Millionaire tip of the day- Meet a 20yr. old MILLIONAIRE

[STR8UP]

I know a guy, let's call him Jim.

Jim is a 20 year old millionaire. He got started a couple of years ago with $100k he received from a settlement, which he used to buy a piece of real estate that profited him $20k. He turned around and repeated the process many times, and today he is very well off because of it.

I can hear some of you now saying, "Well he had $100k to start with, I could never do something like that". True, he had a nice little chunk of money to start with, but he could have easily done what most guys his age would have and blow it on cars and women, and ended up with nothing whatsoever to show for it. I myself started with nothing. It CAN be done. Don't make excuses, get out there and make it happen!

I talked to Jim today at great length about financial topics that most people will NEVER in their lives understand. At 20 yrs. old, Jim already understands and uses GOOD debt to make himself TONS of money. I gave him some pointers, and he even gave me a few ideas. He even explained to me how he learned what to say to his credit card company to get his limit raised to $100k. A CREDIT CARD with a $100k limit! That boy is GOOD.

Jim is the kind of guy who doesn't make excuses. I honestly believe that even if he hadn't seen any settlement money that he would still have been on track to mega wealth. He is just that kind of person. He attends seminars and talks to like minded people regularly to continually expand his knowledge of money.

When I spoke with Jim today, he talked about how it is great to be able to sleep until noon if he is so inclined, to not have to answer to a boss, to be free to travel whenever and wherever at a whim, and several of the other wonderful perks that come along with TRUE success. How many 20 yr olds can say the same? You could be the next....

To all of you who read my previous Millionaire Tip- the definition of "loser", would you rather be like the loser or the 20 yr old millionaire? The choice IS yours, choose wisely!

For the record, although Jim isn't really his name, the person in this example is 100% REAL, as was the person in my "loser" post.

And as I always say, "Get out there and make it happen!"

 

[STR8UP]

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[penkitten]

dude , was that like an infomerical?

 

[WORKEROUTER]

That's amazing. I really would like to achieve that kind of success, but the problem is not knowing where really to start.

 

[Centaurion]

What the **** is the point of this post?

Give me 100K $ and I'll promise you I'll make it 'big'. Do you want to know what success is? It's starting with 5 bucks in your pocket and ending up with a million. That is success. Not some rich ass brat that starts off with 100k and ends up as a millionaire.

My left nut could do that.

 

[MetalFortress]

Workerouter, you probably havent looked at all possibilities. How much do you make at work right now? A starting point is as simple as investment properties to rent out, and you live in a cheap area of the US (at least compared to California), so it should be easy to find properties in your state to buy and then rent out.

 

[diplomatic_lies]

I know this chick with started with $1 million, and now has $500K.

(Not that I'm complaining. She spent the money on mega-parties, lavish presents for all her friends including me, and 2 expensive cars which she occasionally lends to me! )

But yeah, I get the idea. Most people who inherit or win the Lotto tend to spend it all on useless crap. I mean winning even $1M in the lotto should be enough for life (if you're too lazy to invest, even the most passive investment options will get you $50K a year).

 

[STR8UP]

Originally posted by penkitten
dude , was that like an infomerical?

Although I would much rather respond to people who WANT TO LEARN, and you probably won't even look at this post again (I have no idea why you bother to respond if you have nothing constructive to add aside from accusing me of sounding like an infomercial), WHAT THE HELL!

Let me ask you something, penkitten. You obviously have a problem with the sale of educational materials on television, what's the issue?

Is it that your parents taught you that anything but "Work hard and save your money" is B.S when it comes to finances? If so, how well off are your parents?

If I remember correctly, you have commented in the past about your financial situation being a bit unstable. Could it be because YOU are making poor choices financially? Of course not, right?

Maybe you are happy with your current financial situation, maybe not. If you AREN'T happy with it, I would recommend opening your mind a little, you might learn a thing or two that will help you out.

Nothing like beating your head against the wall and saying, "ouch", "ouch", "ouch" instead of looking for solutions.

 

[STR8UP]

Originally posted by WORKEROUTER
That's amazing. I really would like to achieve that kind of success, but the problem is not knowing where really to start.

DUDE, I STARTED WITH NOTHING! Today ten or so years later, I am pretty much set for the rest of my life.

You guys always say the same thing, and I always give you the same answer. STUDY THE MATERIALS, START BUILDING CREDIT. Getting started starts with getting educated. Once you learn a few things about getting creative with money, you will see that buying assets can be done by pretty much ANYONE, even without having a lot of money.

You are only 18. Even if all you do for the next several years is hit the books, start studying how markets work, build your credit, and avoid consumer debt, YOU WILL BE PUTTING YOURSELF IN THE PERFECT POSITION to get rolling once you get out of school.

 

[Egyptiandude1]

STR8UP is really on the money here guys, when I was 17, I attended a 7-week summer program that taught us how to write business plans and invest money, this summer I interned there and I meet a Real Estate investor who is now my mentor, with his help I am acquiring single family homes in Mississippi with only $500 dollars ernest money talk about creative financing,
wholesaling, and lease optioning pretty homes, anyone can do it, not to mention the fact that I'm also starting with NOTHING. There are a ton of websites that can teach the principles of investing , not to mention books. If we were all to start investing/learning TODAY instead of b!tching about why we can't or this and that, then financial independence can be reached within 1-10 years, depending how hard you work.

 

[I'm Joe Dirt]

Give me 100K $ and I'll promise you I'll make it 'big'. Do you want to know what success is? It's starting with 5 bucks in your pocket and ending up with a million. That is success. Not some rich ass brat that starts off with 100k and ends up as a millionaire.

My left nut could do that.

LOL Amen...

If someone gave me some significant investment capital I would get rich too. I'd just keep buying condos and 2-flat/3-flat buildings and renting them out. In a couple of years they'd all be paid off and if I had maybe 5 3-flat buildings each yielding a net of $500 a month after taxes, maintenance, thats $7,500 a month in income.

Thats not a big deal, provided someone give me some investment capital to buy the first building or two...

The REAL successful people, however, figure out a way to make it from scratch. Thats admirable, not someone who starts off with a few eggs already in his basket.

 

[STR8UP]

Originally posted by I'm Joe Dirt
LOL Amen...

If someone gave me some significant investment capital I would get rich too. I'd just keep buying condos and 2-flat/3-flat buildings and renting them out. In a couple of years they'd all be paid off and if I had maybe 5 3-flat buildings each yielding a net of $500 a month after taxes, maintenance, thats $7,500 a month in income.

Thats not a big deal, provided someone give me some investment capital to buy the first building or two...

What you guys SAY and what you would DO are two entirely different things.

I would bet a lot of money that before you dropped a penny into investments you would have a new car and a new wardrobe. Kiss at least half of that capital goodbye.

And I only glanced at your overly simplistic investment strategy, but I can easily see that you don't know much about investing.

"In a couple of years they would be paid off"?

Uh, most of the time it's difficult to get a postitive cash flow from residential RE. Even if you do get positive cash flow and sink the extra into paying off the mortgage (which IS NOT the way to get rich quickly) you are still looking at a LONG time to pay off that debt before you see anywhere NEAR $7,500 per month positive.

Anyone who uses the excuse of not having enough money to get started HAS NOT studied creative investment strategies. For you to say "If I had $100k to start with I would be rich as well" is nothing but a copout for not having done anything.

The REAL successful people, however, figure out a way to make it from scratch. Thats admirable, not someone who starts off with a few eggs already in his basket.

Yes, having something to start with definitely helps. I was talking with my biz partner about this tonite. Having that kind of a boost would have been great. But to be honest, we will end up making more money on the long run since we had to be on our toes and think creatively from day one.

 

[STR8UP]

Originally posted by diplomatic_lies
I know this chick with started with $1 million, and now has $500K.

Sounds like my sister.

She got a $60k settlement and used most of it to buy cars and other depreciating junk. I talked her into using her last $12k to buy a property. We sold it last year and it ended up her $12k had turned into $50k. She was hesitant to listen to me, but since she did she ended up making a lot of money as opposed to being BROKE.

Don't kid yourself people.....it's easy to say you would do the "right thing" with the money, but when you have all that cash burning a hole in your pocket you might do things a bit different.

 

[Julian]

who are you to judge. everyone has their own hand that they were dealt. it doesnt matter that he started out with a chunk of change, what matters is that regardless of his situation he capitalized on what he had and used it to his advantage to get more.

 

[STR8UP]

Originally posted by Julian
who are you to judge. everyone has their own hand that they were dealt. it doesnt matter that he started out with a chunk of change, what matters is that regardless of his situation he capitalized on what he had and used it to his advantage to get more.

I don't think they are judging HIM as much as they are making excuses for THEMSELVES. Either way no one has ever gotten rich by standing around complaining about how little they have to start with....

 

[I'm Joe Dirt]

Like I said, if someone had bought me a property or two to begin with it'd be easier and wouldnt take long to pay off whatever remaining balances there would be on it. Its hard to say whether or not I'd have positive cash flow from a hypothethical example with not knowing how much of it is mortgaged, how much is paid off, what the rents are like in the area, etc.

I personally want to start my own business, and currently I am learning the skills needed to get there. Once I got my management degree and have learned a lot of what there is to learn about running an organization as well as other things like accounting and finance I will start looking at options I have.

I am not in a hurry. I have all the time in the world, and when I do decide to start up a business once I have a good idea in my head and a good plan I can work out, I will do it right and my way and I'm gonna have fun.

Talking about enterpenurship is a lot like talking about women. What works for you may not work for others and what you think is stupid may be the best idea ever to someone else.

Just because you can make buckets of cash doing whatever it is you're doing, doesn't mean someone else would approach making money the same way. Maybe someone else's idea is different but also works, maybe even works better.

Its also a matter of personal satisfaction. If you like doing what you're doing, thats great. Personally I would not have a good time doing property investment schemes, I would prefer to start a service corporation of some sort. That's what I would have fun doing, and if it makes me less money or I am not able to make money as quickly thats fine with me, because I am going to enjoy doing it my way.

 

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Originally posted by STR8UP

Uh, most of the time it's difficult to get a postitive cash flow from residential RE. Even if you do get positive cash flow and sink the extra into paying off the mortgage (which IS NOT the way to get rich quickly) you are still looking at a LONG time to pay off that debt before you see anywhere NEAR $7,500 per month positive.

Then what would you suggest?

I'm currently interested in anything with 6 or more units. However, it's the wrong market to buy right now here in California (If I did I would overextend big time, and that would eventually completely destroy me if I have the situation figured out correctly).


After I buy a few pieces of residential real estate (mid-size apartment buildings and the like) I'm going to move on this hotel near the beach where I live. The place is a total dump, so the owner might be willing to sell. who knows?



I found myself a mentor (other than you) who has been advising me on things here and there.

Also, I wrote a letter to Donald Trump. (yes, THE Donald Trump) to ask him about a few things. Who knows what might come of that, it may be my foot in the door for all I know. There are lots of millionaire investors to learn from, but since development is where I want to end up, I figured that I should learn what I can from a billionaire who routinely handles multimillion dollar deals and already does what I plan to do one day.

 

[RaWBLooD]

Originally posted by I'm Joe Dirt


Its also a matter of personal satisfaction. If you like doing what you're doing, thats great. Personally I would not have a good time doing property investment schemes, I would prefer to start a service corporation of some sort. That's what I would have fun doing, and if it makes me less money or I am not able to make money as quickly thats fine with me, because I am going to enjoy doing it my way.

thats not how the big boys think

 

[[DoN.2.Da.JUaN]]

gimie a hundred grand and ill turn it into $5 with in a week hahaha

big deal he bought a property and made some cash sh!tloads of people do that....

 

[Phoenix_of_the_ashes]

Originally posted by RaWBLooD
thats not how the big boys think

Whats wrong with enjoying your work? Not everybody wants to get rich.