Do you know any self made millionaires?

[Satur9]

Yes. Two kids from HS started a production company that is worth a shit ton. A buddy of mine owns a car dealership in Florida, and another friend who used to work with me has a startup in Thailand, and he is worth a few million too.

Shame I know many rich people, but I am still sort of stuck where I am at...

 

[Jkaylor]

Says the dude flipping burgers at mcdonalds asking if you want fries with that. HAHA. Thanks for coming sparky.

Try again. Stop trying to legitimize theft from others who do better than you

 

[RollSonnenRoll]

Depends where you live. In Los Angeles 10 million is the 'retire without a care in the world' number.

At 10 you can pull six figures off 1% returns. That's what I'd call set.

 

[irish_thug]

My old boss, and one guy I used to work with.

 

[God_Emperor_Of_Mankind]

tenants will even get restraining orders.

Lol how the hell is one to collect the rent if you cannot even approach them.

 

[guard_passer]

I know a self-made cartoonist who is worth $70 million

 

[MadSquabbles500]

Maybe i am reading a hostility that is not there but did i suggest otherwise?

No not from me

 

[Drenalin]

Lol how the hell is one to collect the rent if you cannot even approach them.

They end up in court & the tenant has to make the payments to a lawyer. You wouldn't believe how stupid some of these people are.

 

[Literally Bricked]

a million isn't much? Lol.

It really isn't. If you put aside $25,000 a year at 9.5%, over 16 years you have a million. People are just terrible at budgeting and having priorities.

 

[Satur9]

It really isn't. If you put aside $25,000 a year at 9.5%, over 16 years you have a million. People are just terrible at budgeting and having priorities.

Dude, most have no way to put aside 25k a year. That is reality. THat is more than half of the average salary for most of the people living in the States, at least.

Start your roth ira early, and put 5k(that is more doable than 25k) a year into it. You will have around 1.5 million or so around retirement age, depending on if you have any tragedies, or you have to dip in for some reason.

 

[Mike]

 

[Mike]

It really isn't. If you put aside $25,000 a year at 9.5%, over 16 years you have a million. People are just terrible at budgeting and having priorities.

Jesus Christ who the fuck makes enough to save 25K a year. Certainly not anyone in the middle class.

 

[Literally Bricked]

Dude, most have no way to put aside 25k a year. That is reality. THat is more than half of the average salary for most of the people living in the States, at least.

Start your roth ira early, and put 5k(that is more doable than 25k) a year into it. You will have around 1.5 million or so around retirement age, depending on if you have any tragedies, or you have to dip in for some reason.

That's for the US, up here in Canada the household median income is ~$76,000. Even in the US if you reduce that proportionately, 76:52, you are asking a household to put away 17K/annum. Also because you're in the US, you have access to much broader range of higher yielding bonds, shares and preferred shares you could probably match the 16 year time frame. In short, a million dollars is not a lot of money by any stretch of the imagination.

@Mike Hopefully this answers your question.

 

[Satur9]

That's for the US, up here in Canada the household median income is ~$76,000. Even in the US if you reduce that proportionately, 76:52, you are asking a household to put away 17K/annum. Also because you're in the US, you have access to much broader range of higher yielding bonds, shares and preferred shares you could probably match the 16 year time frame. In short, a million dollars is not a lot of money by any stretch of the imagination.

It is not a lot of money, but 25k is just not happening. Your countries median individual income is just 27k. Most single people will not be able to put up 8k(half-ish of the 17k for households), or nearly a third of their income away. Especially with how buying a house is out of their league for quite some time.

I wasn't saying anything about the long-term time frame, just the amount of money per year you were saying to put up. That is not really possible. Unless you don't pay taxes....

 

[fordman7795]

a million isn't much? Lol.

Having a million dollar net worth doesnt mean they have a million dollar a year job and drive bentleys. youd be surprised at how many people around you are millionaires. My father just retired at age 64. He has a couple million in easily liquidable assets. He is far from rolling in the dough though

 

[ralphc1]

How does one define self made millionaire?

I would define it as someone who didn't come from a wealthy background who, through their own work, become millionaires.

Another one that I know of is John Menard. He started a pole barn business and was able to talk his first customer into a partial payment up front to purchase materials. One of his first employees had a share of the company for a time because John couldn't afford to pay him. It was tough going but he started at the time when farmers were doing well in the 1960s. He expanded in to selling lumber then home improvement products.

 

[cmw43]

I know a guy who ran a construction company that was involved with some kind of doors used in the construction of the channel tunnel, sold his share of the business for £10million and retired at 40.

A guy I went to school with was an architect who started his own bed company and has made a fortune.

Another guy made a boat load of money as CEO of a "charity" and was living a jets and champagne lifestyle but is now doing time for fraud.

 

[fordman7795]

I would define it as someone who didn't come from a wealthy background who, through their own work, become millionaires.

Another one that I know of is John Menard. He started a pole barn business and was able to talk his first customer into a partial payment up front to purchase materials. One of his first employees had a share of the company for a time because John couldn't afford to pay him. It was tough going but he started at the time when farmers were doing well in the 1960s. He expanded in to selling lumber then home improvement products.

And then milk, coloring books and ski gloves.

 

[sleepwalk]

A guy a used to work with, if he isn't now, will be. He started a car service and security agency a few years before he retired. No significant drop in business since the rise of Uber/zipcar/etc. Most of his service is taking the same few dozen folks back and forth to airports or from their Brooklyn mansions to their Jersey mansions but his guys have taken championship athletes and Grammy winners and whatnot to appearances and gigs.

 

[HIMBOB]

I only know 1 myself too, but he is not self-made.

Same actually, his grandfather was a poor imigrant made good.

I know a self-made cartoonist who is worth $70 million

Now thats impressive.