$1 Million for Life: How to Make It, Manage It, Maximise It
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Many of their parents were business owners so one day I told my father, I too wanted to be a businessman.
What a life! I thought to myself in the 8th grade. Might as well give it a go.
How To Make Your First $1 Million
So many resources make building wealth much easier now than in the past. When we first graduate from high school or college, we have a tremendous amount of energy to show what we can do after all our education. Unfortunately, so many of us piss away our youth by buying new cars , getting into credit card debt, not listening to our elders, and thinking the world owes us something. Forget it folks. Nobody owes us anything. Compare ourselves to middle aged adults with two children, a mortgage, and aging parents to take care of.
We are like finicky Ferraris on a starting line ready to blow away our older model competitors. When we graduate with nothing, we have nothing to lose. Compare that with people with property, stocks, and other investments during economic downturns, and they have everything to lose. With very little assets, we should be taking more risks.
Now is the time to start a company , invest in that growth stock, take a new job opportunity, or move half way across the world on a hunch that good things might happen. I had no idea I became a millionaire at age 28 until two years later at the age of 30 when I did my first detailed net worth spreadsheet in Like most people believe, 30 is a big milestone. Ever since college I told myself I was either going to make it, know that I was going to make it, or be an absolute failure by There was no fanfare when I discovered the seven figure milestone had been achieved, just the realization that time passes more quickly as we age.
I had to make the most of my opportunities since nothing lasts forever. Amassing wealth is about savings, discipline, perseverance, luck, an X Factor, and the belief that you too deserve to be wealthy. After leaving the work force for good at the age of 34 in , I decided to keep on playing by building Financial Samurai into the best possible personal finance blog I could. So far, so good as this site now earns more than a typical Managing Director does at a major investment bank while only requiring about hours of work to run.
Age Year Yes it was incredibly lucky, but it also took some analysis and guts. I just wish I had more money to invest!
VCSY ended up being worthless a couple years later. Taking An Employment Chance.
I was coming from a top firm and had established some solid client relationships over the past two years. The economy was still dicey due to the dotcom implosion and there was a big chance I would not make Associate after my third year at GS. This was San Francisco, one of the most beautiful cities in the world. San Francisco is six hours closer to Hawaii, one of my favorite places on Earth, so I figured what the hell.
The first two years in NYC, I lived in a studio with another guy. We put up one of those Chinese Paper Walls to add more privacy. I was living in New York City, the most alive city in America. I finally had my own room, yeah baby! The reason why I invested in CDs was due to a job change and not having time to manage my portfolio in , , and Furthermore, I was scared of another market implosion that would not only take down my investments, but also my bonus, and potentially my job.
Today, short-term CD rates are higher, while online money market accounts are really healthy at 2. A day after my 26th birthday, I decided that it was time to grow up and buy my own place. I became very disillusioned with having a large chunk of money in the bank and started wondering what is the point of working more since I had more than I could ever have imagined. Renewed Motivation To Work. What an idiot, but I felt buying the condo was the responsible thing to do.
I was growing up but still had the thirst for nice cars. I became one of the youngest VP promotes in my office.
How to build a $1-million TFSA - The Globe and Mail
Debt provided an unexpected side benefit for my career. Unfortunately, this increase was unsustainable as we all know. A New Landlord. I was sick of having neighbors above and below me.
I wanted a yard, a deck, reprieve from the HOA meetings, and to be king of my own castle. The bad thing about my house was that it was on a busy street next to the busiest street in the entire city. After I moved into my single family house, I turned my condo into a rental, but finally sold it in for 30X annual gross rent because I no longer had time to be a landlord after my boy was born. I was too busy building a business at work, managing a rental, remodeling a new home, and figuring out how to keep things going.
How to build a $1-million TFSA
Note On k Investments: I put away the max K pre-tax contribution since my first full year of employment. The fund actually did well given they had a net short position, so my overall k was able to take the hits. I strongly believe most people reading this article can accumulate a million dollars if they have the motivation, a good amount of planning, the right amount of guidance, and some luck. But here are my suggestions for those who want to accumulate wealth quickly.
Give yourself optionality please. There are thousands of straight-A, top 25 university graduates every single year. Getting a job on Wall Street was like winning the lottery for a kid coming out of a non-target public school. I went through seven rounds and 55 interviews over a course of six months before getting the offer. Your job income is the 1 main source of wealth for most people. Stop making excuses why you need to buy a nice car and nice clothes. The base you build in your 20s will provide tremendous returns for later on in life.
If you stay consistent over the years, you will get there. Working hard takes NO skill. I promise you that if you wake up by 5am every morning, work one to two hours before the rest of your peers and work another one hour after your peers have left, you will get ahead!
Steps to Invest a Million Dollars
I generated millions of dollars in revenue, built a solid network of internal supporters, and was a workhorse by coming in by am everyday for my first two years and leaving at pm-8pm on average. Sometimes I even left work at 10pm. Did I sacrifice some of my social life?
Of course I did. But, I also partied hard many weekends goodness knows! If you are reading this post, chances are you have clean water to drink, shelter, internet and a legal system that protects your rights. There are millions of people in the world who are starving every single day. There are those who live in fear of dictators confiscating everything they own.
What is your excuse? Spend 30 minutes every day by yourself in meditation coming up with a better business model for your company or for own business. Spend four hours every weekend in the office studying up on new things that will help improve your standings with your clients. You can even start a blog and work an extra 30 hours a week online before you have a family and generate some healthy revenue if you wish. Was I lucky? Hell yes!