"A 27-year-old millionaire reveals how he built his wealth"

http://finance.yahoo.com/news/27-year-old-...-184823184.html

 

impressive, but I do hope he does not forget to actually LIVE life.

Cliffs?

Cliffs?

 

Stay out of debt, save, invest, and buy RE when it's cheap.

impressive, but I do hope he does not forget to actually LIVE life.

 

 

^^

This.

 

To each his own. But that dude has been living on water and crackers for the last ten years of his life. There's a middle ground between spending everything you make and not spending anything at all.

You guys should read better.

 

He was spending 40% of his income while being in the military. He was living fine.

Good for him Hope he and his family enjoy the wealth for a lifetime

You guys should read better.

 

He was spending 40% of his income while being in the military. He was living fine.

 

and he is still currently living fine. Making nearly $100k a year, and saving half of that. That doesn't include his rental income. He has no personal mortgage because he lives in the duplex that pays for itself with the other renter. He's doing well and good for him.

impressive, but I do hope he does not forget to actually LIVE life.

I think he is living the life he wants for right now. He still has a few more goals in mind and after that he will take stock. Especially in a few years when he is 30 he will probably change and relax a little. At 30 we all changed, but he has a goal for 40.

 

Or his lastwords might be "rosebud"

 

I swear I saw him in Oceanside yesterday driving an orange Exige S in the Denny's parking lot.

Good for him and I applaud his discipline.

 

He'll probably learn this too - you can't plan out your life 2-5 years in advance. Shit happens and the plan goes out the window. And the things that are important to you in your 20's will change every decade hence.

 

But of course no one knows THAT until after a few decades pass and they realize that the stuff they wanted back "then" is no longer what they want. Life has many stages - and good for him for having the ambition and perseverance to make his own dream happen, especially since he had to learn everything for himself.

 

Smart "kid"

Most wealth still seems to come back to real estate. I cannot express how many clients of mine always say they wish they had started investing a lot sooner. Being risk adverse is another hurdle in itself to get over, but the majority of people I represent now are making up for lost time. They've developed the drive and skill to chase after deals that make the most sense, not always the most money. Risk takers find failure as a temporary problem, and quite often figure out a better course of action.

This guy has a lot of willingness to go after long term bets and live a pretty decent life while looking at the bigger picture. Congrats.

Good for this guy.

 

Hoping this does not come across as being negative but...this is "news"? More like one of the oldest tricks in the book.

 

I know a guy that was working so hard to make a million in cash that he left his house insanely cold in the winter and insanely hot in the summer. I guess if you are never home thats ok, but if Im not home I usually spend money.

Good for this guy.

 

Hoping this does not come across as being negative but...this is "news"? More like one of the oldest tricks in the book.

 

I dont understand the fascination with this story either.

Tons of people made money through RE from nothing and they are on a MUCH higher level than this guy.

 

Edit: And owning a bit over a million dollars in properties (fluctuating in value) doesn't make a person a "millionaire" or being "rich". Many of thing he says sound like the things I have read from the common get rich books. He has some good motivating points for the newbie but there are much better success stories out there.

 

I dont understand the fascination with this story either.

Tons of people made money through RE and they are on a MUCH higher level than this guy.

He's 27 though and an immigrant.

 

Im a native born Citizen(family has been here for at least 5 generations) and older and not a millionaire. Im working on it, but just one million isnt my goal.

 

I dont understand the fascination with this story either.

Tons of people made money through RE from nothing and they are on a MUCH higher level than this guy.

 

Edit: And owning a bit over a million dollars in properties (fluctuating in value) doesn't make a person a "millionaire" or being "rich". Many of thing he says sound like the things I have read from the common get rich books. He has some good motivating points for the newbie but there are much better success stories out there.

 

 

 

I don't get the fascination with depriving yourself in order to save for a better life sometimes in the future, live in the moment, money is not the magic elixir for happiness, maybe I should write a damn book, I would save lots of people a lot of time, stress and headaches

 

He's 27 though and an immigrant.

 

Im a native born Citizen(family has been here for at least 5 generations) and older and not a millionaire. Im working on it, but just one million isnt my goal.

 

don't focus on numbers, focus on success, money is a byproduct of success, it will come, making money is shockingly easy mainly when you don't focus on it!

 

 

 

 

 

 

 

Good for this guy.

 

Hoping this does not come across as being negative but...this is "news"? More like one of the oldest tricks in the book.

 

 

It's very simple, but not easy.

 

The discipline to do this varies from person to person based on their personality and/or friends/environment. Your typical Wall Street guy typically struggles to save. Many men in big cities always have some level of distraction, especially when they are young.

 

Also regarding real estate, of course it's the oldest and best, reliable investment vehicle. However, a big difference now versus 15 years ago as far as the quick and easy returns/equity gains from cheap investments that the average person could afford. New York City in the late '90s was cheap as s**** compared to now.

 

And the same could be said for other cities too.

 

So if you live in these cities now, I'd imagine you'd want to look elsewhere in the US for real estate investments (assuming you're doing it the "lazy" way).

 

 

Am I reading this right? He is 600k in debt and only making 24k net a year on that debt? Better hoping property values don't plummet again...

Am I reading this right? He is 600k in debt and only making 24k net a year on that debt? Better hoping property values don't plummet again...

 

Yeah, His investment vs return on the properties is shit. But it's San Diego, in 5-7 years the property could easily be worth another $500k.

Yeah, His investment vs return on the properties is shit. But it's San Diego, in 5-7 years the property could easily be worth another $500k.

I work in SD and have family here. It is a longshot to see an individual property of his here jump $500k, even 20 years from now unless they are on the beach or LA and OC suffer a nuclear winter.

 

I dont understand the fascination with this story either.

Tons of people made money through RE from nothing and they are on a MUCH higher level than this guy.

 

Edit: And owning a bit over a million dollars in properties (fluctuating in value) doesn't make a person a "millionaire" or being "rich". Many of thing he says sound like the things I have read from the common get rich books. He has some good motivating points for the newbie but there are much better success stories out there.

All good points and I agree it's not "news".

 

I simply enjoyed reading about a 27 year old (immigrant or not) who is down to earth, hard working and okay with not having a lot of material possessions which he determined would not make him happy.

 

So many of his generation have an attitude of entitlement and they want it all NOW, and think they should be living in a rock star "crib" and driving an exotic car and don't want to wait until they can afford it. It was nice reading about a guy who is working hard and trying to better himself and not expecting someone to hand him success.

 

 

 

 

I don't understand this article then? He doesn't own those properties the banks do. He only owns the liability and the payment. The values they give are what he "claims" they are worth. His second property is not even 10% payed off....

This guy is one bad day away from bankruptcy. He only has maybe 150k in real actual liquid assets that he could obtain on short notice yet owes over 600k.

How did this guy get an article on how to be good with your money? 600k for 2% roi while being in debt past your eyeballs?