20 Millionaires Reveal How They Acquired Great Wealth In Honest Online Thread
Perhaps many of us have already thought about what we would do and buy if we won a lottery. Hmm, let me think. Possibly buy a house or a few, because rental properties are a good investment. Then invest some in crypto and stocks. And being a good citizen, donate some money to charities. Oh, and also do whatever a mortal, doing a 9-5 grind yet still struggling to pay for the petrol, would do. But that’s just me.
Well, turns out there are more ways to become filthy rich without sacrificing your whole mental and physical health to labor. While some are born with a silver spoon in their mouth, others actually worked their buttocks off or simply found themselves among God’s favorites. So when someone asked the millionaires how they acquired their wealth, many interesting (with a few bizarre) stories popped up. Take a look, and who knows, maybe you will be the next lottery winner announced on national television. The chances are low but never zero!
More info: Reddit
My grandparents invested a small amount of money in each of their grandchildrens’ names when we were little kids.
The stocks they chose for me were Microsoft, Cisco, Starbucks, and most importantly Amazon.
I became a millionaire from those stocks shortly after my 21st birthday, last year. Honestly, I feel terribly guilty about it. I didn’t do any work to deserve it, and frankly, my brother and my cousins haven’t been nearly as fortunate with the investments made in their name.
At last… my time to shine!
I was never too good in school, could read and write and do basic maths but nothing more. I did really enjoy woodworking though and anything using my hands.
I left school as soon as I could as I wanted to leave home. Lived in pretty s**tty places just scraping by on pretty much minimal wage working retail and hospitality until a mate of mine said I could probably make money on the side with my wood-working (he’d seen bits and pieces I’d made around the house).
There was no etsy back then so I had to do most of my stuff without any research as to what people would like and then try to hawk it via classifed and cards in local shops. I couldn’t believe it when my first piece sold even though for the time I’d spent making it I hadn’t even made minimum wage! However I kept at it and made a variety of ornaments which people liked and then started doing commissions. Thinks got bigger and bigger and I could quit my s**tty job to do it full time. Within a couple of years of selling my first piece I was getting more requests than I could fulfill but still only making an OK living out of it.
About 3 years to the day from my first-ever sale I actually had a motobike accident and lost the use of my left hand (fortunately not my dominant hand!). I decided to try and get a couple of the local homeless guys to help out and provide them with meals and a share of the sale prices. Obviously this meant we could make and I could sell many more pieces but I actually found I was making less money once stuff was split up. And to add insult to injury a couple of the guys ripped me off and stole a lot of my stuff. I was back at square one.
I decided to move back into making more basic pieces that would be quicker and simpler and that’s when my mum passed away and left me a million dollars.
My dad [passed away], and my sister and I split a 1.6 million dollar estate down the middle. After court fees from an unrelated incident, taxes, realtor fees, balancing dad’s bank debt, and paying off some of mom’s debt, we brought home $720k each.
I’ve since turned it into around $950k, so I’m pretty close. My sister, meanwhile, pissed it away on brand new cars, cruises, extortionately priced weddings, and having children.
I basically kept the same habits I had when my income was $12k a year for a family of three.
I make coffee at home, I still forage for food, I still shop at thrift shops for clothing, my car is 14 years old and I try not to use it if I can use my bicycle instead – including biking to work when I wasn’t carpooling. Even when I was a single mom on $28k salary I put what I could in my 401k and every raise I got went to that til I at least got the full employer match.
When I got a new job and found out there was no similar retirement plan there, I met with the directors and a financial advisor and got one in place.
I make my own laundry detergent and use cloth wipes/napkins. I spend about $20 a week for two adults for food. Yesterday I really really wanted an orange but didn’t take it from the fridge because I paid for those for my husband’s packed lunches, and pears from the yard are free. Oranges travel better in his bicycle bag so they are for him. Pears from the yard have occasional spots that need to be cut out so they are for me because I retired last year and he has another year or two to go. It’s easier to cut off bad spots when you are at home in your own kitchen. I am so tired of pears, though.
I have a million dollars but I won’t eat an orange if I have a free pear. On the one hand, that’s pathetic. On the other hand, that’s why I have a million dollars and don’t have to go to work anymore.
The old fashion way: great grandparents helped build a city
I sell overpriced consultancy time to CTO’s who don’t know any beter.
I enlisted in the army when I was 18. I liked it. I asked to become an officer, and they let me. The army sent me to college and I graduated. My officer pay was way higher and in the army, you don’t have very many bills. I found I could save between 1k and 5k every month of my life.
After my second deployment, I was sitting on about 200k. I hired a financial manager, he did well for a few years.
I’ve bought and rented out a couple of houses.
I’ve got 17 years in the army. Creeping closer to a portfolio worth $2 million and a good pension in retirement. I’m about to make Lieutenant Colonel. I’m in my late 30s.
Just grind and save.
Edit: I should add that this job really sucks and I hate it a lot of the time. But due to the peaks and valleys of monetary motivation, I have to do it for a few more years.
I actually hit big at a casino a while back. Not enough where I can afford to quit my job and buy a mansion, but I’m comfy and so will my son be.
Being frugal. Not buying new cars, not caring about what others think. Saving and investing and doing it again. Not making knee jerk investments. Letting them ride long term and not freaking out at every market correction. For me it was a slow game, but fun to watch it take off.
A huge pipe fell on me and the company I was working for was a gong show. I got a little over a million in a settlement. 1/10 would not do again.
Well, last year my fiancé’s grandparents won a stupid amount of money in the lotto (double-digit millions). They were generous enough to share with the family. (I grew up below the poverty line so my life is nuts rn)
Edit: I’m a girl, for one. Two, I am in fact choosing to do stuff with my life, as I’m not an idle person mooching off of a very lucky break. His money is placed in a trust and we have many financial advisors, we are not cleared to buy anything without approval, and what we don’t use is invested by the bank that runs the trust. I don’t really care for advice since I’m just reaping the rewards.
So far, we bought my fiancé’s childhood home his father built, which is in one of the most sought-after neighbourhoods in my city, and we’re loving the security we have as homeowners. We took an amazing trip in June, where he proposed right on the banks of the River Ness in Inverness, Scotland. It was pretty magical guys. (And no, my ring is not exorbitant)
Having the money hasn’t changed us as a couple, as we spent a year and a half living in a bachelor suite the size of a one-car garage and still love each other. So, at this point it’s a done deal, we’re together for good, and are getting married next
Also, I signed a cohabitation agreement but we agreed that I am not signing a prenup, and my name will be added to the title of the house after marriage, and the cohabitation agreement nullifies, making everything BUT the trust, mine, so if in the highly unlikely case of divorce, I can go after him for half of everything but the trust, as it is owned by his grandparents, but he is beneficiary. Pretty nutty stuff and I’m genuinely surprised they didn’t force me into a prenup
I sold 18% of my company for a large sum of money and we worked together to expand.
I married an awesome businessman. :)
Disclaimer: He was broke when we met. I stood by him during the recession, when we had to put our house and everything we owned on the line. We were in danger of losing everything but got through it together.
I live in Eastern Europe. In 1990 I took out a huge loan and bought 10 apartments and furnished them. I rent them out to people and with the money I earn from them I pay off the loan payments. I do this every 10 years. I have now 30 apartments and 1 employee who I pay to maintain them and make sure payments and maintenance is handled. The key is finding good tenants and maintaining a good relationship with them. It is not that hard but a key to this strategy.
Got a degree in finance, became a financial advisor, worked my butt off.
Edit: I should also add, being frugal with money. If you are under the age of 35 and are gainfully employed, it is entirely possible to become a millionaire at some point in life. Take 10% (or more) of your pay, put it in your 401k and invest in s&p500 etf.
Don’t carry bad debt, & keep 3-6 months of expenses as an emergency fund. Lastly, think of spending money in terms of hours worked: If something costs $10, think about how long it would take you to earn that $10 after tax. Is it worth it for you to work that time for that purchase?
Always saved up a lot of money (40% of my pay) and continually put it into stocks. Investment returns have outdone my savings for quite a while.
STEM degree + minimalism.
I am on track of being a millionaire by just investing in my 401k. I started my career at 20 years old right after graduating from college and started investing the minimum to my 401k. Never really thought much of it until I did those calculators and realized that since I started so young the compound interest on any investment account with a decent return would be huge.
I would recommend you just put anything away, everyone tells you to max your investments but honestly not everyone can invest $18k a year. Do the math of how much $200 a month will grow in 30 years. This might not be the exact answer but this will easily get you to be a millionaire at some point.
Through hard work and perseverance I established a reputation for honesty and competence. I was slowly promoted to increasing positions of responsibility and remuneration. I saved prodigiously and invested wisely. I married well to someone with similar values.
In my 20s, I was a computer programmer just as the web started exploding in popularity. I could wire up websites and databases back when internet technologies were new, and tooling was still primitive. I never hit it big with a viral website like Facebook or Amazon, but I did charge a lot for programming services. And I used that money to buy houses at first, and ultimately an apartment building in coastal California.
In my 40s now. I don’t feel very wealthy really. Oddly, I still check prices when shopping, and I plan to drive my old jeep until it dies. When I travel, I often pay to fly first class; and I do enjoy the nicer hotels. But, other than that, I live (and spend) rather simply.