Everybody dreams of one day being rich enough to quit your job and live the good life but, for most of us, the first step towards becoming an actual millionaire seems an impossible one.
There’s no cast-iron approach to making the big bucks, but those who have been there and done it definitely have more sage advice than most.
So when a Reddit thread started up, asking millionnaires to give advice on how they became so wealthy, plenty of interesting answers were put forward. Here are just a few:
Start A Business
gooblagoobla: “Entrepreneur. Started my first company when I was 16. It went up in dramatic flames. Was in college and at 21, graduated with a business degree (but went into tech, my passion). Got a good job and started second company just out of college. Fizzled.
“Am almost 30 now and have been successfully running company #3 for about 5 years. I work very hard and spend very little (currently), but could leave at any point with several million in hand.”
Invest Your Savings
ilikeirony: “Always saved up a lot of money (40% of my pay) and continually put it into stocks. Investment returns have outdone my savings for quite a while.”
yoyoyo: “Being frugal. Not buying new cars, not caring about what others think. Saving and investing and doing it again. Not making knee jerk investments. Letting them ride long term and not freaking out at every market correction. For me it was a slow game, but fun to watch it take off.”
yanoJAL: “In my 20s, I was a computer programmer just as the web started exploding in popularity. I could wire up websites and databases back when internet technologies were new, and tooling was still primitive. I never hit it big with a viral website like Facebook or Amazon, but I did charge a lot for programming services. And I used that money to buy houses at first, and ultimately an apartment building in coastal California.
In my 40s now. I don’t feel very wealthy really. Oddly, I still check prices when shopping, and I plan to drive my old jeep until it dies. When I travel, I often pay to fly first class; and I do enjoy the nicer hotels. But, other than that, I live (and spend) rather simply.”
Hamoct: “I live in Eastern Europe. In 1990 I took out a huge loan and bought 10 apartments and furnished them. I rent them out to people and with the money I earn from them I pay off the loan payments. I do this every 10 years. I have now 30 apartments and 1 employee who I pay to maintain them and make sure payments and maintenance is handled. The key is finding good tenants and maintaining a good relationship with them. It is not that hard but a key to this strategy.”
Join The Army
udayserection: “I enlisted in the army when I was 18. I liked it. I asked to become an officer, and they let me. The army sent me to college and I graduated. My officer pay was way higher and in the army you don’t have very many bills. I found I could save in between 1k and 5k every month of my life.
“After my second deployment I was sitting on about 200k. I hired a financial manager, he did well a few years. I’ve bought and rented out a couple houses.
“I’ve got 17 years in the army. Creeping closer to a portfolio worth $2 million and a good pension in retirement. I’m about to make Lieutenant Colonel. I’m in my late 30s. Just grind and save.
“I should add that this job really sucks and I hate it a lot of the time. But due to the peaks and valleys of monetary motivation I have to do it for a few more years.”
optiongeek: “Through hard work and perseverance I established a reputation for honesty and competence. I was slowly promoted to increasing positions of responsibility and remuneration. I saved prodigiously and invested wisely. I married well to someone with similar values.”
synesthesiah: “Well, last year my fiancé’s grandparents won a stupid amount of money in the lotto (double digit millions). They were generous enough to share with the family. (I grew up below the poverty line so my life is nuts rn)”
Loaded staff writer Jack Beresford has produced content for Lad Bible, Axonn Media and a variety of online sports and news media outlets.