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How do I make millions of dollars ?
I want to make a lot of money doing the things I love. With sports is one of those things. I'm not saying I want to play sports necessarily, but I want to be invloved.
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4 answers
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George’s Answer
Before making millions, learn to make 100 thousand.
Before making 100 thousand, learn to make 10 thousand.
Before making 10 thousand, learn to make 1 thousand.....
...
Start earning dollars.... and understand that money is meant to be spent, saved, invested, and given.
Work hard. No job is below you - there's always something to learn from it.
Learn - be always and forever learning.
Read... most all wealthy read a minimum of one book a week. Start with "The Richest Man in Babylon"
Understand business and economics. Start a business now! Mow lawns, dog walk, buy at a Thrift Store and re-sell on eBay....
Learn to budget, save, and start investing.
Find a mentor. Job shadow.
Math skills - take an accounting class. Other business classes in school.
Avoid debt, unless you're buying a high-probability equity-building asset.
Only the smallest fraction of athletes make it to the highest level and high income. Go this way if you want, but always have a Plan B, and a Plan C...
Before making 100 thousand, learn to make 10 thousand.
Before making 10 thousand, learn to make 1 thousand.....
...
Start earning dollars.... and understand that money is meant to be spent, saved, invested, and given.
Work hard. No job is below you - there's always something to learn from it.
Learn - be always and forever learning.
Read... most all wealthy read a minimum of one book a week. Start with "The Richest Man in Babylon"
Understand business and economics. Start a business now! Mow lawns, dog walk, buy at a Thrift Store and re-sell on eBay....
Learn to budget, save, and start investing.
Find a mentor. Job shadow.
Math skills - take an accounting class. Other business classes in school.
Avoid debt, unless you're buying a high-probability equity-building asset.
Only the smallest fraction of athletes make it to the highest level and high income. Go this way if you want, but always have a Plan B, and a Plan C...
Thank you, George!
Noah
Paul Goetzinger MPA
Academic and Career Consultant and Freelance Writer
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Paul’s Answer
I would contact a financial advisor either from Charles Schwab or Fidelity and establish a plan to help you reach your financial goals.
Attaining wealth is normally a long term process and commitment, and financial resources need to be invested in the right areas in order for them to increase in value. Many of the wealthy athletes do this, including Michael Jordan, Larry Holmes, John Elway, Wayne Gretsky. They are not only great athletes, but they are great investors and gifted in the area of business. They also surround themselves with good and honest financial advisors.
Most people, who I know, that are millionaires, made their wealth by investing in the stock market, and letting those investments earn wealth for them over a long period of time. They kept investing and built their capital until they reached their financial goals.
Attaining wealth is normally a long term process and commitment, and financial resources need to be invested in the right areas in order for them to increase in value. Many of the wealthy athletes do this, including Michael Jordan, Larry Holmes, John Elway, Wayne Gretsky. They are not only great athletes, but they are great investors and gifted in the area of business. They also surround themselves with good and honest financial advisors.
Most people, who I know, that are millionaires, made their wealth by investing in the stock market, and letting those investments earn wealth for them over a long period of time. They kept investing and built their capital until they reached their financial goals.
I love both those organizations. Charles Schwabb has a great podcast "Financial Decoder" and I love their advisors. I just like Fidelity's platform more.
Aaron Escamilla
Updated
david’s Answer
Hi, Noah
George and Aaron gave excellent advice, and better than I could do, as I'm not that financially smart. However, I see a potential conflict that you may need to work through. You want to make millions, but it's to be done doing the things you love. To do that, I suggest you investigate the things you love first to assess the possibilities of wealth that is offered. Some careers are highly satisfying, but don't earn millions. By digging more deeply into what you love, you may find a compromise is possible between doing what you love and having a satisfactory income. You present a challenging assignment, and I wish you well in your pursuits.
George and Aaron gave excellent advice, and better than I could do, as I'm not that financially smart. However, I see a potential conflict that you may need to work through. You want to make millions, but it's to be done doing the things you love. To do that, I suggest you investigate the things you love first to assess the possibilities of wealth that is offered. Some careers are highly satisfying, but don't earn millions. By digging more deeply into what you love, you may find a compromise is possible between doing what you love and having a satisfactory income. You present a challenging assignment, and I wish you well in your pursuits.
This is great. It's good the desire is broad. Just something in sports. In my case, I loved sculpting clay but I found my design ability made me good at web design and I saw I had connections that could help me in that path more than in sculpting. I found satisfaction in web design and branding for my career and I kept clay sculpting as a hobby.
Aaron Escamilla
Updated
Aaron’s Answer
Truthfully, your career and making millions don't have to be as intertwined as you think. It really doesn't matter if you like baking, sports, engineering, or art. The pattern remains the same...if you lack financial literacy...bad news. Financial self reliance is key.
Lots of advocates for this...Dave Ramsey...etc.
Making millions theoretically is not difficult depending on when you want to make those millions. If you do the standard contribution to your 401k, you will have at least a couple million in retirement funds for when you retire. If you also max out to your Roth IRA, then you'll have a couple to few million tax free when you retire also.
Staying debt free is super helpful too. Buy a car within budget or pay it off as soon as possible. Rent a place small enough so you can save to buy a place.
I was in college when I made my first excel sheet and projected that I could have multiple millions by the time I was 42 if my wife and I both worked but lived humbly enough to only use one income and save the full second income. I was mind blown. I crunched the numbers just in case I was wrong but nope...steady and consistent saving...investing in retirement...investing in your home...paying off debt really does get you there. I have to check my excel sheet frequently to keep my hopes up because it's really easy to think I'm not getting there but then I check my progress and I realize wealth really does grow exponentially. Once you have your first 100k in liquid cash...it becomes way easier. That first 100k is the hardest though.
1) Start creating excel sheets for your budget that allow you to set goals and make projections of the future
2) Break down your budget into living costs and what can go into your retirement funding
3) Become an expert of your own taxes (if you're W2...learn what deductions you can take in taxes, etc)
4) If you have extra money, consider learning to invest. Start small until you find something that works for you. Then invest more.
Lots of advocates for this...Dave Ramsey...etc.
Making millions theoretically is not difficult depending on when you want to make those millions. If you do the standard contribution to your 401k, you will have at least a couple million in retirement funds for when you retire. If you also max out to your Roth IRA, then you'll have a couple to few million tax free when you retire also.
Staying debt free is super helpful too. Buy a car within budget or pay it off as soon as possible. Rent a place small enough so you can save to buy a place.
I was in college when I made my first excel sheet and projected that I could have multiple millions by the time I was 42 if my wife and I both worked but lived humbly enough to only use one income and save the full second income. I was mind blown. I crunched the numbers just in case I was wrong but nope...steady and consistent saving...investing in retirement...investing in your home...paying off debt really does get you there. I have to check my excel sheet frequently to keep my hopes up because it's really easy to think I'm not getting there but then I check my progress and I realize wealth really does grow exponentially. Once you have your first 100k in liquid cash...it becomes way easier. That first 100k is the hardest though.
Aaron recommends the following next steps:
Thank you for the advice.
Noah