Inspired by the thread on how to invest $1 million, here it is.
I'd love to hear from any who have assets (other than their principal residence) with a value in excess of $1 million. I'd also love to hear from those who have solid plans for getting there, or even just hopes of getting there.
I know many won't want to comment on their net worth, or even come out and say they have $1 million+, and that's okay. Anyone willing to contribute details, it would be much appreciated and I think extremely interesting for both those who are already successful, and those trying to become so.
The more details the better. Rather than say "Real Estate", tell us if you built houses, flipped houses, rented houses, burned down houses and claimed insurance on them .
I'll kick it off as best I can.
I've been working odd jobs since I was ~12 years old (coaching camp, mowing lawns, shovelling driveways, raking leaves etc.) and have always been a saver. I was taught the power of money to grow and compound on itself from a young age, and have ever since been fascinated with how money works, how markets work and how to grow wealth.
Went to university for finance while working throughout, graduated and got a job on Bay Street. As it stands right now, I'm hoping to build my wealth the old fashioned way of working a job, earning more than I spend and saving the rest. In the longer term, I plan to expand my wealth primarily through the market. Holding stocks/bonds, selling options, collecting dividends etc. You can follow the beginnings of that journey here:
http://canadianmoneyforum.com/showthread.php/9529-My-income-statement
I'm also constantly exploring various options more entrepreneurial in nature, which may or may not be viable down the road. I'm currently way to busy to consider anything that will take more than 10-20 hours out of my week, so it is mostly limited to ideas in my mind or on paper.
I hope to stay the course of my current career path for at least 5-7 years, at which point I will likely be able to step up to the next level with a very steep increase in pay and responsibility. It is likely then that I will have to make a choice between remaining in the industry, or pursuing alternatives.
I hope to make my first million by 30, which gives me 7 years to do so. Lofty goal, but I hope to be up to the challenge.
Hope to generate some interest. Would love to hear from anyone who:
Started a business
Saved and invested
Started a blog(s)
Bought a franchise (how did you get the seed capital?)
Inherited $$ (what did you do with it afterwards?)
Invested in real estate
Would also like to hear from anyone else with goals and plans to achieve them.
I'd love to hear from any who have assets (other than their principal residence) with a value in excess of $1 million. I'd also love to hear from those who have solid plans for getting there, or even just hopes of getting there.
I know many won't want to comment on their net worth, or even come out and say they have $1 million+, and that's okay. Anyone willing to contribute details, it would be much appreciated and I think extremely interesting for both those who are already successful, and those trying to become so.
The more details the better. Rather than say "Real Estate", tell us if you built houses, flipped houses, rented houses, burned down houses and claimed insurance on them .
I'll kick it off as best I can.
I've been working odd jobs since I was ~12 years old (coaching camp, mowing lawns, shovelling driveways, raking leaves etc.) and have always been a saver. I was taught the power of money to grow and compound on itself from a young age, and have ever since been fascinated with how money works, how markets work and how to grow wealth.
Went to university for finance while working throughout, graduated and got a job on Bay Street. As it stands right now, I'm hoping to build my wealth the old fashioned way of working a job, earning more than I spend and saving the rest. In the longer term, I plan to expand my wealth primarily through the market. Holding stocks/bonds, selling options, collecting dividends etc. You can follow the beginnings of that journey here:
http://canadianmoneyforum.com/showthread.php/9529-My-income-statement
I'm also constantly exploring various options more entrepreneurial in nature, which may or may not be viable down the road. I'm currently way to busy to consider anything that will take more than 10-20 hours out of my week, so it is mostly limited to ideas in my mind or on paper.
I hope to stay the course of my current career path for at least 5-7 years, at which point I will likely be able to step up to the next level with a very steep increase in pay and responsibility. It is likely then that I will have to make a choice between remaining in the industry, or pursuing alternatives.
I hope to make my first million by 30, which gives me 7 years to do so. Lofty goal, but I hope to be up to the challenge.
Hope to generate some interest. Would love to hear from anyone who:
Started a business
Saved and invested
Started a blog(s)
Bought a franchise (how did you get the seed capital?)
Inherited $$ (what did you do with it afterwards?)
Invested in real estate
Would also like to hear from anyone else with goals and plans to achieve them.