How To Become A Millionaire 2018


#1

I am in my mid-30s

I have high paying job (200k), however I am looking for a big bet to plough my resources into…

Does anyone have any ideas?

I want to become a millionaire…


#2

I think it’s a tall order to say you want to become a millionaire…

Still, it’s definitely worth a shot. Okay, here are my ideas…

  1. Find the next Apple, or next Amazon. This means routing out a entrepreneur who has a very high chance of success in an industry that is sure to grow / be disrupted. I would imagine looking at something in robotics / ai would be a place to start…

  2. Put your money towards a medical degree and become a doctor.

  3. Vica versa with law

  4. Single out the next bluechip dividend paying companies of the future. Buy them during a downturn and subsequently hold onto them for life. This is something I am interested. Apple is on my list in this case…

  5. Convince people you are better at investing than they are. The “convincing” part os the key here. You do not have to actually to be good at investing, you can just pretend, or maybe even run your own polka ponzi scheme!

  6. Start a business in a growing industry. You can start with a small loan, or put together a business plan and try and convince people your a genius!

  7. Win big in Vegas!

  8. Buy lottery tickets


#3

If you fancy yourself as a serious investor and you could pull together $50,000

It would take 20 years to compound that to a million…

Now all you need is a million!


#4

I thin the answer to this is pretty straight forward…

Just take out life insurance and then…


#5

I was let go when I was 35, because of economic issues…

I had about $60,000 to my name.

I stuck all of it into a wellington fund and it turned in $822,000 in that time, Incredible.

That just shows you the power of compounding over a long period of time. It really is incredible…

I imagine that if I leave it not, it will probably grow to $2 million by the time I’m 65!

Not too shabby!


#6

Obviously, you were incredibly lucky with your wellington fund. Not every has been so lucky I think!

I think the key is… put your funds into something with a reasonable!

I think it’s also worth noting that we have lived through an incredible time of prosperity for the past 40 years and markets have boomed. It’s possible that this prosperity may not happen for the next 40!


#7

A million dollars is the bench mark people want to to hit today. It was the very same benchmark people wanted to hit 40 years ago. But $1m in 1970 has far greater purchasing power than $1m in todays money - no question about!

Assuming 2.5% inflation for the next 20 years, $1m in 20 years will be worth $581,000 in today’s dollars. That’s something to think about!


#8

The only way to reasonably reach this benchmark is by adopting the principles of our friend Warren Buffett. Otherwise, it’s very difficult…

Buffett advocates extreme concentration in stocks he knows a lot about. His business partner advocates even more extreme concentration. Charlie recommends investing in only 3 stocks you know incredible well!

You won’t get there with index funds anyway!!!


#9

I also put about 75k into my 401k and it turned into $2m a few years later…

I was following a 80/20 stocks / bonds allocation and went through 2000-2002 and 2008-2009 downturns…

You will need more than a million in 22 years though. Inflation will kill you otherwise!!!