Millionaires share the secrets to become rich - (r/AskMillionaires)

our slash ass credit millionaires are reddit how did you become so wealthy in my 20s I was a computer programmer just as the web started exploding in popularity I could wire up websites and Delta bases 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 use 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 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 same here started at a late nineties Ericom we went public and I was suddenly worth eight figures in my 20s cashed out before the crash 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 how do you know which stocks to invest in I've invested since I was 18 I have a degree in economics and deep interest in the markets but honestly I don't know anything I have a diversified portfolio of 10 different stocks and different fields theory says that's too little but I don't care the different stock is all listed on the most traded index in my country I come from Denmark so it's the om XC 20 index the thing is stocks in general increase in value over time sure some of my stocks are in red but most are in black some dropped 30% others gained 40% but here on year my portfolio increases about the market average of 7% that's including years of financial turmoil financial crisis in my opinion the worst you can do with your money is to not invest it well last year my fiance's grandparents won a stupid amount of money in the lotto double digits millions they were generous and to share with the family I grew up below the poverty line so my life is nuts RN edit I'm a girl four one two I am in fact choosing to do stuff with my life as I'm not an idle person mooching off other very lucky break his money is placed in a trust and we have many financial advisors and we are not cleared to buy anything without approval and what we don't use is invested by the bank who runs a trust I don't really care for advice since I'm just reaping the rewards so far we bought my fiance's childhood home his father built which is in one of the most sought-after neighborhoods 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 blood 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 has beneficiary pretty nutty stuff and I'm genuinely surprised they didn't force me into a prenup woman shrugging if reading has taught me one thing you should never win the lotto and tell anybody else especially family but glad for you dude and please don't kill your fiance and/or grandparents 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've bought and rented out a couple houses I've got seventeen years in the Army creeping closer to a portfolio worth two million dollars and a good pension in retirement I'm about to make leftenant colonel I'm in my late 30s just grind and save edit gold Thanks I should add that this job really sucks and I hated 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 as a future army officer this makes me smile they should have stuck you in finance I live in Eastern Europe in 1990 I took out a huge loan and bought ten apartments and furnished them I rent them out to people and with the money I earned from them I pay off the loan payments I did this every 10 years I have now 30 apartments and one employee who I pay to may are not the I Halim them and make sure payments and maintenance is handled the key is finding good tenants and may are not the I ha leaning a good relationship with them it is not at hard but a key to this strategy how do you take out huge loans without any securities though sure this plan will work once you have your first few apartments but how do you get there in the first place I sell overpriced consultancy time to CTOs who don't know any beta well I mean technically you get a consultant in the first place because you don't know any better I am 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 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 $18 K a year you 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 parents died edit if you're gonna make a Batman know that you're not at all clever original or funny it turns out you were always a millionaire you logs converted all of my money into Zimbabwean dollars brilliant I just printed file bucks it was hella easy we have such an inflation problem I'm worth several billion 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 the stock market is a tool for transferring wealth from the impatience to the patient such as this threat for a sugar daddy not there yet but getting there stem degree for both wife and I I bagged my lunch and drink from waterfowl not the I Holly I eat out with coworkers maybe once a month fill up my trusty Klean Kanteen bottled daily with the free ice from cafeteria and water from the water fowl are not the eye Holly in my lower 30s right now have a $500 K house bought two years ago about 40% paid off hope to pay it off completely well before I turned 40 currently about 350 dollars can Bank between liquid and stocks currently driving a nine year old Scion wife has a 13 year old Camry DotA's toys off from the thrift store haven't had cable TV ever love Costco and Walmart love looking at deal sides that doesn't mean we do not enjoy life we've been back parking in Europe have visited Dubai Bahamas Bermuda Puerto 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 em 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 what if I love food cousin traveling stem degree + minimalism my econ professor uses a prepaid phone the cheapest plan you can get I'm a millionaire with 3 prepaid phones I finally rode first class for the first time back in July and the first thing I noticed was everybody else had two phones so naturally I pulled out my third one just to show them I belonged I'm a millionaire with three prepaid phones drug-dealer confirmed CS major and this is exactly what I'm banking on to acquire real wealth I've been in the industry for over ten years and have a GL master's in engineering as well while it's definitely put me in the upper-middle class I wouldn't bank on it if you really want to move make sure you don't just rely on CS and tech to build your wealth either learn finance or some other trade to go with your tech programming skills or you'll end up being a code monkey your whole career just two cents from someone who had been in the industry a while I also came from a fairly poor background so I'm not complaining about what I have achieved so far I sold 18% of my company for a large sum of money and we work together to expand 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 docking 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 honestly that's how I'm going to do it if not I'm going to work as a software developer of some kind haven't received my million yet but my new Nigerian prince friend is going to call me with directions after I send him some of my bank info to make the transfer my Nigerian prince friend is so kind he wanted me to deposit two hundred dollars on his account and he will transfer his treasures to my account he said he is not scammer I believe him throw you made it to the end you're ducking mad lad I'll cut you a deal smash like and subscribe for more curated content more it's free and that's a great price

Channel: Sir Reddit

Views: 356,755

Rating: 4.9412613 out of 5

Keywords: reddit, askreddit, askreddit funny, top posts, top posts of r/, r/, r/askreddit, reddit top posts, 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, reddit ama, ask me anything, reddit ask me anything, r/IAmA

Id: W8WKSkbHoEw

Length: 11min 7sec (667 seconds)

Published: Sun Oct 27 2019