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Actually wrong... I'm 18 and have much more business experience than the average college grad IMO.

LOL! Seriously. It's not so much that you mentioned a college grad but that you're 18 and you think you have business experience period.

I've been working odd jobs since I was about 12. I had a car detailing business, an actual business, when I was 15 but of course there were parents involved due to my status as a minor and state law. Although it did something for me, I will tell you that there was so much more to learn. I am a college graduate and I guarantee you that there will never be a lifetime where you have more sense than I do, never. Not to say that another person can't run circles around my business sense, but by the mere posts you've made here alone, I am certain you are not that person. Go back to school, please.
 
Hmm... I just did quick assessment. Seems I'm a millionaire, and well above that mark, and I didn't follow most of the suggestions. While I have been self-employed for nearly 25 years - I had a very happy family life - though no kids. Spent my time doing lots of stuff I wanted to do, that had little immediate impact on my business. Took time off to cultivate my family life and my interests.

How did I do it? I bought into the real estate market at a young age. We saved and paid down the mortgage. We shopped at thrift shops for many things. We never ever bought a new car, though we were a multiple car family. We liked our food, so we learnt how to grow and cook our own. We like wine - and the good stuff, not the home-brew, so we bought enough at a time to get the discount. We spent money to enjoy ourselves where it was important, and we avoided many non-priority expenses. Like cable. Haven't had TV for over 10 years. We also worked hard at our jobs - but not stupid crazy hard.

In other words, we managed our expenses diligently - and still took care of ourselves.

Luckily I live in a socialist country, so health costs were very manageable.

Anyway... worked for me. And I'm still a nice person.
 
Actually wrong... I'm 18 and have much more business experience than the average college grad IMO.

Well, that changes everything!

Eighteen years old...clearly a huge amount of life experience and wisdom gained therefrom.

And those silly college grads...imagine anyone so dumb that they would want an education. Taking time away from making money...the only important thing in life.

What a bunch of boobs...and imagine how stupid those folks are who get advanced degrees...another waste of time taking you away from making money...the only thing important in life.



:rolleyes::rolleyes: <----------Please note, in case I was too subtle.
 
Well, that changes everything!

Eighteen years old...clearly a huge amount of life experience and wisdom gained therefrom.

And those silly college grads...imagine anyone so dumb that they would want an education. Taking time away from making money...the only important thing in life.

What a bunch of boobs...and imagine how stupid those folks are who get advanced degrees...another waste of time taking you away from making money...the only thing important in life.



:rolleyes::rolleyes: <----------Please note, in case I was too subtle.

I'm not quite certain... are you being sarcastic there?
 
Marry a millionaire and you have accomplished two things that the OP thought were mutually exclusive.
 
Stocks+compound interest for retirement ftw?

No idea buddy, seems like the ones who become millionaires put in crazy amounts of time and usually go the "unconventional" route to get there. Own businesses, seize opportunities, adaptable. They do what interests them and like the route they take to get there.

The ones who specifically aim to become millionaires by any means necessary? Hmm, wrong mindset.
 
Not gonna work. At all. You talk about 1 million in your bank account, right? That means you need to make more than 1 million in revenue so after taxes, paying suppliers etc. you have enough profit to build that first million. And it doesn't come easy, and it doesn't come fast. And if you plan to work 100% of your time, you will fail. Or commit suicide. You can't go through life - any stage of life - with working 24/7/12/365. You just can't. Moreover, if you jump from one business to another, because one of them went under, your gonna have debt to pay for that business.
 
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while.”

The American then asked why didn’t he stay out longer and catch more fish?

The Mexican said he had enough to support his family’s immediate needs.

The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, and stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.”

The American scoffed. “I have an MBA from Harvard, and can help you,” he said. “You should spend more time fishing, and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, and eventually you would have a fleet of fishing boats. Instead of selling your catch to a middle-man, you could sell directly to the processor, eventually opening up your own cannery. You could control the product, processing, and distribution,” he said. “Of course, you would need to leave this small coastal fishing village and move to Mexico City, then Los Angeles, and eventually to New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “Oh, 15 to 20 years or so.”

“But what then?” asked the Mexican.

The American laughed and said, “That’s the best part. When the time was right, you would announce an IPO, and sell your company stock to the public and become very rich. You would make millions!”

“Millions – then what?”

The American said, “Then you could retire. Move to a small coastal fishing village where you could sleep late, fish a little, play with your kids, take siestas with your wife, and stroll to the village in the evenings where you could sip wine and play guitar with your amigos.”




I have been a professional fisherman/diver since the late 60's. I have a few friends that also do what I do. The above quote is similar to our experiences. Rich guys who have worked really hard all their lives and finally retired would pay us to work with us. Think about that. They are paying for our lifestyle.

Money is good but having a good lifestyle is similar. It's how you live not what you are worth.

Most people on this site are young. That is your most valuable asset that no "rich person" can buy. You have TIME to try whatever and recover. Just TRY... Anything.

Get into real estate, buy a cheap one bedroom condo and rent to a roommate to help on a mortgage. When you recover and your credit allows, using income from your now established rental with income, buy a two bedroom condo and rent it out. Continue, learn to repair stuff.

Do some sort of side business even if you have a real job. Being self employed and/or landlord allows so many tax advantages you will pay very little federal tax. If you are not being audited you're paying too much in taxes.

Don't buy the BMW or whatever. Only buy invest in things that tend to appreciate rather than known things that DEpreciate.

Look at long term, time passes quicker than you realize.

Buy stocks in companies you use, know something about and are already interested in.

DON'T GET DIVORCED!!! Don't Cheat. Unless you're young and have nothing it will set you back years. Be sure how you will share finances with your wife/husband. Make it a business transaction until each is equal financially.

Don't get someone pregnant, don't get pregnant at a young age.

Be honest, have integrity. It's what you DO that matters.

You will need way more than a million to retire in 30-40 years.

These are YOUR "Good Old Days"! It's only going to harder... Guaranteed!

Be HAPPY.

I'm worth way over a million on paper but really a million is not that much nowadays.

Good Luck Kids!
 
OP is just probably frustrated cuz he's not getting some in his last year of high school - so no wife or kids soon, gotta get that dough! :p


Also OP, you're assuming that a certain amount of business ventures are successful and bring in millions, so if you keep trying new ideas eventually one will work. That's not always the case: all of your ideas can fail. And how do you expect to get financing to keep trying more and more business ideas if the first few don't work?

Ambition is great, but nowadays your relationships with people can have a great impact on your success whether you're a 9-5 employee or a business owner. Seeing as you don't value relationships much, I don't foresee much success. I could be wrong though, so keep us updated on your progress!


ps: I used to think in a similar way when I was 18, it will all change in the next few years ;)
 
Actually wrong... I'm 18 and have much more business experience than the average college grad IMO.

People with a string of failed businesses and massive debts generally have a lot of business experience. Your opinion doesn't count - your clients' opinion of you DOES count. By the look of this thread you generally aren't getting much respect for your youthfully naive and somewhat arrogant demeanour.
 
People with a string of failed businesses and massive debts generally have a lot of business experience. ....

I (mostly) agree, but to be fair... some folks with lots of 'experience' may also just be really bad at it. Some people can be very good at business without any serious failures - and some people will never be good at it no matter how much 'experience' they get.
 
Wow OP you just confirmed reason number 9,999,999,999 as to why modern society is broken and miserable.

The real treasure is contentment, something disregarded by a fool.
 
MICHAELSD, what is your end goal? Much like samiwas's post points out, what do you ultimately want to accomplish? Is the goal to simply reach a certain number in the bank account, is it that you want to achieve a certain lifestyle, or are you after a sense of satisfaction that you think comes with having achieved materialistic success? I'm just curious as to what you hope monetary and business success will bring to your life?

His end goal is to die cold and alone in his house surrounded by his possessions.

=======

OP do something that helps the world. Bringing this back to tech be Gates not the selfish child Jobs.
 
If it was posted here it no longer is top secret.
Let's make a quick check:
How many of you are already Millionaires after using the OP's top secret?
How many of you are on your way to becoming one?
 
If it was posted here it no longer is top secret.
Let's make a quick check:
How many of you are already Millionaires after using the OP's top secret?
How many of you are on your way to becoming one?

I'm happy to report that I followed OP's 100% serious and original advice.

The cash is coming in so hard I got double black eyes.

$$$
 
Given up so much to develop product ideas. Going to scale back this year. Frustrated with myself thinking about what I could have now.

NEW 2014 ADVICE: Focus on business but don't give up any parts of your life that could potentially be pleasant. Minimize if necessary but don't lose them.
 
NEW 2014 ADVICE: Focus on business but don't give up any parts of your life that could potentially be pleasant. Minimize if necessary but don't lose them.
Sage advice, why sacrifice quality of life in the pursuit of the almighty dollar. I see too many people who have wealth but lack the joy, and contentment that brings peace.
 
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A number of posters (bradl, Queen of Spades, koa, sviato, and countless others) have given you some excellent advice here. I suggest that you try to heed some of it.

At 18, I doubt that you know yourself, let alone the world. My first recommendation would be to get to know yourself, sufficiently well that you feel comfortable in your own skin. In my experience, most people don't get to that stage until they are well into their forties.

If you are comfortable with yourself, you won't care whether you are a millionaire or not, and the degree of wealth, acquired, earned, or inherited by others will not be a source of angst for you.

Re acquiring money, I think you may have it the wrong way around. Such passion as exists in entrepreneurship should be targeted at the product (as in 'I am going to make the best possible version or type of this', or invent something totally new, original and unexpected that people never even knew they lacked), or the consumer, (excellent customer service) than the outcome (the millions happily accruing interest in off shore bank accounts).

Actually, reading your posts, I am very struck by the fact that there is no vision (apart from 'I want to have a lot of money'). Money is a means to an end - it is a medium of exchange (and as such, has been accorded a high value by elements of our society which respect less other values such as vocation, caring, consideration, and indeed, time).

Rather, there is no vision of what you want to invent, leave behind, bequeath. If a business has been established merely to make money, (rather than define itself with an excellent product), neither its owners, staff, nor indeed, indifferent consumers will have the remotest interest in its welfare.

Companies dismiss feelings, relationships (despite the platitudes that 'our staff are our greatest asset' nonsense so many spout in their gushing glossy brochures) at their peril; not only are relationships the key to personal life, relationships and the loyalties they engender are also one of the keys to achieving a certain type of business success.

Just read the passion on some of the threads on this very forum, as members identify (sometimes, with a ludicrous degree of absurd and excessive passion) with the Apple brand - they really care about Apple and what will happen to the brand.

So, my other piece of advice to you at 18 (and I have taught a great many 18 year olds in my life - I used to be a college professor) - is to find out what feeds the passion in your life, what your interests are, and to try to make a living from them. Study them hard, make yourself a master of these areas, and then, if possible, sell your expertise (in the form of a business) to the world.

Treat your customers, your staff, and your brand with respect; far more staff leave good jobs because of rotten bosses than because of poor remuneration.

And, re personal relationships: Well, people differ in their emotional and psychological needs. Some require endless human interaction, and company, while others need greater personal space and crave solitude. However, I know of nobody who can walk the path of life alone, without the support of close friends and some form of family.
 
I may have missed it upthread, but I wonder what everyone's definition of a millionaire is. $1m in a bank account? Investments worth $1m? Net worth of at least $1m? Million Dollar smile?
 
Pro tip to becoming a millionaire: spend less than you take in (i.e. live way below your means)

-t

----------

I may have missed it upthread, but I wonder what everyone's definition of a millionaire is. $1m in a bank account? Investments worth $1m? Net worth of at least $1m? Million Dollar smile?

I would say Net Worth.

Cash + Investments + Real Estate - Debt - Mortgages

-t
 
1-Save money
2-live on a budget
3-Downgrade car and house and save the difference
4-cut expenses
5-Spend your tax return on investments, savings, and eliminating debt
6-Avoid living on credit. Keep it the absolute minimum
7-Invest
8-put more in some type of retirement account to shrink tax liability and pay yourself more.
9-avoid high depreciating purchases
10-Commit more time to education and/or a business
11-Choose the right major and in demand career
12-stay the path and be patient because success rarely comes fast in this life.
 
8-put more in some type of retirement account to shrink tax liability and pay yourself more.
Like Health Insurance, this is a weird one in that, in the US at least, it's easier to take advantage of this as a wage earner than an entrepreneur.

Take advantage of every opportunity you have to feed your 401K. Take the employer core contributions and match for all you can, etc...

IRAs suck by comparison.

B
 
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