Millionaire in five years
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Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
6yI’d buy lotto tickets every week and cross my fingers hoping things will get better in my life .. within 5 years time surely I’d hit it big
96 Replies
- Rental Property Investor · Grants Pass, OR · Member since 2019 · 7 posts · 1 vote6y
Buy Tax lien properties at Auction if you have the funds and BRRRR them. Most of the time, you get great deals, but be ready for some complications like people still living there or the property being a disaster. Of course they are cash only sales and so only way to finance them is through HELOC with your current home to be able to pull cash out right away or cash on hand and many many cashier checks for different amounts as they only accept cashier checks.
- Raleigh, NC · Member since 2019 · 26 posts · 11 votes6y
Trades. Plumbing, HVAC, electrician. When done well, those guys laugh all the way to the bank.
- Member since 2019 · 8 posts · 8 votes6y
You need to define millionaire.
Net worth or annual income. Two very different things.
- Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes6y
Originally posted by @Billy Smith:
Funny people with a million seem not to be any happier then those who have less .Might have different worries but worry non the less .
Billy, sure, there are different worries but having that money stashed and knowing that it stands as a bulwark against the things life can throw at you and your loved ones, knowing where it's going when you're done with it, yeah, there's a lot more peace of mind on the far side of $1M net worth. Peace of mind is definitely a form of happiness in my book.
Peace of mind also comes from knowing where your money's going. I've personally seen a massive difference in the happiness levels of people who spend less than they make according to a budget in line with their values and goals, in contrast with people who don't track their expenses and never think about things like lifestyle creep and hedonic adaption. More income never saves them from their lousy money habits.
- 6yCraig CurelopBusiness MemberReal Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
@Chase A. - The answer is house hack without a question. Obviously, I am a bit biased, but I have never seen any other investment vehicle that provides such high returns relative the amount of risk you are taking and the low money you can put down.
- Real Estate Agent · Murfreesboro, TN · Member since 2019 · 194 posts · 181 votes6y
@Angelo Mart
I didnt go to prison... but i too started a contracting business (pressure washing) and make 6 figures (when i started making 20m a year was my goal, had no idea of the possibilities). Of course, it's all with little to no effort and in my sleep... want to buy a book on how to do it?
Turns out: if you do what you say and show up, man you can make some change.
- Developer · NY/NJ/PA · Member since 2018 · 758 posts · 935 votes6y
I would look for the most lucrative active business/job I could find.
I’d look for a business that I could make a ton in. Something where there’s a niche or something I have connections in.
When I started my first few businesses from scratch after college, I made more money and quicker than most people could very quickly. Granted, that’s the exception. Some of the risks I took, I wouldn’t recommend for anyone else. Looking back, I would never make the same decision know. I could have bankrupted myself very easily.
I’d also recommend a “safer” route would be sales jobs. Certain Sales jobs pay extremely well if you are good. Even if you aren’t, they can be could starting off points for a long term career. Sales skills are always valuable.
- Developer · NY/NJ/PA · Member since 2018 · 758 posts · 935 votes6y
Originally posted by @Billy Smith:
Funny people with a million seem not to be any happier then those who have less .Might have different worries but worry non the less .
It depends.
I truly believe happiness is something that comes from within and figuring out why.
When I didn’t have much, I was always wanting more money just to have money. Even after making a bunch of money, I was annoyed I didn’t make more.
Eventually, I had a realization that life is good. Relatively, my life is amazing. If yo I have your health & a solid income you have live better than 99% of the people in the world. I also realized I like money not because of money, but because I love working and I like to see the fruits of my labor. I work 5X more now, and make more, but I genuinely don’t care about the money at all. After a certain point, there’s a diminishing return.
- 6yMatthew Irish-JonesBusiness MemberReal Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
@Chase A. You’re not going to get far with no money and few skills. Find someone with money and skills and go work for them.
Irish Jones Realty4.947 Reviews - Atlanta, GA · Member since 2017 · 2 posts · 1 vote6y
@Caleb Heimsoth I like your advice. This is what I’ve done, but now I make way more at a public tech company and my equity from startups is still just paper 😭😭😭 the IPO has been 18 months away for about 5 years!!
In all seriousness if I had to start from scratch with no skills, I would either go into nursing (lpn, rn, bsn, then nurse anesthesia) to ramp up my earning potential or learn JavaScript and network looking for internships to get your foot in the door. If neither of those sounded interesting then I would probably try to become an agent or property manager, but I know a lot less about those professions..
- Member since 2018 · 433 posts · 208 votes6y
Originally posted by @Shiloh Lundahl:
@Chase A. to be honest, and this can sound arrogant, but it is not that difficult to become a millionaire in 5 years if your willing to do the work and make the sacrifices.
First, cut your spending to a minimum. If you’re single then live out of your car and shower at the gym. Work 16 hour days starting out in construction. Learn every trade as good as possible. It doesn’t matter if you like it. It’s a means to an end. Immerse yourself in self improvement audios and business books and real estate podcasts. Focused on leadership development. After you learn the trades well enough and have developed your leadership skills, start chose the trade that you have developed the best and start your own business with it. Then start networking with wealthy people who know how to invest. Build your network. Develop good credit lines. Start offering to partner with people where you and your team will do the work in and develop some sort of profit sharing.
This is probably about 2 years into it and you should have 100k at least by now. Continue networking and learning. Start buying under market homes. Fix them up. Sell half and keep half. The ones you keep, sell on lease options using the BRRRLO Model. Get a partner who is a realtor and within 5 years you could defiantly be a millionaire.
If you are married with a family it might be a little trickier, but you could still do it.
How many people could bounce through trades for 2 years and come out skilled enough to run their own business in one of those fields? I suspect the answer to be very few.
- Member since 2018 · 433 posts · 208 votes6y
Originally posted by @Aaron Taylor:
To be honest, if I needed to become a millionaire in 5 years, I'd probably skip real estate and just do websites. Like affiliate, e-commerce, Amazon FBA, etc. You can flip those just like you do houses. Doesn't require much capital, doesn't require connections, doesn't even require finding good deals, it just requires hard work and dedication to output content/products.
Frankly you could probably do both of them at the same time, since web stuff is only time intensive in spurts, just like real estate. Lot of doing a bunch of work then waiting. You can work on the web stuff while trying to find a real estate deal, and when you find a real estate deal you can work on that and put the web stuff on hold temporarily. You can buy websites that make $1k a month a for around $30k, you get good at that and you can turn that $1k a month into $3k and sell that website a year later for $90k. Same concepts as real estate.
Where does one learn to do this?
- 6yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
@Shane H. Probably the same number of people who could be become millionaires within five years. So I agree – very few.
- Developer · Bend, OR · Member since 2017 · 10 posts · 7 votes6y
@Chase A.
I assume not much cash either? Your going to have to make some bold moves.
Become a realtor so you can find deals make commissions and learn the ropes.
learn as much as you can about construction and become a contractor so you can hire a couple guys on the side, make some extra cash and also find more deals.
The 2 most important parts of being successful in Realestate. IMO you should have at least 1 preferably both. Ha.
Oh yeah, and you have to be driven like a beast.
- Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes6y
@Chase A.
I flipped mobile homes in parks and made that mark in four years. It was all reinvested in rental properties.
- Olathe, KS · Member since 2018 · 148 posts · 207 votes6y
Originally posted by @Shane H.:
Originally posted by @Aaron Taylor:
To be honest, if I needed to become a millionaire in 5 years, I'd probably skip real estate and just do websites. Like affiliate, e-commerce, Amazon FBA, etc. You can flip those just like you do houses. Doesn't require much capital, doesn't require connections, doesn't even require finding good deals, it just requires hard work and dedication to output content/products.
Frankly you could probably do both of them at the same time, since web stuff is only time intensive in spurts, just like real estate. Lot of doing a bunch of work then waiting. You can work on the web stuff while trying to find a real estate deal, and when you find a real estate deal you can work on that and put the web stuff on hold temporarily. You can buy websites that make $1k a month a for around $30k, you get good at that and you can turn that $1k a month into $3k and sell that website a year later for $90k. Same concepts as real estate.
Where does one learn to do this?
I would start with listening to Smart Passive Income by Pat Flynn. Then Niche Pursuits podcast as well. Go to their websites, start reading and consuming information. There are some other podcasts to listen to/udemy classes you should take depending on what route you want to go.
Do you need programming experience? No. They're just wordpress sites, or ran on Amazon, or ran off Shopify. No programming needed.
You do need to be able to formulate a plan though, and be able to process information logically so you know what parts to focus on. It's competitive, so I wouldn't exactly say this is passive at all. You need time to do this, but that sounds like what you have right now. If you start from scratch, it's about planting seeds and getting them growing over a year, and if you buy you need to be able to handle the site.
I recommend building a site from scratch to start. Just your basic wordpress blog about something you like and can right constant content about. Write 30 or 40 articles, then see what starts to pull in traffic from google. Start a youtube channel, maybe a podcast, etc. Create a brand around it. Start learning SEO to rank your site higher.
By this point, you'll have figured out enough to extend your capabilities to make more websites and probably even hire yourself out to local businesses who need help with a basic site. You can snowball it pretty easily.
But the one thing you need to do this is time. You can work a full time job and still do this, but you have to be willing to put in the time to start on it. It isn't passive to start at all. Once it's up and running, then yes it gets a lot more passive. It can be way more lucrative than real estate in a short period of time, but then again almost all business can...real estate is the slow path to the wealth usually but is less risky than running business. If you want to make money faster, doing a business venture (like websites, flipping houses, etc) is going to be the way to go.
- Rental Property Investor · Palm Harbor, FL · Member since 2019 · 5 posts · 3 votes6y
@Dennis M.
I hope that’s a joke.
- Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes6y
@Tracy Johnson-Cantwell
It’s to prove a point . Most people never study what it takes to be a millionaire..they simply go through life with their fingers crossed hoping things will get better for their lives . But we know all too well , the future doesn’t get better by hope ..it gets better by plan
- Member since 2018 · 433 posts · 208 votes6y
Originally posted by @Aaron Taylor:
Originally posted by @Shane H.:
Originally posted by @Aaron Taylor:
To be honest, if I needed to become a millionaire in 5 years, I'd probably skip real estate and just do websites. Like affiliate, e-commerce, Amazon FBA, etc. You can flip those just like you do houses. Doesn't require much capital, doesn't require connections, doesn't even require finding good deals, it just requires hard work and dedication to output content/products.
Frankly you could probably do both of them at the same time, since web stuff is only time intensive in spurts, just like real estate. Lot of doing a bunch of work then waiting. You can work on the web stuff while trying to find a real estate deal, and when you find a real estate deal you can work on that and put the web stuff on hold temporarily. You can buy websites that make $1k a month a for around $30k, you get good at that and you can turn that $1k a month into $3k and sell that website a year later for $90k. Same concepts as real estate.
Where does one learn to do this?
I would start with listening to Smart Passive Income by Pat Flynn. Then Niche Pursuits podcast as well. Go to their websites, start reading and consuming information. There are some other podcasts to listen to/udemy classes you should take depending on what route you want to go.
Do you need programming experience? No. They're just wordpress sites, or ran on Amazon, or ran off Shopify. No programming needed.
You do need to be able to formulate a plan though, and be able to process information logically so you know what parts to focus on. It's competitive, so I wouldn't exactly say this is passive at all. You need time to do this, but that sounds like what you have right now. If you start from scratch, it's about planting seeds and getting them growing over a year, and if you buy you need to be able to handle the site.
I recommend building a site from scratch to start. Just your basic wordpress blog about something you like and can right constant content about. Write 30 or 40 articles, then see what starts to pull in traffic from google. Start a youtube channel, maybe a podcast, etc. Create a brand around it. Start learning SEO to rank your site higher.
By this point, you'll have figured out enough to extend your capabilities to make more websites and probably even hire yourself out to local businesses who need help with a basic site. You can snowball it pretty easily.
But the one thing you need to do this is time. You can work a full time job and still do this, but you have to be willing to put in the time to start on it. It isn't passive to start at all. Once it's up and running, then yes it gets a lot more passive. It can be way more lucrative than real estate in a short period of time, but then again almost all business can...real estate is the slow path to the wealth usually but is less risky than running business. If you want to make money faster, doing a business venture (like websites, flipping houses, etc) is going to be the way to go.
Thanks for the info. I have looked into this. They make it look easy in the infomercials. haha. I don't think it's my speed. I wish it were. I currently run a business where I believe my time is better spent. The original poster may have the time for it though... Good info. I agree real estate investing is a get rich slow scheme. That's why most people fall out of it. I always say I take hundreds and turn them into thousands in my business. Then I take the thousands from the business and turn them back into hundreds through real estate...
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