from the business for a few years. You will need to become very competent in sales/business development, management and finance. If one area is off you can kiss that business goodbye eventually. If you are serious about doing this, most people aren't, I suggest doing a few things. Get you life expenses as low as possible. That means getting rid of all your debt and not taking on anymore. You also need to get your housing expenses as low as possible too. Basically you will need to plan to live off savings for a few years. You will also need to determine what type of capital investment it will take to get started. You will need to have enough savings to live and cover the business running for at minimum a year. There are no easy roads, it will take time and a lot of work.

 

[wifehunter]

Awhile back, I had a friend who had an airplane charter business with three beechcraft planes..two king airs, and a baron.

pics for the uninformed:

king air:

baron:

He told me the best way to make buku bucks is to trade. Stocks, comodities, etc.

He ended up buying one these with his winnings:

I was always interested in trading, since I was a kid...this moment in my life, served as a catalyst.

The rabbit hole is deep.

 

[switch7]

Awhile back, I had a friend who had an airplane charter business with three beechcraft planes..two king airs, and a baron.

pics for the uninformed:

king air:

baron:

He told me the best way to make buku bucks is to trade. Stocks, comodities, etc.

He ended up buying one these with his winnings:

I was always interested in trading, since I was a kid...this moment in my life, served as a catalyst.

The rabbit hole is deep.

I disagree with you, I think it is much easier to make money starting a business than trading stocks, commodities, forex etc. However if you were to start a business where you cold called people, get them to part with their money and invest it into the markets, taking a 20% profit related charge and a small percentage in and out costs (stock brokerage) then it is fairly easy money as you don't have to even have to have a clue about how to trade, as its not your money at risk.. Its then just a question of morals.

There are less failing businesses than there are failing traders. Being consistently profitable over a few thousand trades (the sample size needed before any prop firm will let you through their door) is f*cking hard, you need iron clad focus, discipline and emotions day in day out. It's a career that is seriously bad for your health and takes up most of your time if you are day trading.. Much easier to become a doctor, lawyer or have success in a business in my opinion.

 

[xxx111]

I spent 15 years trading, looking at charts, etc. I tried everything I could, i read everything I could. I read so much about charting and mental discipline I probably forgot more than most of these people selling courses will ever know. In the end all I did was lose money. I think a lot of people who do make money trading, do it by luck. For a short amount of time. Or there are countless people who do it for a long time only to lose it. Example, turtle traders can't make a dime now, Trader Vic blows up right after his second book out after decades of consistently making money. During this time I devoted time to trading, I also had bouts of just buying and holding stocks, which I did OK with. Of course when I started out I didn't know what I was doing and lost money. Plus it wasn't easy to find information without the internet. So now I refuse to look at a chart, forecast, or technical analysis. I do think at this point I have all the mental discipline I could ever ask for. That's all that trading did for me. During the last 5 years when I opened an IRA and devoted it to entirely on fundamental investing, I compounded at 26% a year, beating the S&P 500 every year. I honestly expect this to continue... to at least beat the major markets. I've learned a lot since 1997 when I first began, and the one thing I know is to not listen to anybody who tells me I can get rich quick, trade, or make a bunch of money in the stock market. I've done that enough times. While we're on the subject you may want to try riding the bitcoin mania while it lasts. I don't think it's over yet. It's not for me though. One day, out of the blue, we'll see a large, 20% or more drop in the price of bitcoin, and it will fall like a brick, just like the dot com did. I've seen enough of these and researched enough to know that you don't need a trigger. I just hope it doesn't take the economy down with it. Do you know anyone who uses bitcoin to PAY for anything? Anyone go "hey, I'll take payment in bitcoin", or "I want to pay for my dinner in bitcoin." No, it's just a financial instrument with limited availability. The ONLY reason people are buying bitcoin is to make money on price appreciation. Only 20 or 21 million bitcoin can be made. So it's a scarce resource. It's helping cause this mania. But some day, enough people will be in that they'll panic and worry about their fortune disappearing when there's that big loss after a big rally.

But to answer your question, no, becoming wealthy is extremely difficult. Some people are just good at it though. If you read "Money Masters" by John Train, there's an interview with Warren Buffet, this was out of the late seventies. You could tell the dude just knows business and has a lot of wisdom. Some people just have that, a lot of people don't. Just like a lot of people can't do what Elon Musk is doing.

We can only do the best we can.

 

[synergy1]

i'll chime in on the stock market bit. "trading" stocks is something that requires a combination of unique intellect, temperament, hard work, and a lot of time. My struggles have been with understanding how my own biases work against me, and even with some success as of late, I have hardly developed a method for sustaining any type of real returns. I have taught myself everything I could, and realized given my current life that It would not be possible to trade stocks for a living for me. Picking individual stocks requires a thorough understanding of the business itself, its management, and its prospects. People might want to invest in a cool company like tesla motors, but how much do they understand about developing and manufacturing electric cars? I don't know much except that its a capital intensive business that requires a broad cross sectional organizational strength in manufacturing. Do most investors understand this? Unlikely.

I think others have said it well and that is to pick something that you know well, can dedicate time to, and can make you money. Buffet is Buffet because he understood business and was willing to put in the time. Back in his day, he adopted an approach of finding companies that were selling for less than their liquidation value. These companies, net nets as they were called in Grahams time were more common. Especially after the 1930s, you'd have entities share prices selling for less than the cash on the books AFTER fulfilling debt obligations! Buffet would comb through thousands up thousands of these listings, do the math, buy the company, and act as a activist to unlock the value of said companies. This was hard work, but he knew what he was doing which is why he achieved 50% YOY returns for many years running.

Understand your niche. Work hard. Continue to learn. execute on it. Thats my own advise to myself, and think its applicable to anyone else too. best of luck.

 

[catherine]

Hi all

My simple goal in life is too have a decent sized home with a nice view somewhere in the south of Europe or Carribean where I can relax for the rest of my life and drink gin-tonics at my pool until I die.

I'm currently 28 and I have a job which gets me 4000 euro's after taxes per month. This is very decent I'm aware of this, but to be honest, it's not enough for what I want. At the current rate and for the kind of home I want, I'd still have to work till I'm 60 before I can get what I truly want. I love my job, but I'd love to retire as soon as possible even more.

Now I think the only way to be able to achieve this is to start a business on my own as I don't think any job is able to get me net figures of 5 numbers a month (besides top jobs like doctors, lawyers,...). But I don't have a degree for that.

The problem with starting my own business is, although I do think I have the character to work hard to get what I want, I don't have a clue what I could start a business in. I have no knowledge of anything, besides my current job and it's impossible to start a business in that.

Any ideas?

Marketing jobs really workout better.
Also if you invest in markets like Forex you can make lot of money.