All things going to plan, when will you make yours?
Your First Million
12 years ago.
shortly after hyperinflation
next week when i ride /rgt/'s 6000% gain trains every day
inhertied 10mil when i was 18 made my first mill by time i was 19 pal
In ~15 years. Unless I'm in my granddads will then it could be tomorrow
What can you do with a mil?
I made a business that makes $200/year with 2 hours work per day (where ever on the planet l am).
This is 100x more valuable than a mil
In about 1.5-2 years
200 dollars for over 5000 hours of work is valuable to you?
200 a year
Wat. You mean 200k right?
So u lost 9
You can't do anything with a million. I've been trying to explain this to the plebs for the better part of a year now but they don't seem to understand (probably because they are liberal redditors).
When I lose my autism, I will be the most intelligent, suave, edgelord on the planet.
So before you were born?
put down a deposit on a house in a city and be able pay back most of it
buy a house outright in a less expensive area
If all goes to plan, hopefully by 2019 I'll cross the line.
You can't do anything with a million
locking yourself into paying property tax (that continues to rise year after year) for eternity
you live in some remote village from indonesia, pleb?
So a year of doing nothing with good interest rates.
I could survive very comfortably on nothing but the interest on a million dollars.
Pretty sure if you have a million dollars you can handle property tax until you slink off this mortal coil.
In about 3 years, im 20 now, got my own biz that is kicking ass :^) feelsgoodman
This is 100x more valuable than a mil
it's the same thing as a million, if it's guaranteed to make you $200k for the next 5 years.
it's exactly as useful as a million.
By the end of next year if I'm being optimistic, realistically some time in the next 5 years though.
Just locate a low property tax jurisdiction that you don't foresee growing every year.
Between 5 and 10 years from now.
By this time next year from the stock market. I'm at $30K right now.
what rates do you get?
interest rates are 0% in most countries.
Not a million in cash, but I'm planning to get my net worth to at least a million by the time I'm 30 (24 now) through building a rental properties. I currently have a 4plex built, I live in one of the units and rent the other 3 out for 1000 a month. Total cost of construction is just under 250k Canadian including the cost of land. So because of the tenants, the mortgage pays itself.
On top of that, I work full time as a journeyman steamfitter making good union wages and full benefits.
I'm planning once I get this 4plex paid off I'm going to build another one on the piece of land I own across the road from this one. After that, it's just a snowball effect to a million dollar net worth and beyond.
Once I have enough rentals under my belt, I won't need to work anymore and can just supplement myself on rental income.
I'm planning to get my net worth to at least a million by the time I'm 30
that's what I counted.
I still haven't made a million cash free and clear, but my net worth has been over a million for about 12 years. I was 32 when my biz broke a million in accrued sales. I think I made $110k US that year. I've made a couple million in sales since then, but barely any of that landed in my pocket.
what matters is my business holds over a million dollars in assets, not that I personally have a million cash in my bank account. Donald Trump style, my millions are working for me still. I can't cash them out yet. Maybe never. The revenue stream is worth more than the cash would be.
just adding. Those 3 units I rent out haul in ~30,000 a year (some might go a month without a tenant).
Once I build the other four units, my income from the properties should be over 80,000 a year.
Also, I made 102k (pretax) last year at my steamfitting job.
Slaving my ass off in my 20s so I can take it easy in my 30s and onward.
Only way to make it is to hustle, and hustle hard. Fuck all this stockmarket and memecoin shit. Get out there and earn a living with hard work. Get into real estate, start a business, whatever works for you. Just get out there and fucking do it. Also, adderall helps.
Fuck all this stockmarket and memecoin shit
Exactly. Its all about your net worth. The bank doesn't give a fuck when I come looking for another mortgage to build another 4plex if I only have 20 grand in my bank account.
They see that I own an apartment complex valued at ~400,000 and clearly I have enough income to pay them the back the loan + interest that makes them money too. After a big enough net worth, and you've proven that you can make money work, banks will practically start throwing money at you.
I've found the breakover point for my banks is $200k US annual income for any $150k US I borrow.
less than that and they turn me down without extra collateral. Getting a loan while self-employed is harder, and a no-doc loan costs twice as much, but if you're sitting on huge assets they like to loan you moneys.
Plus if it's like the US you're used to paying more for loans or insurance on a business property anyways. It's part of the rent is all.
I also have a good paying full time job on top of my rental income, so maybe that helps in whatever calculations they do.
another building like that and you won't need a job.
two more and you can both stop working and get comfortable.
$1m has a $40k/year safe withdrawal rate in which case it can go on forever.
About 7%. 70,000 a year is more than enough to support a comfortable lifestyle.
I'm a single man broseph. Makes the road to freedom a FUCKTON shorter. There's still lonely feels, but there's a lot of time to fix that. I'd rather be self sufficient first, and then start working towards that.
URRE take off?