I think you need a more achievable goal...the only way you will reach a million by age 25 is through gambling - via aggressive investing or other such means. This is a handicap in the long run as you are essentially playing the game "on tilt". Having ambition is not a bad thing, but having that ambition push you to act illogically, especially in the highly emotional charged area of investing, is what will sink you. I'd suggest you pick a more reasonable number and go from there.
If you pay attention to financial news (as you should if you would like to be an investor), then you'll notice that there are numerous storm clouds brewing out there. Keep your powder dry and there might be a sale out there soon.
Full disclosure - I had a similar goal to hit by age 25 (though much less ambitious), via selling MTG (minor) and stock market investing (major). I hit it last year and it felt great, but it didn't change anything. Having goals is nice. However, I think that you just make sure your monetary goals are a means to an end and not an end in and of it itself.
25K liquid is better than 10k liquid, but still tough. The problem with making it through investing is that you want to make a certain target but don't have time on your side so it makes you want to take unnecessary risk.
With such a small asset pool (and income) you may find yourself unable to:
1) Have a margin account
2) Be able to short
3) Be able to buy/sell all but the most basic options.
The three of those are strategies for seasoned investors and not the kind of things you want to dip your toe into.
There is nothing worse to a speculator than catching a margin call the night before the stock turns around and bang you're on the hook for 85% of your principle. There is a reason they call it a short squeeze.
I'd be most interested in seeing how you can expand your company to be honest, because either there or through some other venture you've got the most control over your time horizon.
I asume you are using a discount broker like scott trade, or e-trade and don't have access to a financial planner. Either that or you think his/her advice is too conservative. I'm not going to tell you what to buy, but if you PM me a bit of your experience as an investor, what your options are with your trading account, and what your current asset strategy is like (what's up with the CD?) I might be able to discuss strategies, or at least be able to keep you from going broke.
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Out of the blackness and stench of the engulfing swamp emerged a shimmering figure. Only the splattered armor and ichor-stained sword hinted at the unfathomable evil the knight had just laid waste.
That's the best advice I can give you. You have 10000 to start with so you should be able to lease a nice studio and get good production quality.
If you don't like this idea you could give me a 10000 dollar investment to drop my mixtape, and I'll help you cbecome a millionaire after I make my millions.
I'd be down for producing that Kpaca. I hope its good rap though.
Firstly man. **** *****es. Seriously. Women cost lots of money. Unless you marry one who is rich?
Invent something that becomes a big hit! Something small can make a lot. Like imagine how much money the guy who invented the car lighter has...
I'll also vote for the "give kpaca money" route. If he makes it big, you win, if he doesn't at least you haven't thrown your money away.
I am exceptionally curious about your goals beyond making a million; if you do manage to reach the goal of "Millionaire by 25" then what? More investing to become richer? Buy an island and become a recluse? Slap people in the face with $100 bills?
I am exceptionally curious about your goals beyond making a million; if you do manage to reach the goal of "Millionaire by 25" then what? More investing to become richer? Buy an island and become a recluse? Slap people in the face with $100 bills?
I think the smart thing is to run infomercials that tell people HOW you became a millionaire by 25...
Better yet, become a millionaire BY doing infomercials that tell people how "tiny classified ads" can make them millioaires by 25, like Don Lapre did!
Holy ****! I was about to post about Don Lapre, and when I googled him to post a link to his tiny classified ad infomercials... The google headline says he committed suicide 21 hours ago!! I'm spooked. Seriously.
I couldn't help but like Don Lapre... "tiny classified ads!". Yeah he was a con artist and a multilevel marketing (pyramid scheme) mastermind... He bilked idiots for millions, but he was hilarious... He introduced us to Cindy Margolis, queen of the internet and most downloaded woman of 1999!
He was probably a millionaire by 26 or 27, and was arrested by the time he was 47, suicide on oct 2, 2011. He was not much older than I am. Con artist is definitely one way to get a million by 25 but you have to be charming and smart, and pretty evil to do it. Because stealing from naive people is pretty competiive business.
RIP, Don Lapre.
Can't believe he died just 2 days ago. That's freaky.
Consumer watchdog organizations such as Quackwatch had accused Lapre of peddling get-rich-quick schemes.[10] Web sites such as the Ripoff Report had numerous consumer complaints about Lapre and his products and business practices.[11] Lapre had been quoted as saying, "...I really don't give a rat's ass about what people think about me."[2]
According to a June 15, 2011, Associated Press article, Lapre was indicted by a federal grand jury in Phoenix, AZ on June 8, 2011 on accusations of running a nationwide scheme to sell worthless Internet businesses. Federal prosecutors have accused Lapre of bilking over 220,000 victims out of nearly $52 million. He has been charged with 41 counts of conspiracy, mail fraud, wire fraud, promotional money laundering, and transactional money laundering. [12] [13] [14]
On June 22, 2011, a Federal judge issued a bench warrant for Lapre after he failed to show up for his arraignment on 41 counts of fraud. [15] [16]
On June 27, 2011, Don Lapre was arrested at a Lifetime Fitness location in Tempe, AZ, with serious self inflicted knife wounds to his groin, and had reportedly lived in the Lifetime Fitness location for 2 days.[17]
[edit]Death
Lapre died in custody from an apparent suicide on October 2, 2011, while in jail awaiting his trial, which was scheduled to begin on October 4, 2011. Investigators are investigating the cause behind Lapre's suicide.[1]
"My power is as vast as the plains;
my strength is that of mountains.
Each wave that crashes upon the shore
thunders like blood in my veins." - Dakkon Blackblade, Memoirs
I Holy ****! I was about to post about Don Lapre, and when I googled him to post a link to his tiny classified ad infomercials... The google headline says he committed suicide 21 hours ago!! I'm spooked. Seriously.
Wow. R.I.P. Don Lapre.
Kind of my point: money is a heavy burden. I've known my share of millionaires, obtained through fair means or foul, and I can say with no amount of joking that most of them absoluted hated it. It essentially becomes a status symbol, and if you spend it you lose that symbol, so all that hard work and sacrifice just goes up in smoke and in the meantime you get paranoid as ****. Save a reasonable amount, of course, make a nice cozy nest egg, and then spend the rest, or send it to Kpaca who will put it to good use.
That's the best advice I can give you. You have 10000 to start with so you should be able to lease a nice studio and get good production quality.
If you don't like this idea you could give me a 10000 dollar investment to drop my mixtape, and I'll help you cbecome a millionaire after I make my millions.
do you have a sample i could listen to.
if nicki minage could make a million of here mx tape than why cant you?
Basically, there was a kid that came out of college with zero student loans, $10k savings and managed to save like mad in NYC earning $40k a year. He ended up flipping a house in NYC that put him over the top.
What I will say is that I'd adjust your time frame from 25 to 35, pay cash for a degree in something like nursing that will start you at about $15-20/hourly with upward mobility, give you decent health insurance, and good job stability. The magical formula is something above $50k/year with a stable job and mad savings.
The key is to save about 20% of your total income and keep debt to an absolute minimum. Waiting tables? Honestly get into management and get more training by your company. You want $40k/year minimum net if you want to seriously pack away the cash.
Equally, be prepared to live like a eunuch for about 10-15 years. Been there done that, but it's rough.
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Ambition must be made to counteract ambition.
Individualities may form communities, but it is institutions alone that can create a nation.
Nothing succeeds like the appearance of success.
Here is my principle: Taxes shall be levied according to ability to pay. That is the only American principle.
Firstly man. **** *****es. Seriously. Women cost lots of money. Unless you marry one who is rich?
A person I worked with had a regular customer who always told her Love is great but marry rich because you will make more in that 30 minutes then you would in the rest of your life.
You could go buy megamillions tickets with all the money
Everyone is joking about the Lottery, but I read an article recently, cant find but will keep looking, about a couple who made over 1 million by gaming a lottery system. The way it worked is when the lottery hit a max and nobody won it would pay out the pot to people who got 4 and 5 numbers so if you bought something like $130,000 worth of tickets your statistics were very favorable for profiting assuming someone did not win outright. The story got pretty big coverage and the State where the lottery was held ended up either canceling the game or changing the rules so it is not possible anymore.
Kind of my point: money is a heavy burden. I've known my share of millionaires, obtained through fair means or foul, and I can say with no amount of joking that most of them absoluted hated it. It essentially becomes a status symbol, and if you spend it you lose that symbol, so all that hard work and sacrifice just goes up in smoke and in the meantime you get paranoid as ****. Save a reasonable amount, of course, make a nice cozy nest egg, and then spend the rest, or send it to Kpaca who will put it to good use.
That guy didn't kill himself cause his moeny was such a heavy burden. He killed himself cause he was a fraud who had been undicted and charged and was probably going to spend the vast remainder of his life in a federal prison.
The magical formula is something above $50k/year with a stable job and mad savings.
After taxes and average expenses, to save 50K a year, you're going to need to be making over $125K a year. ANd thats if you are not married, living in a cheap ass apartment, and driving a beat to **** car.
Tothe OP, basically, in hour situaiotn, it's impossibl to make $1 million in your timeframe through earning it. So pick the unlikley fluke of your choice and go for it.
Interesting question, I am contemplating it as well.
If you ask: please give me a million within 5 years, not gonna happen.
I'd say the strategy is to startup multiple things (companies, projects, etc), with low-risk and high-gain.
For example, if you've ever made a little piece of software, turn it into a company and sell it online. Costs almost nothing, so you can only do well.
If you have multiple of these projects running, then there's a constant cash flow coming in (high or low depends), so you can invest some time and money into one of the projects. It's like having a couple of different flowers, and watering them one at a time, but keeping them all in the sun at all times.
So I did some math. If you want to have a million in three years, it's doable.
Three years is 1095 days. So you'd need to earn $1000,- a day, for three years straight.
How to do that? Not by waiting tables.
If you have projects running with stable income (advertising pays well, divided by hardly any cost), then $ 1000,- a day is doable.
Because this money is coming in while you sleep, it's not about working 8 hours a day to earn that $ 1000,-
A million is just a number. If you can get 1 million from one person, then it's awesome. You can also get $1,- from a million people (for example, by selling apps, or regular products from a webshop).
It's also doable with internet ads, but you're gonna need a huge load of visitors to get the right number of ad clicks.
Another strategy is buying and immediately selling for profit.
The bigger the product is, the better.
If you buy a car for $ 5K and sell it immediately for $6K, that's $1000,- in a short amount of time.
You can reverse this strategy and promise a product (say that car for $6K)
Then if a customer is interested, you buy it for $5K, knowing it's gonna sell.
Imagine the margins on houses and "money". Like, transferring ten million from one person to another person. But then you get into all kinds of debatable jobs like lawyers and bankers.
Est net value of assets will become 400k as soon as the paper work goes through
and since i own it at least a controlling majority i will be half way there
You ownED or own?
And why do you word it passively as "is becoming a C-Corp"? If it's becoming a C-Corp, and YOU are going to have controlling ownership, then YOU are making it into a C-corp.
What are the assets that make it worth $400K? Does It have contracts or physical assets? Generally for a C-Corp to REALLY be worth $400K, somebody actually has to put SOME money or assets into it. Do you have investors who gave the company $100K for a 25% stake and you are valuing the company at $400k with some accounting sleight of hand?
What do you mean by "own it at least a controlling majority"? Are you the DBA and owner of this, or are you a waiter? If you own a majority percentage, the part that counts towards your "assets" are just a majority percentage.
So you courier company got passive investors? How many couriers do you have? What is the BASIS by which you came up with that valuation? You have contracts with some companies to courier for them? A killer database that nobody else has? Unless you have cash in the account from investors, contracts, employees, some kind of market share, or software & business process that gives you a special leg up on the competition, I don't see how you can say you have anywhere near $400K. Especially in the current economy.
And why didn't you mention in your original posts, that you believe the courier company you own has a fair valuation of $400K?
I want to figure out if its a conceivable for me to be a millionaire by the time I am 25.
Currently I am working as a waiter making around 1000 dollars a month. My only expense is my gas. every day i have put my tips in the bank and im up to about 850 . I will break the 1000 dollar mark this week. I also have about 11Grand in the stock market in Stocks such as apple and Agilent. I want to know the best way to save my money weather it be mutual funds or stocks. I also want to know any way to increase my revenue to the point were being a millionaire by my mid 20's is a possibility.
TL:DR
I have 1200 dollars now and i want to have 1million in 6-8 years. Wat do?
Also, there's a marked difference between "I want a million dollars" and "I want assets with a total gross value of one million dollars" (as well as a marked difference between net value of one million). Again, I hate to keep harping on this point but what's the goal here: do you want a million dollars to buy a yacht/some other bucket-list goal, or do you want a million dollars because you heard on the internet that girls get wet for millionaires?
Because the further we go down this road the more sure I am that it's that last one. A courier company is a great business to have, especially in this economy, it'll give you a lifelong nest egg as long as you're putting the effort into it, why do you care what the magic number is in your bank account as long as you're able to afford a comfortable life? Truth be told, with this new $400k collateral I can probably talk you through the process of getting a few multi-manage loans that would mean you could have $1M in liquid assets over the next 3-5 years, but that just means you have a magic number in your bank account... and cripplingly large repayments that will turn you into a literal hobo if/when the house of cards folds down on you. Is that the type of risk you're willing to take?
And there's a marked difference between owning a company worth $400K, and a bunch of hot air.
If you are really changing your story from waiter who happens to be a sole proprietorship, courier service with minimal appreciable income, to the owner of a $400K corporation that you're ramping up and growing...the advice is different.
And there's a marked difference between owning a company worth $400K, and a bunch of hot air.
If you are really changing your story from waiter who happens to be a sole proprietorship, courier service with minimal appreciable income, to the owner of a $400K corporation that you're ramping up and growing...the advice is different.
Not to mention incorproating does not change the value of a buinesses assets one iota.
I certainly can't speak from (my own) experience, but the only people I know personally who had $1M+ by 25 (and a few by 30) made it playing online poker. However, they made the majority of that from 2002-2007, and now certainly isn't the best time to start playing. Also, one of those people (a recognizable pro) lost about $2M when one of the companies closed suddenly... so it comes with certain risks. Now he's more interested in investing in real-estate (buying/building apartment buildings and condos mostly) than in poker.
There is one very easy way: make a song. You don't have to have any talent, don't have to be a good singer, and you don't even have to make a good song. Hot Chella Rae proved it all.
Seriously, though, getting rich in such a short period of time is only possible if you take huge risks, and risks, obviously, mean that you can also be very, very poor when you're 25.
Sphinx is really good. Control will play it and be able to protect him just fine, hes a much better finisher then Jwar Isle and thats saying a lot considering how good he alone is. Bazzar Trader.dec now has 16 threaten effects. Thats really, really, really,really good. Really good.
Not to mention incorproating does not change the value of a buinesses assets one iota.
Technically thats how they value Facebook. Zuckerberg sold a prefered interest in FB to some investors for $140M and called it 2% share. Bang he's worth 6.5B and on the Forbes 400.
Usuall valuations are done by revenue stream. IE if I own a retail store like a LGS I can look at other retail stores, well run that sell for 12-15x earnings.
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Out of the blackness and stench of the engulfing swamp emerged a shimmering figure. Only the splattered armor and ichor-stained sword hinted at the unfathomable evil the knight had just laid waste.
Technically thats how they value Facebook. Zuckerberg sold a prefered interest in FB to some investors for $140M and called it 2% share. Bang he's worth 6.5B and on the Forbes 400.
Usuall valuations are done by revenue stream. IE if I own a retail store like a LGS I can look at other retail stores, well run that sell for 12-15x earnings.
That's not "just incorporating".
That's smart people BIDDING & paying real money for equity stake in your company.
That kind of valuation for a privately held company is only as "real" as your ability to convince a bank or other investors that it's worth that much.
Facebook's valuation is based on the fact that it's believed other smart money would be willing to buy a piece of Facebook at similar valuation.
That "valuation" of Raver's courier company at $400,000 likewise would be more meaningful if an investment banker has signed an agreement to pay him $100,000 in cash for 25% ownership of his courier company when he makes it into a corporation.
For an investment banker to give that kind of money to a waiter who has demonstrated no significant revenue stream, couriers part time, own no actual physical assets, has no employees and no contracts, no special expertise, or brand value... Would be crazy.
And again, that $400k "pseudo-valuation" would not be accepted by a bank or any other investor or lendor. Most banks you want to borrow from and subsequent investors would just assume that your first investor is an idiot or a relative or both.
For an investment banker to give that kind of money to a waiter who has demonstrated no significant revenue stream, couriers part time, own no actual physical assets, has no employees and no contracts, no special expertise, or brand value... Would be crazy.
This is the kind of thing that leads me to believe that the guy's either cherry-picking what he posts in this thread or he doesn't really know as much about what he's doing as he thinks he does. The way he talks about his company makes me lean towards the latter.
This is the kind of thing that leads me to believe that the guy's either cherry-picking what he posts in this thread or he doesn't really know as much about what he's doing as he thinks he does. The way he talks about his company makes me lean towards the latter.
Agreed.
Of course no reason he can't learn a little here. His thinking that "incorporation" can make him rich, implies he thinks there's "tricks" whereby you go from poor guy to rich guy. Easy money is almost impossible. Even dealing drugs, it's almost impossible. Sure if you sell pot to friends & their friends and make $50 or $100 profit a week, you may stay under everybody's radar and it seems easy, but (1) you're risking prison for a measly $5000 a year and (2) if you ever start moving $1000 a week, somebody will notice you cutting into business and you may get muscled out, killed, or outcompeted. You may have to pay protection, and nobody is gonna let you have a takehome of $100K a year. Dealer can pay a crackhead to kill you for $1000 or less probably. And the dangers of even making a deal for $5000 in drugs ( I know n acquaintance who got into money trouble in college when I was in medical school... They got the brilliant idea of buying $5000 of pot in Mexico to resell on campus because a friend "knew somebody". These dumbasses went to Tijuana, got robbed at gunpoint and laughed at. They counted themselves lucky to not have just been killed. I'd bet if it happened in 2011 they'd just be dead. I dunno )
The most important lesson is "there's no trick to getting a lot of easy money."
Sure some people stumble into easy money and get $1,000,000 rich with no effort... But they are extremely rare, and they need luck... Not "hit '4' at roulette" kind of luck... But "won the lotto" kind of luck. And most of the time those kind of people who didn't work & claw for their money cant even hang onto that money...
-
Hey, how much income does a courier service owner make a year?
Depends on how good the tips are at the restaurant...
I have
11K in the stock market
1k in savings
10k in a CD
about 1k in various assets
a 12k car
total liquid worth is 25k
I own a small courier company that brings in about 3k a month. (has the ablity to expand)
annual income is about 30k a year.
i have a 500 a month line of credit.
I decided working as a courier full time would be better for me than being a waiter so i quit that and began doing courier full time. the part time pay was 30k a year working 2 jobs a week. it was about 800 a month and i did it for summer break as a independent. thus DBA. it was not a corperation. I did some figuring and realized that if i hired drivers on a independant contracter per job level and expanded my buisness by another 25 miles id receive larger profits. i pitched the idea to my dad who is a lawyer and he said go for it. he has a 2nd office worth 300k for 3 years rent free that is vacant and nobody uses. he said he would give it to me for 10 percent of the company
rent was 2300 a month so with that i gathered i know have 82k in assets. this ontop of the fact i decided to buy debt (329k of debt) for 7k so if i collected all id be at 322 +82 =404k +25k in current liquid assets and since i now own 90 percent of my company that brings me to 353.3k in assets.
Now the debt isnt collected but its owed to me. prob should have clairfied earlier
also i am incorperating it so i can sell ownership of the company. the curent plan is to release 1billion shares. i own 900 million and my dad will own 100 million
why c-corp. well its still a toss up between ccorp and a llc. but once the paper work goes through and im a controling owner of the company with the assets i will than have said net worth.
And id like to revise my plan. Id like to have net worth of 1million by the time im 25.
and why. well thats because i want to retire nicely and live a great life. i have expensive hobbies. inb4 MTG. currently it includes flying, cruising, enjoying fine liquors. and fine dining.
I have lived off of my family's wealth my entire life. i want to contribute to my family's legacy instead of sucking the money
If you pay attention to financial news (as you should if you would like to be an investor), then you'll notice that there are numerous storm clouds brewing out there. Keep your powder dry and there might be a sale out there soon.
Full disclosure - I had a similar goal to hit by age 25 (though much less ambitious), via selling MTG (minor) and stock market investing (major). I hit it last year and it felt great, but it didn't change anything. Having goals is nice. However, I think that you just make sure your monetary goals are a means to an end and not an end in and of it itself.
With such a small asset pool (and income) you may find yourself unable to:
1) Have a margin account
2) Be able to short
3) Be able to buy/sell all but the most basic options.
The three of those are strategies for seasoned investors and not the kind of things you want to dip your toe into.
There is nothing worse to a speculator than catching a margin call the night before the stock turns around and bang you're on the hook for 85% of your principle. There is a reason they call it a short squeeze.
I'd be most interested in seeing how you can expand your company to be honest, because either there or through some other venture you've got the most control over your time horizon.
I asume you are using a discount broker like scott trade, or e-trade and don't have access to a financial planner. Either that or you think his/her advice is too conservative. I'm not going to tell you what to buy, but if you PM me a bit of your experience as an investor, what your options are with your trading account, and what your current asset strategy is like (what's up with the CD?) I might be able to discuss strategies, or at least be able to keep you from going broke.
I'd be down for producing that Kpaca. I hope its good rap though.
Firstly man. **** *****es. Seriously. Women cost lots of money. Unless you marry one who is rich?
Invent something that becomes a big hit! Something small can make a lot. Like imagine how much money the guy who invented the car lighter has...
LOL
I am exceptionally curious about your goals beyond making a million; if you do manage to reach the goal of "Millionaire by 25" then what? More investing to become richer? Buy an island and become a recluse? Slap people in the face with $100 bills?
Better yet, become a millionaire BY doing infomercials that tell people how "tiny classified ads" can make them millioaires by 25, like Don Lapre did!
Holy ****! I was about to post about Don Lapre, and when I googled him to post a link to his tiny classified ad infomercials... The google headline says he committed suicide 21 hours ago!! I'm spooked. Seriously.
http://en.wikipedia.org/w/index.php?title=Don_Lapre
I couldn't help but like Don Lapre... "tiny classified ads!". Yeah he was a con artist and a multilevel marketing (pyramid scheme) mastermind... He bilked idiots for millions, but he was hilarious... He introduced us to Cindy Margolis, queen of the internet and most downloaded woman of 1999!
He was probably a millionaire by 26 or 27, and was arrested by the time he was 47, suicide on oct 2, 2011. He was not much older than I am. Con artist is definitely one way to get a million by 25 but you have to be charming and smart, and pretty evil to do it. Because stealing from naive people is pretty competiive business.
RIP, Don Lapre.
Can't believe he died just 2 days ago. That's freaky.
put it all on the lottery and pray hard =p
my strength is that of mountains.
Each wave that crashes upon the shore
thunders like blood in my veins." - Dakkon Blackblade, Memoirs
Wow. R.I.P. Don Lapre.
Kind of my point: money is a heavy burden. I've known my share of millionaires, obtained through fair means or foul, and I can say with no amount of joking that most of them absoluted hated it. It essentially becomes a status symbol, and if you spend it you lose that symbol, so all that hard work and sacrifice just goes up in smoke and in the meantime you get paranoid as ****. Save a reasonable amount, of course, make a nice cozy nest egg, and then spend the rest, or send it to Kpaca who will put it to good use.
do you have a sample i could listen to.
if nicki minage could make a million of here mx tape than why cant you?
also check me out on fb
What I will say is that I'd adjust your time frame from 25 to 35, pay cash for a degree in something like nursing that will start you at about $15-20/hourly with upward mobility, give you decent health insurance, and good job stability. The magical formula is something above $50k/year with a stable job and mad savings.
The key is to save about 20% of your total income and keep debt to an absolute minimum. Waiting tables? Honestly get into management and get more training by your company. You want $40k/year minimum net if you want to seriously pack away the cash.
Equally, be prepared to live like a eunuch for about 10-15 years. Been there done that, but it's rough.
Ambition must be made to counteract ambition.
Individualities may form communities, but it is institutions alone that can create a nation.
Nothing succeeds like the appearance of success.
Here is my principle: Taxes shall be levied according to ability to pay. That is the only American principle.
A person I worked with had a regular customer who always told her Love is great but marry rich because you will make more in that 30 minutes then you would in the rest of your life.
Everyone is joking about the Lottery, but I read an article recently, cant find but will keep looking, about a couple who made over 1 million by gaming a lottery system. The way it worked is when the lottery hit a max and nobody won it would pay out the pot to people who got 4 and 5 numbers so if you bought something like $130,000 worth of tickets your statistics were very favorable for profiting assuming someone did not win outright. The story got pretty big coverage and the State where the lottery was held ended up either canceling the game or changing the rules so it is not possible anymore.
That guy didn't kill himself cause his moeny was such a heavy burden. He killed himself cause he was a fraud who had been undicted and charged and was probably going to spend the vast remainder of his life in a federal prison.
After taxes and average expenses, to save 50K a year, you're going to need to be making over $125K a year. ANd thats if you are not married, living in a cheap ass apartment, and driving a beat to **** car.
Tothe OP, basically, in hour situaiotn, it's impossibl to make $1 million in your timeframe through earning it. So pick the unlikley fluke of your choice and go for it.
If you ask: please give me a million within 5 years, not gonna happen.
I'd say the strategy is to startup multiple things (companies, projects, etc), with low-risk and high-gain.
For example, if you've ever made a little piece of software, turn it into a company and sell it online. Costs almost nothing, so you can only do well.
If you have multiple of these projects running, then there's a constant cash flow coming in (high or low depends), so you can invest some time and money into one of the projects. It's like having a couple of different flowers, and watering them one at a time, but keeping them all in the sun at all times.
So I did some math. If you want to have a million in three years, it's doable.
Three years is 1095 days. So you'd need to earn $1000,- a day, for three years straight.
How to do that? Not by waiting tables.
If you have projects running with stable income (advertising pays well, divided by hardly any cost), then $ 1000,- a day is doable.
Because this money is coming in while you sleep, it's not about working 8 hours a day to earn that $ 1000,-
A million is just a number. If you can get 1 million from one person, then it's awesome. You can also get $1,- from a million people (for example, by selling apps, or regular products from a webshop).
It's also doable with internet ads, but you're gonna need a huge load of visitors to get the right number of ad clicks.
Another strategy is buying and immediately selling for profit.
The bigger the product is, the better.
If you buy a car for $ 5K and sell it immediately for $6K, that's $1000,- in a short amount of time.
You can reverse this strategy and promise a product (say that car for $6K)
Then if a customer is interested, you buy it for $5K, knowing it's gonna sell.
Imagine the margins on houses and "money". Like, transferring ten million from one person to another person. But then you get into all kinds of debatable jobs like lawyers and bankers.
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I'm an AI making Magic cards.
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The company I owned as a DBA Is becoming a C-corp
Est net value of assets will become 400k as soon as the paper work goes through
and since i own it at least a controlling majority i will be half way there
also check me out on fb
And why do you word it passively as "is becoming a C-Corp"? If it's becoming a C-Corp, and YOU are going to have controlling ownership, then YOU are making it into a C-corp.
What are the assets that make it worth $400K? Does It have contracts or physical assets? Generally for a C-Corp to REALLY be worth $400K, somebody actually has to put SOME money or assets into it. Do you have investors who gave the company $100K for a 25% stake and you are valuing the company at $400k with some accounting sleight of hand?
What do you mean by "own it at least a controlling majority"? Are you the DBA and owner of this, or are you a waiter? If you own a majority percentage, the part that counts towards your "assets" are just a majority percentage.
So you courier company got passive investors? How many couriers do you have? What is the BASIS by which you came up with that valuation? You have contracts with some companies to courier for them? A killer database that nobody else has? Unless you have cash in the account from investors, contracts, employees, some kind of market share, or software & business process that gives you a special leg up on the competition, I don't see how you can say you have anywhere near $400K. Especially in the current economy.
And why didn't you mention in your original posts, that you believe the courier company you own has a fair valuation of $400K?
Because the further we go down this road the more sure I am that it's that last one. A courier company is a great business to have, especially in this economy, it'll give you a lifelong nest egg as long as you're putting the effort into it, why do you care what the magic number is in your bank account as long as you're able to afford a comfortable life? Truth be told, with this new $400k collateral I can probably talk you through the process of getting a few multi-manage loans that would mean you could have $1M in liquid assets over the next 3-5 years, but that just means you have a magic number in your bank account... and cripplingly large repayments that will turn you into a literal hobo if/when the house of cards folds down on you. Is that the type of risk you're willing to take?
If you are really changing your story from waiter who happens to be a sole proprietorship, courier service with minimal appreciable income, to the owner of a $400K corporation that you're ramping up and growing...the advice is different.
Not to mention incorproating does not change the value of a buinesses assets one iota.
G Pumped Elvish Warriors G
GW Infectious Slivers WG
WU Milling Allies UW
Legacy:
UB Hex-Depths BU (combo-control)
G NO/Aggro Elves G
Commander:
WUBRG Sliver Army GRBUW (multiplayer)
WUG Rafiq the Exalted GUW (1-on-1 voltron)
GU Edric's Circus UG (multiplayer tokens)
B Relentless Rats B (multiplayer combo)
UB Sygg, the Punisher (in progress)BU
UBR Nicol Bolas, Elder Dragon Highlander RBU (in progress)
Seriously, though, getting rich in such a short period of time is only possible if you take huge risks, and risks, obviously, mean that you can also be very, very poor when you're 25.
Technically thats how they value Facebook. Zuckerberg sold a prefered interest in FB to some investors for $140M and called it 2% share. Bang he's worth 6.5B and on the Forbes 400.
Usuall valuations are done by revenue stream. IE if I own a retail store like a LGS I can look at other retail stores, well run that sell for 12-15x earnings.
That's smart people BIDDING & paying real money for equity stake in your company.
That kind of valuation for a privately held company is only as "real" as your ability to convince a bank or other investors that it's worth that much.
Facebook's valuation is based on the fact that it's believed other smart money would be willing to buy a piece of Facebook at similar valuation.
That "valuation" of Raver's courier company at $400,000 likewise would be more meaningful if an investment banker has signed an agreement to pay him $100,000 in cash for 25% ownership of his courier company when he makes it into a corporation.
For an investment banker to give that kind of money to a waiter who has demonstrated no significant revenue stream, couriers part time, own no actual physical assets, has no employees and no contracts, no special expertise, or brand value... Would be crazy.
And again, that $400k "pseudo-valuation" would not be accepted by a bank or any other investor or lendor. Most banks you want to borrow from and subsequent investors would just assume that your first investor is an idiot or a relative or both.
This is the kind of thing that leads me to believe that the guy's either cherry-picking what he posts in this thread or he doesn't really know as much about what he's doing as he thinks he does. The way he talks about his company makes me lean towards the latter.
Of course no reason he can't learn a little here. His thinking that "incorporation" can make him rich, implies he thinks there's "tricks" whereby you go from poor guy to rich guy. Easy money is almost impossible. Even dealing drugs, it's almost impossible. Sure if you sell pot to friends & their friends and make $50 or $100 profit a week, you may stay under everybody's radar and it seems easy, but (1) you're risking prison for a measly $5000 a year and (2) if you ever start moving $1000 a week, somebody will notice you cutting into business and you may get muscled out, killed, or outcompeted. You may have to pay protection, and nobody is gonna let you have a takehome of $100K a year. Dealer can pay a crackhead to kill you for $1000 or less probably. And the dangers of even making a deal for $5000 in drugs ( I know n acquaintance who got into money trouble in college when I was in medical school... They got the brilliant idea of buying $5000 of pot in Mexico to resell on campus because a friend "knew somebody". These dumbasses went to Tijuana, got robbed at gunpoint and laughed at. They counted themselves lucky to not have just been killed. I'd bet if it happened in 2011 they'd just be dead. I dunno )
The most important lesson is "there's no trick to getting a lot of easy money."
Sure some people stumble into easy money and get $1,000,000 rich with no effort... But they are extremely rare, and they need luck... Not "hit '4' at roulette" kind of luck... But "won the lotto" kind of luck. And most of the time those kind of people who didn't work & claw for their money cant even hang onto that money...
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Hey, how much income does a courier service owner make a year?
Depends on how good the tips are at the restaurant...
I decided working as a courier full time would be better for me than being a waiter so i quit that and began doing courier full time. the part time pay was 30k a year working 2 jobs a week. it was about 800 a month and i did it for summer break as a independent. thus DBA. it was not a corperation. I did some figuring and realized that if i hired drivers on a independant contracter per job level and expanded my buisness by another 25 miles id receive larger profits. i pitched the idea to my dad who is a lawyer and he said go for it. he has a 2nd office worth 300k for 3 years rent free that is vacant and nobody uses. he said he would give it to me for 10 percent of the company
rent was 2300 a month so with that i gathered i know have 82k in assets. this ontop of the fact i decided to buy debt (329k of debt) for 7k so if i collected all id be at 322 +82 =404k +25k in current liquid assets and since i now own 90 percent of my company that brings me to 353.3k in assets.
Now the debt isnt collected but its owed to me. prob should have clairfied earlier
also i am incorperating it so i can sell ownership of the company. the curent plan is to release 1billion shares. i own 900 million and my dad will own 100 million
why c-corp. well its still a toss up between ccorp and a llc. but once the paper work goes through and im a controling owner of the company with the assets i will than have said net worth.
And id like to revise my plan. Id like to have net worth of 1million by the time im 25.
and why. well thats because i want to retire nicely and live a great life. i have expensive hobbies. inb4 MTG. currently it includes flying, cruising, enjoying fine liquors. and fine dining.
I have lived off of my family's wealth my entire life. i want to contribute to my family's legacy instead of sucking the money
also check me out on fb