Investing to become a millionaire in 2021

Let’s say you have a net worth valued in the mid to upper six figures. Almost a millionaire but not quite there yet. What meticulously planned investments would you make in order to become a millionaire/multi-millionaire in this current climate of uncertainties?

Real estate?
Crypto?
Gold/silver?
Stocks?
A business?
Something else?

And which specific websites and professionals would you peruse and listen to who have ample experience in what they’re talking about in order to research more?
 

C-Note

Hummingbird
Gold Member
It's difficult for me to give rounded advice, because I'm not into crypto-currency, real estate (except one real estate investment trust mutual fund I have in my portfolio), or buying ounces of silver and gold. However, it seems that the consensus is that stock market is currently overvalued, at least to some extent, for various reasons. So, if I had $500-750k in cash right now, I'd probably put it in a defensive position such as high-yield bonds and securities, like long-term federal government and municipals, corporate bonds, plus dividend-paying large corporation stocks. You might also consider a health care and a mining company mutual fund unless you want to acquire actual gold and silver bullion and stock in individual healthcare and pharmaceutical companies.

High-yield securities usually return around 5-8%. The big dividend stocks, I believe, give about the same amount of return. So, using a compound interest calculator, it shows that $750k, with no annual additions, would reach 1 million in five years assuming a 6% interest rate. That's a safe way to do it, but not necessarily the best, of course.
 

kel

Ostrich
Owning your own business is the only way to get truly rich, though "a business" is obviously a big, vague project so I won't comment on that.

I don't have as much as you, but am similar I guess - decent savings and a high-paying job. I have most of it in the (traditional) stock market, mostly tech-focused stuff since that's what I know and some utilities stuff for dividends and because I think it'll be a safe bet (water and electricity will always be popular), that's about half my wealth. The other half is in crypto - it wasn't always half, but it has become half of my wealth since the crypto market has been doing pretty well. I'd like to diversify a little in crypto but that's more of a pain than I'm willing to deal with for now.

If you're willing to do some low-key gambling, I would honestly think about doing a bunch of crypto bets and maybe some of the penny stock bets that have been posted on this forum. Not with all your wealth, obviously, but it sounds like you're secure enough that you could put, say, $5k into each of 20 different things and hope for one to 100x while keeping the majority of your wealth in something else, something "safer" although to be honest at this point I don't know how much safer the "legitimate" stock market is than crypto and other stuff.

I know nothing about real estate as an investment and that seems stressful to me. The market is hot right now, I'm told, so even buying for yourself seems like not the wisest financial choice, but personally I'm looking to buy in the next two years anyways because I want a place to live and I think having that element of my life sorted will be nice, even if I'd financially be better off continuing to rent and make a profit off of what would have been down payment money. That's not a financial investment for me, that's a life investment.
 

Arado

Pelican
Gold Member
Let’s say you have a net worth valued in the mid to upper six figures. Almost a millionaire but not quite there yet. What meticulously planned investments would you make in order to become a millionaire/multi-millionaire in this current climate of uncertainties?

Real estate?
Crypto?
Gold/silver?
Stocks?
A business?
Something else?

And which specific websites and professionals would you peruse and listen to who have ample experience in what they’re talking about in order to research more?

No one knows exactly how things will play out, but would suggest planning for different scenarios, including market crashes, inflation, and things proceeding as normal. Have a variety of asset classes that are (ideally) not too correlated. I think all of the above are good and buy them in proportion to your level of knowledge and conviction. For stocks, make sure you are looking at different sectors rather than just tech (energy, consumables, foreign developed, foreign emerging market, mining, etc). Have a decent amount of cash to deploy if you come across anything interesting or there's a market crash. Don't FOMO chase hot sectors that you don't know much about with money you can't afford to lose.

Don't get too fixated on the millionaire aspect - who knows what the dollar will be worth a few years from now. Instead, focus on gaining financial independence - are you positioned well in the right assets in case some of the SHTF scenarios spoken about in this forum come about? Can you make enough passive income with your assets to give you the freedom to walk away from your job if you need? If you're saving for a house, second passport, etc, do you have enough of a buffer? That level of assets could very well be enough to live on passive income in SE Asia or Latin America so think more clearly about what you are looking for.

I would caution you to do more research before following the advice of one of the posters here who recommended bonds - short term t bills are fine for parking cash but you're not going to get any yield on them and they will get crushed in inflation. There are some traders that are doing a short term trade to take advantage of another market crash and negative interest rates but if you're not at that level then be very careful.
 

username

Ostrich
Gold Member
My opinion (not financial advice) on the ideas you mentioned...

Real estate - Real estate in general is at an all time high if you buy now it's almost certain there will be a drop and it could take years to recover back to what you paid. I know many houses around here finally recovered to their 2005/2006 peak price... it only took 15 years. Some regional markets still have potential.

Crypto - Lots of potential but lots of junk too. So much pumping and garbage projects it's close to gambling. Still if you dedicate 10 hours a day to it your might strike gold. An area of potential is something that will make it easier for the masses to use crypto for purchases. App? A bank? Credit card terminal with integrated crypto with instant payments? Worth looking into.

Gold/silver - Good for a hedge against inflating fiat not really a wealth multiplier. I do see gold and silver having some gains but not more than 2x for gold and 4x for silver. Silver and gold are two of the few remaining areas that haven't been super inflated yet.

Stocks - Also at an all time high and due for a 10%+ correction but even with that still very inflated. Every single stock I've been watching over the last year has reach the point where it's not worth it to buy or add more. I'm sure there are still gems but no time to screen thousands of stocks hoping to find a few good ones.

A business - This is such a broad range but also has the most potential. Could range from doing yard work, doing computer repairs, painting houses, renting out bounce houses, running a food truck, building an app etc... Tens of thousands of possibilities but finding the right niche is the challenge. Start looking at business ideas and find something you wouldn't mind doing. Get it running and try to build it up. Doesn't work? Trying something different. Keep trying different things until you hit it.

Avoid going all-in with your money. I know someone that went all-in with a business venture, bought out the previous owner, got sick of it after two years, and sold it back to the previous owner for a fraction of what he paid.
 
Let’s say you have a net worth valued in the mid to upper six figures. Almost a millionaire but not quite there yet. What meticulously planned investments would you make in order to become a millionaire/multi-millionaire in this current climate of uncertainties?

Real estate?
Crypto?
Gold/silver?
Stocks?
A business?
Something else?

And which specific websites and professionals would you peruse and listen to who have ample experience in what they’re talking about in order to research more?
Give a good chunk of your money to local homeless shelters. God didn't give you the skills to amass such wealth and resources so you could hoard it for yourself alone, but so you could help others in need with it. When he died, Steve Jobs' fabulous wealth didn't grant him one extra breath of life. "You can't take it with you."

"quid enim proderit homini si lucretur mundum totum et detrimentum faciat animae suae" Mark 8:36.
 
I'm a trillionaire.

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Freedom to do what? Save your soul? What is it that a million dollars will allow you to do that you can't do now?

I will do my best to answer this, because my entire life, since I was a child, was this mindset. I remember being in 3rd grade, seeing network situational comedies and not getting why adults still had to work. Like I had to go to school. Why do you HAVE to work, the last thing I want to be is have my life in service to another person/system. The reason you have to work is to pay the bills, of course, but it is getting so much worse year by year.

When I first graduated college, it was strong in me again. Just make enough money to move on, ASAP. I started working weekends. After a few years I quit working weekends for just a few months, had advanced in my career enough and felt comfortable enough to be somewhat "free".

And then came the economic slow down of 2001-02. And with that came layoffs. And less job opportunities, even if you are skilled. And back to working weekends it was. Knowing only wealth could buy my freedom from being in service to someone else. Someone else at a whim could lay me off from my job, wreck my life, and that is after I give them 40 hours in the office (minimum) and probably another 10 hours commuting to work, and then time on top of that meal prepping meals into work, and thinking over problems at work and trying to schedule my entire life (errands, working out) around work.

The economy has never truly improved and I never stopped the 7 day work week. But finally a few years ago I felt that I might be able to quit. That if I were to be laid off and not find a job quickly I would be okay. And then what comes next? The leftist woke mania ravaged corporate America. Now we all have to go into the office and support this demonic leftist wokism. If you dare speak out against it, you are the first to go. I am also a middle aged white male, I know I am the last to be hired and the first to be let go. Add in the H-1B visa fraud that is growing by the year, and the mass immigration driving down wages, I am still working for that financial freedom. The financial freedom to actually enjoy my life, my service to Christ without having to mouth woke talking points that crush my soul. The freedom to know I can take vacation time at work and not look over my shoulder hoping that it doesn't put me on a list of "not needed".

I understand your point, that we should not serve wealth, that wealth will not bring us closer to God. But wealth brings us further from the satanic influences ravaging corporate America or from being laid off and having your life destroyed. Worse yet if you have children and your job loss caused them trauma that impacts them for their life.
 

rainy

Kingfisher
For me I want enough money to not have to worry about money. Travel when I like. Donate to help others. And spend as much time with my children as I can. Ideally I'd like to be able to start a nonprofit and help others. I've long wanted to start a nonprofit in Eastern Europe assisting sex trafficking victims. Can't do that without money and time.

I also have been surrounded by a fair amount of death recently. Family members and friends. Two weeks ago my neighbor who is 32 died suddenly from a respiratory infection. I was speaking with him two days prior and he seemed completely healthy. Gone. And just last week received news one of my great employees has stage 4 pancreatic cancer. Right on the cusp of retirement he essentially received a death sentence and will be lucky to be alive a year from now. He always speaks about retiring and spending as much time with his grandchildren as possible. Now he won't get that. He's an example of someone who is a slave to the system. Works four decades in the hopes of enjoying retirement and he'll never retire. His last year will be dealing with heavy doses of chemo with a cancer where only 1/4 of people who are diagnosed are alive one year later. But with all the death around me I have been reminded of how short our time here can be.

I barely saw my father growing up. He made good money but there are few memories with him as he was always working. We used to play a game called where is dad. Had a map of the US on one wall and the world on the other. And we'd put a thumb tack wherever he was. But not single memory of going to a playground or a park. So for my children I want to create as many memories as possible while financially protecting them.

And I'm not sure at what number someone considers themselves rich. But college for my kids years from now will likely be close to a quarter million for each for four years. For a random state university. It's already that for a quality school. St Johns here is 60K per year. We're not talking Ivy League here, just a solid private, Catholic university is already a quarter million just for four years undergraduate. A decent house where I live runs minimum half a million. Half my family is in Europe so tack on regular international travel which ain't cheap. Plus inflation and looming tax increases by the Dems. I think if supporting a family your net worth must be multi millions. A million doesn't represent what it used to. At least where I live. And that's just so you're not living paycheck to paycheck and you set your kids up for a good future.

Really think about inflation. Having a million in your 401K if you retired today, living off 8% interest is only 80K. And that's pre tax unless you live in a state like FL. But that's equivalent to about 40K today if you retire 30 years from now. So while a million used to be a lot I want at least 3M in my 401K just to represent what would be decent retirement savings.

So really I have two goals regarding how much I earn. Maximizing family time and helping others. It takes time, money and resources to truly help others.

I recently headed my company's first ever annual food drive. I know the President of a neighboring non profit fairly well and due to COVID their donations have dried up. But many families rely on them. So I contacted almost every local business to donate to our food drive. Response was ok but what I mostly heard was we'd love to donate but we're barely surviving, so we can't. Same with the churches. Donations have dried up. So to help those in need you really do need financial backing and resources.
 
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fireshark

Woodpecker
Orthodox Inquirer
1. Total devotion to Christ and freedom from the woke / beast system.
2. Lots of quality time for family, friends and meaningful leisure.
3. Robust financial security and wealth.

You can pick two of them. Though 1 and 3 don't tend to go well together.
 
If you're doing it for freedom or to buy a Maserati (another one I heard) you need to reconsider. Everybody is free and there's a point where having too much becomes a form of having golden handcuffs. I know what it's like to be living paycheck to paycheck and being comfortably well off where I don't have anybody bossing me around. Having an extra 30K will be nice but won't change my life.

If you want to be a millionaire you will need to have multiple streams of income. You will have to make sacrifices. You will have to balance standing out and when to go grey as people will know you as the guy rolling in dough and consequently target you. You will have to plan to some degree, years on end. You will have to consider where you are. If you're like me, in America, you might want to leave as America isn't the nation it once was. The internet has enhanced communications and removed gatekeepers of information. There's a lot of free advice no need to get a MBA. You just have to make a lot of mistakes and learn from them as well as do research. Just to name a few resources that were helpful to me: Felix Dennis, WallStreetPlayboys, Millionaire Fastlane, Cernovich, and Victor Pride. It's great that you're thinking about this as I've worked with people that are in their mid to late 20s that are content with working part time. As you age your living expenses will rise.

As for investments I like to spread to cover assets that I can bring with me to another country.

Like someone else pointed out everybody will die and if you have millions, billions, or even trillions you can't bring it with you to the afterlife. I had a relative die and going through this person's stuff most of it is worthless.

PS:
If I had to guess OP is in early to mid 20s. Best actionable advice I can give you is help people out first. The mindset stuff is easy to learn and using business advice has to be supplemented with action. The money will eventually come to you. Unfortunately not everybody will have the time or resources to help you but there will be at least a small percentage that will help you in return. Even when you make it you want to continue to help people out.
 
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rainy

Kingfisher
1. Total devotion to Christ and freedom from the woke / beast system.
2. Lots of quality time for family, friends and meaningful leisure.
3. Robust financial security and wealth.

You can pick two of them. Though 1 and 3 don't tend to go well together.
I think devotion to Christ is a great path.

I'd also say this. With my non profit work in town I have gotten to know a few of the pastors pretty well. While they are devoted to Christ and are fortunate enough that the church pays for their housing, they rely heavily on successful businessmen in the community to fund their mission. The food drives aren't free. The mission trips around the world to help others aren't free. They're actually quite expensive. Just paying utilities is expensive.

To carry out God's word and help others requires the help of those with lots of money. And those with lots of money who donate to the church are helping God in their own way. If everyone drops what they're doing and totally devotes themselves to God, churches will cease to exist as there would be no funding for them.

I have also worked closely with someone who is a Catholic deacon at his local church and we've spoken about this. He's incredibly devoted to the church. He also works long days to support his family. And as a fellow business owner the more you work and the more successful the business, the more people you help as you provide stability and the ability to put food on the table for your employees and their families. Also owns a place in Vermont were he regularly vacations and skis. One of his viewpoints is God created such a beautiful planet and scenic nature that you are doing a disservice to not get out there and experience the beauty he created. You can't do that in a cubicle. You need some spending money.

The working from home and remotely dynamic for yourself is interesting. Great if you have success doing that. I have a business which requires me to be on site as we're in a service industry on properties. I have about 30 employees and their families who I feel responsible for. I'm not suggesting either path is right or wrong but if I closed the business and went the remote route and lived in the mountains all my employees would be royally screwed and out of work.

Someone mentioned Cerno. He is successful and has the freedom to stay at home, work from home, spend time with his family. That is great. It's a good goal. But how many people is he employing and by extent, how many families depend on him? Few if any. The world needs both.
 
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tomzestatlu

Kingfisher
I really can´t give advice how to become millionaire. I hope I will be able one day.

Anyway, today the biggest story in local news is, that the richest man in this country died during helicpter crash in his 56 years. Now we can ask a question what was all the money good for, when he´s dead now. And there´s point in that. He definitely looked much younger and very healthy, so he could do a lot of years here. But now matter how long he lived and how wealthy he was, nothing does matter now or at any alternative moment he would die.
Contrary to that, his family and close are secured and that´s probably one of the goals of man´s life. But at the same moment, they lived and will be living in so big abundance, that it prevents them from living normal life with positive things going with that. Whether it´s true frienship or the joy and lesson of overcoming an adversity.

But refusing pursuing some normal amount of money, that would give freedom from slavery to you and mainly your family, is good for what? Freedom coming from having abundance of money is important. And creating wealth doesn´t mean consuming. You can donate all the money to necessary. I am not saying, that it´s the most imporant things in someone´s life and he/she should focus only on that, but claiming it´s not worth pursue is a sign of life bitternes for me, not a sign of following god. Like some people try to attack all the ideas of living normal life in society, just from principle to prove themself something.
I accept that someone just refuse to have anything with this monetal system. But in that case, I want to see him going to live in a forest and refuse to use anything, that comes from this civilization. Otherwise, if you use money in your life, how do you decide what amount of money is okay and what amount of money is wordly? Like if you earn 10k a year, it´s okay, even though your children suffer, but if you earn 1million, it´s a sin?

And why does catholic church have possesion worth of billions of dollars?
 
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