
Originally Posted by
GearHeaded
most millionaires are diversified and self employed . I became a self made millionaire at 33 years old (just barely though, net worth was 1.3 mil , so just barely got into that wealth bracket).. I have not had a 9-5 job since I was 20 years old. I started my own businesses and investing at 21. real estate was a big part of that as I was able to purchase my first house at 21 years old (which is the youngest person I know), and it wasn't some crappy condo, it was a custom built house on 2 acres of prime rocky mountain land just 30 mins outside of a major metropoliton area. its prime real estate now. I had purchased it 20 years ago . but I sold it when I was like 23, made $ then bought another house that was a fixer upper ,, fixed it up sold it made $ again,, bought another house, same thing. I was moving every couple of years. then I stopped selling houses and kept them and turned them into rental properties or lease to own properties. and I'm not talking low income shit holes, I'm talking houses that I had built that were 6 bed 5 bath with brazillina cherry wood floors and granite counter tops, etc.. the works.
I then developed a pretty good profile of investments and went into stocks and mutual funds, IRA's etc.. and of course ran several business I started (mainly commercial contracting focused .. I owned a commercial HVAC company for 18 years, specializing in a lot of high end stuff , did a lot with medical buildings, clean rooms, building automation and DDC control systems etc.. also owned a building maintenance company . and heck even a commercial snow plowing business)..
my point .. being a millionaire generally requires a whole lot of diversification . there are a whole lot of doctors and lawyers that make 250k per year that are not millionaires simply because they lack the diversification , the more they make the more they spend and thus they never really make any $
now I'm just a lowly gym owner and trainer and coach.. I don't make shit for $ and lost all my wealth due to injuries, surgeries, and 3 years of negative health problems and a bad addiction to prescription pain pills.
but heck I enjoy what I do . its my passion. I provide for my 4 kids and pay the bills and make ends meet.. I can still afford a few luxury items in life like a couple nice cars and my gun collection. but my tax returns are no longer 90 pages long, I don't own 2 million in real estate anymore (heck I'm a lowly renter), and I'm kinda happier for it .. less headaches