How can the average person become a multi-millionaire?

[ed146]

Dont let these haters get to you. Keep on banking.

You can call me whatever you want, but the fact remains that I know with 100% certainty that I will continue to make a shitload of money online for the next 3-5 years unless the Internet as we know it changes and advertising is not allowed. If you can't say this with certainty yourself, you should be building your skills not bullshitting on WF.

Ok dude, this is getting dumb. First off, wealthy means many different things to many different people. And the number of homes one owns gives no indication as to their true wealth. On top of that, I only WANT 1 fucking house. Ever think of that? Warren Buffet drives a cheap car and lives in the same house he bought in 1958 for something like $25k. You gonna talk shit about him too?

I don't see a PM from you mr. keyword warrior. Like I said, DFW or San Diego. Any amount of money says I'm not lying, and I can prove it. How about you put your money where your mouth is, or stop talking shit and get back on topic.

 

[dsm56]

You can call me whatever you want, but the fact remains that I know with 100% certainty that I will continue to make a shitload of money online for the next 3-5 years unless the Internet as we know it changes and advertising is not allowed. If you can't say this with certainty yourself, you should be building your skills not bullshitting on WF.

Ok dude, this is getting dumb. First off, wealthy means many different things to many different people. And the number of homes one owns gives no indication as to their true wealth. On top of that, I only WANT 1 fucking house. Ever think of that? Warren Buffet drives a cheap car and lives in the same house he bought in 1958 for something like $25k. You gonna talk shit about him too?

I don't see a PM from you mr. keyword warrior. Like I said, DFW or San Diego. Any amount of money says I'm not lying, and I can prove it. How about you put your money where your mouth is, or stop talking shit and get back on topic.

This is the best advice here by far.

As a general rule, I can double my monthly income every 12 months online. It actually looks like 6 months right now, but that is because I made a lot of money for some people and they are throwing more money back at me.

And I know for a fact that I will be able to do what I've learned again and again unless the Chinese take over the world.

That means I should be a millionaire in 3-4 years at the most under my own definition. I will be LIVING like a millionaire in about 6 months. But I won't actually be one in my own head.

If you guys don't have that confidence in yourself about continuing what you are doing and making a shit load of money, you need to learn more.

Real Estate? Give me a break. Loads of hassle and 8-10% return if you are REALLY good. Yeah it MIGHT not lose value, but who gives a fuck when you can make 100% of your money back in a year in other businesses?

And I've never touched acai or grants btw.

 

[xanol]

Exactly, most people are sheep (if you are already into IM, you know this...), so you need to do something different than the 'average' person if you want to be more wealthy than them.

Here's my take and long term plan:

If you're cut out for the game, I think IM/AM is a great way to become highly capitalized *quickly*. Hell, you can even turn it into a 'real' long term business if you want, or just chase short term traffic arbitrage opportunities and trends.

Once your debt and cash flow situation is solid you should be diversifying out of Internet monies though. Reinvest some money back into the business if needed. But, also study and understand equities, credit markets, real estate, commodies, precious metals, trusts, foreign currency, etc. Don't invest in something you don't understand.

Understand that in addition to returns and yields, costs/fees and taxes ALSO compound (negatively for you!). Keep these as low as possible.

Personally, I am lazy, lazy, lazy. I want my investments passive, passive, passive. I'm not interested in buying a service business, and I personally shy away from real estate with the exception of my personal home. Nothing wrong with either of those, but I just don't really understand the game, (and did I mention I am lazy???), so I stay away.

So, in summary, the 'average' person becomes rich by doing what the majority of people choose not to do:

-Spend less than you earn. Invest the difference. Don't blow your wad buying stupid crap that you can't afford. Avoid consumer debt! This is the most important thing, IMO.
-Diversify your investments to the extent that you are comfortable with your risk, volatility, and level of involvement.
-Pay the lowest fees possible. This stuff isn't that hard... YOU have your money's best interest at heart. I don't believe in incentive based advice or management. (Get a good tax accountant however. Flat rate, but don't be a cheapskate - you get what you pay for.)
-Get a basic understanding of tax law. (Understand taxable accounts, tax deferred accounts, capital gains, interest income, dividend income, tax brackets, etc...) Put stuff in the most appropriate bucket. In the long run, doing this right will make a big difference.
-Resist the urge to tinker. Periodically re-balance to adjust for risk, but don't obsess and make knee jerk decisions because of some shit you saw on CNBC. (Hint: they exist solely to sell advertising for shit you don't need, and don't even know anymore about the market than you do.)

You can even follow this plan with a regular job, it just usually takes longer because the income potential is not that high, especially when you are young. IM, on the other hand, can really jump start the wealth snowball quickly.

You can readjust this to take more risk if you want, but that's personal decision. Remember, more risk = higher potential gains AND losses.

Anyways, that was a long ass post, but these are the concepts I've learned and some specifics on the approach I'm taking. Hope it helps somebody...

 

[totesmagotes]

Question: How can the average person become a multi-millionaire?
Answer: Want to succeed as bad as you want to breather-Eric Thomas, Secret To Success

Very simple really, youll find a niche eventually, you just have to be willing to give up quite a bit in the process.

 

[Unarmed Gunman]

Allow me to paraphrase the Five Laws of Gold from The Richest Man in Babylon:

Put aside at least 10% of every single dollar you earn to be invested. Lower your expenses if you can't afford to do that. Your excess money will work for you, so be sure to invest it, but invest it wisely. Never invest in things you don't fully understand, and don't invest in things with impossibly high earning potential, because you are likely to lose it.

That is all.

 

[numerouno]

Thanks - that's a good reason for me to learn around here. I was thinking about a domain name I have with freebie in it from back in 2005 - and was thinking - what a hassle to update it etc - of course I am incredibly stupid and did not even think of having another keep it going.

It is amazing how much knowledge and skill there is on this forum - and unbelievable the value of that skill if leveraged into real world ROI #'s. I mean if the average person just bought a website every month instead of making a car payment then in theory, given the numbers we discussed, they could have 12 $50 month income streams by the end of the year - enough to make payments for them far into the future.

If you scaled it up then you could certainly have your $1,000,000 - well who needs $1MM - you really want the cash flow from the $1MM. - At 10%/year you need $100,000 or $8,334/month or 167 $50/month sites. So what you are saying if I buy 167 $50/month income sites @ $500 each it will cost me $83,500 to buy myself a $100,000/year income stream.


Wow.

This plus the fact that you could build this 1 site per month yourself (as others have said, it's really easy to do), on a part-time basis and get the same income (or even better because after 2-3 sites you'll get the hang of it and know better what to do & not to do) + you keep the car

 

[kingofsp]

shoud holding a thread seance up in here.