I literally think becoming a self made millionaire is impossible

[Reginald Noble]

How do you set up a pasive income stream? Even for just like $500 a month

Watch Shark Tank. Basically you got to fund a tech start-up get involved in venture capital and:

- Buy equity in the company and when it goes public you get quarterly earnings, but it may not go public for another 10 years - And if it don't go public you have to sell your share to another private backer
- MOST REALISTIC WAY: Invest in small manufacturing start-up in Asia and tack on royalty fees in the contract for a specified period of time. Invest in multiple manufacturing industries. In order to do this you have to network and learn at least one Asian language and be able to put down at least 10k cash. And 5k for the lawyers.
- Invent a process or a concept, patent it and license the model out. Patents can last 25-75 years depending on the industry so you are sitting back collecting a check for that long.

 

[PinotNoir]

Its not at all impossible, it just likely won't happen in your 20s or 30s.
BigLaw can pay associates between 165k and 600k+ a year, w/ partners commonly reaching 1M-3Ms + bonuses and investements.
Accountants can reach about 400K/year in 11 years if they become a manager or get equity in the company
iBankers stat at about 100k a year, and after getting an MBA and sticking around for a few years (5+) after, you can make around 600k-5Ms a year.
Surgeons, especially plastics and neuro can start out at around 500k+, and if sought out, or working for a major hospital, can eventually take an admin position that can easily reach 1M+ a year.
Programmers and Engineers start out at around 125k at the major tech companies and can very easily work their way up to 1M+ before their 40s.
Any six-figure salary gives you the opportunity to invest, and wise investing can make you a millionaire by middle age, if you're incredibly careful with your money.
Check out The Millionaire Next Door: http://davidbeitler.com/temp/The Millionaire Next Door [Book]-MANTESH.PDF.pdf

True my guy is a programmer in NYC dealing with algorithmic trading and makes low six figures base salary and lets not get started on the five figure bonuses, when the stocks are trading good. Lots of money in this field. So far he's the only Black man in his position for his firm. More people of color should put an emphasis on math and science in school to prepare them for high salaried careers might even put a person on the path to entrepreneurship etc.

 

[MF budz]

Who cares about being a millionaire. If I could own my own business and make 50k a year(myself) and not have a boss. I would even call that a win. My mom has her own business. Are we rich? hell fukking no. Is she happier then when she had to work some stupid job with corporate? yup.

 

[Music Fiend]

You offer or provide something that costs way more than it's worth in time based off the demand.

Ex. Entertainer, professional/college coaches and players, CEO

Or you supply something in such high demand that's reusuable.

Ex. Drug dealers, business owners, or consultants/advisors.

 

[Cynic]

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?

Stop thinking about jobs and workers (unless you are in high end real estate and finance)

Licensing, real estate, high commission sales, apps, digital products etc........:pharrell:

The information is readily available ...if you think 1 mill is hard :nateholdon:

What will you meet those who NET 30-50 mill a year or these hedge fund guys who literally have 9 figure salaries :smughusky:

 

[jerome]

capital, leverage, and risk.

simple.

 

[Professor Emeritus]

I ain't about chasing money at all, but some people are good at it.

 

[Rollo Goodlove]

Network look at a nikka like Tariq nasheed

 

[FSP]

20 racks a week if you are trying to make a million in 1 year. The first milli doesn't come that fast for most

 

[iceberg_is_on_fire]

I make more than the average family in the US makes put together. CEO of my company makes $350k a year. I know because I have access to payroll and see what everyone makes. I've been looking at things like passive income like a blog to write or comment on things. I'm a pretty good writer. My background is healthcare with finance. I'm in management in healthcare. I teach healthcare at a university part time as well. I'm finding myself using things like LinkedIn more to just reach out to people. I've connected to a few peeps here. You never know where your next opportunity is going to come from. In a couple of years, I'm going to get on my real estate grind as well. I just need to take care of a few things before that happens.

 

[MillionMills]

meh...my brother in law is a soon to be a partner in the consulting group of a big 4 accounting firm. Pretty sure he'll be making 300,500K a year once he reaches that point. And he's only 37 years old.

he started from the bottom too. Got his MBA and then grinded from working as a general accountant for fortune 500 companies for peanuts before getting in consulting. I'm rooting for him and hoping to follow a similar path if this side project i'm working on don't pan out (i work at a big 4 firm too). It's not impossible...just gotta grind and be a bit lucky

You taxes or audit?

 

[The Bilingual Gringo]

Diligence and hard work, it's possible.

I have an uncle that worked for Metro for 35 years or so, dumped all of his money into his retirement account, used extra money to invest in stocks, paid close attention to the ones that split, had good dividends, etc. He didn't have lavish habits and just kept life simple. He retired with over 7 figures.

You have to define a "millionaire" first. Technically he is, but people get it twisted with lifestyles and all that.

One of the first things they taught us when I got my life/annuities license was don't pay any mind to the guy that always has the brand new car, etc. Look at the guy that has driven the same car for years and years, typically that's where you'll find more money for investments.

 

[onthereal]

It seems like thats one the only ways.
Realistically, working a job will not make you rich.
No job pays $20,000 a week.

Here's your problem right here breh. You have an EMPLOYEE mindset. You expect someone to pay you this rather than creating your own income. Of course no regular ass 9-5 pays 20k a week. That's common sense. Start thinking like an entrepreneur and then maybe you'll see that income ceilings don't really exist.

 

[newworldafro]

but you didnt become a millionaire now did you? thats the Op's point. no its not impossible. its improbable. doesnt mean you should not try to do as well as you can in business. it means dont put your entire existence on making a million. because if by chance you dont become a millionaire which is more likely then you beocming one, you wont lose yourself in the reality of not making it. all you can be is the best you can be. thats it. if that aint enough to see a mil. so be it. you did your part.

I agree...do your best. Just try and be a THOROUGH person....personality, professionalism, intellectualism (is that a word), LOVE and SPEND TIME with friends and family......so even if you strive for a million and don't get it when you want it.......at least you have your steadfastness as a human being and richness of strong relationships to fall.back on. But yeah, strive for greatness, but reaching a million is only one facet of life, other aspects you strive to be "rich" in as well.

I say this cause I lost a college pal recently, and dude was the ultimate friend to those in his circle you could ever have.... and great husband and father. Just genuine love of people, and folks gravitated to him...he did great profesionally, but the icing on the cake was his richness as a thorough human being. Makes me reevaluate what I'm striving for and my deficits...

 

[OnlyInCalifornia]

It depends where your family is on the social ladder. If you are at the bottom and dirt poor it is VERY hard to climb up to that for a whole bunch of reasons that are way out of normal people's control. It is very rare for a person to jump economic status in a generation.

However it is not impossible. A good invention, good song, good jumper or good software can change your life over night.