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Who are our future millionaires ?
 

Hello everyone, haven't been on this forum in a while and was wonder who our future millionaires are. Please give a small description of how you are determined to be in the top 1%

Re: Who are our future millionaires ?
 

Perhaps I will get there...But right now, I am happy to have a somewhat stable (I use the term VERY loosely...) income.

I do this a few hours a day and I am sure that when I am ready to grow, I will make a few hundred K a year.

From where I came from, and where I am now, I am VERY content with that.

Re: Who are our future millionaires ?
 

Top 1%?
How do you measure millionaire? Net Worth? Annual income? Accumulated wealth?

I ask because a million dollars does not get you much these days. Most of the people I know that hit the low end on the 1% measurement by the IRS standard live a luxurious stressed out middle-class style.

Re: Who are our future millionaires ?
 

You won't find the top 1% here that's for sure, but we can make a nice leaving with hard work

The top 1% are making money from money and not from hard work

Re: Who are our future millionaires ?
 

Nope, you tell us what you are doing first.

tell us your plans.

fair is fair.

:deadhorse:

Re: Who are our future millionaires ?
 

$1 million dollars isn't going to be worth so much in the future. Being a millionaire isn't as exclusive as it once was. You'll probably need at least that much to retire.

Re: Who are our future millionaires ?
 

A million cannot get anything anymore that is why a millionaire is definetly not the top 1% that would be the wealthy people that are billion airs that just make multimillionaire everyday in selling a stock that went up .50 because they own millions , and make millions just on interest

That is true wealth and the way to truly earn real money and this can only be done with a great amount of wealth

Money just creates more money

Re: Who are our future millionaires ?
 

Dont know about millionaire achievement but I am eyeing your guest room to move into...or at least your garage :d...please /hope

Re: Who are our future millionaires ?
 

So you want to go live with the OP's parents too, rsot?


Going to take the hamster?

:pound:

Re: Who are our future millionaires ?
 

..I like hamsters:

http://cdn.abowman.com/widgets/hamster/hamster.swf

:lol:

Re: Who are our future millionaires ?
 

I am sure there is several millionaires on this forum. A million dollars is not a lot of money these days.

Re: Who are our future millionaires ?
 

I would disagree.
The wealthiest people I know work exceedingly hard, but they work on business and investments, not in them.

Re: Who are our future millionaires ?
 

I like hamsters too, they taste good with some ranch sauce.

Re: Who are our future millionaires ?
 

Yea that is true for millionaires but a million dollars is nothing today, the top 1% are not working hard they are wealthy! meaning they have hundreds of millions or billions , and they don't need to work hard if you have the top 1% wealth

The people we would know are not in that category, I don't think no one here has to much in common with Warren Buffett or Bill Gates

Re: Who are our future millionaires ?
 

I agree, do not wish that on myself but I will go through that process for a period of time.

Re: Who are our future millionaires ?
 

Well there is a large majority that got there with hard work and are taking it easy now.

Re: Who are our future millionaires ?
 

Yes as time goes by inflation takes a large toll.

Re: Who are our future millionaires ?
 

Seems fair, what I'm doing at this point is ebay and amazon. I have one of each account nothing else and its doing pretty well.

I don't see myself doing this 3 years from now as it is very stressful and takes a ton of work. At the moment I'm studying how to be a full day time trader. I'm not investing real money at the moment but I think 2 years from now is enough time for me to have the backbone of knowledge with a large account.

My ultimate goal is to own a few apartment complex. My family currently owns about 20 units and its easy and ok money.

I want enough units to have an agency take over and deal with everything! When I say everything i mean everything to where I do absolutely nothing and have at least 100k deposited into my bank account each month.

This plan has a lot more detail to it but i tried breaking it down as much as possible. I also do have plan A-Z as nothing ever goes as planned. I mean I was suppose to be in medical university right now as I am a drop out and doing way better off. Not a lot of people in this world can say I dropped out from a university and make more money than my former classmates that want to become plastic surgeon, by the time there done with school they will be working for someone like me.

Re: Who are our future millionaires ?
 

I want to make more than that a year.

Re: Who are our future millionaires ?
 

What you said is somewhat true.... But with 1 million you are definitely wrong, it will get you plenty if you know how to use it. I started off with a 500$ credit card, within a year I made 30k profit. Thats 600% now with a million i know for a fact I can at least get 100% in a year and guess what?

1M(one year)2M

2(one year)4

4(one year)8

8(one year)16

16(one year)32

Your limits are what you set for yourself my friend.


As for stocks it does sound like you know very little about it....

Re: Who are our future millionaires ?
 

My father passed away recently, god rest his soul. Its just me my brother and mom.

Re: Who are our future millionaires ?
 

Just let him/her think he/she knows about stocks. I worked at a investment bank for some years and most people who worked there didn't know what went on, on the trading "floor".

Re: Who are our future millionaires ?
 

I am so sorry. I know how you were guided by your Father.

Please offer my respects to your Mom and brother too.

GB

Re: Who are our future millionaires ?
 

Thank you green bean, appreciate it. Now I have to take care of the family.

Re: Who are our future millionaires ?
 

I know several multi millionaires.

Many started their own manufacturing business from scratch or started a business from nothing and became millionaires.

A few are also into real estate.

I also know 3 former millionaires.

1 lost it all on wall street like a fool.

1 lost it all in Vegas after winning the lottery

1 lost it all due to a lawsuit.



I am hoping to be the next millionaire....... :cheer:

Or at least hope one of this group becomes one.

Re: Who are our future millionaires ?
 

Myself included. Most of them started/own Wineries. I know one with a Painting Business (guy must work 90 hours a week) Crazy. Almost all of them have made smart bets in real estate, stocks, or other assets that have paid off over a 10 year period.

It is funny because where I live. You will see a 60 year old man driving his 1980's pickup truck with 300,000 miles and holes in his jeans worth 10 Million but nobody knows. Then you see another broker person living check to check trying keep up the allusion of wealth with their leased Mercedes.

Re: Who are our future millionaires ?
 

How are we determining millionaire? To me, it is a very loose statement. For example, Net worth and having an extra million or two or liquid assets are very different.

Re: Who are our future millionaires ?
 

I define it to be more than the word actually means because manny people can be millionaires, I have a house and rent out 2 duplex and one triplex so just with that I'm near close to a million but that is nothing

I associate millionaire with wealthy so I want a million in assets and a million in cash, and a million in yearly salary, to me this is my definition of a millionaire

Re: Who are our future millionaires ?
 

Net worth is such a huge factor - never need to have that amount in liquid ...since taxes and inflation will kill liquid

Re: Who are our future millionaires ?
 

Its all pretty subjective IMO.

I know people that are worth many millions but cannot always afford things that people worth a lot less than they are worth can simply because their many millions are all tied up in assets. Its all good and well having a house worth 4 million but its not doing you much good if it is not generating an income and its all you have.

$1,000,000 in some places will not get you much, in London you would be lucky to get a studio flat in a lot of areas. In parts of Wales though you could live like a king.

If you want to live in London, New York ect you are going to need a lot more than $1,000,000 in assets and a pretty decent yearly income. In cheaper parts of the country $1,000,000 would be you set for life just living off the interest/dividend so long as you are careful how you spend your money.

All very subjective

Re: Who are our future millionaires ?
 

Nowadays I believe you need to have a net income of at least 450k to belong in the 1%.

As for being a millionaire your assets have to exceed the amount of 1million. Meaning if you sold everything you own in today's market how much money will you be left with.

Re: Who are our future millionaires ?
 

$390k is the bench mark at the end of 2013 to ender the 1% in the US, so around the $400k mark now.

Both of those being pre-tax

Re: Who are our future millionaires ?
 

Depending on how that $390.00 is collected and then taxed, it is not very much money for todays standards. The top 1% are not measured equally. The top .10% might make more than the remaining .90% combined.

Re: Who are our future millionaires ?
 

If we are talking earned income tax we are exceeding 38% tax rate in the USA.

Re: Who are our future millionaires ?
 

$390k a year even after its taxed would still leave you with well over $200k a year. That would let anyone lead a pretty comfortable lifestyle.

Re: Who are our future millionaires ?
 

Everything is a matter of perspective.

Re: Who are our future millionaires ?
 

Very true if you live in Arkansas and net $200k after tax you are living like an Oil Tycoon. If you are living in Manhattan. You are doing well but not that same. Yankee is so right about things being relative.

Re: Who are our future millionaires ?
 

For me it does not matter if I am a Millionaire or not. As long as I am doing what I love that is all that matters. As much as eBay and other things can be testing. I would not trade it for anything.

I see people all the time who work for the "man". I may not have a pension or a vacation plan. Might have to save for my own retirement rather than have a 401k. But guess what?

I get to go take a 2 hour lunch break from work and hit the gym. I get to have a say for my own destiny. The amount of effort, knowledge and sometimes luck I put in directly effects where I am at.

As far as I know I only get one ride on this roller-coaster we call life. I plan on making the most of it.

Every day I take on the fight that is in front of me. Then I deal with the next day. When you are in this you never know where you next sale is going to come from. You never know when you might get shut down or go bust. You just grab you balls every day, say I am going to do right by myself and by my customers and deal with it.

Success is for those who willing to go out and do what it takes to achieve it. Those who stand on the sidelines, might as well be holding a Clipboard.

Personally, I would rather fail again and again and again and forever. Than say I didn't try.

Re: Who are our future millionaires ?
 

Sorry to hear about it, AllAboutStealth

Re: Who are our future millionaires ?
 

also is this family/joint income or individual??

the lucky people are those earning great money AND enjoying what they do....

it is the top 0.01% that are really rich.....