Millionaires Of Reddit Reveal Their Secret Tricks (r/AskReddit)

millionaires of Reddit how did you become so wealthy 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 one 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 in my twenties 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 forties now I don't feel very wealthy really oddly I still check prices went shopping and I plan to drive mile 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'll live and spend rather simply 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 in 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 a few years I bought and rented out a couple houses I've got 17 years in the army creeping closer to a portfolio worth two million dollars and a good pension in retirement I'm about to make left hen and Colonel I'm in my late 30s just grind and save being frugal not buying new cars not caring about what others think saving and investing and doing it again not making knee-jerk investment it's 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 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 I'm on track of being a millionaire by just investing in my 401 K I started my career at 20 years old right after graduating from college and started investing the minimum to my 401 K 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 where the decent return would be huge I would recommend you just put anything away everyone tells you to maximum your investments but honestly not everyone can invest dollar sign 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 not there yet but getting there stem degree for both wife and die I back my lunch and drink from water fountain I eat out with cow Walker's maybe once a month fill up my trusty Klien canteen bottled a li with the free ice from cafeteria and water from the water fountain in my lower thirties right now have a dollar sign 500 K house bought two years ago about 40% paid off hope to pay it off completely well before I turned 40 currently about dollar sign 350 K in bank between liquid and stocks currently driving a nine-year-old son wife has a 13-year old Camry daughters toys are from the thrift store haven't had cable TV ever love Costco and Walmart love looking at deal sites that doesn't mean we do not enjoy life we've been back cooking in Europe have visited D Bay Bahamas Bermuda puto Rico Vegas numerous times Canada numerous times going to Cali in less than a month my philosophy is this you get rich by acting poor in things that really don't please your heart we like traveling so we do that I like photography so I have a DSLR wife likes nail polish so she has like a big box full of them I don't care much about food so I bagged it and we rarely eat out same with our cars live simply invest and spend wisely love unconditionally my first million was the hardest to attain it took me a good 10 to 15 years to find the perfect bank near the highway a safecracker that's not a complete [ __ ] idiot and an Inside Man that's not going to fold under a little bit of stress once I got my perfect team getting the million was easy the second was easier now that I got some experience under my belt this might not seem like the obvious path but I approached a few of the wealthier individuals I found on my social media and pitched them my company idea see the movie wolf of wallstreet taught to me never spend your own money when you can spend someone else's I then created her internet startup company that specialized in dog fart collection I'm not a millionaire 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 shitty 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 woodworking 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 class I stand 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 in it and made a variety of ornaments which people liked and then started doing Commission's things got bigger and bigger and I could quit my shitty 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 three years to the day from my first ever sale I actually had a motorbike 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 in two 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 were 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 mom died and left me a million dollars I was born it all came from my parents I get a lot of crap from my friends in college law my parents on the other hand went from living in lower middle-class India born in late fifties so basically studying hard and family bonds were what kept them going came to California for masters and PhD and worked for massive tech companies for about thirty years my dad went up to executive director or something they invested a lot of money and bought houses in India and rented them out the house they bought here in California went from one dollar one meter to about three dollars five meters is millionaire defined by assets because I just qualified based on the value of my property but I'm [ __ ] poor in terms of cash flow I have always been very frugal and safe significantly more than anyone else I know bought a property at the age of 23 which appreciated in value by a significant amount however I'm just barely paying off the loan so I'm poor as [ __ ] self-made crack the first $1,000,000 just after 33 sometime then the next few came quickly the best advice is to build capital early by scrimped and saved and had my first car till I was 30 and it totally shat itself didn't waste money on holidays or any expenditure that wasn't 100% necessary holidays consisted just of time of work and going to beach or doing fun free things so once I had a little nest egg dollar sign 10k I got a house and every time I had a spare $50 put it against the mortgage then every time I got a pay rise the difference went to the mortgage not to increase in lifestyle in forty five now and saving becomes less of a priority as the base capital is there I can spend every cent I earn and my base will still increase summary get saving early what car and what clothes you wear don't change who you are what exactly is a millionaire a million in net wealth or a million in cash or a million in assets or a combo of horse given your average house in a city is now worth half to three-quarters of a million and I have to I guess that makes me a millionaire if I exclude the mortgage on the investment property not me but my family my dad was piss poor as a kid because he was one of five kids to a single mother since my grandpa died when dad was like 11 or 12 moved out at 17 after getting his HSC ozzie SATs went to work worked a lot my dad's really smart so he was good at what he did mum and dad weren't meant to be able to have kids but when both of them were 40 they concede me dad had just started his own business in the tech industry but he believed in himself and the two mates he started the company with and it boomed mum hasn't worked since I was born because she was taking care of me when I went to school she started doing a lot of charity work she fell pregnant again with my little brother but he was stillborn when I was three years old so I stayed an only child this year both my parents turned 60 and my dad retired cos his businesses and was doing so well we live in a nice house but most of our money goes to charity anyway since dad knows how it feels to have no money what doesn't go to charity goes to family I remember one year at Christmas dad gave his mum my Nanna and all four of his siblings $10 zero zero zero each akka $50 zero zero zero in one year I never asked for money I got a job legally as soon as I could fourteen and nine months and I've worked ever since while attending school I think my dad gave me good work ethics they never spoiled me even though they could have I'm 21 now I still live at home uni and just started my first full-time job that I plan to move out when I find the place I can take my dog with me so technically my mom and dad are millionaires I'm not it's not my money and when Mom and Dad parse I'll probably divided up among the family slash charity going to a private high school taught me money doesn't buy you happiness so I don't have any interest in keeping more than enough to be comfortable I wouldn't have even thought about inheritance but I was forced to because my dad had two heart attacks this year and his dad and his dad's dad both died of heart attacks in their 30s not that anyone cares but he's doing way better now a few Stenson and a lot of rehabilitation and he's almost back to normal TLDR anyone who bought a house at the right time became a millionaire anyone who makes a shitin and hoards money became a millionaire anyone who became the one in 1 million who ran a successful business became a millionaire if you're in a field without a well-paying job you're out of luck and if you didn't buy a house at the right time you're out of luck your only chance is to start a business and hope you make it successful but if you fail you'll get a shittin of debt I basically kept the same habits I had when my income was dollar sign 12 K 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 until assigned 28 K salary I put what I could in my 401 K and every race I got went to that till I at least got the full employment 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 used cloth wipes / napkins I spent about twenty dollars 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 three oranges traveled 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'm so tired of pears though I have a million dollars but I won't eat an orange if I have a free pair 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 saving investing not wasting my money buying every new piece of crap to keep up with the Genesis don't gamble don't waste your money period keep track of everything you spend money on and see how much is wasted on trivial things you don't need eat up less as earlier posted knowledge is key learn basic finances and keep learning you can always marry into it ugly rich boys or girls otherwise hard work fail fail then succeed also don't expect money to make you happy all of us could learn to be happy with what we got compare yourself to yourself and not others and see how much you have grown over the years / months

Channel: ToadFilms

Views: 113,140

Rating: 4.9048247 out of 5

Keywords: millionaire, millionaires, millionaires of reddit, secret tricks to get rich, how to get rich, reddit, askreddit, askreddit funny, top posts, top posts of r/, r/, r/askreddit, reddit top posts, reddit cringe, comedy, reddit compilation, top posts of all time, askreddit question, askreddit top posts, ask reddit, askreddit reading, subreddit, reddit stories, best of r/askreddit, funny reddit, best reddit posts, best of reddit, ToadFilms, toad films, how to become a millionaire

Id: Ui5BjUGh0w4

Length: 14min 48sec (888 seconds)

Published: Sun Jul 28 2019