How can I become a millionaire in 20 years without traditional methods?

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Discussion Overview

The discussion revolves around strategies for accumulating wealth, specifically aiming to become a millionaire within 20 years without relying on traditional methods such as formal education or corporate jobs. Participants explore various approaches, including investment, saving, and entrepreneurial ventures, while also considering personal lifestyle choices and economic uncertainties.

Discussion Character

  • Exploratory
  • Debate/contested
  • Conceptual clarification
  • Technical explanation

Main Points Raised

  • One participant expresses a desire to accumulate wealth without engaging in traditional business practices or obtaining an MBA.
  • Another suggests that investing and saving are essential for wealth creation, as relying solely on wages may not suffice.
  • A participant reflects on their past lifestyle choices, noting the lack of savings but also the absence of debt, and considers the need to secure financial support for their children's education.
  • One contributor estimates that saving $2,000 a month could potentially lead to a million dollars over 20 years, factoring in compound interest.
  • Another participant proposes that starting a business could yield higher returns but acknowledges the associated risks and uncertainties.
  • Some humorously suggest unconventional methods for wealth accumulation, such as collecting pennies in a doubling fashion, while others critique these ideas as impractical.
  • A participant mentions the potential for real estate investment by purchasing properties to generate rental income.
  • Concerns are raised about the future stability of the economy and the viability of long-term financial plans given looming crises.
  • One participant humorously suggests moving to Zimbabwe to leverage currency differences for wealth acquisition.
  • Another points out the potential for wealth creation through working at a startup and benefiting from an IPO.

Areas of Agreement / Disagreement

Participants present a variety of viewpoints and strategies for wealth accumulation, with no clear consensus on the best approach. Some ideas are met with skepticism or humor, indicating a mix of serious and lighthearted contributions to the discussion.

Contextual Notes

Participants express varying levels of uncertainty regarding economic conditions and the effectiveness of different wealth-building strategies. There are also references to personal experiences that highlight the complexities of financial planning.

N_Quire
OK, I have at most 20 healthy and very active years left of my life. I want to bank at least $1 million in that time. I know that money doesn't necessarily make you happy but I want to see if I can be good at making money and leave something for my kids and grandkids.

What do I need to do to start making lots of money from today? I don't want to get bored in the process (I hate business and office work and meetings). I don't want to have to have a staff and I don't want to have to go and get an MBA.

How does getting rich work if you are not from an already rich family or clan?
 
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Invest and save. Wages and salaries alone don't create wealth.
 
Sensei and Greg, Thanks for the advice. I have had a very active and international life so far and haven't given much thought to career or owning stuff. In fact, I can't get worked up about owning stuff; it doesn't motivate me.

The advantages to this lifestyle approach are obvious: I have been able to live in half a dozen countries, haven't had to worry about valuable stuff in one country while I am living in another; I have enjoyed freedom and have learned that it is very hard to starve if you are comitted to do anything in order to be happy.

There are disadvantages too. I have not built up any savings (but there again, I have no debts, no credit card bills, no laons, etc), have a lousy pension plan and own only one piece of property and a bit of land in Europe (which is where I will go and live, if I suddenly become beggar poor).

Not so long ago, I suffered a severe back injury and this has, for the foreseeable future, stopped my active, globetrotting life. So I am having a rethink and have decided to use my remaining productive years to raise money to pass on to my family when I pass on. I don't really need the money and I don't need to own more stuff but my children will all need a good education and I know that costs a lot of money.
 
Well

Well, most people rely on the price of their houses to go up to build equity. I don’t think that will work very well now in the near future.
I suppose if you have a good salary and save a lot and place it in good investments you may make your million. I haven’t worked out the exact compound interest but if you were to put aside $2000 a month for the next twenty years I recon that would make your million (you would save 480 000 and the compounding will hopefully get you the rest...).

Alternatively, if you were to have an idea for a product or service and were to start a business you could make a lot more by the time you sell... but this carries a much higher degree of uncertainty.
Cheers and good luck, I am in the same situation!
 
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The good news is that you do not need a lot of money to attend college in Europe and you probably get a very low interest loan for this in any case, so your children may not need your money!
 
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Thread necromancy!
 
LOL! I didn't even notice. I moved it out of Engineering... was wondering why Greg responded to something obviouly way out of place! 2003 was a different era!
 
Collect one penny off the street today.

Collect two pennies off the street tomorrow.

Collect four pennies off the street the day after that.

Repeat, doubling the number of pennies you collect each day.

You'll be rich before you know it.

Dang! I can't believe I just told you that for free! I should have put that in a book!
 
A penny here, a penny there and before you know it you've got two cents.
 
  • #10
Robin Hood Dialogue from Time Bandits

Robin Hood: The poor are going to be absolutely thrilled. Have you met them at all?
Randall: Who?
Robin Hood: The poor.
Randall: The poor?
Robin Hood: Oh you must meet them. I'm sure you'll like them. Of course they haven't got two pennies to rub together but that's because... [nudges Randall] they're poor.
[Merry men behind Robin Hood indicate to Bandits and onlookers that they should laugh hysterically]
Robin Hood: Oh yes and believe you me, the poor are going to be, well not just absolutely thrilled, but also considerably less poor, aren't they Redgrave?
Redgrave: [Gibberish]
Robin Hood: You see- what did he say?
Marion: He says yeah, what with Christmas coming up and all.

http://en.wikiquote.org/wiki/Time_Bandits
 
  • #11
Buy the house you rent for college housing. Charge your roommates rent to cover the mortgage. When you finish school, buy an additional multi-family house and rent the other part to cover the mortgage, move again and rent out the other part you lived in, buy another multi family house and do the same...

My nephew did that and now he owns about 50 properties including, a couple of ocean front hotels and several half million dollar vacation homes. He currently oversees management of his properties (he has rental companies doing the actual management tasks).
 
  • #12
When you go out shoot'in for some food, aim at the ground 'cause that's where "...up through the ground comes-a-bubblin crude." Over $98 a barrel for the stuff today.
 
  • #13
Is the US economy even going to be around in twenty years? With all the crises looming, such as oil, water, and phosphorus shortages, will my 401k still exist?
 
  • #14
BobG said:
Collect one penny off the street today.

Collect two pennies off the street tomorrow.

Collect four pennies off the street the day after that.

Repeat, doubling the number of pennies you collect each day.

You'll be rich before you know it.

Dang! I can't believe I just told you that for free! I should have put that in a book!

This doesn't work. I paid a nice man on the TV $299.98 for this plan. It came in a 3-ring binder that had several glossy pages inside with 3 cassette tapes. The plan always falls apart after day 20 to 23.
 
  • #15
FredGarvin said:
Thread necromancy!

4 years 7 months, 28 days. I think that's a new record!

What happened to N_Quire, anyway?
 
  • #16
Maybe he was re_quired elsewhere.
 
  • #17
chemisttree said:
This doesn't work. I paid a nice man on the TV $299.98 for this plan. It came in a 3-ring binder that had several glossy pages inside with 3 cassette tapes. The plan always falls apart after day 20 to 23.

I know what you mean. If I could have made it to day 21, I would have had enough money to pay for the hernia operation I needed after day 19.

Asking Price Hernia Repair[/url]

It just simply amazes me that pennies could be that worthless.
 
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  • #18
chemisttree said:
This doesn't work. I paid a nice man on the TV $299.98 for this plan. It came in a 3-ring binder that had several glossy pages inside with 3 cassette tapes. The plan always falls apart after day 20 to 23.
You went about it all wrong. Collect a penny in half a day, the next penny in a quarter of a day, then a penny in an eighth of a day, and so on, you'll be infinitely rich at the end of the day.
 
  • #19
jimmysnyder said:
You went about it all wrong. Collect a penny in half a day, the next penny in a quarter of a day, then a penny in an eighth of a day, and so on, you'll be infinitely rich at the end of the day.

Better yet, it will be an infinitely long day. You'll live forever! Kind of like Sisyphus.
 
  • #20
BobG said:
Better yet, it will be an infinitely long day. You'll live forever! Kind of like Sisyphus.
Oh dear, what have I done. No it won't make the day last any longer. It's still a regulation 24 hour day.
 
  • #21
I would highly suggest moving to Zimbabwe, and with your all powerful non-native currency, buy the country. Maybe wait a couple months for a more attractive price
 
  • #22
Go to work for the right startup and work day and night and then cash in at the IPO.

Don't laugh, Bill Gates created over 10,000 millionaires with Microsoft.
 

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