I literally think becoming a self made millionaire is impossible

[Made Man]

I think i have an idea
If everybody on the coli contributed 10 dollars a week to my Go Fund Me page i will be a self made millionaire in 1 year
Group Economics.

Easy enough

 

[BrothaZay]

I'm in construction now. Only way to become a millionaire in this business is to be the president/founder of the actual general contracting or subcontracting company. I wish I could make shyt like microchips or whatever and sell them shyts. Next best option is for me to get into real estate. I'm looking to purchase a property or two next year in a college town and eat off of the renters. Best shot I got.

Took this guy only 5 years to acquire 16 rental properties:

How Much Money can you Make from Rental Properties? - Invest Four More

He profits $60k a year in rental money alone. The values of his properties have also increased since he bought them if he ever decided to sell. Real estate is the easiest way for the middle class to acquire wealth.

So he only makes $60,000 a year off 16 properties?

 

[BLAZO da GAWD]

So he only makes $60,000 a year off 16 properties?

Lol @ "only". That's $60k a year EXTRA to what he actually does as a career. That $60k/year is passive income. He makes on average $416 profit per property in rent. Also, the more of his properties he pays off, the more he'll bank. I suggest you read the article I linked. That's step #1.

Also, more than likely dude is a millionaire due to his assets. He may not have that liquid, but 16 properties? I'd definitely say they total over a milly.

 

[philmonroe]

I see what you're trying to say but I wanna clear up a misconception. Regular people like us rarely get the chance to do this even if we are lucky enough to know about Tesla or Netflix. By the time we usually hear about them they are already on the way to an IPO and funded by millions of dollars.

The real issue is that "we" don't get first dibs. The stocks we usually get are on the secondary market through brokers.Big banks, companies, and super rich investors get exclusive rights to trade on the primary market when a stock first enters the market. Even if you knew Netflix would be big and could be had for $10 you wouldn't get a shot at buying it until the others have their chance.

I get what your saying regarding stocks but that's just some more lazy excuse making shyt esp with tesla and Netflix. Its not like either company esp netflix somebody wouldn't think could blow up. The thing is people aren't into stocks and other money making things then will say they are made for us to prosper. That's all garbage but when most people are the coli and other time wasting sites instead of going on stock sites, reading up on real estate, or however you want to make money its nobody to blame but yourself IMO. If your dudes co signing your lazy talk you should pro all get rid of them because they not being good friends. Even if you can't get stocks at first its almost always a chance to get them when they go down even if its rare. My point is esp now for all the reasons theirs an answer almost all the time so the I don't know or we ain't in the know isn't a good excuse when you see people as rare as it is still making moves with similar resources as you. If they can do it its no reason why you can't try either (not saying your not)

 

[BrothaZay]

Lol @ "only". That's $60k a year EXTRA to what he actually does as a career. That $60k/year is passive income. He makes on average $416 profit per per property in rent. Also, the more of his properties he pays off, the more he'll bank. I suggest you read the article I linked. That's step #1.

Also, more than likely dude is a millionaire due to his assets. He may not have that liquid, but 16 properties? I'd definitely say they total over a milly.

The average person doesn't tens of thousands of dollars to spend to make $400 a month back, plus paying back the remaining 80%, unless thats already taken into account when he figures his profit.

 

[BLAZO da GAWD]

The average person doesn't tens of thousands of dollars to spend to make $400 a month back, plus paying back the remaining 80%, unless thats already taken into account when he figures his profit.

You need money to make money bruh. No one said it would be easy. It sounds like you just want the easiest way out. It's either gonna take alotta time, alotta money, or both.

 

[LV Koopa]

I get what your saying regarding stocks but that's just some more lazy excuse making shyt esp with tesla and Netflix. Its not like either company esp netflix somebody wouldn't think could blow up. The thing is people aren't into stocks and other money making things then will say they are made for us to prosper. That's all garbage but when most people are the coli and other time wasting sites instead of going on stock sites, reading up on real estate, or however you want to make money its nobody to blame but yourself IMO. If your dudes co signing your lazy talk you should pro all get rid of them because they not being good friends. Even if you can't get stocks at first its almost always a chance to get them when they go down even if its rare. My point is esp now for all the reasons theirs an answer almost all the time so the I don't know or we ain't in the know isn't a good excuse when you see people as rare as it is still making moves with similar resources as you. If they can do it its no reason why you can't try either (not saying your not)

It doesn't matter if you knew it would blow up. You couldn't invest in it until it went public. And when it goes public WE don't get to trade until the market is set. It's not being lazy, it's knowing how stocks work. You can't tell people "yea just go invest and you'll get rich" because that is far from the truth.

 

[BLAZO da GAWD]

So he only makes $60,000 a year off 16 properties?

Also, I made a mistake. Dude makes $90k/year through his rental properties.

 

[The Nigerian]

Like fam, just think how much work you gotta put in to make $1,000 a week after taxes.
Most people spend 4 years in college or years at a job just to get that.
Then imagine $2000 a week after taxes. 90% of people NEVER see that.
One million dollars mean you bring in about 20,000 racks a WEEK.


What df would you even do to bring in that kinda money, consistently? There aint enough hours in the day. How do people really become millionaires?

Your thinking will prevent you from making much more than $2k a week.

Think small, live small.

 

[BrothaZay]

Your thinking will prevent you from making much more than $2k a week.

Think small, live small.

Everyone says this, but no one in here is making $2,000 a week after taxes. So how yal gonna tell me how to become a millionaire?

 

[BLAZO da GAWD]

@BrothaZay I'll give you a tip. Not all properties cost tens of thousands either for down payment. I'm looking into an area now where a university centers the town/city. I can get a quality rental property in this town/city for less than $100k. First time buyer programs and other gov't programs make it so you don't need to put down a 20% down payment for a property.

So if you're serious, look into small college towns where the college itself is the biggest source of business. There are many benefits to investing in a college town, and real estate is one of them. A lot of college towns are in poorer or slower areas as well so the real estate is cheap comparatively speaking. Cheap equals easy investment opportunities.

I hope this helps.

 

[philmonroe]

It doesn't matter if you knew it would blow up. You couldn't invest in it until it went public. And when it goes public WE don't get to trade until the market is set. It's not being lazy, it's knowing how stocks work. You can't tell people "yea just go invest and you'll get rich" because that is far from the truth.

Nah fam you could've got Tesla (I know this for a fact) before it blew up to what it was now. So like I said that sounds good in some cases but not all or even most cases probably to be honest. Where did I say invest in hocks you'll get rich at? Let's keep it to comments we said not made up shyt.

 

[The Nigerian]

Everyone says this, but no one in here is making $2,000 a week after taxes. So how yal gonna tell me how to become a millionaire?

You sure about that?

Understand that you have no idea about the next man's finances unless you're their accountant/lawyer/financial advisor/banker.

A lot of us don't understand that the world is bigger than our personal experience.

 

[BLAZO da GAWD]

Everyone says this, but no one in here is making $2,000 a week after taxes. So how yal gonna tell me how to become a millionaire?

Takes time for most people to get to the point of making $2k/week. Most of the posters on The Coli are 32 and younger...

 

[Clark Wayne]

Nah fam you could've got Tesla (I know this for a fact) before it blew up to what it was now. So like I said that sounds good in some cases but not all or even most cases probably to be honest. Where did I say invest in hocks you'll get rich at? Let's keep it to comments we said not made up shyt.

Agreed. You might not eat like the private investors but you can still make some nice profit. Tesla opened back in 2010 at $19 and really didn't blow up till 2013. Until then it was under $50 for a couple of years.