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5 Secrets of Self-Made Millionaires
rd.com — If more people are getting richer than ever, why shouldn ’t you be one of them? Here, five people who have at least a million dollars in liquid assets share the secrets that helped them get there.
msaleem- 1231 diggs
- digg it
- sherrife, on 01/08/2008, -33/+60Secret # 1-5: Exploit everyone else.
- Dokument, on 01/08/2008, -16/+9Secret # 6: ????
Secret # 7: Profit!!!- tacroy, on 01/08/2008, -2/+15Actually thats probably one of the main reasons why most people will never be rich. They are convinced they can't do it and would rather attack people that are. Class warfare is self perpetuating.
- dlcarter, on 01/08/2008, -5/+27It's easy to think the rich are scumbags because they have a lot of money. The truth is that there are a lot of millionaires who get rich with simple hard work. But it's popular to hate the rich, I guess.
- krnldmp, on 01/08/2008, -9/+6Nah, it's because getting rich with simple hard work is so rare compared to ripoff artists.
- sponeil, on 01/08/2008, -1/+1The rich who get there by being rip-off artists usually learn from the best: generally partners, competitors, and customers trying to rip them off. And don't tell me you don't know any rip-off artists who are still at the bottom, like the people who try to "play the system" at Best Buy (i.e. cashing in rebates and returning the item). It's a self-perpetuating cycle.
- metamethod, on 01/08/2008, -0/+1its about the equality of results: two individuals work hard however the rich one is also working smarter
- krnldmp, on 01/08/2008, -9/+6Nah, it's because getting rich with simple hard work is so rare compared to ripoff artists.
- mustbepatient, on 01/08/2008, -2/+21Did you read the article at all? All of the people interviewed made money because they are helping other people and getting compensated for it. I don't think you have any idea what you are talking about.
- Thuktun, on 01/09/2008, -0/+1Exploitation isn't always bad. If you exploit someone's need to get experience or money, that can be a good thing if it also benefits the other person.
- Chompy, on 01/08/2008, -1/+10#6: Get a decent job, invest as much as possible, and don't buy useless consumer junk that you don't need. In a decade or two you will be a millionnaire. Don't have a good job? Get the necessary skills and get one. It's not going to happen without work.
- neko6, on 01/08/2008, -0/+4Problem is that the people who want to be millionaires are usually those who wanna buy even more useless consumer junk... Otherwise, whats the point in having millions of dollars? To gather dust and interest in the bank?
And when these people win the lottery they just buy tonz of useless consumer junk all the way to bankruptcy.- Chompy, on 01/08/2008, -0/+2For me, the point of being rich is not having to work, having the freedom to send my kids to any school, and the ability to travel on an unlimited basis. I plan to spend my retirement living in different world cities, not hoarding several tons of useless hipster junk.
- luigi1015, on 01/08/2008, -0/+1There are a lot of people like that, but there are also a lot of people out there who just like the freedom that wealth brings.
From the article:
... many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us. What motivates them isn’t material possessions but the choices that money can bring: “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want,” says T. Harv Eker, author of Secrets of the Millionaire Mind. Wealth means you can send your child to any school or quit a job you don’t like.
- darkism, on 01/08/2008, -2/+4Working for someone else will NEVER make you rich. You have to want it enough to take things in to your own hands.
- Chompy, on 01/08/2008, -0/+3Incorrect.
- luigi1015, on 01/08/2008, -0/+2Taking stuff in your own hands can help if you're successful, but it by no means is the only way to make yourself rich. Living frugally and investing a lot of your salary is one way to become rich whether you work for yourself or someone else. What you don't think any of the VPs of IBM, Microsoft, etc are rich?
- neko6, on 01/08/2008, -0/+4Problem is that the people who want to be millionaires are usually those who wanna buy even more useless consumer junk... Otherwise, whats the point in having millions of dollars? To gather dust and interest in the bank?
- Vigilo, on 01/08/2008, -3/+1Sell out to the new world order and you will be financed by private equity firms. Just 1 step guys:)
- Dokument, on 01/08/2008, -16/+9Secret # 6: ????
- baloot, on 01/08/2008, -12/+5i read this. interesting and ideal for me...
- dildoolielly, on 01/08/2008, -8/+2Well you must be a complete fool
- Dokument, on 01/08/2008, -4/+6I pity the fool.
- Dylson, on 01/08/2008, -3/+3No you don't.
- Dokument, on 01/08/2008, -4/+6I pity the fool.
- dildoolielly, on 01/08/2008, -8/+2Well you must be a complete fool
- wiifm69, on 01/08/2008, -17/+31and one ponders "what is the point of being rich if one never spends ones money"
- bigtizzle, on 01/08/2008, -2/+40I see what you're saying, but they sort of answered that at the beginning of the article. Having the money (for them) isn't about how much stuff you can buy with it. It's about knowing that you can make life decisions without having to factor money into the equation, because you know it's there. Quitting a job you hate, for example, or just deciding one day that a week in Maui sure would do some good. I envy that kind of freedom, and I hope to have it someday. Too bad I'm such a ***** layabout. . .
- bitt3n, on 01/08/2008, -0/+3that's a rather unfortunate typo in 'shiftless'
- KraftDinner101, on 01/08/2008, -14/+3 @bigtizzle
So why keep the extra at all? Give it away, put it in research, setup a scholarship for needy kids, anything! I'm not saying they should give it all away, but if they're not going to use 90% of it, why not? - ricree, on 01/08/2008, -0/+1Also, financial security is huge perk of being rich. For most people, an accident that leaves you unable to work is a huge disaster. If you are rich, however, you have something to fall back on without worrying how your family is going to be able to feed itself.
- metamethod, on 01/08/2008, -0/+1leave the principal cash alone and live off the interest
- bigtizzle, on 01/08/2008, -2/+40I see what you're saying, but they sort of answered that at the beginning of the article. Having the money (for them) isn't about how much stuff you can buy with it. It's about knowing that you can make life decisions without having to factor money into the equation, because you know it's there. Quitting a job you hate, for example, or just deciding one day that a week in Maui sure would do some good. I envy that kind of freedom, and I hope to have it someday. Too bad I'm such a ***** layabout. . .
- dildoolielly, on 01/08/2008, -27/+8A bunch of needless, worthless crapola!
WTF is this?
Get rich while offering NOTHING back to society? How charming. Teach others to make money as a financial advisor while inbetween metal scrapping gigs? Riiiiiiight
You might as well give your money to a church to build a new gymnasium.- Wargalas, on 01/08/2008, -7/+20Tell me something, why does the wealthy NEED to give something back to society? Does society give something to them if their finances fail? If I invest my extra money and I strike it rich, tell me why I owe society more then the taxes I already pay? Are you going to cut me a check if my investment fails miserably? Didn't think so.
- PaulPinfield, on 01/08/2008, -1/+8The difference in these two posts is quite telling. I'm with Wargalas...
- Kallius, on 01/08/2008, -3/+2Well, if you're an airline...
- Eivo, on 01/08/2008, -2/+2Actually, yes, there are a multitude of programs not receiving any tax revenue that help people who are down and out.
- Wargalas, on 01/08/2008, -2/+7But that's not what I'm talking about. I'm not talking about losing your ass on something, I'm talking about taking say 1,000 bucks and putting it in the stock market. Now if I lose the $1k, it's not going to break me, but dildoolielly seems to think that if I make it big, I somehow owe society something. when I make my money, I pay taxes on it. End of story. I'm not giving my money when I'm up simply because no one wants to give me money when I'm down.
- FlyingSpaghetti, on 01/08/2008, -1/+5Please have some compassion for those on welfare. Who else is going to subsidize their lifestyle? I mean, it's not easy staying home watching Days of Our Lives while getting paid to do so!
- Wargalas, on 01/08/2008, -2/+7But that's not what I'm talking about. I'm not talking about losing your ass on something, I'm talking about taking say 1,000 bucks and putting it in the stock market. Now if I lose the $1k, it's not going to break me, but dildoolielly seems to think that if I make it big, I somehow owe society something. when I make my money, I pay taxes on it. End of story. I'm not giving my money when I'm up simply because no one wants to give me money when I'm down.
- pak314, on 01/08/2008, -0/+5You know the wallstreet bankers to who gambled away on subprime mortgages and made a ton of money. Now they are being bailed out by tax payers in the form of "loans." Then there are rich people and corporations that somehow manage to get farm subsidies. Corporations are all about no personal liabilities. They are considered people for all the good stuff but when the going gets tough they can pop out of existance.
- stretta, on 01/08/2008, -0/+1Privatize profit and subsidize risk.
- reedatschool, on 01/08/2008, -0/+1The real mantra of the wealthy in the US
- Ramble, on 01/08/2008, -2/+2Taxes.
- IneffibleMind, on 01/08/2008, -3/+7dildoolielly,
One of the guys in the article is my uncle. He and his millionaire friends *DO* give tons back to society! They support several orphanages in Mexico, giving their time several times a year by going down there and fixing the orphanages up in addition to supporting them financially. My uncle is one of the most generous men I know helping hundreds of people out every year.
And he makes most of his money not as the financial advisor (he is good at that, he helps his family too!) but in investment properties.- GeonRebirth, on 01/08/2008, -2/+2Proof or it didn't happen
- Wargalas, on 01/08/2008, -7/+20Tell me something, why does the wealthy NEED to give something back to society? Does society give something to them if their finances fail? If I invest my extra money and I strike it rich, tell me why I owe society more then the taxes I already pay? Are you going to cut me a check if my investment fails miserably? Didn't think so.
- weiwuwei, on 01/08/2008, -3/+392. Educate yourself...live below your means...invest part of your salary
- krnldmp, on 01/08/2008, -7/+6Hire a tax lawyer...lie about your income...take part in a federally regulated pyramid scheme.
- skidooer, on 01/08/2008, -1/+8Educate yourself, yes. But the normal channels of education typically do not provide very good return on investment. In other words don't just blindly jump into college because everyone else is doing it. Make sure it really is the best investment you can make.
- inlovingmemory, on 01/08/2008, -5/+26To be honest it can be down to plain luck.
People like Paris Hilton and the likes don't deserve to be rich compared to some hardworking insignificant people.- nova912, on 01/08/2008, -6/+6w/e man!, she deser... piff I can't not even type it with out laughing irl.
- BuddyDoQ, on 01/08/2008, -6/+13This mindset of individuals being more or less "deserving" based on the merit of their birth right sickens me. If you feel you slighted by the conditions of your birth, why not work to change those conditions through the course of your life? Nobody forces you to take less money for harder work, just like nobody should be forced to give charity for what money they do have (a lot, or a little.)
- bobbydiamondz, on 01/08/2008, -0/+7'Deserve' is the worst of the four letter words. Err, well it should be a four letter word.
- UNL1M1T3D, on 01/08/2008, -1/+4I agree 100%. Some people get dealt a ***** hand, but it's how you play that hand that matters. Bust your balls (or ovaries), think smart and with a little luck, things will work out.
- Rhenthalin, on 01/08/2008, -0/+12This whole idea of luck....you could wait for luck to kick in or you could just get up and make it happen. When you make it happen people will call you lucky, but in reality you just worked hard.
- UNL1M1T3D, on 01/08/2008, -0/+4I like to say people make their own luck.
- JohnboiWaltune, on 01/08/2008, -2/+3Exactly. Anecdotes are not evidence.
For each of the people in this article, there are 1000 who learned exactly the same things, worked just as hard, and were far less successful.- mustbepatient, on 01/08/2008, -2/+6Are you sure about that? Everyone I know that has set goals and systematically worked to achieve those goals have been plenty successful. Pretending that focused work doesn't pay off seems like a good way to whittle your life away not accomplishing anything or even knowing what you want to accomplish...
- Mattarang, on 01/08/2008, -1/+2Are you sure? I made and followed plans to sleep with Jessica Alba, and all I got was this restraining order.
- Stupidumb, on 01/09/2008, -1/+1But you followed through on your plan, right?
- JohnboiWaltune, on 01/09/2008, -1/+1Yes, I'm sure about that, and I'm sure you're aware that making sweeping generalizations about someone you don't know is foolish... Anyway, I'm not disputing your opinions, but the article does cherry-pick anecdotes about the most successful people.
- Mattarang, on 01/08/2008, -1/+2Are you sure? I made and followed plans to sleep with Jessica Alba, and all I got was this restraining order.
- mustbepatient, on 01/08/2008, -2/+6Are you sure about that? Everyone I know that has set goals and systematically worked to achieve those goals have been plenty successful. Pretending that focused work doesn't pay off seems like a good way to whittle your life away not accomplishing anything or even knowing what you want to accomplish...
- Amazetbm, on 01/08/2008, -0/+8The title is "self-made millionares" As for as the topic is concerned, Paris doesn't count.
- Mohonri, on 01/08/2008, -0/+3Not long ago, Baron Hilton decided to leave 97% of his wealth to charity on his death. Paris will likely end up with only $5 million:
http://www.freep.com/apps/pbcs.dll/article?AID=/20 ...
I remember another story a couple years ago (I forget who it was, perhaps someone can remind me) of a similar old, rich guy who left his money to his posterity under the following conditions: they had to have gained a college education, held a job for ten years, spent at least two years outside the USA, be married to the same person for 10 years, and spent some amount of time (I forget how much) doing charity work.
- Waskonator, on 01/08/2008, -3/+46Don't smoke what you sell.
- FlyingSpaghetti, on 01/08/2008, -0/+6I think you mean - don't get high on your own supply.
- khail250, on 01/08/2008, -7/+25invest in haliburton when republicans are in office
- PaulPinfield, on 01/08/2008, -4/+17Invest in lawyers when Democrats are in office...
- Rhenthalin, on 01/08/2008, -4/+13Treat your hos right. That way they wont get poached and they will always bring you ypur money
- karmakanic, on 01/08/2008, -2/+1Yep.....y'know it's hard on the street fo a pimp...
- pwhite3, on 01/09/2008, -0/+0cracka jack might come and steal them hos...and your fraggle rock thermos too! It's always sunny in philadelphia...anyone...anyone?
- Birdoftruth, on 01/08/2008, -17/+8SO let me get this strait. I am supposed to be rich because its going to....what make me happier? I'm sorry but once you reach status quo you just want more and more of something. It is better to find happiness through other means rather than material.
- rockefeller2, on 01/08/2008, -1/+12RTFA!!! The happiness is through freedom to do what you want. It has nothing to do with amassing material possessions. Financial success brings freedom.
Oh ***** it, just keep slaving away at your job while your employer keeps making profits off of your work.- karmakanic, on 01/08/2008, -0/+6Exactly. My turning point happened one day in '98 when I figured out how much money people had made off of my ideas and efforts. I'm a pretty good engineer, and I have pretty good ideas - you may have even seen some of them in action if you've ever been to a hospital. I calculated that the total came to around $400M... ...and a week later was at the doctor talking about some Bad Thoughts and getting a prescription for Prozac. The Prozac didn't last long, because I also had a Good Thought: I'm going to stop making other people rich, and start making sure that I get my share. In 2000 I started a company with a friend, and we made just enough to break even. In 2003 we started another company, and a year later sold it for $6M (my cut was $750K) to a larger company where my salary was $160K/year. After two years of that, we started yet another company, and if all goes according to plan, we'll sell it for around $30M - and my cut will be around $3M. And after that, I'm going to start another company...
One of the nicest side effects was that after I quit the $160K job I took six months off. I went to Costa Rica for a week. Then I went to Hawaii and lived on the beach for a month. What did I do there? Believe it or not, I did not touch the ocean even once. I was on my lanai thinking about what I would do next.
Oh, and I've also given $10K to the ACLU, I gave $5K to Katrina victims, I gave $3K to tsunami victims, and I paid for all of my family to come to California and stay in a beach resort for five days to see me get married. It was the first time we'd all been together in a long, long time.
Am I rich? Definitely. Do I have $1M in assets? Naw. I live in an apartment, I drive a four year old car, I walk to work. Do I enjoy my life? You betcha. Is everything perfect? Nope. My younger son (25) is in jail because he fell into Meth Hell a few years back and couldn't/wouldn't climb back out, in spite of his mom and I paying for eight rehabs. (My other son graduated from college with honors, so my kids are a pretty mixed bag.)
The money gives me options, makes it possible to take nice vacations, allows me to give some to people who need my help, and yes, it gives me Stuff. How did it all happen? I stopped waiting for someone to give me money. I went out, worked hard, and good things happened.- schotty, on 01/08/2008, -0/+1Good job! Sorry to hear about the meth addiction with your son though. Meth can be a tricky one to get sucked out of. Terrible drug.
- karmakanic, on 01/08/2008, -0/+6Exactly. My turning point happened one day in '98 when I figured out how much money people had made off of my ideas and efforts. I'm a pretty good engineer, and I have pretty good ideas - you may have even seen some of them in action if you've ever been to a hospital. I calculated that the total came to around $400M... ...and a week later was at the doctor talking about some Bad Thoughts and getting a prescription for Prozac. The Prozac didn't last long, because I also had a Good Thought: I'm going to stop making other people rich, and start making sure that I get my share. In 2000 I started a company with a friend, and we made just enough to break even. In 2003 we started another company, and a year later sold it for $6M (my cut was $750K) to a larger company where my salary was $160K/year. After two years of that, we started yet another company, and if all goes according to plan, we'll sell it for around $30M - and my cut will be around $3M. And after that, I'm going to start another company...
- KraftDinner101, on 01/08/2008, -0/+5try again, maybe you'll get it "strait" when you RTFA
- Birdoftruth, on 01/09/2008, -0/+1For you idiots I did read the article before posting. How bout you go read the book "How I Found Freedom in an Unfree World: A Handbook for Personal Liberty"
By Harry Browne
Get it at your local library or download it in bitorrent land.
- rockefeller2, on 01/08/2008, -1/+12RTFA!!! The happiness is through freedom to do what you want. It has nothing to do with amassing material possessions. Financial success brings freedom.
- mpete510, on 01/08/2008, -5/+22Give them nothing... but take from them... EVERYTHING!
- FlyingSpaghetti, on 01/08/2008, -1/+1Tonight, we dine in HELL!
- r00tus3r, on 01/08/2008, -8/+2drugs
- RadicalEdward, on 01/08/2008, -1/+616. Split up every tiny article you write on to multiple pages for more ad views.
- davidkeithjones, on 01/08/2008, -2/+7Some of it is luck, most of it is working wayyy too much and putting yourself before everyone else.
- whorunbartertwn, on 01/08/2008, -2/+1Exactly. People sometimes rail against the corporate drone life, but I'm in for 8 hours a day, much of it spent here at digg. I don't spend my evenings answering cell phone calls related to work or worrying about work related things.
I can accept not having a chance at becoming rich quickly with some business taking off, it's a fair trade for a relatively easy life. We live well under our means and will retire in our 40s anyway, with way fewer gray hairs.
- whorunbartertwn, on 01/08/2008, -2/+1Exactly. People sometimes rail against the corporate drone life, but I'm in for 8 hours a day, much of it spent here at digg. I don't spend my evenings answering cell phone calls related to work or worrying about work related things.
- TriviallyTravis, on 01/08/2008, -2/+14The one thing all of these people have in common is they all started their own businesses which took off eventually. Kind of worthless information for the folks out there whose jobs don't really lend themselves well to starting up a business.
- sonicEd, on 01/08/2008, -0/+4Give me an example. There are no jobs don't lend themselves to starting a business if it has worth.
- hillie, on 01/08/2008, -1/+3All you really need to start a business is $50 to print out 400 business cards and pass them out.
If you are good with Photoshop or other design software you can cut that cost to $20 coz you can design the card yourself. Then you walk around to people who seem like they'd be in need of your services and say "Hi, My name is ____. I do some ___ consulting and couldn't help but notice you wanted to get _____."
Ex. I was in the Apple store and some women wanted their data moved from their PC. The Apple store obviously does this complimentary service BUT they couldn't do it for a few days, which seemed to dissapoint the women. This is where someone like me steps in and says "I can have it done for you in a couple of hours." and give them your card.
Match the Apple stores offer.. Guess who is going to be coming back for your services, and paying you money. That's right.
The article is right, everyone has a marketable skill, you just need to find ppl who need it.
The majority of people don't get wealthy because the majority of people think like you. "Oh most people don't have the tools/ability/knowhow/insert-excuse-here"
I'm not tryin to bag on ya but really it's possible, you just gotta get up and do it. - bluenash, on 01/09/2008, -0/+1sounds defeatist to me
- hillie, on 01/08/2008, -1/+3All you really need to start a business is $50 to print out 400 business cards and pass them out.
- bobartig, on 01/08/2008, -0/+3Also kind of worthless when you consider how rare it is that a business takes off and becomes that successful. There are plenty of small business owners that earn a modest income, or barely stay afloat, and just do what they do because they love it. It takes a lot of work and skill and luck to have the success that these folks did.
I had my own business for 2 years, working 70-90 hours a week. In the end, I had to give it up because it didn't even cover the bills, but it wasn't for a lack of trying.
- sonicEd, on 01/08/2008, -0/+4Give me an example. There are no jobs don't lend themselves to starting a business if it has worth.
- holyskeleton, on 01/08/2008, -10/+271. ***** two pages
2. Submit to Digg
3. ???
4. Profit! - davidkeithjones, on 01/08/2008, -4/+25Having a million dollars is the fastest way to become a millionaire.
- ScottMitchell, on 01/08/2008, -1/+3I once read a stat that said that 100% (100%!!) of millionaires are, believe it or not, millionaires.
- ubuwalker31, on 01/08/2008, -0/+3I think the most insightful comment in the article is that people who are rich don't spend money like you think rich people do. Holding onto a million dollars is a hard thing to do. If you start out with a million dollars, put it into a bond fund that earns 8% annually, and take out $10,000 every month to support yourself ($120,000 a year) your money will all be gone in 12 years! If you take out $20,000 every month, your money will be gone in about 5 years. Reverse compound interest and dollar cost averaging suck! Even if your rich, you have to be careful how much money you spend.
- LeRenard, on 01/08/2008, -3/+11So they are essentially saying be a type A personality. Half the millionaire's I've met (and being a Bus Admin major they used to trot them in all the time to gloat) are the most stressed out people I have met. Build a safety-net bank or investment account and don't touch it, live within your means, and be happy. You can open a trading account, money market account, or get a CD or bond with the price of an iPhone and actually have a profit in a year instead of yesterdays shiny object.. but once in awhile it's good to splurge too.
- strafefire, on 01/08/2008, -1/+3People who follow your advice are the same people who cry when their money disappears during a crash/recession...
And this article is right in one thing: "Getting rich is a MINDSET."- skcitygirl, on 01/08/2008, -0/+4i don't think that's necessarily true - you can still invest in low risk funds and not suffer too badly during a crash. besides i believe lerenard specifically pointed out it was a safety net - ideally that would never be high risk otherwise it isn't going to be there when you need it.
it all depends on WHAT you invest in and lerenards message of saving then investing is a pretty universally wise one. - neko6, on 01/08/2008, -0/+2Starting a business is way way WAY riskier to your money than having a savings account from your salary. The chances of your business failing is much higher that the chance of the economy collapsing entirely.
LeRenard's comment is one of the best comments here. Have a job you like, save some money, don't waste on useless junk, and you can live a happy life without millions of $$$s that you have to constantly worry about losing.
- skcitygirl, on 01/08/2008, -0/+4i don't think that's necessarily true - you can still invest in low risk funds and not suffer too badly during a crash. besides i believe lerenard specifically pointed out it was a safety net - ideally that would never be high risk otherwise it isn't going to be there when you need it.
- UNL1M1T3D, on 01/08/2008, -0/+2I agree with you. Sometimes you do have to splurge on things you want in life, the key is deciding whether something is really going to make you happy, and if it's worth the money.
- strafefire, on 01/08/2008, -1/+3People who follow your advice are the same people who cry when their money disappears during a crash/recession...
- republicker, on 01/08/2008, -1/+11I think you need a business model first. You don't just go from scrapyard worker to millionaire because you think about being rich.
- melondoc, on 01/08/2008, -3/+14Secret #1 = When opportunity knocks, don't go to wash your face: http://fridayreflections.typepad.com/weblog/2007/0 ...
Secret #2 Persistence Pays: http://fridayreflections.typepad.com/weblog/2007/1 ...
Secret #3 Keep on learning new skills: http://fridayreflections.typepad.com/weblog/2007/0 ...
Secret #4 You get what you expect: http://fridayreflections.typepad.com/weblog/2007/1 ...
Secret #5 Try something new: http://fridayreflections.typepad.com/weblog/2007/0 ...- known, on 01/08/2008, -0/+3Is it really possible to become a billionaire working legally and ethically?
- neko6, on 01/08/2008, -1/+3If you supply a real demand, why not...
- bitt3n, on 01/08/2008, -0/+1sure, just keep your nose to the grindstone, never cut corners, don't get discouraged, and then marry bill gates and hope he gets hit by a bus.
- known, on 01/08/2008, -0/+3Is it really possible to become a billionaire working legally and ethically?
- drpaidout, on 01/08/2008, -3/+17Why the negativity towards 'wealthy' people everyone? (not referring to the facetious comments of course)
First, it seems like being a millionaire these days doesn't seem that difficult ... secondly, most of the stuff in the article is just COMMON SENSE. I mean der, don't spend more than you earn - gee that was tough to figure out. Finally, achieving a solid financial foundation is important for happiness - not because it brings happiness, but it facilities what you might want to do in the future. You'd be an ultimate idealist (anti-realist) to not acknowledge that fact.
Oh, and by the way, not spending more than you earn doesn't mean you are scamming off everyone. You're just being an responsible individual in society - and not loading yourself up in debt that blows up developed economies (eg look at what US is at the moment)- BECoole, on 01/08/2008, -1/+8Responsibility is not hip. Anyone who exercises even a modicum of self control is not cool. Engaging in every whim is.
- Kallius, on 01/08/2008, -1/+4I'd like to see an article about all the people who scrimped and saved for years only to make a bad decision (even though all indicators reasonably pointed to that decision being the correct one at the time with the information at hand) and lose it all. We hear all about the success stories trumpeting how easy it is to be rich, but we never hear of the people who apparently did everything what they were supposed to but didn't succeed. I would like to read at least one of these stories, not from a feeling of schadenfreude, but just to shut up the smarmy types that, yes, luck DOES sometimes play a factor.
- Mohonri, on 01/08/2008, -0/+4Sure, there are anecdotes of people who lose everything through no fault of their own, but it's important to remember "The plural of anecdote is not data."
Yes, there is a chance you can do everything right and have things still turn out wrong. However, if you do everything right (work hard, save for retirement, live within your means), chances are good that you'll end up in a good financial position. And if you do everything wrong (buy more than you can afford, be lazy, don't save), the probability that you'll end up a poor old person approaches 100%. (I was about to type "poor pensioner", but fewer and fewer people are getting pensions, so....)
We're going to see a lot of suffering baby boomers over the next few decades, because a surprisingly small number of them have actually saved *anything* for retirement, and even fewer have enough saved to continue their current lifestyle.- reedatschool, on 01/08/2008, -0/+2Chances are not good, unless you have some hard data to back it up. The chances are good that you will get cancer and that pretty much ends anyones hope of being "well off" when you get older. I think Kallius made a good point, there is far more failure and lost investments than there are millionaires.
- ricree, on 01/08/2008, -0/+1@reedatschool
Care to back that up with some evidence?
- reedatschool, on 01/08/2008, -0/+2Chances are not good, unless you have some hard data to back it up. The chances are good that you will get cancer and that pretty much ends anyones hope of being "well off" when you get older. I think Kallius made a good point, there is far more failure and lost investments than there are millionaires.
- covertbadger, on 01/09/2008, -0/+1"we never hear of the people who apparently did everything what they were supposed to but didn't succeed"
In fairness, someone who makes one bad decision and loses it all has almost certainly not done everything right up to that point. Two of the most fundamental principles of personal finance are diversity and risk management. If you lose EVERYTHING from one decision, then a) you weren't suitably diversified (unless the entire world stock, gold, property, and bond markets all crash simultaneously), and b) you took too big a risk (any decision that conceivably ends in losing everything is too big a risk).
- Mohonri, on 01/08/2008, -0/+4Sure, there are anecdotes of people who lose everything through no fault of their own, but it's important to remember "The plural of anecdote is not data."
- Mattarang, on 01/08/2008, -1/+5Becoming a millionaire may not seem difficult to you, but that's because you don't know what you're talking about. If you read the article clearly, the will realize that the examples they used are from people who either "magically" invested well despite never going to business school, or are willing to risk everything and somehow managed (mostly through luck) to pull a win out of it. The first example was about a guy who knew nothing about investing, read some *****, AND THEN TAUGHT OTHER PEOPLE HOW TO DO IT. I'm sorry, but plopping $25 per paycheck into a fund DOES NOT make you a millionaire. If anything, the article tells us that if you're willing to gamble with your life (which is the biggest thing you can gamble with), the rewards are great (but then so are the risks). Imagine if that basket lady failed? Yeah.
This article oversimplifies as much as you do.- drpaidout, on 01/08/2008, -3/+5Okay, let's use another simplification as a guideline, just to stir you a bit. Let's say you work 40 years before you retire - and all you do is put $3000 every year into a fund. On average, equities market let's say generates 9% of return (which is consistent with historical rates of return). Miraculously after 40 years, you've got a million bux sitting there already.
Sure, that's an oversimplification - but surely if you're working for say 10-20 years and you are having trouble sparing say $10,000 to invest conservatively - then the real problem is your own lifestyle, not the oversimplification.
Agree there are exceptions like have to take care of parents whatever - but you have to make do for your own situation. Eg if you can't scram together $10,000 a year to invest, you probably shouldn't really be having 5 kids.
Not interested in having an argument with any ad hominem slant (positive or negative) - but I have seen people put themselves through multiple degrees.. live conservatively while everyone else was having fun (yes, it's a sacrifice - it's simple, but not free) to reap the rewards very early on in life...- Mattarang, on 01/08/2008, -3/+4Wow.
First, the average of 9% on equities is just that, an average (and a dubious one at that). If you knew anything about securities, you would know that success is dependent on 75% luck, and 25% risk assessment. Second, you put in 3k, but you're not actually investing 3K- you're also paying commission AND tax on capital gain.
What you're missing in this whole situation is the individual and luck. The ability of the individual to learn new skills is one thing, but luck is the other. The mere fact that you used an average to rely on an outcome IN STOCKS speaks to your ignorance. But I don't need to tell you this- it's reasonable to assume that you don't invest, or if you do you invest poorly.- drpaidout, on 01/13/2008, -0/+1mate, if only you knew..
- drpaidout, on 01/13/2008, -0/+1actually on second thoughts, do let me explain more...
9% on equities - please read any half decent academic journal (or even better, pull out long term returns on S&P500 or MSCI World .. you will see that around 9% is a pretty good number
Secondly, you make many assumptions about me. For one, you assume I do not invest. I have invested for 15 years, made many mistakes and learnt from them. You also assume I'm not a millionaire. The funny thing is, it IS simple things in life that lead to success - but you know what? it takes experience and wisdom to find out which simple things are the key.. it's like distilling complex instruction to the key drivers of success.
Finally, if you are very focused, you will also realise your assumptions are wrong. Move to a country with no capital gains, 15% tax and 10bps for a one way transaction on the stock market. Let me help you and provide an example: Hong Kong.
I do apologies for the delay in responding - happy to discuss more in private. I've been mentoring a couple of younger guys (your age - from what I can see in your profile) .. happy to help out..
ps why the chip on your back? you seem very keen on character assassination when discussing a topic that we could share useful ideas for everyone on?
- Mattarang, on 01/08/2008, -3/+4Wow.
- Stupidumb, on 01/09/2008, -3/+1@drpaidout - You just got served
- bluenash, on 01/09/2008, -1/+1good advice if a little pointed. It's not that people plan to fail, it's they've failed to plan.
- drpaidout, on 01/08/2008, -3/+5Okay, let's use another simplification as a guideline, just to stir you a bit. Let's say you work 40 years before you retire - and all you do is put $3000 every year into a fund. On average, equities market let's say generates 9% of return (which is consistent with historical rates of return). Miraculously after 40 years, you've got a million bux sitting there already.
- DavidYeah, on 01/08/2008, -1/+4Most of the debt in America came from medical emergencies.
- drpaidout, on 01/13/2008, -0/+1yes, and therefore people do not save up enough for emergencies
ie suggesting people are probably spending on bs... instead of say medical insurance?
- drpaidout, on 01/13/2008, -0/+1yes, and therefore people do not save up enough for emergencies
- BabyWookie, on 01/09/2008, -3/+2Because most of them are only wealthy because the vast majority of others are poor. Capitalism is an economic system dependent on the failure, or the very limited economic success, of the vast majority of its participants.
- N00F, on 01/08/2008, -1/+7We're all blinded by the 'Rock Star image' The real rich people know how to live well and keep their money.
- reedatschool, on 01/08/2008, -0/+4The real rich people don't let you know they are rich, they hide all their wealth behind gated communities and offshore accounts and investments.
- evilregis, on 01/08/2008, -1/+10Live like you make 10% less than you do. Invest it wisely.
- kinghowdy, on 01/08/2008, -3/+7#6 Don't bother reading stupid lists
- xCaRpEnOCtemx, on 01/08/2008, -5/+4The sad thing about these people is that they are so obsessed with the almighty dollar that they forget that they have a life to live. I am not saying to abandon thoughts of the future completely and spend money like and idiot I am just saying that these people don't have much of a life most like.
Edit: any article that praises Tyra Banks is just not trying.- willywong, on 01/08/2008, -2/+1You or I don't have a clue what their lives are like so please be quiet.
- MaTT2011, on 01/26/2008, -0/+1Tyra Banks, Self made millionaire? Thats a bit misleading....I think the more accurate description is that her phenomenal rack made her a millionaire; the personality attached to those hi-rollin fun bags is just along for the ride! Amiright fellas?! Huh? Huh? Yaaaaah, you know what talkin bout. boobies.
- DarkSamus, on 01/08/2008, -1/+18I have the secrets to buying homes for pennies on the dollar, all you need is my tape, please send 3 easy payments of $29.99 to this address
- mywhitenoise, on 01/08/2008, -2/+3Could I just paypal you the money instead?
- macdude22, on 01/08/2008, -0/+3Sink 10% of your income consistently into a retirement account (see if you can get it sliced out right at work so you don't even think you have the money). Invest that wisely for the next 35 years. Retire for another 35 years and shake your old booties.
- PaulPinfield, on 01/08/2008, -2/+3How about...
1. Inventing something new
2. Get loads of people to use the product
3. Wait for Kleiner Perkins Caufield & Byers to come and invest.
4. Sell Digg to some hopeless ***** conglomerate company who will desperately try to get a return on investment in a sector they don't understand
Way to go... - ElBoss, on 01/08/2008, -0/+7I don't think this article distils the reasons why people become rich in a very clear way.
If you don't want to rely on luck (winning the lottery, rich relatives leaving you money) or something illegal (rob a bank, commit fraud) then the way to become rich comes down to one thing.
You have to be in the habit of collecting assets which generate income. Those can be businesses, property, stocks, bonds etc. All self made rich people follow this pattern. - theutopian, on 01/08/2008, -3/+3Ok, why is crap from Reader's Digest making it to the front page? Really, these 5 'secrets' are common sense... not secrets at all.
- jserio, on 01/08/2008, -0/+4While living in a tiny one-bedroom apartment, I became a millionaire by placing hundreds of "tiny little ads" in newspapers. You can too!
http://en.wikipedia.org/wiki/Don_Lapre- dorkino, on 01/08/2008, -0/+1I hate that guy.
- DarkSamus, on 01/08/2008, -0/+1that ***** came up with a vitamin scam a couple of years ago
"You have to choose between $1000 upfront or $200 everytime you fool others into signing up"
- alphonseragusa, on 01/08/2008, -1/+0Money doesn't talk - it swears.
- objectcode, on 01/08/2008, -4/+2sell drugs
- macmichael01, on 01/08/2008, -0/+1Go to 'do it yourself seminars' to learn more and start reading more books on it.
- Kenzan, on 01/08/2008, -0/+5How to get rich:
Step one:
Stop constantly hitting the bong every hour while watching cartoons all day and eating bowl after bowl of lucky charms in your bathrobe.- I_AM_The_Rob, on 01/08/2008, -0/+3Note to self: Invest in Lucky Charms (General Mills) and buy a terry cloth plant in China.
- Weip, on 01/08/2008, -2/+3Step 6 - Buy a better server than www.rd.com
- TheHim, on 01/08/2008, -0/+2Quantity, and steady demand - i tell you!
I became a millionaire selling toilet paper. - ConanTL, on 01/08/2008, -0/+10Family. Religion. Friendship. These are the three demons you must slay if you wish to succeed in business.
-Mr. Burns- shaggy25, on 01/08/2008, -0/+2lol
- jasonkolb, on 01/08/2008, -1/+7Reading the comments in this thread is really depressing. No wonder most of you are not millionaires--look at your attitude. I fit into the category described in this article, and I'm telling you that it is spot on. You're way overcomplicating things if you think otherwise. Not that it is easy, but it is simple, and it is achievable.
- reedatschool, on 01/08/2008, -3/+2If you are white and come from a middle class background the chances are slightly better. On the other hand if you are born with a silver spoon up your ass the chances are really good.
- reedatschool, on 01/08/2008, -3/+2If you are white and come from a middle class background the chances are slightly better. On the other hand if you are born with a silver spoon up your ass the chances are really good.
- martoq, on 01/08/2008, -0/+3I am far from rich and happier than I have ever been. If money is what motivates you so be it. But if its happiness, you can find that anywhere for free.
- daxsymbiont, on 01/08/2008, -7/+20. be a ***** douche.
- ptemple, on 01/08/2008, -0/+11There are a lot of insights spread out amongst the comments. Though I'm not a millionaire, hence probably not qualified to comment, from my observations of the many I do know the truest comments are: you need to have a good idea, then you need to slog your guts out to turn it into a success. I think the article is reasonably spot-on, but it requires another follow-up article that deals with a more fundamental fact: is becoming a millionaire worth it for *you*. Are you prepared to miss your brothers wedding as a last minute emergency cropped up at work? Does it matter to you that you haven't seen your kids in a month as you try and secure that investment you need? When you get screwed over by a supposed partner and your fortune after years of work vapourises, are you the kind of person that can shrug it off, roll up your sleeves, and build something even bigger and better?
It's not the life for a lot of people I know. The sacrifices are too great. It's also like playing high-stakes poker with your life. Sometimes you can do everything right but run into bad luck. Your sector turns negative just as you are trying to bring your product to market. A rival you didn't know about suddenly launches fractionally before you do. Many many things can happen.
I have one friend that could be a millionaire, and should have expanded his property portfolio extensively, but decided instead to be a home-husband and help his three kids grow up. He lives modestly and has no regrets. I know many others that have jobs they love, do their regular hours, and have happy home relationships and time to do their other passions (football, karting, paintballing, whatever).
So do you really want to be a millionaire? Or do you just like the *idea* of being a millionaire?
Phillip. - plizard, on 01/08/2008, -0/+86th Secret - they didn't have my wife
- gothicform, on 01/08/2008, -0/+2The most important thing is to actually work for yourself, not for others. That way the fruits of your labour can benefit you. The rest is common sense plus an actual talent or ability at something you do for a living.
- macmichael01, on 01/08/2008, -0/+3Great article but was wondering how you could "taught a class at a local community college" when he was a "college dropout". All forms of higher education that I have seen requires that you at least have a bachelors before you can even be considered to teach at a community college.
- govsucks, on 01/08/2008, -5/+1Are you kidding, everyone here knows that the rich are just lucky and everyone else is just less fortunate.
- hillie, on 01/08/2008, -0/+2"Don't spend needlessly." is very good advice. Most people don't need 80% of the ***** they have.
That dude who couldn't fathom why anyone would buy bottled water either has his own water filtration system or he lives deep in the bush where there are no farms, no pollution, just nature.
Buying bottled water is stupid though, when you can buy a filter for your faucet. You can also get filters at ie. REI that will filtre stream water and other things. Ie. filtering water from water fountains. - reedatschool, on 01/08/2008, -1/+2Here is a clue, you don't need to be a millionaire to be happy because money only cause more problems. Americans for the most part are obsessed with making money and once they get it they realize it wasn't what they really wanted anyways. Our broken capitalistic system is incapable of showing human beings what they really need. We need a new goal other than become the richest man. How about something like whoever gives back the most, now that something worthwhile and may actually bring some measure of happiness.
- arsenic0, on 01/08/2008, -0/+3To all those saying, its just common sense to not spend money and become rich..its not to a large portion of people it seems..
All you need to do is watch one of the shows like Suze Orman, where people call in asking financial questions. First off if you have to call into a TV show to ask if you can afford to buy something, you cant. Now that we are passed that its hilarious listening to some of these idiots. So uhh..Suze i have 35k in CC debt, i still owe 100k on my house @ 7%, and i have 2000 in Savings, can i afford to buy a new boat for 5k?
Idiots... - christophelyon, on 01/08/2008, -1/+3Best way to become millionnaire : begin as a billionnaire.
- LuaPron, on 01/10/2008, -0/+1Its being made even easier now. Here's my 4 step program:
1: Buy a one ounce gold coin.
2: Wait for the politicians to screw us all over and crash the dollar with their insistence on perpetual military engagement with deficit financing.
3: Find a homeless millionaire
4: Offer to exchange your gold coin for those one million worthless paper dollars.
- LuaPron, on 01/10/2008, -0/+1Its being made even easier now. Here's my 4 step program:
- eternalsnows, on 01/08/2008, -0/+3I dislike how articles like this are so low on details. I remember often reading the same type of feel-good rags-to-riches stories in Entrepreneur magazine, typically running as follows:
1. Down-and-out person hits a career dead-end.
2. Person gets idea for business, keeps at it no matter what.
3. ???
4. Person is now running a $150 million per year company, credits it all to a can-do attitude.
What happened in the middle there? That’s the truly interesting and important part, but for whatever reason it’s usually not addressed. However, if I could sum up step 3 in one phrase, it would be this: exponentially increase cash flow.
I don't underestimate the importance of all the tips given in this article. Spending well, living within your means, saving/investing and staying positive are all crucial. However, nobody's going to become a millionaire making $15,000 a year. Simply put, you’ve got to earn more if you want to be rich. But how did these folks we’re reading about do it? I for one would be very interested in hearing detailed stories about how entrepreneurs overcame common obstacles and how they worked the system to their advantage. -
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