Who wants to be a millionaire?

**Broken Arrow** · 07-10-2006, 03:38 AM

Re: Who wants to be a millionaire?

Although it can be useful to set arbitrary goals, I believe it is important not to become too fixated on any arbitrary number.

Perhaps the article was missed the first time around, so I'll link it again.

While I'm here, it may be of interest to look up on the history of the McDonald's fast food franchise. Long story short, the original "restraunt" was invented by none other than the McDonald brothers (Dick and Mac).

The McDonald brothers dreamed of retiring as millionaires, and in the process, screwwed a lowly traveling salesman turned employee by the name of Raymond Albert Kroc. He worked his butt off for them for very little if any gain out of it. Finally, he got fed up by the McDonald brothers' "ambitions" and, with the help of a capital venture, bought the rights off the McDonald brothers for a cool $1 million, including their name!

Under Ray's guidance, McDonald's become something much, much bigger than that! Why? I believe it is because Ray saw things for what it is rather than become too fixated on some arbitrary number. Sure, the McDonald brothers retired as millionaires, but....

So, to answer your original question, of course I want to be a millionaire. At the same time, I also refuse to be confined and be defined by it.

**Ima saver** · 07-10-2006, 07:37 AM

Re: Who wants to be a millionaire?

Well, I want to become a millionaire too!! Actually, I would really like two or three million!!
[Automated by GetSmile]

**more freedom** · 07-14-2006, 05:16 AM

Re: Who wants to be a millionaire?

If you would like to become a millionaire, then saving will NOT be the best way to go.

You need to build a business or invest your money well so you can have higher chance to become a millionaire. On top of everything, we need to learn how to pay LESS taxes legally.

**msnln** · 07-14-2006, 09:34 AM

Re: Who wants to be a millionaire?

Although I agree with more freedom's comments, I believe savings to be the initial step of becoming a millionaire. Without the initial investment capital for investments or business, one will not go too far.

When I got my first job, I had no doubt in my mind that I would eventually become a millionaire and started investing with $500 I saved. I saved what I can every month and within few years, I had saved up enough for a down payment on a rental property and rent covered all expenses of the property. Eureka moment came when at the end of the year, I was able to get tax credits on depreciation of the property. Over the years, I purchased couple more rental properties and although rents cover all expenses, I have more depreciation deductions I can offset against my earned income. And, on top of that, the real estate market has gone up and I am up between 300-400% of initial value of the property (not my down payment), which has put me way above million mark. As matter of fact, I pay virtually no taxes due to RE "losses" resulting from depreciation.

Obviously, this is not the market to start the RE investment, but I am sure there are other opportunities. IF you sit patiently, I am sure RE market will go back down to level where this process will start making sense again.

Good luck in your journey to becoming a millionaire!

**Ima saver** · 07-14-2006, 09:47 AM

Re: Who wants to be a millionaire?

We have been self employed for 30 years. Finally about 5 years ago, we decided to start saving to build a spec (speculative, that means it is for sale) house. We saved about $80,000 to build the first one and the land owner did somethng called a subordinate (we pay him when the house sells)
We have sold 5 homes in the past 4 years, doing this. Now our savings are up to $365,000 because we made a profit on each of the home, plus I pay my husband for doing all the work himself. It is a little scary, but I am glad we took the leap.

**disneysteve** · 07-14-2006, 11:00 AM

Re: Who wants to be a millionaire?

We've had this discussion over on the finance board.

$1 million really isn't all that much money when you are talking about funding retirement that might last 30 years. That would give you an income of 40K in the first year of retirement. Depending on what you are used to earning, that might be plenty. But for those of us who earn 100K or more, 40K just wouldn't cut it for retirement income. Personally, I'm shooting for at least 2.5 million dollars for retirement.

**pyotr** · 07-14-2006, 02:45 PM

Re: Who wants to be a millionaire?

I'm with disneysteve. I'm hoping for 3mill saved by the time I'm 65 and I hope to die with between 4-8mill by the time I'm 90. I don't want my kids to start from scratch like I did - I don't want my kids to be on economic outpatient care, but if you have a respectable nestegg of assets in the 4-8mill range, only then can you really start wheeling and dealing to make some real money. Being poor sucks.

**more freedom** · 07-14-2006, 06:33 PM

Re: Who wants to be a millionaire?

Have you talked to multimillionaires before?

If you ask the rich people this question.. where is your million dollars?
Probably they will say,.... do you think I put them in my bank accont?

OH no, I believe the rich have their money working for them.
I don't think they are smarter, but I bet they are more informed and have higher financial IQ

**Ima saver** · 07-15-2006, 11:02 AM

Re: Who wants to be a millionaire?

I started with mutual funds. I started with a couple of thousand and it has really grown a lot, especially in the nineties!!

**jmjj215** · 07-15-2006, 01:23 PM

Re: Who wants to be a millionaire?

we need to learn how to pay LESS taxes legally

I wouldn't say that's the first priority. The first priority is to be making enough money to even worry about taxes. I totally agree with the idea of building a business though. Stanley in The Millionaire Mind says a disproportionate number of millionaires own(ed) their own business(es).

**Broken Arrow** · 07-15-2006, 09:16 PM

Re: Who wants to be a millionaire?

I fully agree with the comments so far, but it's also worth noting that it does a special kind to take the entrepreneur route. In short, you have to be the kind that prefers to forge their own path, knowing full-well that the risks are much greater, instead of being stuck behind a desk from 9 to 5.

I've read several articles about small start-up businesses before, and although I do not recall the sources, I do remember the cited statistics stating that 80 to 90% of all businesses fail within the first two years, and that the average entrepreneur will have roughly 18 failures under their belt before they end up with a successful one. And although you get to dictate your own hours, you'll still be putting in an average of 12 hours a day, six days a week, especially in the formative years to keep it from sinking into the Red Sea. With the ones that do stay afloat, most of them don't begin to become profitable until after the first 5 years.

And how do I know all this? Well, I'm the proud owner of a failed small business myself. I've done much research, put in lots of odd hours, and even went as far as pitching my business plan to a non-profit organization for critque. Got a positive approval, by the way. The result? I still failed. Nearly took my marriage down with it at the time too.

So, what have I learned? While some still prefer the entreneur path, I have learned for myself that I actually don't mind the 9 to 5 grind. Different strokes for different folks and all that I guess.

I suspect the reason why we hear all the fabulous successes is because people like that don't mind sharing it at all. The trouble is, people who have only had a string of failures probably wouldn't be as quick to pipe up and share their experiences.

I guess the point of my long-winded story is that I believe there is "more than one path to climb to the top of the mountain". I think what's important for all of us is to figure out which way will work best for us. My way may not be half as exciting, but just you wait and see... and I'll meet you guys at the top.

**Ima saver** · 07-16-2006, 01:02 PM

Re: Who wants to be a millionaire?

Owning your own business is rough. We went into one with 2 other partners. It was a very bad time in our life. My husband had to work 20 hours a day to keep it going. We finally sold it and broke even, thank goodness!!
I'll met you at the top Broken Arrow!!

Who wants to be a millionaire?