How long become a Millionair?

MatthewRyan · #1 02-24-2006, 09:12 PM

How long after college do you guys think it would take for an intelligent person to become a millionare?

My guess is 20years. Anyone else?

bigdog23 · #2 02-24-2006, 09:25 PM

In 20 years a million wont be all that much money anyway.

I doubt the average college grad is saving the (40 grand a yr? - i dont want to do the math - you have to assume some rate of return of your investment). Plus the large gains in housing likely will not continue. Add that up and id say a very small percentage of college grads are millionaires in 20 years (inflation adjusted anyway).

Sniper · #3 02-24-2006, 09:58 PM

Recent related thread... What do you figure the average 30 yr old has in the bank?

Recliner · #4 02-24-2006, 10:25 PM

I don't know. I'm thinking it'd be really easy to become a millionaire. I'm 21 and this is my strategy:

1. I graduated College. I did it a semester early. My parents were nice enough to give me the gift of paying for it, so I exit school with no debt. (Thanks Mom and Dad!) The key here is to GRADUATE COLLEGE! Dropping out for poker is stupid.

2. Work... lots. Then work some more. Money now is worth lots more now than in 10-20 years due to compound interest. Make a budget that makes sure you live cheap and you can save lots of money. Making as much money as possible as fast as possible is the key to this plan. You want to get to step 3 as fast as possible.

3. Buy a house. You are not buying the house to make money from appreciation. You are buying the house to become a landlord and get some friends to be your room mates. This should lower your rent from an apartment, or keep it the same, with the bonus of building equity.

4. Any money you save from owning a house should be invested.

5. Once you build up enough equity buy another rental property or something that you can fix up and sell. This would also make a good option for your first house.

***NOTE***
1. Do not buy a new car. Buy cheap beaters. They will allow you to get to step 3 faster.
2. I'd also suggest finding "hobbies" that produce income, like poker. This will help you get to step 3 faster.
3. Exercise and stay healthy. Getting sick is going to cost you lots of money.
4. Don't have kids, they are expensive.
5. Don't get married until you are older than 30. A divorce is expensive. The older you get married the less likey you are to have a divorce, along with good finances.

Anyone have a better plan?

fflaque · #5 02-24-2006, 10:33 PM

intelligence isn't as great a factor as drive....i gotta few friends that are mensa and they only make way more than they do.

bigdog23 · #6 02-24-2006, 11:09 PM

true all your ideas would work. but sounds kind of boring,. whats the point of being a millionaire if you dont spend any of it?

Recliner · #7 02-24-2006, 11:14 PM

[ QUOTE ]
true all your ideas would work. but sounds kind of boring,. whats the point of being a millionaire if you dont spend any of it?

[/ QUOTE ]

Because I don't equate spending money to having a high quality of life. I think having lots of money will provide me with a happier and more enjoyable life than having lots of stuff.

Paluka · #8 02-24-2006, 11:28 PM

[ QUOTE ]
[ QUOTE ]
true all your ideas would work. but sounds kind of boring,. whats the point of being a millionaire if you dont spend any of it?

[/ QUOTE ]

Because I don't equate spending money to having a high quality of life. I think having lots of money will provide me with a happier and more enjoyable life than having lots of stuff.

[/ QUOTE ]

This is the dumbest thing I've ever heard. The point of having money is to spend it on things you need and things you enjoy. Hoarding it isn't going to make you happy.

Recliner · #9 02-24-2006, 11:39 PM

I'm glad no one can have a differnt outlook on life than you. You have made me change my mind with your infinite wisdom.

I'm going to go out tomorrow and buy as much crap as I can and rack up tons of debt. That way it'll take me well into my 30's or maybe even 40's to buy a house. Then I can look forward to working a job I might not want because I have lots of bills to pay. When I'm not working I can think about how I don't have enough money to retire.

Thank you so much! [img]/images/graemlins/heart.gif[/img] What would my life be without you?

Paluka · #10 02-24-2006, 11:43 PM

[ QUOTE ]
I'm glad no one can have a differnt outlook on life than you. You have made me change my mind with your infinite wisdom.

I'm going to go out tomorrow and buy as much crap as I can and rack up tons of debt. That way it'll take me well into my 30's or maybe even 40's to buy a house. Then I can look forward to working a job I might not want because I have lots of bills to pay. When I'm not working I can think about how I don't have enough money to retire.

Thank you so much! [img]/images/graemlins/heart.gif[/img] What would my life be without you?

[/ QUOTE ]

When did I ever say that you shouldn't save money to purchase a home? When did I recommend going into debt?