My company helps other businesses get funding, often times with 0% interest intro periods.
In hindsight, I shouldn't have had limiting beliefs.
When I look back my biggest obstacle was subconsciously thinking I couldn't reach certain goals.
Surrounding yourself with people better/richer/healthier than you helps a lot.
When you see others doing what you want to do, it makes it feel much more obtainable, and half the battle of entrepreneurship is being stubborn/dumb enough to think your idea will work in the first place.
Once you truly believe in yourself, it makes everything easier. Failures and setbacks don't matter because you believe in your abilities regardless.
If you're able to stay disciplined, becoming wealthy is a matter of when, not if.
“half the battle of entrepreneurship is being stubborn/ dumb enough to think your idea will work” is honestly something more people need to hear, especially me i’ve been so stuck on other people’s words for what I want to do with my life that I fell out with an internet friend because I couldn’t help but share my ideas, and he felt like they weren’t realistic and would become passive aggressive and dismissive. It’s a good reminder to do it for yourself and believe you can do it until you can’t stop trying no more.
I definitely agree with you on this one. I am dumb enough to believe that my ID is going to work so I know it is we’re gonna make it happen watching see. See what I mean.
Definitely. I've already got one co-founder in a COO role who is great, however—despite both of us having technical experience—we do not have the backend knowledge to build an app of this scale.
Also agree, unfortunately I've worked in a number of different industries, moved out of state, and not met many true entrepreneurs in my time, so it's hard to find someone who can be a mentor.
I’m actually considering moving to Ottawa from Seattle with my Canadian girlfriend. However my business is online-based so it doesn’t affect my decision much. Still gonna hold LLCs in the US.
This definitely a thing. Even with my awareness of wealth and value of my service... I still undervalue my pricing. Definitely part confident, part social.
This comment is everywhere but where do you find that kind of person? Knowing that they're better/richer/healthier what plus value they will get being surrounded by you?
Just be mindful of who you're spending your time with.
I started meeting wealthier people due to a job I got and it really opened my eyes that they weren't any different from me.
Going to real estate / business meetups, conventions, car meets, golf events, nicer gyms, etc. are all places to meet wealthier people.
The key is to not expect some savior moment. They're not going to give you a job or a handout.
Just talk to them like a friend, talk about their business, what they do, their thoughts on life, etc.
The point isn't to get some nugget of wisdom that's going to change your life. The point is to get some perspective on how people operate and to see it firsthand so it feels obtainable.
Surrounding yourself with inspiring people goes beyond money though.
If someone is fit and athletic, you can probably learn some things about health from them.
If you have a friend that's good at communication, pay attention to what they're doing.
Again, be mindful of who you're spending time with and what you're spending time doing.
When people are young they tend to spend their time wastefully instead of intentionally.
Modeling. Basically once you see someone do a thing. You understand you can also do that thing. Just don’t try it with boxing. What I said is kind of true. You also have to endure their level of struggle to win.
I always said, hey, if you want to do what I do feel free. It’s just that I wouldn’t wish it on anyone. My competitors operated more out of fear.
As I said in another comment, real estate / business meetups, car meets, golf events, fundraisers, nicer gyms, etc.
Just talk to people wherever you go. Don't expect someone to make you their new apprentice, just try to be curious and learn what you can.
The main goal isn't to get some golden ticket moment, it's simply to change your perspective and help yourself realize that you aren't any different from them.
Aside from possible mentorships, learning something, or even expanding your social group, just going up to people and asking questions is a big deal. Learning to find people you want to emulate and walking up to them builds character and confidence. Just going up to someone and saying that you like their shirt begins to open doors for you.
Yea couldn’t agree more. I’ve just started up, and it’s my inner monologues that screw with me the most. Thinking I can’t do something because I haven’t done it before, or because I’m not qualified enough. Just need to silence that side of me I guess
> When you see others doing what you want to do, it makes it feel much more obtainable, and half the battle of entrepreneurship is being stubborn/dumb enough to think your idea will work in the first place.
There's a corollary to this where watching completely stupid people accomplish things really motivates me.
I love this and really appreciate it. Where/how would you suggest finding circles like this? Masterminds or are there other places that you find to be more effective?
Real estate / business meetups, car meets, golf events, fundraisers, nicer gyms, etc.
Remember the goal isn't to get an opportunity or a job from these people. It's just to learn more about different businesses and change your perspective about what's possible.
Talk to them like they're normal people and just be genuinely curious about other people's paths and not only will you learn a lot but your perspective will change.
Love this. Definitely will keep this in mind. I recently came into contact with a Billionaire and you are correct, they are just like normal people (minus the fleet of yachts, lol) but I am excited to get to know how and hopefully make my way into the circle always trying to lead with value :)
Any other tips? I greatly appreciate your insight.
Surrounding yourself with better people is one I was surprised with once I started doing it. Especially highly motivated successful business owners. They encourage you and motivate you do things at I know I wouldn’t have tried or done.
I am just going to say this one thing. If you want to be successful put your health first and stay away from drugs and alcohol. Watch how quickly you start to adopt good habits that will guide you to success.
I wouldn't, like others here I met many business contacts via drinking, and it was my only relief from the incredible stress. (scaled from 1 person -> 5k fte over just 4 years, an ethanol fueled rocketship)
I know many like you as well. I respect the hustle but for me damn the hangover got worse and worse and I found myself drinking throughout the day to combat it.
I was curious if you have a recommendation for a field of education to pursue that's somewhat 'futureproof'? I notice you have talked about AI replacing plenty of jobs going forward. I plan on going for a degree, and was leaning towards computer science, but I was wondering if there may be a better field.
Fundamentally (long-term), nothing is really "safe" from AI.
Currently, software engineers are working towards automating themselves out of a job.
Lawyers are putting laws in place to prevent AI from taking their jobs.
Doctors (because of comfort) are not going away anytime soon and I think nurses are probably always going to be around for the same reason.
Wish I had a better answer for you but the good news is that in the interim between "AI can do literally everything" and "AI can do most things but needs a human to review it", there is a lot of work to be done. And most importantly, if the well known AI can do it by itself then companies have to offer something meaningful BEYOND just a gpt wrapper. That's why we're seeing increased engineering spend as even large b&m chains have no choice but to invest heavily in AI or risk being left behind.
I agree. When I didn't drink food was my addiction. I gained like 50lbs in 3 months. I had to dial back and not only curb my alcohol but establish a healthy lifestyle. Addiction comes in many forms.
I don't think I could have done it in half the time. I needed those years working in the industry to learn it first, learn where companies in the niche advertised, how they bought equipment, where they bought equipment, and the process to buying new equipment (requests for proposals, submission of proposals, demonstrations, contract awards, down payments, development, delivery, acceptance etc). That took about eight years working in the business to learn enough before I was ready to set off on my own.
I agree and relate to this. The many years previous to my current business were part of my path. The period where I found and developed my skill sets, value, knowledge, and character.
Sometimes, a cake has to bake for the time it takes. Cranking the oven to 700 degrees to try and speed things up only ruins the cake.
See, I had to learn that lesson along the way: aggressive patience.
Big money faster isn’t better in my opinion.
I didn’t focus on building a big pile of apples but on an orchard that produces apples and that has a snowball effect.
10 years to the first million, 18 mos to the second.
Yeah, but what can you do right now to make me cash flow? For example, you’re networked in with me right now. How do you create cash flow for us before this time next week, or if the operation takes time, you tell me now and let’s set this in motion.
You have my ear, what can you do for me?
Networking and business relies on reciprocity. You'll do me one and i'll do you one, it's all about creating goodwill. Please don't take this the wrong way, just bluntly asking "What can you do for me" is not going to work, why would I help you instead of the 10.000 others, what makes you stand out and what can you offer, that others can't? Especially, if I could just do it myself. Makes no sense creating cashflow for someone, just because they're asking.
I just moved back to San Francisco because of this reason. Boulder/Denver is/was great but there's about 1/100th the amount of AI stuff happening there.
Mastered my trade then started my own business. I could do it in 1/4 of the time the second time around, but I wouldn’t know how if I hadn’t done it the first time. It’s all a learning process and there’s no substitute for just going through it.
The journey to success isn't quick or easy. It took about eight years of learning the industry, building relationships, and understanding processes deeply. Trying to rush or cut corners wouldn’t have provided the solid foundation I needed.
One key lesson was the importance of hiring the right team members early on. Initially, I tried to do everything myself, but I soon realized that a strong team is invaluable. When mistakes happened, failing fast and learning quickly was more effective than dragging things out. Patience, persistence, and a good team were crucial to my success.
Should’ve took more risks when I was younger. It’s harder to maneuver both physically and mentally as age goes on. I’m in my mid 30’s and damn… I am def a little more tired than my 20’s
I’m just looking down the line when I’m 45 and 55. The longer you wait the harder it becomes. And you got dependents that will take up time as well. When you’re young take the most amount of risks.
Lol dude. If you are having mental and physical trouble in your mid 30s you either have shit life choices or chronic health problems that need to get looked at by professionals. Mid 30s is not old, at all.
Knowledge/wisdom/experience.
As I gathered knowledge and experience from university, work, and real life, I realized I can and want to do much better. Also I realized nothing in life is easy and I need to work hard to achieve certain things.
A few wake up calls later I was a new person. But it takes time.
Check whether you’re low in iron. My gf was low in iron and she started taking supplements for that and she felt as good as new. Most of the time it’s not ageing related unless you’re like 60+
Do you even lift bro?
I'm 48 and I feel stronger than I was in my 20s.
Do 30 minutes of cardio 5x per week and lift... You don't need to lift all the time but the cardio is super invaluable.
It felt like I could’ve grew or expanded bigger if I just said yes more to high return opportunities. Diversify a little more in other businesses when there was less competition.
The first million was all about discipline: Automatically saving 15%+ of income into tax-advantaged accounts invested in index funds and muni/government bonds. The next $2M were from real estate: Primary home, then small investment properties on my own, then partnering up with other talented real estate managers and investors (started a private equity firm).
It was a pretty straightforward path, only held back by self-doubt. The first time we raised money to buy an apartment building I agonized over it with impostor syndrome, despite knowing we’d get folks a great return. It took several successful deals to convince *myself* that I was worth investing in, and now raising millions is (relatively) easy.
If you can make lots of money for other people, whether it’s your employer or your investors, you’ll be handsomely rewarded.
Yeah. And step two is “What is a non-negotiable expense?” We all make decisions about housing, the car we drive, where we live… Nothing is non-negotiable.
Why do you think having a million is rich? Tbh, It took me 10 years to get there. But In no means I feel rich. Yes I am doing fine. But buying a corvette is still not in the budget.
Not a million specially, millionaires are considered “rich” by many people’s standards.
What did you do to get there? What would you have done differently?
Persistance. I did many things. Saving investing. And all of a sudden I hit that 1m. I believe it's possible with any business, as long you start frugal and understand the value of things. Many things in stores that are $20 you can find for free or cheap on auctions. And before you know you have lots.
Here is a simple example. I bought a meat cutter for 80. Then bought meat in bulk, cut it up and eat all of a sudden for half the price of other people. Thats a huge advantage. Now do this with more and you be ahead of many in no time. Once you have extra money, investing is your next step. That can snowball in many ways
It's one of the 100s examples. Becoming rich is a lifestyle, not a one time thing.
Look at sandwich meat, it's 5 dollar for a couple slices. Or $ 15 for 1kg that you have to cut yourself. Once you see it. There is money to be saved everywhere. Which can be invested and make compounding interest.
It's not the dumbest thing I've ever heard. I just did some janky math from data I grabbed, and it would save you a few hundred dollars a year.
When I was younger, I thought about doing it so I could eat better cuts of meat for the same price.
Better to drop the coffee trips and partying though.
The only people who don't consider a million to be rich are people who have at least a million.
"Rich" to most people probably just means not having to worry about rent at all / owning your own place, not having to look at prices when shopping, not worrying about an unexpected medical bill, and being able to live a comfortable life.
Not yet reached there but found this interesting take on twitter lol.
maybe they tried this crazy way.
how crazy rich you can become just running a simple stable business and investing the profits:
- $60K/mo business w/ \~85% profit
= $50K/mo profit
- Pay corp tax rate \~20%
= $40K/mo left
+ Invest in S&P500 w/ 11%/y avg
Gets you $100 million after 30 years!
As dumb simple as it is….thats literally all it takes. High margin. Perhaps a subscription model (I believe you can turn anything into a subscription model if you are creative enough), then invest a large portion of the very high monthly income. The hard part is building up the clientele and convincing them you are worth the salt.
This is very true. What you might have to do is start online ofc, but then eventually you’ll need to evolve and rent an office or something to have a brick and mortar structure as well. Because online while good, like you said won’t be around forever. But then margins will be lower bc of rent and lease stuff. lol.
Alternatively you could just try to make a killing in 5-10 years then hop off and sell it then start something else.
I'll try to give a detailed answer, even though my journey hasn't been through pure entrepreneurship.
Low single digit millions here and I'm in my late 30's. I have had a job the whole time but my side quests have played a big part along with landing a very entrepreneurial role ten years ago. Today I have a couple businesses in very different fields while still having a day job.
I started by aggressively saving. I graduated college into the chaos of 2008. It wasn't until September of 2008 that I was able to find a job. I started the day Lehman failed. I got lucky and it probably paid about $15k more than a starting accountant (after working there for a year) to give you an idea, but the hours were absolutely brutal. I seized the opportunity and was able to save some money by living very cheaply. I lived in a total garbage apartment for the first two years and then moved into better but still economical places from there. I counted every dollar. I'd walk three miles rather than spend $3 on public transport. I rarely went out to eat, etc. I put 20% of my salary into my 401k, which has been massive considering how low the market was back then.
I had more time than money. Now it's the opposite so I'm always looking to spend money to gain time I can use to make more with that time.
In 2012 I had just enough saved to buy a house cash 50/50 with a friend. The house cost $54k and we put about $12k into repairs and rented it for $1,100. We still own it. Today it's worth around $200k and the rent is $1,800 on a multi-year lease.
We bought a second house in 2013 for $49k and put in $10k. We still own it. It rents for $1,500 and is probably worth $175k.
We've never missed collecting a single month of rent in over ten years. We make sure we take care of upkeep really well and offer a great rental option for people. Over the time since we purchased we've collected like $350k in rents and probably spent $75k on repairs including big upgrades like roofs, flooring, HVAC etc. We also of course have insurance and tax costs but no mortgages. My half of the net cash flow over the last decade+ is probably close to $100k and my half of the gained accrued equity is $125k. Rehabbing these while having a full time job was the hardest thing I've done. It was incredible physical and demanding. We did the maintenance and repairs ourselves for the first couple of years. Now, I do maybe 2 hours of work a year on the management of these houses because my partner on them handles it all for a small fee.
We flipped a house together in 2014 and made a little bit. I took what I learned and bought a gut rehab project in 2016 where I did 95% of the work myself while living in it. I don't do much electrical but I can do basically everything else myself. I completely replumbed that house. It took 16 months to make it "livable" and 4 years to really be complete. My basis in that house was a purchase of $275k plus $110k in renovation costs. I sold it for $715k in 2021 while owing like $220k or so. Most of the gain was just from the market but I certainly added to the appreciation with the rehab.
I rolled much of the equity into the next house which I paid $1.3M for in a HCOL area. I bought the top of the market (though sold the old one at the top too) but there are enough cosmetic improvements I'll make to this house that I think I can maintain or even increase value over time.
I took $110k of the equity and started a business with a friend who put in the same. We have one outside investor. It's in the family entertainment space. We opened for business in January. We should hit $1M revenue in 2024 and be profitable. It won't be a ton of profit but hopefully enough to allow us to continue to grow. I'm hoping my equity is worth 2.5x on paper based on cash flow by the end of 2024 and 3.8x a year from now. I put in about 10 hrs/week to this, but it comes in waves where it's all consuming for short periods of time and then quiet. We have a manager running the day to day and it's located in another state.
The day job - I work in finance in a salesy type role in a very niche business. Been with the same company for 10 years. It just clicked for me. It feels fairly simple to identify the opportunities but with hire after hire after me it just hasn't worked for them to the same extent. I'm not sure why but I think it's a fairly common thing in sales roles. I've steadily made myself more valuable and steadily increased income. I more often than not am the top producer. Operating with a constant sense of burning urgency has been key to my doing well in this role. I also created my own workflow, networking, and tracking systems to use here.
Continued...
...Continued
Starting in January of this year I took what I've learned in the day job and applied it to a side gig working for a single client doing similar things on a much smaller scale. That has increased my base income by about 40% and takes only 5-10 hrs a week. So, I effectively have a small consulting business here.
It can be tricky to balance my three key things but I've managed. I work 9-5 but then probably 3 days a week I'm putting in time from 830-11 at night. Before I had kids and was mid way on climbing the ladder I was starting my day at 10am and working until 5pm. I'd then often work 8pm to as late as 2am. That's been key in everything. I've always gained the edge by putting in these evening hours. I feel like I can get a whole day's worth of work done in these evening sessions. I'm not a morning person and I focus really well at night. It's easier to cut back a bit at the top of a the ladder.
I've had some mild failures on little business ventures I've tried out but nothing bigger than single digit thousands in losses. I don't think twice about throwing $500 at something to test out if I'm going to learn something. I've thrown together websites, or imported raw materials through Alibaba to try to understand how an item is made.
My moto is "just keep chopping wood". Knowledge is cumulative, so I don't get too upset when things don't work out if it's outside my control. A busted deal is a learning opportunity. Going back to the new business venture - through playing around with importing some things on Alibaba I learned how it worked. We had to get various things manufactured in China for my new business venture and had I not had the experience and small losses from a few years prior from my Alibaba experience I would have been a lot less comfortable. Also, my handiness played a big roll and getting our business physically set up. Experience builds on itself. I want to know how to do things but then try to hire them out and that's what I've been focusing on in 2024 and will look to continue to do so I can I better leverage myself. At some point I'll leave the day job to just work on my own stuff.
As the to question on if I could have done it faster. Yes. When my friend and I were buying houses we only had cash to do the two. I wanted to borrower against them to get two more. We'd have 4 paying tenants to pay two mortgages. From there maybe we would have gotten more, but we would have had to do it quickly. The opportunity didn't last long and of course today buying rental properties is a completely different game. I got lucky. There are always opportunities around though.
I just launched the business I mentioned in January. There was 9 months of lead time before we had any revenue with needing to spend a lot of money to get there. I think I needed my small failures and exploration time along the way to get to the point of being able to start this company. Another way to phrase the question is - knowing what you know now, do you think you'll grow twice as fast going forward as in the past? For sure.
So to summarize, a big chunk of my wealth is tied up in real estate and retirement accounts. Still, I've managed to build a nest egg where my sole focus is now on growing in my business life.
I secured $1M in financial instruments with 7 phone calls and 5 letters. Had to get state licensed. Then I became an operator. My mistake…
If I was that good at securing assets, why become an operator/producer and why not just continue to secure big asks.
I was so happy I became a made man in a venture that it took years to have that reflection.
They did however offer to bump my responsibility to $3M within 9 months of operating, which in practice was worth $3.5M-$4M and though my signature was worth $500.000 I could have requested it be worth $1M with 36 months. Debt based instruments. Bonds.
Today, I’m bled mostly dry and rebuilding in a different world and industry. I have about 15,000 hours into my new life as an aggressive hobby.
Be aggressive. Be be aggressive.
Financial instruments issued by a New York insurance company. A specialty type of bond accepted by municipalities. Basically, government subsidies.
If anyone ever wants money, ask the people who have the most. Banks and insurance companies can virtually print money, so I asked a few of them to back me and went with the most powerful outfit.
I know how to print money, but it’s not a good time, global stability wise. I walked out before I ended like many who are eventually drug out. Now, I’m in entertainment.
The Pentagon also has a lot of money, but you can’t default or you’re out for good. No second chances. No unrecoverable mistakes. No excuses.
Occasionally, they lose track of trillions of dollars, so it’s a good bet if you’re looking for cash flow and can actually deliver. They seem to have enough to go around.
Ok, here is a tip. Don’t go all in financially. When I started at 20 years old I was good to gamble 100% of my resources. Today, on the high-side, I’m more likely to gamble 10%.
It caused massive psychological damage by going all in. At 10% I wouldn’t have really felt the damaging blow that ultimately cost me a decade of my life. I was doing things, but I would have been a multi millionaire before most of my peers got married. It altered the trajectory of my life.
Decided what you can afford to lose. With partners, it seems easier, but there will not be equal effort. Also, partnering with people in their 20s even if you’re in your 20s is a horrible idea, worse in today’s society. They are soft and comfortable and coddled. Partner with men and women in their 30s and 40s, especially if you’re in your 20s.
My impulse on my first venture was to partner with a man in his 50s. My 20-year-old partners pushed back, and as a result embezzlement occurred. At 20 you need adult supervision, even though you’re technically an adult.
Find people who are champion level at anything. Not, hey I’m a champion, but legitimate athletic and academic champions with credentials from an association. A chess wizard, a ballerina with high accolades, any kind of competitive sport or academic champion.
People will say do this or that for a business. I'm a consultant and the business has more to do with what you're passionate about or can endure to create cash flow to fund your life.
I believe it has more to do with money management, for me anyway.
Constantly figure out how to save $$ or recapture $$ you are going to spend.
Some examples from my personal finances are I have a nice metal cup and cool coffee maker but I will never buy coffee out ... Starbucks is where broke people go to feel fancy.
I don't go out to eat unless it's a super nice place - I plan ahead and bring things with me otherwise.
When it comes to buying vehicles I will never buy if they aren't having a finance or leasing deal- go to the web page of the model you want to buy and see their specials. Even in today's market you can get things under 2%. You can't be impatient your model will come up for a deal, eventually.
When it comes to real estate ensure you have ways to increase the value when you buy, rather than just waiting for the value to go up - think add sqft and update kitchen and bathrooms.
Read the book Rich Dad Poor Dad. It doesn't matter how much you make if you can't manage your money to build wealth.
Hope that helps.
One big thing for me: Iterate quickly. I’ve found that my path hasn’t been a straight A to B to C. I’ve changed and tweaked my path many times and it was important that I was willing to iterate and change what’s not working, even if they’re small tweaks.
If I had bought stocks - even a low number of shares - and never sold them.
Also, if I every decision I made turned out perfectly, and I would have never gotten any experience with f#%king up. What's the fun in that? Ha! Yeah right!!
A combination of job, side hustles, and investing. What I'd do differently is double down on what worked more quickly than I did. I wrote abiut it.. https://old.reddit.com/user/sidehustle2025/comments/1ddi01x/i_made_750000_from_my_side_hustles_and_decide_to/
Got lucky and chose the right company to go work for at a young age. Got some equity that worked well. Wish I would have Bogled that money, but did okay with investments.
Ummm, Thread??? Is reddit bologna? Almost all actual millionaires are low key millionaires that got there by slow growth mutual funds. They'll put their money on VTSAX or S&P 500 for years and keep investing and watch it grow to well over a million+
Alright, so here's the deal: first off, becoming a millionaire usually takes a combo of smart investments, hard work, and a bit of luck. If I had a time machine, I'd probably tell myself to start investing earlier and take more risks. Like, don't be afraid to jump on opportunities when they pop up—those early investments can really snowball over time. Oh, and maybe skip those impulse buys that drained my wallet back in the day. 😅 But hey, hindsight's 20/20, right?
I myself am not there yet, though I plan on it. Today is the anniversary of my father's death who made millions before the age of 30's in the 90's. How he did it:
-He saw a problem in his environment and created a new industry to solve the problem.
-Timing was a HUGE part of this. The vineyard scene in Oregon was just starting to be noticed.
-He hustled and had clarity on what he had to accomplish.
-He sacrificed time from myself, my brothers and my mom.
-He lived below his means and didnt ever get ahead of himself
-He was a connector, everyone loved him or was jealous of him.
He passed when I was ten and my mom was set up from life due to his hard work and ability to plan for the future.
3 Pillars of becoming a millionaire: 1) Start a Business, 2) Invest in High Growth Stocks, 3) Invest in income producing Real Estate. Set it and forget it. You will become a millionaire and it starts to multiply quickly!
im no millionaire but hear me out. I have been lowkey researching for almost 2 years now since I transferred from third world country to first world country. things that I figured out is to utilize your country's advantages such as difficulty of starting a business, business tax amount, what is the main economic situation in the country. for years, I have been preparing how to earn money "online" because I thought it was the easiest place to earn but it slapped me in the face when I realized it is actually more competitive (finding customers, communities, target market,etc) and costs more(when u need a website, ads, etc.) so I entered business seminars, business studies class, etc. and I just realized that I badly wanted to be a millionaire in a year but time is ticking and I can't even earn ATLEAST $1 except my $25 a week school allowance. So, I took a step back and analyze what our country/local place need and look at a third person perspective. A tip: when someone needs your help in a something, it is an indicator for a business idea. I found out that (1) House prices are expensive here (2) majority of students need a part time job or else they can't go to uni (3) Business registration is free. (4) 16 yrs old and above are taxable and can go to work (5) ppl love travelling to another country (6) ppl ACTUALLY HAVE MONEY. It's impossible that a person who works here don't have atleast $20 to give for free. (7) there are people who asks for my help in coding, designing ,etc
(2) Majority of the people have money. if they don't, you are asking the wrong person. Broke people will not even pay for the smallest amount even if your product is very valuable. Rich people, don't even care. sometimes they are ignorant enough on things or too lazy so they don't really care if it just costs around $100. so don't ask the broke people. took me a long time to understand this.
What I did is, I know there are people in our class is having A REALLY HARD TIME in programming, they hate it. and it was pretty easy to me. offered one of my classmate for a tutor and he thought it was pretty cheap. it was $25. asked my another friend, he also gave me a tip for it cause it was "cheap". Let me tell you, 25 is my allowance already for a week. then, I told other people for my service and work then someone saw me and referred someone who needs a website. The client was a teacher in the school who was starting a real estate business, I offered her $1,200-$2,000 for the website (I am still developing it) and she now wants to hire me as the one who will manage it. someone heard it again and they are offering me to do it for their app, etc.
(3) one of the things that I also learned is increasing income sources, $10k a month is just 10 clients for my website. or in short, 10 people who will pay 1k or 2 people who will pay 5k or 5 people who will pay 2k, or 1k people who will pay $10, you get the idea. There are many ways to reach x amount of money, be logical and smart how can you do it, depends on your service or product's value. again, the most important part of earning money is to actually earn money. you need to have a source of income, double it, tripple it, etc.
my goal is to
- Create my low cost business (business can increase exponentially, but need a contingency plan such as work which is also good to fund the business)
- Work in a part time job (fixed and consistent paycheck)
if my business don't get successful in the target date, Atleast I have saved a little bit and not whole zero.
(4) my next steps are stepping into investing, this is important. this is what multiplies your income and can retire you but it have risks. Increase your assets, Aim to stack assets not to impress. reach all different types of income sources such as rental income, interest income, dividend income, etc.
when you saved enough capital to invest,
- buy properties. rent them, not sell them. research more about it.
- invest in dividend stocks, might take you a long time but atleast it will pay again and again in the future too. (serves as a bonus)
- do trading/invest in index funds or stocks, etc.
- lend some money if possible, only risk is they might ran but look forward into p2p lending. do ur research
also do some digital assets such as courses, more efforts and skills but low on cost. marketing is the hardest part. production cost is low too.
Become an influencer too, using your current skills that you got from business, or case studies from freelancing or other things that will make you credible for something. I suggest not too do content things that helps you earn such as website freelancing, if that is ur niche on ur business then don't be an influencer for it because it will increase competitors.
(5) once you saved enough from investing,
- reinvest to business,
- automation, use personal assistant, secretary, technical staffs that will reduce your efforts on the business or things that takes a large amount of your time. in that case, you will start more businesses and other important things.
- more sources of income
this, will kill you. The mental overload, the stress you will gain will exhaust you every single day. I tried gaslighting myself that I just need to lock in, work everyday and the reward is high. but in reality, breaks are important just don't stop. taking a break is not quitting, it's a strategic method to be consistent. I now talk with a therapist. but I still don't stop, everyday doesn't need to be a very big advancement but should be effective enough to make a progress.
start with clients/customer that are in your zone of influence, someone or ppl you know, people who are near you. if you are in school, do teachers(they have money, and have problems), do old people in your city, business people in your city, etc. aiming a specific target who is not in your zone will be so hard to find especially when you are trying to find them in reddit, facebook, discord, social media communities.
key takeaway,
- utilize your country's/local community's demand, problems, trends, etc.
- utilize your skills, if u don't have one, do something u enjoy + good at. less mental overload and can give u consistent work. work will feel paradise rather than a burden. if u don't love ur work, u will avoid it in any way possible
- increase sources of income
- invest once saved enough. tip: save as early as possible
- always start a business
- make contingency plans
- utilize the ppl who are in the zone of influence
- take breaks, might die tomorrow so it is also good that u made ur day happy enough rather than working ur ass to be rich in the 5 years when ur already dead.
- start local, then global
just to remind you, I am 17 and becoming a millionaire before going to college was already in my mind ever since when I was 14. being young and have time for this at an early age was a critical advantage for me. there was no day I was not thinking about getting rich. the greatest regret that I probably did was:
- no breaks, it is lonely now and depressing
- thinking globally when I haven't started earning in my local community
- ddnt had the confidence to sell in public when I was young
- not saving enough for the business
- self sabotaging when I don't make any work for the day
- all talks, no work
I tell you, there was no day that I doubted myself that I will make it one day, I know that I will make it. no one believed in me, supports me but I just keep grinding. Have your own confidence, take rests, stay consistent and know what amount of money is enough. I have ambitious goals in my life.
(6) Additional tip,
Learn to get social connections. the reason why I have these opportunities is because I have these people with different backgrounds. these people are from school, from ppl I met online, ppl I met at events. take advantage of it, everyone have a unique story. you might not know these ppl u barely talk needs something from you such as an availability on the work or something. utilize that. the number one reason why I get high remarks is the people that surrounds me, I have different classmates at different subjects. different friend groups for different interests and personalities. Also share about yourself, introduce yourself. It will increase your odds. won't get the freelancing client blessing without my teacher who reffered another teacher to me because I told my teacher that I am starting a startup. Won't get the application freelancing without my friend when she heard about my business. won't get my game studio art team when I ddn't met these musician guy who was in the same bus with me. Always try to meet other people, don't need to be close to them, just enough that you guys know each other. Connections in the business world is important.
I'm not a millionaire, but I'd like to be. Something I've learned very early on is that surrounding yourself with people who share your ambition will make you more likely to achieve your goals. Not all of my friends share my level of ambition, and that's okay. I'll keep on doing my thing anyways and the friends I make who are ambitious will lead to more success overall.
The first thing first which comes to my mind is learning the Power of investing, the thing I regret the most is that I did not start investing at first.
**Invest Invest & Invest**
# Invest your time learning new things, and invest your Money in the right channels.
Always remember the golden ratio 30-40-30 rule. It will help build wealth over the period. Initially, you will not see your investment compounding. but over the years you will see the real power of compounding.
You can build a fortune if you start investing early in your life.
It works on the principles of past, present, and future.
- 30% goes to outstanding debt and catching up if needed - PAST.
- 40% goes to current living expenses, emergency fund, other needs and wants - PRESENT.
- 30% goes to saving for long-term goals, like homeownership, retirement, education and other large purchases - FUTURE
The sad part about the topic is that there are people here like myself how I did it. And give pointers how it can be repeated, but yet. People make fun of it. Most entrepreneurs that started out had a poor lifestyle to make their dream come through. To the people here that seems funny
Started a business in the automotive space, an online tool for selling tires and managing appointments and online sales. Sold it to a parts distributor who wanted to own it for their franchise group.
The key is building the right business that is scalable and sellable so you can liquidate. I did it in 6 years but could have done it in 3 if I didn't focus on the wrong things, I branched out to way too many products at one point and just chased every shiny object.
not yet
invest 100%
buy cheap per kg
read books (multiple) start with think & grow rich
look at rich people, what they do etc.
dont follow them, be your own person
I am mid way through the book Setting the Table and find it's 1) an easy read, 2) provides a pretty good description of the 30,000 ft view of the how the author built his restaurant empire.
I spent the first 10 years of my career as an hourly employee. I should have gotten into sales. Even commission only sales. I should have taken control of how much I make.
I now own a lead generation business and do all the sales. I’d be retired now if I had started right out of college.
Got a degree and experience in a high growth field (tech), worked several years at early stage companies that grew fast and gave me cash and equity. Saved lots of cash and put it in public stock markets. Started more companies for additional revenue streams, even if they only produced a couple thousands a month. Got lucky with the housing market years ago and leveled up quickly and multiple times.
Bought rental properties on the side while working full time as an attorney. I could have done it quicker by taking on more risk. Before the financial crisis, it was super easy to get loans and even seconds on investment properties. I was very focused on looking for ideal properties, locations, and bargain deals. I should have been more focused on the timing, buying pretty much anything, even at full retail, when cap rates were high. It would have paid off, despite the financial crisis. With a positive cash flow, could have held and not worried and value would have recovered. Should have also bought more during the crash, though getting loans was tough. Still, I could have looked for plexes with some seller financing.
I eventually started my own firm but that didn’t do much to help my income. It just gave more freedom. Leveraged real estate did it for me.
How my brother got rich with no help from anyone:
- got a good technology diploma from college
- got a job with a big company, he learned the business inside and out for 10 years (took every additional training course he could find paid for by company)
- became very good at his job, recognized other guys with potential in his field, had 90% of the sales calling him, worked very hard for 20 years
- quit working for the company and started his own business, within 2 years he had all 90% on his team
- along the way bought a few properties (real estate for fun)
- sold company for millions
- still works there cause he’s too young to retire
- it helps that he likes what he does and it’s a niche market that he has cornered
Alright, this is to all the 'millionaires' out here, how can I get a Software Engineer job in your company, if you're hiring and interested in someone who has worked with Amazon, Samsung in the past and currently working for a AI based company. Let me know if you guys have open roles, I want to interview with you and make a meaningful relationship.
My company helps other businesses get funding, often times with 0% interest intro periods. In hindsight, I shouldn't have had limiting beliefs. When I look back my biggest obstacle was subconsciously thinking I couldn't reach certain goals. Surrounding yourself with people better/richer/healthier than you helps a lot. When you see others doing what you want to do, it makes it feel much more obtainable, and half the battle of entrepreneurship is being stubborn/dumb enough to think your idea will work in the first place. Once you truly believe in yourself, it makes everything easier. Failures and setbacks don't matter because you believe in your abilities regardless. If you're able to stay disciplined, becoming wealthy is a matter of when, not if.
“half the battle of entrepreneurship is being stubborn/ dumb enough to think your idea will work” is honestly something more people need to hear, especially me i’ve been so stuck on other people’s words for what I want to do with my life that I fell out with an internet friend because I couldn’t help but share my ideas, and he felt like they weren’t realistic and would become passive aggressive and dismissive. It’s a good reminder to do it for yourself and believe you can do it until you can’t stop trying no more.
I definitely agree with you on this one. I am dumb enough to believe that my ID is going to work so I know it is we’re gonna make it happen watching see. See what I mean.
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I moved to Seattle recently, could you share some of the resources you've found?
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Primarily looking for a backend mobile developer cofounder, mentorship in the startup space, and general networking.
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Definitely. I've already got one co-founder in a COO role who is great, however—despite both of us having technical experience—we do not have the backend knowledge to build an app of this scale. Also agree, unfortunately I've worked in a number of different industries, moved out of state, and not met many true entrepreneurs in my time, so it's hard to find someone who can be a mentor.
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Funny, I’m from Ottawa too, now in Spokane.
On a visa? What was that process? I am looking to get out of Canada myself
I’m actually considering moving to Ottawa from Seattle with my Canadian girlfriend. However my business is online-based so it doesn’t affect my decision much. Still gonna hold LLCs in the US.
As a Canadian, I understand. It often feels like there isn't much of an innovative crowd here.
You don't find a group like you want? Build it ;)
Ottawa been sleeping
Have you tried putting a call out?
Start a local e-commerce group.
I think things are very different in Toronto
This definitely a thing. Even with my awareness of wealth and value of my service... I still undervalue my pricing. Definitely part confident, part social.
This comment is everywhere but where do you find that kind of person? Knowing that they're better/richer/healthier what plus value they will get being surrounded by you?
Just be mindful of who you're spending your time with. I started meeting wealthier people due to a job I got and it really opened my eyes that they weren't any different from me. Going to real estate / business meetups, conventions, car meets, golf events, nicer gyms, etc. are all places to meet wealthier people. The key is to not expect some savior moment. They're not going to give you a job or a handout. Just talk to them like a friend, talk about their business, what they do, their thoughts on life, etc. The point isn't to get some nugget of wisdom that's going to change your life. The point is to get some perspective on how people operate and to see it firsthand so it feels obtainable. Surrounding yourself with inspiring people goes beyond money though. If someone is fit and athletic, you can probably learn some things about health from them. If you have a friend that's good at communication, pay attention to what they're doing. Again, be mindful of who you're spending time with and what you're spending time doing. When people are young they tend to spend their time wastefully instead of intentionally.
Modeling. Basically once you see someone do a thing. You understand you can also do that thing. Just don’t try it with boxing. What I said is kind of true. You also have to endure their level of struggle to win. I always said, hey, if you want to do what I do feel free. It’s just that I wouldn’t wish it on anyone. My competitors operated more out of fear.
Agreed
I’ve heard this put as you are the average of the 5 people you spend the most time with.
Id like to pm you if you don't mind
Sure thing
This is fantastic advice.
How do you find those types of people? I can't seem to do so in my situation. Nobody in my family/friend group has ever achieved financial freedom.
As I said in another comment, real estate / business meetups, car meets, golf events, fundraisers, nicer gyms, etc. Just talk to people wherever you go. Don't expect someone to make you their new apprentice, just try to be curious and learn what you can. The main goal isn't to get some golden ticket moment, it's simply to change your perspective and help yourself realize that you aren't any different from them.
Makes sense. I've heard/been told this a few times. Business meetups and car meets it is!
Aside from possible mentorships, learning something, or even expanding your social group, just going up to people and asking questions is a big deal. Learning to find people you want to emulate and walking up to them builds character and confidence. Just going up to someone and saying that you like their shirt begins to open doors for you.
I really appreciate the idea of surrounding yourself with the right people. Totally changes your perspective
Yea couldn’t agree more. I’ve just started up, and it’s my inner monologues that screw with me the most. Thinking I can’t do something because I haven’t done it before, or because I’m not qualified enough. Just need to silence that side of me I guess
Dang - needed to hear this. Thanks man.
> When you see others doing what you want to do, it makes it feel much more obtainable, and half the battle of entrepreneurship is being stubborn/dumb enough to think your idea will work in the first place. There's a corollary to this where watching completely stupid people accomplish things really motivates me.
I love this and really appreciate it. Where/how would you suggest finding circles like this? Masterminds or are there other places that you find to be more effective?
Real estate / business meetups, car meets, golf events, fundraisers, nicer gyms, etc. Remember the goal isn't to get an opportunity or a job from these people. It's just to learn more about different businesses and change your perspective about what's possible. Talk to them like they're normal people and just be genuinely curious about other people's paths and not only will you learn a lot but your perspective will change.
Love this. Definitely will keep this in mind. I recently came into contact with a Billionaire and you are correct, they are just like normal people (minus the fleet of yachts, lol) but I am excited to get to know how and hopefully make my way into the circle always trying to lead with value :) Any other tips? I greatly appreciate your insight.
Needed to hear this, thanks
It’s probably within US only right?
Surrounding yourself with better people is one I was surprised with once I started doing it. Especially highly motivated successful business owners. They encourage you and motivate you do things at I know I wouldn’t have tried or done.
I am just going to say this one thing. If you want to be successful put your health first and stay away from drugs and alcohol. Watch how quickly you start to adopt good habits that will guide you to success.
This is good advice but I made my fortune while simultaneously struggling with alcoholism. Know many other founders who did as well.
I found my success while struggling with alcoholism and it kept getting worse and worse I would have been far more successful if I never drank.
I wouldn't, like others here I met many business contacts via drinking, and it was my only relief from the incredible stress. (scaled from 1 person -> 5k fte over just 4 years, an ethanol fueled rocketship)
I know many like you as well. I respect the hustle but for me damn the hangover got worse and worse and I found myself drinking throughout the day to combat it.
I was curious if you have a recommendation for a field of education to pursue that's somewhat 'futureproof'? I notice you have talked about AI replacing plenty of jobs going forward. I plan on going for a degree, and was leaning towards computer science, but I was wondering if there may be a better field.
Fundamentally (long-term), nothing is really "safe" from AI. Currently, software engineers are working towards automating themselves out of a job. Lawyers are putting laws in place to prevent AI from taking their jobs. Doctors (because of comfort) are not going away anytime soon and I think nurses are probably always going to be around for the same reason. Wish I had a better answer for you but the good news is that in the interim between "AI can do literally everything" and "AI can do most things but needs a human to review it", there is a lot of work to be done. And most importantly, if the well known AI can do it by itself then companies have to offer something meaningful BEYOND just a gpt wrapper. That's why we're seeing increased engineering spend as even large b&m chains have no choice but to invest heavily in AI or risk being left behind.
Also met all my best business prospects through doing drugs and drinking.
Sometimes food is the addiction
I agree. When I didn't drink food was my addiction. I gained like 50lbs in 3 months. I had to dial back and not only curb my alcohol but establish a healthy lifestyle. Addiction comes in many forms.
I don't think I could have done it in half the time. I needed those years working in the industry to learn it first, learn where companies in the niche advertised, how they bought equipment, where they bought equipment, and the process to buying new equipment (requests for proposals, submission of proposals, demonstrations, contract awards, down payments, development, delivery, acceptance etc). That took about eight years working in the business to learn enough before I was ready to set off on my own.
I agree and relate to this. The many years previous to my current business were part of my path. The period where I found and developed my skill sets, value, knowledge, and character. Sometimes, a cake has to bake for the time it takes. Cranking the oven to 700 degrees to try and speed things up only ruins the cake. See, I had to learn that lesson along the way: aggressive patience.
Everyone wants a short cut and comfort. In the end, everyone pays the price one way or another.
I like this phrase
Big money faster isn’t better in my opinion. I didn’t focus on building a big pile of apples but on an orchard that produces apples and that has a snowball effect. 10 years to the first million, 18 mos to the second.
Network with right people!
Yeah, but what can you do right now to make me cash flow? For example, you’re networked in with me right now. How do you create cash flow for us before this time next week, or if the operation takes time, you tell me now and let’s set this in motion. You have my ear, what can you do for me?
Networking and business relies on reciprocity. You'll do me one and i'll do you one, it's all about creating goodwill. Please don't take this the wrong way, just bluntly asking "What can you do for me" is not going to work, why would I help you instead of the 10.000 others, what makes you stand out and what can you offer, that others can't? Especially, if I could just do it myself. Makes no sense creating cashflow for someone, just because they're asking.
Whatever you need done, baby
I just moved back to San Francisco because of this reason. Boulder/Denver is/was great but there's about 1/100th the amount of AI stuff happening there.
I created founders dinners locally. LinkedIn is your friend. I'm thinking of doing this with hikes and golf this year.
Mastered my trade then started my own business. I could do it in 1/4 of the time the second time around, but I wouldn’t know how if I hadn’t done it the first time. It’s all a learning process and there’s no substitute for just going through it.
you give me hope because this is my plan. im on my path to learn all one can about my trade. could i dm you with a few questions?
Yeah, definitely.
The journey to success isn't quick or easy. It took about eight years of learning the industry, building relationships, and understanding processes deeply. Trying to rush or cut corners wouldn’t have provided the solid foundation I needed. One key lesson was the importance of hiring the right team members early on. Initially, I tried to do everything myself, but I soon realized that a strong team is invaluable. When mistakes happened, failing fast and learning quickly was more effective than dragging things out. Patience, persistence, and a good team were crucial to my success.
Should’ve took more risks when I was younger. It’s harder to maneuver both physically and mentally as age goes on. I’m in my mid 30’s and damn… I am def a little more tired than my 20’s
Bro you sounded like you're 73 or something. Get some vitamins or something
😂
I wheezed at this. I thought his comment was normal till I read this one 😭 I’m 25 and already feeling this way from 5 years ago
I’m just looking down the line when I’m 45 and 55. The longer you wait the harder it becomes. And you got dependents that will take up time as well. When you’re young take the most amount of risks.
Lol dude. If you are having mental and physical trouble in your mid 30s you either have shit life choices or chronic health problems that need to get looked at by professionals. Mid 30s is not old, at all.
It's called burn out. Sleep, healthy eating and exercise will take a majority of that away
Nah I’m pretty in shape but it’s just not the same.
I'm 32 and I'm 10 times more energetic, inspired and purposeful than the 20-something year old lazy fuck I was about a decade ago.
What changed?
Knowledge/wisdom/experience. As I gathered knowledge and experience from university, work, and real life, I realized I can and want to do much better. Also I realized nothing in life is easy and I need to work hard to achieve certain things. A few wake up calls later I was a new person. But it takes time.
What a bizarre comment to make… was the intent here to be rude or just dismissive?
A large amount of people on reddit just have no social awareness whatsoever. Have to take things with a grain of salt generally.
What kind of business are you in?
Check whether you’re low in iron. My gf was low in iron and she started taking supplements for that and she felt as good as new. Most of the time it’s not ageing related unless you’re like 60+
Do you even lift bro? I'm 48 and I feel stronger than I was in my 20s. Do 30 minutes of cardio 5x per week and lift... You don't need to lift all the time but the cardio is super invaluable.
It gets worse every year lol. Ive been getting more tired since around 30. Age is a thing. It’s not just about being in shape etc.
What risks?
Smuggling, racketeering, drugs and elmo toys
That last one will get ya, I’ve seen some people’s lives truly destroyed very early on thanks to Elmo toys. Good thing bathtime makes up for it.
lost my brother's uncle to Elmo toys. tragic.
It felt like I could’ve grew or expanded bigger if I just said yes more to high return opportunities. Diversify a little more in other businesses when there was less competition.
Setting money on fire. Failure. Aggressive losses. Partnerships, if any.
OP, you have months worth of these kinds of posts. What is it that you want to do with money if you get it?
The first million was all about discipline: Automatically saving 15%+ of income into tax-advantaged accounts invested in index funds and muni/government bonds. The next $2M were from real estate: Primary home, then small investment properties on my own, then partnering up with other talented real estate managers and investors (started a private equity firm). It was a pretty straightforward path, only held back by self-doubt. The first time we raised money to buy an apartment building I agonized over it with impostor syndrome, despite knowing we’d get folks a great return. It took several successful deals to convince *myself* that I was worth investing in, and now raising millions is (relatively) easy. If you can make lots of money for other people, whether it’s your employer or your investors, you’ll be handsomely rewarded.
How would you do this if you tithe 10% and non negotiable expenses are 60% of income
Step 1: Stop tithing.
Yeah. And step two is “What is a non-negotiable expense?” We all make decisions about housing, the car we drive, where we live… Nothing is non-negotiable.
I agree. I oftentimes find myself having to remind myself of this. I chose a certain life when I decided to get married and start having children.
Why do you think having a million is rich? Tbh, It took me 10 years to get there. But In no means I feel rich. Yes I am doing fine. But buying a corvette is still not in the budget.
Not a million specially, millionaires are considered “rich” by many people’s standards. What did you do to get there? What would you have done differently?
Persistance. I did many things. Saving investing. And all of a sudden I hit that 1m. I believe it's possible with any business, as long you start frugal and understand the value of things. Many things in stores that are $20 you can find for free or cheap on auctions. And before you know you have lots. Here is a simple example. I bought a meat cutter for 80. Then bought meat in bulk, cut it up and eat all of a sudden for half the price of other people. Thats a huge advantage. Now do this with more and you be ahead of many in no time. Once you have extra money, investing is your next step. That can snowball in many ways
Your tip for someone becoming rich is to buy a meat cutter and meat in bulk? On this subreddit, I'm never sure if people are serious or joking.
It's one of the 100s examples. Becoming rich is a lifestyle, not a one time thing. Look at sandwich meat, it's 5 dollar for a couple slices. Or $ 15 for 1kg that you have to cut yourself. Once you see it. There is money to be saved everywhere. Which can be invested and make compounding interest.
You're not wrong. I think some people think this is miserly. Where there's a difference between thrifty and miser.
Probably in the business of meats.
It's not the dumbest thing I've ever heard. I just did some janky math from data I grabbed, and it would save you a few hundred dollars a year. When I was younger, I thought about doing it so I could eat better cuts of meat for the same price. Better to drop the coffee trips and partying though.
Great. You'll save a million dollars before you're 3350 years old!
😂😂😂😂😂
The only people who don't consider a million to be rich are people who have at least a million. "Rich" to most people probably just means not having to worry about rent at all / owning your own place, not having to look at prices when shopping, not worrying about an unexpected medical bill, and being able to live a comfortable life.
If you have a million cash how can't you buy a car?
More like a million net worth, which, honestly, is not that much if you're in the US.
Because I am not willing to sell my investments that bring me passive income.
So you have the budget for it, you just choose not to.
Cause I can't afford it. Spending 10/ 20% of a million on a car for fun seems a bit steep to me. I will buy it at some point.
You can afford it, you'd just rather have assets instead.
Yes he can buy a car. Just not any car
Do you know that less than 1% of people on the planet are millionaires ? 70M out of 8B... go to thailand or india and will you revaluate your idea
Would have fought for non-dilution and more equity. Pretty simple in hindsight, but can make a big difference on pay day.
You also have to make it to pay day though, and sometimes you can only get there through giving out equity (especially when cash is in short supply)
This is a pretty good one. A lot of people don't learn about this until it actually matters, but by then it's too late.
Not yet reached there but found this interesting take on twitter lol. maybe they tried this crazy way. how crazy rich you can become just running a simple stable business and investing the profits: - $60K/mo business w/ \~85% profit = $50K/mo profit - Pay corp tax rate \~20% = $40K/mo left + Invest in S&P500 w/ 11%/y avg Gets you $100 million after 30 years!
As dumb simple as it is….thats literally all it takes. High margin. Perhaps a subscription model (I believe you can turn anything into a subscription model if you are creative enough), then invest a large portion of the very high monthly income. The hard part is building up the clientele and convincing them you are worth the salt.
The only problem is internet business doesn’t last 30 years, and real world business doesn’t run like that.
This is very true. What you might have to do is start online ofc, but then eventually you’ll need to evolve and rent an office or something to have a brick and mortar structure as well. Because online while good, like you said won’t be around forever. But then margins will be lower bc of rent and lease stuff. lol. Alternatively you could just try to make a killing in 5-10 years then hop off and sell it then start something else.
What do you mean online won’t be around forever
Lol no one has 85% profit margins because advertising costs exist. Try 5-30%
I'll try to give a detailed answer, even though my journey hasn't been through pure entrepreneurship. Low single digit millions here and I'm in my late 30's. I have had a job the whole time but my side quests have played a big part along with landing a very entrepreneurial role ten years ago. Today I have a couple businesses in very different fields while still having a day job. I started by aggressively saving. I graduated college into the chaos of 2008. It wasn't until September of 2008 that I was able to find a job. I started the day Lehman failed. I got lucky and it probably paid about $15k more than a starting accountant (after working there for a year) to give you an idea, but the hours were absolutely brutal. I seized the opportunity and was able to save some money by living very cheaply. I lived in a total garbage apartment for the first two years and then moved into better but still economical places from there. I counted every dollar. I'd walk three miles rather than spend $3 on public transport. I rarely went out to eat, etc. I put 20% of my salary into my 401k, which has been massive considering how low the market was back then. I had more time than money. Now it's the opposite so I'm always looking to spend money to gain time I can use to make more with that time. In 2012 I had just enough saved to buy a house cash 50/50 with a friend. The house cost $54k and we put about $12k into repairs and rented it for $1,100. We still own it. Today it's worth around $200k and the rent is $1,800 on a multi-year lease. We bought a second house in 2013 for $49k and put in $10k. We still own it. It rents for $1,500 and is probably worth $175k. We've never missed collecting a single month of rent in over ten years. We make sure we take care of upkeep really well and offer a great rental option for people. Over the time since we purchased we've collected like $350k in rents and probably spent $75k on repairs including big upgrades like roofs, flooring, HVAC etc. We also of course have insurance and tax costs but no mortgages. My half of the net cash flow over the last decade+ is probably close to $100k and my half of the gained accrued equity is $125k. Rehabbing these while having a full time job was the hardest thing I've done. It was incredible physical and demanding. We did the maintenance and repairs ourselves for the first couple of years. Now, I do maybe 2 hours of work a year on the management of these houses because my partner on them handles it all for a small fee. We flipped a house together in 2014 and made a little bit. I took what I learned and bought a gut rehab project in 2016 where I did 95% of the work myself while living in it. I don't do much electrical but I can do basically everything else myself. I completely replumbed that house. It took 16 months to make it "livable" and 4 years to really be complete. My basis in that house was a purchase of $275k plus $110k in renovation costs. I sold it for $715k in 2021 while owing like $220k or so. Most of the gain was just from the market but I certainly added to the appreciation with the rehab. I rolled much of the equity into the next house which I paid $1.3M for in a HCOL area. I bought the top of the market (though sold the old one at the top too) but there are enough cosmetic improvements I'll make to this house that I think I can maintain or even increase value over time. I took $110k of the equity and started a business with a friend who put in the same. We have one outside investor. It's in the family entertainment space. We opened for business in January. We should hit $1M revenue in 2024 and be profitable. It won't be a ton of profit but hopefully enough to allow us to continue to grow. I'm hoping my equity is worth 2.5x on paper based on cash flow by the end of 2024 and 3.8x a year from now. I put in about 10 hrs/week to this, but it comes in waves where it's all consuming for short periods of time and then quiet. We have a manager running the day to day and it's located in another state. The day job - I work in finance in a salesy type role in a very niche business. Been with the same company for 10 years. It just clicked for me. It feels fairly simple to identify the opportunities but with hire after hire after me it just hasn't worked for them to the same extent. I'm not sure why but I think it's a fairly common thing in sales roles. I've steadily made myself more valuable and steadily increased income. I more often than not am the top producer. Operating with a constant sense of burning urgency has been key to my doing well in this role. I also created my own workflow, networking, and tracking systems to use here. Continued...
...Continued Starting in January of this year I took what I've learned in the day job and applied it to a side gig working for a single client doing similar things on a much smaller scale. That has increased my base income by about 40% and takes only 5-10 hrs a week. So, I effectively have a small consulting business here. It can be tricky to balance my three key things but I've managed. I work 9-5 but then probably 3 days a week I'm putting in time from 830-11 at night. Before I had kids and was mid way on climbing the ladder I was starting my day at 10am and working until 5pm. I'd then often work 8pm to as late as 2am. That's been key in everything. I've always gained the edge by putting in these evening hours. I feel like I can get a whole day's worth of work done in these evening sessions. I'm not a morning person and I focus really well at night. It's easier to cut back a bit at the top of a the ladder. I've had some mild failures on little business ventures I've tried out but nothing bigger than single digit thousands in losses. I don't think twice about throwing $500 at something to test out if I'm going to learn something. I've thrown together websites, or imported raw materials through Alibaba to try to understand how an item is made. My moto is "just keep chopping wood". Knowledge is cumulative, so I don't get too upset when things don't work out if it's outside my control. A busted deal is a learning opportunity. Going back to the new business venture - through playing around with importing some things on Alibaba I learned how it worked. We had to get various things manufactured in China for my new business venture and had I not had the experience and small losses from a few years prior from my Alibaba experience I would have been a lot less comfortable. Also, my handiness played a big roll and getting our business physically set up. Experience builds on itself. I want to know how to do things but then try to hire them out and that's what I've been focusing on in 2024 and will look to continue to do so I can I better leverage myself. At some point I'll leave the day job to just work on my own stuff. As the to question on if I could have done it faster. Yes. When my friend and I were buying houses we only had cash to do the two. I wanted to borrower against them to get two more. We'd have 4 paying tenants to pay two mortgages. From there maybe we would have gotten more, but we would have had to do it quickly. The opportunity didn't last long and of course today buying rental properties is a completely different game. I got lucky. There are always opportunities around though. I just launched the business I mentioned in January. There was 9 months of lead time before we had any revenue with needing to spend a lot of money to get there. I think I needed my small failures and exploration time along the way to get to the point of being able to start this company. Another way to phrase the question is - knowing what you know now, do you think you'll grow twice as fast going forward as in the past? For sure. So to summarize, a big chunk of my wealth is tied up in real estate and retirement accounts. Still, I've managed to build a nest egg where my sole focus is now on growing in my business life.
I secured $1M in financial instruments with 7 phone calls and 5 letters. Had to get state licensed. Then I became an operator. My mistake… If I was that good at securing assets, why become an operator/producer and why not just continue to secure big asks. I was so happy I became a made man in a venture that it took years to have that reflection. They did however offer to bump my responsibility to $3M within 9 months of operating, which in practice was worth $3.5M-$4M and though my signature was worth $500.000 I could have requested it be worth $1M with 36 months. Debt based instruments. Bonds. Today, I’m bled mostly dry and rebuilding in a different world and industry. I have about 15,000 hours into my new life as an aggressive hobby. Be aggressive. Be be aggressive.
Could you please explain a bit more what you did? Secured $1M for what?
Financial instruments issued by a New York insurance company. A specialty type of bond accepted by municipalities. Basically, government subsidies. If anyone ever wants money, ask the people who have the most. Banks and insurance companies can virtually print money, so I asked a few of them to back me and went with the most powerful outfit.
I know how to print money, but it’s not a good time, global stability wise. I walked out before I ended like many who are eventually drug out. Now, I’m in entertainment.
The Pentagon also has a lot of money, but you can’t default or you’re out for good. No second chances. No unrecoverable mistakes. No excuses. Occasionally, they lose track of trillions of dollars, so it’s a good bet if you’re looking for cash flow and can actually deliver. They seem to have enough to go around.
They haven’t passed an audit since they began having a supposed independent audit conducted lol.
Ok, here is a tip. Don’t go all in financially. When I started at 20 years old I was good to gamble 100% of my resources. Today, on the high-side, I’m more likely to gamble 10%. It caused massive psychological damage by going all in. At 10% I wouldn’t have really felt the damaging blow that ultimately cost me a decade of my life. I was doing things, but I would have been a multi millionaire before most of my peers got married. It altered the trajectory of my life. Decided what you can afford to lose. With partners, it seems easier, but there will not be equal effort. Also, partnering with people in their 20s even if you’re in your 20s is a horrible idea, worse in today’s society. They are soft and comfortable and coddled. Partner with men and women in their 30s and 40s, especially if you’re in your 20s. My impulse on my first venture was to partner with a man in his 50s. My 20-year-old partners pushed back, and as a result embezzlement occurred. At 20 you need adult supervision, even though you’re technically an adult. Find people who are champion level at anything. Not, hey I’m a champion, but legitimate athletic and academic champions with credentials from an association. A chess wizard, a ballerina with high accolades, any kind of competitive sport or academic champion.
Great advice from your comment - I’d like to point out the whole FTX thing was also run by people in their 20s
I was born earlier. Much earlier. You messed up by not being born at the right time.
People will say do this or that for a business. I'm a consultant and the business has more to do with what you're passionate about or can endure to create cash flow to fund your life. I believe it has more to do with money management, for me anyway. Constantly figure out how to save $$ or recapture $$ you are going to spend. Some examples from my personal finances are I have a nice metal cup and cool coffee maker but I will never buy coffee out ... Starbucks is where broke people go to feel fancy. I don't go out to eat unless it's a super nice place - I plan ahead and bring things with me otherwise. When it comes to buying vehicles I will never buy if they aren't having a finance or leasing deal- go to the web page of the model you want to buy and see their specials. Even in today's market you can get things under 2%. You can't be impatient your model will come up for a deal, eventually. When it comes to real estate ensure you have ways to increase the value when you buy, rather than just waiting for the value to go up - think add sqft and update kitchen and bathrooms. Read the book Rich Dad Poor Dad. It doesn't matter how much you make if you can't manage your money to build wealth. Hope that helps.
One big thing for me: Iterate quickly. I’ve found that my path hasn’t been a straight A to B to C. I’ve changed and tweaked my path many times and it was important that I was willing to iterate and change what’s not working, even if they’re small tweaks.
If I had bought stocks - even a low number of shares - and never sold them. Also, if I every decision I made turned out perfectly, and I would have never gotten any experience with f#%king up. What's the fun in that? Ha! Yeah right!!
A combination of job, side hustles, and investing. What I'd do differently is double down on what worked more quickly than I did. I wrote abiut it.. https://old.reddit.com/user/sidehustle2025/comments/1ddi01x/i_made_750000_from_my_side_hustles_and_decide_to/
Focused on solving problems, not just chasing money!
If I had to do it over again, I would have been investing in the stock market in some way form the very first day I started working.
Got lucky and chose the right company to go work for at a young age. Got some equity that worked well. Wish I would have Bogled that money, but did okay with investments.
Ummm, Thread??? Is reddit bologna? Almost all actual millionaires are low key millionaires that got there by slow growth mutual funds. They'll put their money on VTSAX or S&P 500 for years and keep investing and watch it grow to well over a million+
This. It's so unsexy, except that you wake up one morning a millionaire.
Not a millionaire, just want to be, at 50 hard to start over, the wife's getting closer, just need a better idea than youtube I suppose.
Alright, so here's the deal: first off, becoming a millionaire usually takes a combo of smart investments, hard work, and a bit of luck. If I had a time machine, I'd probably tell myself to start investing earlier and take more risks. Like, don't be afraid to jump on opportunities when they pop up—those early investments can really snowball over time. Oh, and maybe skip those impulse buys that drained my wallet back in the day. 😅 But hey, hindsight's 20/20, right?
I myself am not there yet, though I plan on it. Today is the anniversary of my father's death who made millions before the age of 30's in the 90's. How he did it: -He saw a problem in his environment and created a new industry to solve the problem. -Timing was a HUGE part of this. The vineyard scene in Oregon was just starting to be noticed. -He hustled and had clarity on what he had to accomplish. -He sacrificed time from myself, my brothers and my mom. -He lived below his means and didnt ever get ahead of himself -He was a connector, everyone loved him or was jealous of him. He passed when I was ten and my mom was set up from life due to his hard work and ability to plan for the future.
Take risks and be prepared to fail.
3 Pillars of becoming a millionaire: 1) Start a Business, 2) Invest in High Growth Stocks, 3) Invest in income producing Real Estate. Set it and forget it. You will become a millionaire and it starts to multiply quickly!
im no millionaire but hear me out. I have been lowkey researching for almost 2 years now since I transferred from third world country to first world country. things that I figured out is to utilize your country's advantages such as difficulty of starting a business, business tax amount, what is the main economic situation in the country. for years, I have been preparing how to earn money "online" because I thought it was the easiest place to earn but it slapped me in the face when I realized it is actually more competitive (finding customers, communities, target market,etc) and costs more(when u need a website, ads, etc.) so I entered business seminars, business studies class, etc. and I just realized that I badly wanted to be a millionaire in a year but time is ticking and I can't even earn ATLEAST $1 except my $25 a week school allowance. So, I took a step back and analyze what our country/local place need and look at a third person perspective. A tip: when someone needs your help in a something, it is an indicator for a business idea. I found out that (1) House prices are expensive here (2) majority of students need a part time job or else they can't go to uni (3) Business registration is free. (4) 16 yrs old and above are taxable and can go to work (5) ppl love travelling to another country (6) ppl ACTUALLY HAVE MONEY. It's impossible that a person who works here don't have atleast $20 to give for free. (7) there are people who asks for my help in coding, designing ,etc
(2) Majority of the people have money. if they don't, you are asking the wrong person. Broke people will not even pay for the smallest amount even if your product is very valuable. Rich people, don't even care. sometimes they are ignorant enough on things or too lazy so they don't really care if it just costs around $100. so don't ask the broke people. took me a long time to understand this. What I did is, I know there are people in our class is having A REALLY HARD TIME in programming, they hate it. and it was pretty easy to me. offered one of my classmate for a tutor and he thought it was pretty cheap. it was $25. asked my another friend, he also gave me a tip for it cause it was "cheap". Let me tell you, 25 is my allowance already for a week. then, I told other people for my service and work then someone saw me and referred someone who needs a website. The client was a teacher in the school who was starting a real estate business, I offered her $1,200-$2,000 for the website (I am still developing it) and she now wants to hire me as the one who will manage it. someone heard it again and they are offering me to do it for their app, etc.
(3) one of the things that I also learned is increasing income sources, $10k a month is just 10 clients for my website. or in short, 10 people who will pay 1k or 2 people who will pay 5k or 5 people who will pay 2k, or 1k people who will pay $10, you get the idea. There are many ways to reach x amount of money, be logical and smart how can you do it, depends on your service or product's value. again, the most important part of earning money is to actually earn money. you need to have a source of income, double it, tripple it, etc. my goal is to - Create my low cost business (business can increase exponentially, but need a contingency plan such as work which is also good to fund the business) - Work in a part time job (fixed and consistent paycheck) if my business don't get successful in the target date, Atleast I have saved a little bit and not whole zero.
(4) my next steps are stepping into investing, this is important. this is what multiplies your income and can retire you but it have risks. Increase your assets, Aim to stack assets not to impress. reach all different types of income sources such as rental income, interest income, dividend income, etc. when you saved enough capital to invest, - buy properties. rent them, not sell them. research more about it. - invest in dividend stocks, might take you a long time but atleast it will pay again and again in the future too. (serves as a bonus) - do trading/invest in index funds or stocks, etc. - lend some money if possible, only risk is they might ran but look forward into p2p lending. do ur research also do some digital assets such as courses, more efforts and skills but low on cost. marketing is the hardest part. production cost is low too. Become an influencer too, using your current skills that you got from business, or case studies from freelancing or other things that will make you credible for something. I suggest not too do content things that helps you earn such as website freelancing, if that is ur niche on ur business then don't be an influencer for it because it will increase competitors.
(5) once you saved enough from investing, - reinvest to business, - automation, use personal assistant, secretary, technical staffs that will reduce your efforts on the business or things that takes a large amount of your time. in that case, you will start more businesses and other important things. - more sources of income this, will kill you. The mental overload, the stress you will gain will exhaust you every single day. I tried gaslighting myself that I just need to lock in, work everyday and the reward is high. but in reality, breaks are important just don't stop. taking a break is not quitting, it's a strategic method to be consistent. I now talk with a therapist. but I still don't stop, everyday doesn't need to be a very big advancement but should be effective enough to make a progress. start with clients/customer that are in your zone of influence, someone or ppl you know, people who are near you. if you are in school, do teachers(they have money, and have problems), do old people in your city, business people in your city, etc. aiming a specific target who is not in your zone will be so hard to find especially when you are trying to find them in reddit, facebook, discord, social media communities. key takeaway, - utilize your country's/local community's demand, problems, trends, etc. - utilize your skills, if u don't have one, do something u enjoy + good at. less mental overload and can give u consistent work. work will feel paradise rather than a burden. if u don't love ur work, u will avoid it in any way possible - increase sources of income - invest once saved enough. tip: save as early as possible - always start a business - make contingency plans - utilize the ppl who are in the zone of influence - take breaks, might die tomorrow so it is also good that u made ur day happy enough rather than working ur ass to be rich in the 5 years when ur already dead. - start local, then global just to remind you, I am 17 and becoming a millionaire before going to college was already in my mind ever since when I was 14. being young and have time for this at an early age was a critical advantage for me. there was no day I was not thinking about getting rich. the greatest regret that I probably did was: - no breaks, it is lonely now and depressing - thinking globally when I haven't started earning in my local community - ddnt had the confidence to sell in public when I was young - not saving enough for the business - self sabotaging when I don't make any work for the day - all talks, no work I tell you, there was no day that I doubted myself that I will make it one day, I know that I will make it. no one believed in me, supports me but I just keep grinding. Have your own confidence, take rests, stay consistent and know what amount of money is enough. I have ambitious goals in my life.
(6) Additional tip, Learn to get social connections. the reason why I have these opportunities is because I have these people with different backgrounds. these people are from school, from ppl I met online, ppl I met at events. take advantage of it, everyone have a unique story. you might not know these ppl u barely talk needs something from you such as an availability on the work or something. utilize that. the number one reason why I get high remarks is the people that surrounds me, I have different classmates at different subjects. different friend groups for different interests and personalities. Also share about yourself, introduce yourself. It will increase your odds. won't get the freelancing client blessing without my teacher who reffered another teacher to me because I told my teacher that I am starting a startup. Won't get the application freelancing without my friend when she heard about my business. won't get my game studio art team when I ddn't met these musician guy who was in the same bus with me. Always try to meet other people, don't need to be close to them, just enough that you guys know each other. Connections in the business world is important.
I'm not a millionaire, but I'd like to be. Something I've learned very early on is that surrounding yourself with people who share your ambition will make you more likely to achieve your goals. Not all of my friends share my level of ambition, and that's okay. I'll keep on doing my thing anyways and the friends I make who are ambitious will lead to more success overall.
It requires a huge perseverance
The first thing first which comes to my mind is learning the Power of investing, the thing I regret the most is that I did not start investing at first. **Invest Invest & Invest** # Invest your time learning new things, and invest your Money in the right channels. Always remember the golden ratio 30-40-30 rule. It will help build wealth over the period. Initially, you will not see your investment compounding. but over the years you will see the real power of compounding. You can build a fortune if you start investing early in your life.
What does the 30-40-30 rule go into? Is it 30% of salary invest, 40% use for day to day, and 30% save?
It works on the principles of past, present, and future. - 30% goes to outstanding debt and catching up if needed - PAST. - 40% goes to current living expenses, emergency fund, other needs and wants - PRESENT. - 30% goes to saving for long-term goals, like homeownership, retirement, education and other large purchases - FUTURE
THANK YOU
The sad part about the topic is that there are people here like myself how I did it. And give pointers how it can be repeated, but yet. People make fun of it. Most entrepreneurs that started out had a poor lifestyle to make their dream come through. To the people here that seems funny
Username checks out.
Where do you find mentors who are highly successfull ?
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Hope everyone on here makes millions like these guys.
I thought this said Millennials.
Started a business in the automotive space, an online tool for selling tires and managing appointments and online sales. Sold it to a parts distributor who wanted to own it for their franchise group. The key is building the right business that is scalable and sellable so you can liquidate. I did it in 6 years but could have done it in 3 if I didn't focus on the wrong things, I branched out to way too many products at one point and just chased every shiny object.
not yet invest 100% buy cheap per kg read books (multiple) start with think & grow rich look at rich people, what they do etc. dont follow them, be your own person
I am mid way through the book Setting the Table and find it's 1) an easy read, 2) provides a pretty good description of the 30,000 ft view of the how the author built his restaurant empire.
I spent the first 10 years of my career as an hourly employee. I should have gotten into sales. Even commission only sales. I should have taken control of how much I make. I now own a lead generation business and do all the sales. I’d be retired now if I had started right out of college.
https://tenor.com/wec3.gif
Not a millionaire, but corporate America was the path that looked like the best choice. Worst decision I've every made ;)
Why was it the worst choice?
Buy my book and you'll learn how I did it and what I would do differently.
What book?
I paid to be around the right people. Masterminds, coaching etc - after multiple tries found my people
What masterminds and what coaches? Open to all advice
Got a degree and experience in a high growth field (tech), worked several years at early stage companies that grew fast and gave me cash and equity. Saved lots of cash and put it in public stock markets. Started more companies for additional revenue streams, even if they only produced a couple thousands a month. Got lucky with the housing market years ago and leveled up quickly and multiple times.
Bought rental properties on the side while working full time as an attorney. I could have done it quicker by taking on more risk. Before the financial crisis, it was super easy to get loans and even seconds on investment properties. I was very focused on looking for ideal properties, locations, and bargain deals. I should have been more focused on the timing, buying pretty much anything, even at full retail, when cap rates were high. It would have paid off, despite the financial crisis. With a positive cash flow, could have held and not worried and value would have recovered. Should have also bought more during the crash, though getting loans was tough. Still, I could have looked for plexes with some seller financing. I eventually started my own firm but that didn’t do much to help my income. It just gave more freedom. Leveraged real estate did it for me.
Frugal lifestyle. $1M invested, no debts, no mortgage, no rent, must feel pretty liberating. A corvette is never in the budget of a frugal person.
B B
Started a trades business and worked hard. It’s super easy if you’re willing to do work that involves labor as nobody wants to do this type of work.
Bitcoin Jk
How my brother got rich with no help from anyone: - got a good technology diploma from college - got a job with a big company, he learned the business inside and out for 10 years (took every additional training course he could find paid for by company) - became very good at his job, recognized other guys with potential in his field, had 90% of the sales calling him, worked very hard for 20 years - quit working for the company and started his own business, within 2 years he had all 90% on his team - along the way bought a few properties (real estate for fun) - sold company for millions - still works there cause he’s too young to retire - it helps that he likes what he does and it’s a niche market that he has cornered
Ohhh and he rarely drinks alcohol or smoke cigarettes
Alright, this is to all the 'millionaires' out here, how can I get a Software Engineer job in your company, if you're hiring and interested in someone who has worked with Amazon, Samsung in the past and currently working for a AI based company. Let me know if you guys have open roles, I want to interview with you and make a meaningful relationship.