Call it a prequel - call it what you want. Few days ago Craigm1841 started a thread that asked a question "how would you invest $5 million?"

This thread is to try to figure out how one gets to have the $5 million in the first place.

Again, I'd like to keep this serious, so inheritance and lottery are obviously not options. In my mind, and in my experience (though I don't have anything even near 5 mil), you amass wealth by a simple time-proven strategy of saving money (stacking chips, if you will ). Part of me also tells me that obviously higher income/revenue levels help. But if my expences are growing proportionally with my income, then I am really not saving a whole lot more, so one of the key things in saving money is to keep your expences in check - strict one, at that. Maybe I'm wrong, but I always thought that the answers to the hardest questions in life are always simple to find, but hard to implement - perhaps as a result of my own occasional desire to overspend and inability to save.

What do you guys think?

 

IMO time will tell, I don't really know how it feels to have or what would happen if I have $5 million dollars. I'll probably get excited and buy all the things I want first then the rest maybe invest it in business. Or maybe give some to those people whose in need!

 

That's all good if you get 5 mil in one piece, but the chances of anyone getting 5 million bucks in one shot are slim to none. So I started this thread to try and hypothesize on ways to arrive at that number - or whatever number you choose, actually, to signify your goal. My personal opinion that in today's money 10 mil is more like a figure that you have to have to really get your foot in the door of the "wealthy club". Your number might be 100 mil or ten thousand - that's none of my business - I'm just trying to strike a discussion about how to get to that number best.

 

Step 1.) Pay down debt (mortgage(s), loans, and the necessary evil: credit cards) as soon as possible and do not to carry a balance.
Step 2.) Work, work and then more work. The majority of the wealthy work their tails off.
Step 3.) More revenue coming in-less going out = surplus

That's how I live and so far, so good.

 

Does it have to be legal?

 

I'm not a 5-0, if that's what you're asking.

But I'd rather stay serious here - how many criminals really become wealthy and live to tell the story? Crime don't pay.

EDIT: In all honesty, I guess crime could pay. And I'm not knocking anyone - I'm just saying that this is how I choose to live.

 

Again, well-said

 

Thank you

 

well i think family heritage/inheritance IS one of the number one places.

and it takes money to make money. extremely wealthy people usually amass their wealth from some chunk of wealth passed down.

THAT SAID, that is not always the case. Take my uncle for example. got in during the .com boom. started an internet provider company with 4 friends. it has become huge, he was the CEO, he made a fortune, sold half the company, he is now the President, and does incredibly well for himself. he works his ASS off every day and is a role model for any young entrepreneur. so HARD work. coupled with the right idea at the right time.

I think the simple answer is, there is no easy way to amass a fortune, or we would have all done it by now.

i think simply put, in 90% of cases, it takes money to make money. give me 10 bucks, i will turn it into 100 bucks in a few days, no problem. give me a hundred, i will make a thousand in a few weeks. give me 100,000 i think i could try to make a million in a year or two. the more money that is involved the trickier it gets.


i dont know, now i am not making a whole lot of sense.

 

Like I stated previously; the wealthy work their tails off, they aren't waiting for a handout.