Becoming A Millionaire By Age 30. Can Anyone Do This Or Is It Only If You Get Lucky?

From financialsamurai.com:

“The First Million Might Be The Easiest: How To Become A Millionaire By Age 30…

…I was always curious about my wealthier friends. Many of their parents were business owners so one day I told my father, I too wanted to be a businessman. By the time I was 13 I was hooked on every single episode of “The Lifestyles Of The Rich & Famous,” narrated by Robin Leech. A million dollar house and a $40,000 sports car. What a life! I thought to myself in the 8th grade. Might as well give it a go. That’s when I started really hitting the books.

THERE IS MONEY EVERYWHERE YOU JUST HAVE TO GO FIND IT

Becoming a millionaire is becoming more common rather than the exception thanks to inflation. If you work for 40 years and save and invest just 20% of your after-tax paycheck a year, there is no doubt in my mind you will amass at least one million dollars in net worth thanks to historical compounding returns. Maxing out your 401K for 30+ years will also most likely lead to over $1 million dollars as well due to market returns and company matching as well. We’ve got financial planners, personal finance blogs, television, books and even free online wealth management companies like Personal Capital to help you build wealth. Much of the tools and information are free thanks to the internet. So many resources make building wealth much easier now than in the past…

…I had no idea I became a millionaire at age 28 until two years later at the age of 30 when I did my first detailed net worth spreadsheet in 2007. It’s easier to achieve something when we don’t even realize what we’re doing. I was too busy saving, investing, working, and trying not to blow my money on things that I didn’t need. I was one of those “Super Motivated Boyfriends” (SMBs) who were impossible to lock down…

…Age 22. Year 1999. Place Your Balls On The Chopping Block. When I graduated college the total amount of cash I had was roughly $4,000. I had saved some money from summer jobs temping and flipping burgers at McDonald’s for $3.25-$4 an hour. I just started a dream job in New York City at Goldman Sachs and was feeling confident I wasn’t going to get fired the very next month. As a result, I invested $3,000 in a dotcom stock called Vertical Integration Systems (VCSY) that turned into $200,000 within several months. Yes it was incredibly lucky, but it also took some analysis and guts. I just wish I had more money to invest! The stock pulled back by around 25%, at which time I sold everything for around $155,000 and stayed out of the bubbliscious stock market for the next year and a half due to a job change in 2001. The stock ended up being worthless a couple years later. $155,000 equals about $120,000 in after tax proceeds. The trade is detailed in the post, Don’t Stop Fortune Hunting. Net worth: ~$160,000…”

Read more @

http://www.financialsamurai.com/the-first-million-might-be-the-easiest-how-to-become-a-millionaire-by-30/

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