Investing to become a millionaire in 2021

Edek

Robin
Orthodox Catechumen
Education is the key, I feel like the educated get rich, going to quality schools and working hard. Go to University (or college in the US) take difficult undergrads and try and get into graduate school. Older people are always going to earn a degree to increase their income, get a trade even, mechanic, electrician, plumber ect. Buy tech stocks, start a business, learn to code, I know a girl that I went to school with just got into graduate school for psychology, therapist and doctors make serious bank, if you can become one. There is tons of free educational content on KhanAcademy, youtube, go to codeacademy and take their java course or python even.
Getting a high level education to become a doctor etc AND starting a business WITH money left over for buying a worthwhile amount of stonks sounds like a job for superman. Pick a horse, mortal!

Says the guy with no education who works freelance. I'll show myself out. I literally could be working now while I use this cup of tea as an excuse to take a break. Probably need a therapist.
 

RedLagoon

Robin
Orthodox Inquirer
Education is the key, I feel like the educated get rich, going to quality schools and working hard. Go to University (or college in the US) take difficult undergrads and try and get into graduate school. Older people are always going to earn a degree to increase their income, get a trade even, mechanic, electrician, plumber ect. Buy tech stocks, start a business, learn to code, I know a girl that I went to school with just got into graduate school for psychology, therapist and doctors make serious bank, if you can become one. There is tons of free educational content on KhanAcademy, youtube, go to codeacademy and take their java course or python even.

You have to be kidding me right?


"Learn to code!?" LMAO!
 

BasilSeal

Sparrow
I am sure it's been said. But, a million dollars is only a number. It changes very little. Neither will two, or ten. There is real truth behind every cliché about money, and every biblical passage.
 

Edek

Robin
Orthodox Catechumen
I am sure it's been said. But, a million dollars is only a number. It changes very little. Neither will two, or ten. There is real truth behind every cliché about money, and every biblical passage.
These days more than ever - at least in the past, that number was supposed to correspond to gold. What does it even correspond to now?
 

Towgunner

Kingfisher
Sounds like crypto is the way. That said, I'm hardly an expert on that. I'd say stocks are good too for the simple fact that loose monetary policy results in extreme money printing and that finds its way into the capital markets, namely, stocks. But the major indexes seem to be fully valued and although they're at impressive highs, they don't seem to be making sizable gains. Of course, this is creating inflation and that erodes value, which will impact capital markets adversely. In this instance, crypto seems like the play because its an antidote to central banks and deflated currency. Naturally, there's the counter-party risk et al, which is definitely a risk. I look at liquidity, which is really the key ingredient for any market. If there are sufficient market participants there will be buyers at dips even if the dips are caused by fears of, for instance, a crypto crack-down. Anecdotally, the people really "crushing it" on Wall Street are crypto investors. Many of the high-frequency shops are getting into it and have literally minted billionaires over the last couple of months.
 

kel

Ostrich

Personally I think productive assets are the way to go to beat inflation. Rainy's post is good advice, but it's a grind and unclear (versus buying stocks or working a job). And involves some red tape, which is generally what discourages me (and the fact that I earn good STEM money). I really want to get my wealth out of stocks (crash coming next year? Lots seem to think so) and into land and a simple, unsexy but viable business. Trying to plumb my networks for retiring boomers who are interested, movement restrictions make it hard right now (and just busyness with my current job).
 

zoom

Kingfisher
Gold Member
Borrowing money to buy some small-cap cryptocurrency coin sounds like a terrible idea. It would be more fun to just take the loan and head straight to a casino.
 

The Beast1

Peacock
Gold Member
Real estate. I bought a house during rona and doubled my investment. A sad report on our money's value.
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?
 
Real estate. I bought a house during rona and doubled my investment. A sad report on our money's value.
Real estate will eventually be taxed then confiscated by increasingly desperate governments, causing values to drop. It depends on what the low hanging fruit for governments is, but compared to retirement accounts, far fewer people own rental property, so fewer pitchforks of resistance.
 

Jojojojo73

Chicken
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?
I am an accidental multimillionaire. Never tried, just happened.
I was comfortable working under the corporate umbrella. Worked hard, invested in further education. Focused on being an expert at one thing, corporate accounting management for me. Became a people manager early on.
Automatically contributing 6% of my salary plus 3% company match to the company 401K grew to $1.2 million over thirty five years. 100% invested in stocks. I recommend buying low cost mutual funds like Vanguard and adding regularly. I would choose to pay the taxes upfront using a Roth 401K or Roth IRA now.
I let my employer pay for my CPA training and continuing education tax free to me.
I stretched my finances to to the limit to buy my house in Silicon Valley, California. From day one the purpose of that house was a good place to raise my children and convenient to my place of employment. Kept the same wife and the same house and the same children for forty years. Borrowed 90% mortgage with interest only payments for five years. Wife worked those first four years then quit to be a full time mom. Lower federal, state FICA taxes, no childcare, commuting costs, lunch costs, or clothes budget made the loss of net income marginal when she quit work. Still live in the same house fully paid for valued at $1.25 million. Never thought of the house an investment. Wife collects social now of $2.000 per month. I collect half of that (less our Medicare payments). My social security payments keeps increasing until I start collecting at age 70. Wife does not own any Gucci or Chanel but loves her SF Giants shirts, hats. I spend to attend SF baseball and Sharks hockey games.
Wife contributed to her 401K plus company match for less than 10 years. Now worth over $300K.
I was fortunate enough to receive a fixed pension before 401K started now paying $800+ per month.
I contributed to the company ESPP for years (employee stock purchase plan) every paycheck. Never sold until the company was bought out at a premium. Paid my taxes long term capital gain taxes on the profit and reinvested in stocks and low cost mutual funds. Held onto 10 year stock options until the buyout. $700K from the ESPP and subsequent gains.
IRA invested $2K per year before 401K started. 100% invested in stocks and low cost mutual funds. $300K now from compounded deferred tax gains and dividends.
Travelled extensively for employers. On weekends Sunday morning found a beautiful old Catholic church and attended mass in the local language. I understood the service no problem because all Catholic masses are the same. Some in Latin, some had a handout in English. Contributed generously. Visited museums on the weekends. I spent my per diem or less when travelling.
My auto is a Honda CRV. Wife has Subaru. Modest, long lasting. Bought new using Costco auto buying.
Keep the house repaired to avoid escalating repair costs.
No arrest cost, no divorce cost. Avoid stupid spending. I am so comfortable in my home I don't want an expensive vacation.
Paid for children's university education in cash.
I do own $400k in CD's and checking accounts just in case. Also invested a small amount $30K in Fundrise $1k or $2k at a time. I purchased the Fundrise company itself when offered the opportunity.
Once per year my wife writes down the value of every asset.
 

BURNΞR

Pelican
Real estate will eventually be taxed then confiscated by increasingly desperate governments, causing values to drop. It depends on what the low hanging fruit for governments is, but compared to retirement accounts, far fewer people own rental property, so fewer pitchforks of resistance.

I imagine they will only go after property worth over 10m or means test it. They have to lock rich people in before it happens because they will just leave. The scary thing is they can do anything and make their laws stick retroactively.
 

C-Note

Hummingbird
Gold Member
I am an accidental multimillionaire. Never tried, just happened.
I was comfortable working under the corporate umbrella. Worked hard, invested in further education. Focused on being an expert at one thing, corporate accounting management for me. Became a people manager early on.
Automatically contributing 6% of my salary plus 3% company match to the company 401K grew to $1.2 million over thirty five years. 100% invested in stocks. I recommend buying low cost mutual funds like Vanguard and adding regularly. I would choose to pay the taxes upfront using a Roth 401K or Roth IRA now.
I let my employer pay for my CPA training and continuing education tax free to me.
I stretched my finances to to the limit to buy my house in Silicon Valley, California. From day one the purpose of that house was a good place to raise my children and convenient to my place of employment. Kept the same wife and the same house and the same children for forty years. Borrowed 90% mortgage with interest only payments for five years. Wife worked those first four years then quit to be a full time mom. Lower federal, state FICA taxes, no childcare, commuting costs, lunch costs, or clothes budget made the loss of net income marginal when she quit work. Still live in the same house fully paid for valued at $1.25 million. Never thought of the house an investment. Wife collects social now of $2.000 per month. I collect half of that (less our Medicare payments). My social security payments keeps increasing until I start collecting at age 70. Wife does not own any Gucci or Chanel but loves her SF Giants shirts, hats. I spend to attend SF baseball and Sharks hockey games.
Wife contributed to her 401K plus company match for less than 10 years. Now worth over $300K.
I was fortunate enough to receive a fixed pension before 401K started now paying $800+ per month.
I contributed to the company ESPP for years (employee stock purchase plan) every paycheck. Never sold until the company was bought out at a premium. Paid my taxes long term capital gain taxes on the profit and reinvested in stocks and low cost mutual funds. Held onto 10 year stock options until the buyout. $700K from the ESPP and subsequent gains.
IRA invested $2K per year before 401K started. 100% invested in stocks and low cost mutual funds. $300K now from compounded deferred tax gains and dividends.
Travelled extensively for employers. On weekends Sunday morning found a beautiful old Catholic church and attended mass in the local language. I understood the service no problem because all Catholic masses are the same. Some in Latin, some had a handout in English. Contributed generously. Visited museums on the weekends. I spent my per diem or less when travelling.
My auto is a Honda CRV. Wife has Subaru. Modest, long lasting. Bought new using Costco auto buying.
Keep the house repaired to avoid escalating repair costs.
No arrest cost, no divorce cost. Avoid stupid spending. I am so comfortable in my home I don't want an expensive vacation.
Paid for children's university education in cash.
I do own $400k in CD's and checking accounts just in case. Also invested a small amount $30K in Fundrise $1k or $2k at a time. I purchased the Fundrise company itself when offered the opportunity.
Once per year my wife writes down the value of every asset.
This is how you do it if you're a career office worker. If you like, you can add to your income with some side hustles.
 

kel

Ostrich
I recommend buying low cost mutual funds like Vanguard and adding regularly. I would choose to pay the taxes upfront using a Roth 401K or Roth IRA now.
Call me silly, but I think that even if the house of cards doesn't crash down completely, long before I could draw on it my contributions to an IRA will be seized and redistributed (not using those words, of course, but effectively). I regret not taking the option available last year to withdraw without a penalty (even though my tax burden was crushing enough as it was).
 
Call me silly, but I think that even if the house of cards doesn't crash down completely, long before I could draw on it my contributions to an IRA will be seized and redistributed (not using those words, of course, but effectively). I regret not taking the option available last year to withdraw without a penalty (even though my tax burden was crushing enough as it was).
Create a self directed IRA with an LLC. Fund it by rolling over the funds from your custodied IRA. You can self custody Bitcoin (but not gold). They know how much you have, but no way they can confiscate. I too worry that 401ks and other accounts will be either frozen or weaponized like has happened with other financial assets when you are a deplorable. No withdrawals for you until you've had your monthly booster shot.
 
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?
I would like everyone who uses this forum to not merely be rich, but wealthy.

Judging by your question there is no doubt you will become rich.

But wealth is the true goal and it is a subtle interplay between having money and having a qualitative life.

The money part is easy and in brief response to your specific questions;

Real estate? Yes and real estate investment trusts (REITs) are the easiest options.​
Crypto? Yes, but no more than 1% of total investible assets and diversify your holdings.​
Gold/silver? Yes, but don’t catch gold fever . . . gold bugs hold about 10% - 15% of their total investible assets in precious metals.​
Stocks? Yes, keep it simple . . . diversified low cost Exchange Traded Funds (ETFs).​
A business? Maybe, it depends upon your individual risk tolerance and personality . . . entrepreneurship would be a great thread to start and perhaps Roosh V would comment. We would learn a lot from his experience.​
Something else? Yes, prepare for the worst . . . solar powered generators, dry goods, etc . . . a few years ago I would not have brought this up, but I have never witnessed political polarization like this and am concerned about civil unrest. Also be aware that there is a war on cash.​
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? Wide moat careers are best. Look for professions that require an education and licensing. Keep in mind that the great fortunes were built on doing things that most didn’t want to.​

There is a spiritual component to wealth, as supported by scripture. Don’t want to monopolize the thread with a long post, so it is best to just say that we will be judged by the things we have done in addition to those things we could have done, but chose not to.
 
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