RS 197

Here is how you do it. You buy one house at a time. You work hard and save your $$ for the down payment. Put at least 20% down. Be willing to work hard on the weekends to attend to you properties. You rent out the houses for at least a break even. You do this until you have enough property to upgrade. Tax Fee exchange into a multi family unit. 4 plex or greater. Then you sell those and get into retail. Stay focused and study the market. You will succeed. Turn your primary residence every 2 years. Take the income from your house tax fee and re-invest. In the right market you can make $50k a year just from appreciation.
Start your own business some were in the Reals estate world. Construction, Development, Real estate, Property Management. These businesses give you the inside track on the market.
Start early. When all my Friends were touring around Europe on there parents dime I was working 60 hours a week saving $$ to buy properties.
Get your credit started early. Get a credit card and a car loan and pay every payment early. Without good credit you are screwed!!! I had my first house loan at 17.

Have a partner that is as dedicated to being as rich as you are. They must be focused. My first wife spent all her $$ on crap, she only lived in the present. That is why it did not work. Your partner must have the same goals or your plan will be sabotaged. New wife talented and on the same page. Big help when she pulls down good money to help the cause.

Never count on your parents or grandparents to save the day. Sure you will probably inherit a little bit, down rely on it!!! All my Trustafarian Friends that are waiting for there parents to kick down have miserable lives. Do it on your own. Test yourself, you might be surprised with the outcome.

You need one lucky break, you will know it when you get it. don't **** it away. I will guarantee you every CGT owner or Multi Millionaire on this board can look back on one good break they had that got the ball rolling.

Long story short. From 19 to 36, 15 million in net worth, Will be triple that in the next ten years. My biggest break was the love of my life with the same goals and more talent.

Real estate. It works.

CGT is on the list. Still focusing on Vintage Porsche's before there all gone.

Joe

Anothercar

Being rich isnt nearly as important and being happy and healthy.

I've known many a full garage and bank account, but empty heart.

If things and money are important to you, and a sole means for happiness
you will never have enough.

That said, I do have a nice 125 acre parcel up for sale for 35mm that you could easily build 500+ residences on. Imagine the back end commission on that transaction!

ryanawesome

you can become a porsche tech. able to enjoy the short test drives on various models, without the payments inherent.

Chuck Norris

arhhhh..this post depresses me...not because I am envious of your net worth just that in a single post you've managed to sum up your life and its sole focus is about increasing your wealth rather than enjoyment.....sorry

Blade-MD

What happened to "Off Topic" of Rennlist? Where is everyone going for that type of posting?

RogueM3

You need to be a Rennlist Member in order to access OT. (As well as the member classifieds)

RS 197

Sum up my whole life?? Enjoyment??? You know nothing about me, my life, or my level of enjoyment.

The post asked the question I am sharing my experiences to help motivate some of the younger members of this board. I personally believe that anyone can be wealthy. Set goals and have the discipline to achieve them. My experience is just one example. No trust fund no lotto win, just hard work.

You have some nerve, I am not sure what the motivation is for your post? Maybe you can elaborate?

penguinking

i heard this week in class that 90% of today's millionaires come from either lower or middle class families. that means no trust funds or inheritance. pretty interesting, if you ask me. lol, gives me hope.

RS 197 - in your defense, i didn't take your post to mean that money is the end all be all. i'm actually quite inspired by your success, although i'm about 8 months away from graduating, so i feel like i've a long ways to go before i make my big break. so....anyone hiring?

ljugete

See the Top 20 Best Jobs List published recently? 14 of these spots were Physicians!

So, Stay in school and don't kid yourself and be a chump!

ljugete

BTW, There's so much real estate you can sell... You related to Donald Trump dmoney?

RS 197

I would agree that being a Physician is a rewarding job. If you want to work the rest of your life.

Life gets much more enjoyable when you have more passive (monthly income from investments) than you can spend. I know many physicians, they have to get up and go to work in the morning, pay huge taxes, insurance and deal with all the politics. Not to mention the 8 years in school. I don't think Physicians go into medicine so they can afford a Carrera GT. They love there trade and have a passion for helping people. One more thing to consider. Check out the divorce rate of Physicians. Much higher than the national average.

My developer buddies sleep in, hunt, fish, golf, race cars, coach there kids baseball games, travel, spend quality time with there family and pretty much live the good life, on there own terms. You only get one time around on this earth. My policy is to make the most of it, enjoy every day. I decided early on that going to work every day was not one of my goals.

Don't get confused. There is a bid difference between working and having a job.

Joe

A Pilot

Ok, first off, I must first admit that I am not a millionaire. ....but I am working at it. A little about me:

Age: 24
SAT: 1460
College: Purdue (turned down an appointment to the USNA), full academic scholarship to Purdue
Major: Aviation Flight Technology
GPA: 3.3 (I worked 40 hours per week, while doing 17-19 credits a semester)
Occupation: Ex-Production Manager for a high end body shop...now I just flip cars (for the time being).

I've been obsessed with making money ever since I can remember. I originally considered being a pilot for the fun of it and the money. When I first got to school, the graduates were making between 65-100K a year either doing corporate or flying for non-regional airlines, and only "working" 1000 hours a year (per FAA).

After Sept 11th, the airline industry took a huge dive. It's always been a cyclical industry, but this was my first wakeup call of how fickle it can be. ...this was pretty much the turning point for me. I knew that it was too late to switch my major, so I decided that diversification would be the route for me.

I got a job as a cook at a campus restaurant. I busted my butt, came early, left late, volunteered extra shifts, and tried to learn as much as I could. Within 3 months, I was in charge of 20 peer workers. Want a management challenge? Try motivating 20 of your collegiate peers, who have absolutely no desire to work. The job only equated to "beer money" for them. After a year, I was promoted to 2nd shift Building Manager for the Purdue Union...a facility that sees 17,000 visitors daily. Although, it was really kind of a cheesy job at the time, I knew the value of being able to put that on a resume.

I finished up my degree, did odd jobs, and started working in the autobody industry (while my college buddies were making 17,000 a year flying regional jets). I had been working on cars since I was 12 (restored a '62 TR4 with my dad), so I already had an interest in the industry. I learned from our techs as much as I could, and made a point to bust my butt there too. After 6 months of being the "shop bitch" and taking some estimating courses on my own, they promoted me to Estimator/Production Manager.

After a little over a year in this role, I came to the realization that my career was at a stalemate. I was 2nd in command in the shop, and the owner didn't plan on retiring for at least 10 years. Should I be stuck in my position for that time? No way. ...It was time to move on.

I took the knowledge gained from that job and apply it to what I do now. I've owned several Porsches, and the key thing is to always make money on them. Every car I have ever owned, I bought less than what I sold it for. In fact, I just bought an old Porsche and will probably MAKE A LOT off of it. A lot of it is being in the right place at the right time, but also having knowledge and knowing when to strike are more important. Why would you buy a 3.2 Carrera, when you can spend less money on a well sorted '70 911 T? The 911 T is just as much as a Porsche, and when you're done with it, it will be worth more than you paid for it. ...Unless of course you simply buy for the performance.

I've had people say "Nice 912....too bad you couldn't afford new 911." The funny thing is, is that I could afford a 911 if I wanted one. ...But which car will appreciate? Which car will just be a money drain? ....When people see a 901 body style, they assume it's a 911. if you want to buy a Porsche and make money on it, stick with the SC and earlier.....

Anyway, the point of this post is to always keep your options open. Learn as much as you can about different things. An insurance company has offered me a position as an adjuster (from my autobody experience). Although I won't make a ton of money doing that, it will give me the freedom to invest in other things. A company car and paid benefits make a 60K salary pretty decent. ....more money to invest in other things (appreciating cars, real estate, etc)

People always call me a Renaissance Man, which I consider to be the best compliment. In fact, right now I am starting Six Sigma training. I'm a pilot, manager, mechanic, car buyer, autobody guy, etc.....I ENJOY doing all of these things....and I'm sure I will be able to make my money off at least one of them.

You can do one thing (which you better be perfect at) or you can be a jack of all trades and see where it takes you..........

ljugete

Hey, not everyone has what it takes to be a Physician and I'm not trying to put anyone down here but nothing in life comes easy. I'm sure your friend who sleeps in and doesn't work only has his investments to fall back on. I believe that's not enough. You need education in order to move ahead in life (to make it fulfilling). Money isn't everything and like they say "easy come, easy go".

Me, I enjoy getting up and having a career with responsibilities. At the end of the day I know that I accomplished something and helped alot of patients in their time of need. I have chosen not to be a slave of my medical practice and work E.R assignments as a Locums Tenens through my two Independent Contractor Corporations. Choice matters and when you become financially secure then you can save up (as I have) for your toys. I don't ever plan on retiring. I will always work at least a couple of days a week and keep my mind active which does keep you young!

Good Luck to all of you!

BrokenE

OK, my 2 cents:

To CP and all rennlisters that put their heart into their advice:
Thanks a million!! (no punn intended) I especially liked the Steve Jobs speech...words to live by, I will share this with others.

To the youngsters: All the good advise is written here, I cant think of anything to add except that some of the advise may be subtle to you because you might be so young.

So know that :
1. Most, if not all, of the people that worked hard to get where they are today, did not do so with buying a CGT as a goal. They were at the right time and at the right place and their hard work and experience landed them into a good position.
2. The road to riches is a journey. It does not happen overnight as someone posted and understand that it does involve failing. You will fail several times before you succeed big. This is the testimony of Steve Jobs and many others. It is a journey. Someone once said "Life is what happens while you're making other plans".
3. Doing what you like will not always mean you will become rich by it, but it does mean you will be happy, which is a big deal. And that, to many people, is enough if they can make decent living. Doing what you like and getting paid big bucks sometimes means being savy, and always means being dedicated, reliable, and very good at what you do.
4. A CGT is a toy, a material object. It is not what your life should be ultimately be about. You will find that there will be other things that will give you more happiness..if you're lucky.

Good luck to all,
Alfonso.

Arena993

I agree with so many of you that this is indeed a great thread. One thing that comes with age is wisdom. In my 30's it was about the $$$$$ and now in my early 40's I don't really put that large of an emphasis on the $$$ or the trappings of a high net worth. I think a balance of career, family and religion of your choice makes a well rounded person. If your goal is to have a CGT go for it. As said in earlier threads doing what makes you happy is the key. A few quotes that I have always found interesting;

"There are a lot of well educated idiots out there"
"Most of the luckiest people in the world are usually the hardest working"
"The biggest sin of all is a wasted life"

About retiring with a ton of $$$. How much do you really need to have? If it is a collection of cars, houses, toys etc.. than you should do that. The point is to have a goal and work for that goal while enjoying your life. I remember when we moved from our 1st house to a bigger home we weren't any happier with a bigger house. I not knocking having material items I guess my point is to answer the question of what makes you happy.

My next big goal is to complete a "thru hike" of the Appalachain trail. Doesn't cost a ton of money, but what a goal. Only 200 people complete it a year out of the 2500 that attempt it. Just my .02 take it for what it's worth.

Mike