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.
This is where we started...
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.
essentially a gift, since it came from a family member and 10% of your company is an dream on your part at this point. Do you have a business plan? Have you researched competition? Have any contracts with anybody? Liability insurance? Seems like a lot of liability associated with it.
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.
what kind of debt did you buy? Are you saying you've gone into the debt collection business? Or is it loan shark debt? 2 cents on the dollar sounds like really sordid business to deal with, And the fact that you got it for 2 cents on the dollar means that's close to the collection probability. Are you going to actively go into the collection/ harassment business or do you plan to farm it out? Is this how you want to make a living? It's not east work.
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
yeah, yeah, but why would anybody buy a share? For now you need operating money... Why would a bank give you a line of credit to run this company in the absence of a solid business plan? No history of a revenue stream? Did your dad cosign on a line of credit for you too? Yet another gift.
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
And this is the financial situation now...
Your dad is wealthy and is giving you $2300/month in office space for 3 years to do as you will with it.
Gave you $82K? I would hit him up for other $918K, in trade for 100% of your company.
But seriously, all of this is sounding even more bogus. You seem to demonstrate too little knowledge of a lot of the details and even terminology involved here. This sounds more like a student project or essay or something in an undergrad or high school class. Or just ****s and giggles.
Your talking about "buying debt" at 2 cents on the dollar and speculating about collecting "all of it" (as if collecting 10% would even be likely) is very telling.
Seriously are you just goofing or is this for a class?
essentially a gift, since it came from a family member and 10% of your company is an dream on your part at this point. Do you have a business plan? Have you researched competition? Have any contracts with anybody? Liability insurance? Seems like a lot of liability associated with it.
what kind of debt did you buy? Are you saying you've gone into the debt collection business? Or is it loan shark debt? 2 cents on the dollar sounds like really sordid business to deal with, And the fact that you got it for 2 cents on the dollar means that's close to the collection probability. Are you going to actively go into the collection/ harassment business or do you plan to farm it out? Is this how you want to make a living? It's not east work.
yeah, yeah, but why would anybody buy a share? For now you need operating money... Why would a bank give you a line of credit to run this company in the absence of a solid business plan? No history of a revenue stream? Did your dad cosign on a line of credit for you too? Yet another gift.
And this is the financial situation now...
Your dad is wealthy and is giving you $2300/month in office space for 3 years to do as you will with it.
Gave you $82K? I would hit him up for other $918K, in trade for 100% of your company.
But seriously, all of this is sounding even more bogus. You seem to demonstrate too little knowledge of a lot of the details and even terminology involved here. This sounds more like a student project or essay or something in an undergrad or high school class. Or just ****s and giggles.
Your talking about "buying debt" at 2 cents on the dollar and speculating about collecting "all of it" (as if collecting 10% would even be likely) is very telling.
Seriously are you just goofing or is this for a class?
well its not for a class.
The courier work was what i did over the summer part time. I did research my competition. my stratagey is low cost narrow market leadership.
My rates are the cheapest in the alpharetta area.
prob due to lack of overhead. and insurance is enol and gen liablity.
The debt is something to farm out to my dads firm. the agrement is a 50/50 split on the return. majority of the debt is creditcard debt. avg debt is 600
i expect to collect 200 out of the 400 accounts.
and on each of thoes mabey 30% wich brings me to 49k Sure it hits the net worth of the company if i collect. but it creates paper assets rather than debt to the company. Sure misleading my earlier post but in no way untrue.
as far as buissnes plan is i have a solid plan that i am presenting to about 6 people next week. It involes exclusivity cxontratcts with local firms.
and as far as operating money thats why im presenting my business plan
As of overhead now its almost none besides insurance. 3 drivers on pay per job means that it washes and i collect the profits. YES I gave it thought.
As far as your other points
1. Im a buissness major with a 4.0 avg in my buissness and econ classes
I know what im doing. ( i think)
I do apreciate your assistance with helping me look were i would not have looked before.
Surprised that there is little mention of real estate here. It's might be a different investment than the stock market, but it's an investment nonetheless. The market is pretty bad right now, some say it might even get worse. Buy an investment property in a growing area like Dulles VA when the market is at the perceived bottom, spend your days learning how to perform home repair/upgrades, and flip it for 2x-5x what you paid for it in 5-6 years. Shoot, do it twice. I bought my home for several hundred thousand dollars and it's worth 3/4 of that now. My only hope of ever moving out is the market picking back up. People make millions in this type of market (if they know what they're doing) on the shoulders of people like me.
Hard truth: unfortunately, what you're looking for isn't really feasible. In general, you can't make heaps of cash if you're ignorant, or are soliciting advice on a trading card forum. Much smarter people than you have tried and failed. If it were easy, everyone would be a millionaire and the goal would be a trillion bucks instead. Come find me in 6 years and tell me how it went.
You know, I really have to say, as a business student myself, it sounds like you're engaging in some pretty interesting financial engineering to make yourself worth a million dollars on paper without actually having that much, or maybe US GAAP is more messed up than I thought. Your "sure misleading ... but in no way untrue" attitude makes me cringe since up here at least, representational faithfulness is one of the main goals of financial reporting, and that attitude is about the exact opposite of that—if I was to invest in a company or sign some kind of contract with them, the last thing I'd want to hear from them is that they said something "misleading, but in no way untrue."
Also, you figure 50% of the accounts are uncollectible, but you also have to realize that as the accounts age, you're going to have to write off increasingly more of them.
I am unsure of the legitimacy of this thread and I am not a financial genius (Been poor most of my life). But wanting to earn an arbitrary amount of money in an arbitrary amount of time is going to cause you to make mistakes. It sounds like from some of the users on here your already cutting corners.
Debt collection is hard work. You don't just collect the money, if the person had the money to pay the debt probably wouldn't exist. A few years back a debt collection tried to come after her for a debt in my fathers name from back when they were married, since no on can find my father I am guessing that's why they came after her. They spent more in legal fees than the debt was worth, and they couldn't even collect it. So they resold it now some other debt collector is trying to collect double the original debt that we are not even responsible for. The person who presuing this debt, knew my mom was a single disabled women with no assists to speak of, the only money he could possibly take was her disability money (which you can't legally take) he took her to court anyways. She called crying for days begging them not to take her to court, they did it anyways. If this sounds appealing to you then good luck.
If you really have all those things you say you do, your lucky and you have been given a chance that most will not. You should take some time to figure out what you want out of life, rather than worrying about where your going to get money for your expensive eating and drinking habits of the future. Rather than making a large mistake and loosing everything over inexperience, take time to gain wisdom - some people aren't even given the opportunity to make mistakes.
Wait, so you want to benefit you're family's (admittedly rich) legacy but you're unwilling to ask them for help? There's the thing, step one in getting rich if you already have a base would ALWAYS be "seek the help of a professional." They'll be able to look at your portfolio and see what can and can't be nudged.
Your goal still doesn't make sense, though.. if you want to contribute to your family's legacy why do you think you only have until 25 to do it? Interfamilial competition or something, possibly a Gypsy curse? Most reasons to throw more money in the money bin make you come off sounding like Scrooge McDuck.. although come to think of it I can think of worse role models.
Most reasons to throw more money in the money bin make you come off sounding like Scrooge McDuck.. although come to think of it I can think of worse role models.
He's still not a very good role model because keeping too much of your assets in cash is not actually a good thing. You want enough to ensure that you're liquid and solvent, but not so much that you're just hoarding money for the sake of hoarding money. Sure, keeping a huge pit of money might not mess up your ratios if you basically own the entire world in fictionland, but having a proverbial pit of money in the real world doesn't quite work the same way.
On a realistic note, if your company's assets are mostly in cash, you're basically asking to be taken over.
Somehow, I think this is the kind of dirty work he'd be more than happy to fob off on daddy.
He bought the debt at 2 cents on the dollar. There has got to be some kind of market driving the price of uncollected debt, so if it went for 2 cents, it's not worth, let's say, 5 cents. It's $300K+ in multiple smaller debts from multiple people who have avoided collection for years, probably many of whom are insolvent, bankrupt, incarcerated, hardcore criminals, dead, or illegal immigrants. Bottom line is an actual debt collecting entity who had consolidated these debts, did not find other buyers at 3 cents on the dollar, and chose to sell them to the OP or his dad at 2 cents.
If it was really possible to make a 50x return or even a 5x return on (legal) debt collection, you could make your million that way.
But unless the OP's dad is tied to low level organized crime and wants to try illegal means of collection, there will only be a modest ROI, in return for doing soul-crushing, depressing, nasty business of debt collections & harassment, on people who mostly don't have the money.
If the OP wants to be wealthy, $1 million in assets at 25 is actually NOT going to get him there any way.
(1) not only do you have to make a lot of reckless chances at 19 for a small shot at getting to an early million dollars at 25, thus increasing your chance to go bust...
(2) nobody has mentioned the fact that having a million in assets at 25 is NoT enough to live large on for the rest of your life (million divided by 40 years? $25K a year, is chump change), and at that point you own a business that may be worth a million and be paying yourself from that business $80K a year and doing something not fun running it (businesses don't run themselves and in the wrong economy may go bust)...
... While a guy who chooses a different path may have gone to med school or law school, or have an MBA and have experience and education & $200K in debt... But is now cranking out $200K a year at 28 and making $300-600K a YEAR by the time he's 40.
@the OP: do you want to take your dad's $100K gift and invest in high risk business ventures (Bet it on a 10:1 longshot at the track) like courier service and scraping out nickels doing debt collection in order to have A chance of $1 million in cash by 25 an experience running a small business?
Or would you consider INVESTING dad's $100K gift in your own BRAIN, get an advanced degree, go into surgery, and EARN $300k+ a year for about 30 years before you retire, doing something where you're contributing to the world?
Or would you consider INVESTING dad's $100K gift in your own BRAIN, get an advanced degree, go into surgery, and EARN $300k+ a year for about 30 years before you retire, doing something where you're contributing to the world?
Plus if you do it this way you have the added bonus of saving peoples lives and helping people. You make a positive difference in life. And your education wouldn't be something you could loose - where if you spend your time just making money in the way the op described he could loose everything and have nothing to fall back on.
Not only that but if you collect debt without knowing the area's debt collection laws you could get in a lot of trouble. And it's just sooooo soooo low to take money from people that are just trying to make ends meet, especially if your doing for no reason else other than to make money by an arbitrary amount of time. The people the op would be collecting from would be using it for food and shelter and he'd use it for expensive wines and fine dining. This is endlessly frustrating for me.
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
So lets get this straight: The previous owner of over 300 THOUSAND dollars in debt was so unsuscceful in getting ANY of it repaid, he sold the whole thing off to you for 7k. And somehow you thing the debtors ability and willingness ot repay you the 300 grand in debt is going to suddenly materialize? Um hm.
Your other big idea is to sell a billion(!) shares of this company to whom exactly?
I appreciate your exhuberance, but your 300K in paper debt, all billion shares of your company, and $1 will buy you a cup of coffee at McDonalds.
Your other big idea is to sell a billion(!) shares of this company to whom exactly?
You know, that makes me wonder just how absurdly low his company's EPS would actually be (not to mention what his strategy would do to his other ratios). Also, seriously, I'd want to read his statements just for the sake of amusement.
You know, that makes me wonder just how absurdly low his company's EPS would actually be (not to mention what his strategy would do to his other ratios). Also, seriously, I'd want to read his statements just for the sake of amusement.
Not to mention he is nowhere NEAR meeting the requirements to go public on any major exchange.
I mean, I guess he can try to hook up with some scam broker who will sell anyones worthless paper OTC in the pink sheets, lord knows there's enough of them, but no one will give him more than a few hundred bucks for all billion shares, and I doubt he'll even get that, and even if he did it would all get eaten up by the broker and he's probably be out of pocket a bunch of $$.
Stale debt bought at 2 cents on the dollar... A virtual "courier company" with a teenage waiter as the CEO and no couriers, a billion shares of artificially inflated paper assets created through creative bookkeeping?
All we need is some numbered accounts in the Cayman Islands and a few Colombians, and we're laundering money for the mob.
I mean, I guess he can try to hook up with some scam broker who will sell anyones worthless paper OTC in the pink sheets, lord knows there's enough of them, but no one will give him more than a few hundred bucks for all billion shares, and I doubt he'll even get that, and even if he did it would all get eaten up by the broker and he's probably be out of pocket a bunch of $$.
Hey, I'd buy a strategic investment in his company for, like, a dollar just for a lark. But as I think I said before, the guy probably thinks an overinflated number like a billion shares is "cool" or something. Which is really a problem a lot of young business students have—they forgo the "boring" things about good business in order to be all flashy and showoff-y. Based on the guy's description of his hobbies, he seems like he has a mental image of himself as some kind of high-powered businessman when in reality he's on a leaky ship that's probably already taking on water, and the only reason he hasn't completely sank yet is his father.
Quote from dcartist »
All we need is some numbered accounts in the Cayman Islands and a few Colombians, and we're laundering money for the mob.
Good way to make a million by the time you're 25. Relatedly, it's a good way not to make it to 26.
So what? I know a guy who will easily have half that by the time he's 25. What's wrong with having options?
Private Mod Note
():
Rollback Post to RevisionRollBack
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.
But investing is not supposed to WIN you gads of free money. It's a way to protect the money you earn the old fashioned way, and maybe grow a little in the process of time
Millionaires are made by skill and/or talent and hard work. It's also really rare, although it is possible to be a millionaire in your lifetime.
The millionaires at 25 are the ones who created your investment fund, not the people who invest in it.
There aren't any legal quick and easy ways to have a million dollars in six years. You can be in a substantially better position than you are now, however. The advice given to you so far is decent, but essentially just invest in your own skills and continue to live frugally.
What about the millionaires who inherited the money?
I love generalizations don't you?
Not sure if I responded to this one, it's kinda long. There was one kid that pulled it off during the housing boom and earned 40k and lived near the poverty line for several years in New York City. He went to school in IT, but also like he said NYC is expensive living and he lived on noodles, had roommates, and other such facilitators.
One of the major factors in capitalism is well, capital. The other factor is expertise and timing. Opportunities increase with purchasing power which reflects back to capital, which is created through savings.
Private Mod Note
():
Rollback Post to RevisionRollBack
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.
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essentially a gift, since it came from a family member and 10% of your company is an dream on your part at this point. Do you have a business plan? Have you researched competition? Have any contracts with anybody? Liability insurance? Seems like a lot of liability associated with it.
what kind of debt did you buy? Are you saying you've gone into the debt collection business? Or is it loan shark debt? 2 cents on the dollar sounds like really sordid business to deal with, And the fact that you got it for 2 cents on the dollar means that's close to the collection probability. Are you going to actively go into the collection/ harassment business or do you plan to farm it out? Is this how you want to make a living? It's not east work.
yeah, yeah, but why would anybody buy a share? For now you need operating money... Why would a bank give you a line of credit to run this company in the absence of a solid business plan? No history of a revenue stream? Did your dad cosign on a line of credit for you too? Yet another gift.
And this is the financial situation now...
Your dad is wealthy and is giving you $2300/month in office space for 3 years to do as you will with it.
Gave you $82K? I would hit him up for other $918K, in trade for 100% of your company.
But seriously, all of this is sounding even more bogus. You seem to demonstrate too little knowledge of a lot of the details and even terminology involved here. This sounds more like a student project or essay or something in an undergrad or high school class. Or just ****s and giggles.
Your talking about "buying debt" at 2 cents on the dollar and speculating about collecting "all of it" (as if collecting 10% would even be likely) is very telling.
Seriously are you just goofing or is this for a class?
well its not for a class.
The courier work was what i did over the summer part time. I did research my competition. my stratagey is low cost narrow market leadership.
My rates are the cheapest in the alpharetta area.
prob due to lack of overhead. and insurance is enol and gen liablity.
The debt is something to farm out to my dads firm. the agrement is a 50/50 split on the return. majority of the debt is creditcard debt. avg debt is 600
i expect to collect 200 out of the 400 accounts.
and on each of thoes mabey 30% wich brings me to 49k Sure it hits the net worth of the company if i collect. but it creates paper assets rather than debt to the company. Sure misleading my earlier post but in no way untrue.
as far as buissnes plan is i have a solid plan that i am presenting to about 6 people next week. It involes exclusivity cxontratcts with local firms.
and as far as operating money thats why im presenting my business plan
As of overhead now its almost none besides insurance. 3 drivers on pay per job means that it washes and i collect the profits. YES I gave it thought.
As far as your other points
1. Im a buissness major with a 4.0 avg in my buissness and econ classes
I know what im doing. ( i think)
I do apreciate your assistance with helping me look were i would not have looked before.
also check me out on fb
Hard truth: unfortunately, what you're looking for isn't really feasible. In general, you can't make heaps of cash if you're ignorant, or are soliciting advice on a trading card forum. Much smarter people than you have tried and failed. If it were easy, everyone would be a millionaire and the goal would be a trillion bucks instead. Come find me in 6 years and tell me how it went.
Also, you figure 50% of the accounts are uncollectible, but you also have to realize that as the accounts age, you're going to have to write off increasingly more of them.
Think of a really good idea. If not, steal it from someone and patent it like all the Billionaires do.
Avvy from Le Gambit
Extendo-Sliver
Master of Death and Taxes
You really can't get away.
I've tried.
Debt collection is hard work. You don't just collect the money, if the person had the money to pay the debt probably wouldn't exist. A few years back a debt collection tried to come after her for a debt in my fathers name from back when they were married, since no on can find my father I am guessing that's why they came after her. They spent more in legal fees than the debt was worth, and they couldn't even collect it. So they resold it now some other debt collector is trying to collect double the original debt that we are not even responsible for. The person who presuing this debt, knew my mom was a single disabled women with no assists to speak of, the only money he could possibly take was her disability money (which you can't legally take) he took her to court anyways. She called crying for days begging them not to take her to court, they did it anyways. If this sounds appealing to you then good luck.
If you really have all those things you say you do, your lucky and you have been given a chance that most will not. You should take some time to figure out what you want out of life, rather than worrying about where your going to get money for your expensive eating and drinking habits of the future. Rather than making a large mistake and loosing everything over inexperience, take time to gain wisdom - some people aren't even given the opportunity to make mistakes.
Somehow, I think this is the kind of dirty work he'd be more than happy to fob off on daddy.
Your goal still doesn't make sense, though.. if you want to contribute to your family's legacy why do you think you only have until 25 to do it? Interfamilial competition or something, possibly a Gypsy curse? Most reasons to throw more money in the money bin make you come off sounding like Scrooge McDuck.. although come to think of it I can think of worse role models.
He's still not a very good role model because keeping too much of your assets in cash is not actually a good thing. You want enough to ensure that you're liquid and solvent, but not so much that you're just hoarding money for the sake of hoarding money. Sure, keeping a huge pit of money might not mess up your ratios if you basically own the entire world in fictionland, but having a proverbial pit of money in the real world doesn't quite work the same way.
On a realistic note, if your company's assets are mostly in cash, you're basically asking to be taken over.
Brings a whole new meaning to "Number One Dime", doesn't it?
If it was really possible to make a 50x return or even a 5x return on (legal) debt collection, you could make your million that way.
But unless the OP's dad is tied to low level organized crime and wants to try illegal means of collection, there will only be a modest ROI, in return for doing soul-crushing, depressing, nasty business of debt collections & harassment, on people who mostly don't have the money.
If the OP wants to be wealthy, $1 million in assets at 25 is actually NOT going to get him there any way.
(1) not only do you have to make a lot of reckless chances at 19 for a small shot at getting to an early million dollars at 25, thus increasing your chance to go bust...
(2) nobody has mentioned the fact that having a million in assets at 25 is NoT enough to live large on for the rest of your life (million divided by 40 years? $25K a year, is chump change), and at that point you own a business that may be worth a million and be paying yourself from that business $80K a year and doing something not fun running it (businesses don't run themselves and in the wrong economy may go bust)...
... While a guy who chooses a different path may have gone to med school or law school, or have an MBA and have experience and education & $200K in debt... But is now cranking out $200K a year at 28 and making $300-600K a YEAR by the time he's 40.
@the OP: do you want to take your dad's $100K gift and invest in high risk business ventures (Bet it on a 10:1 longshot at the track) like courier service and scraping out nickels doing debt collection in order to have A chance of $1 million in cash by 25 an experience running a small business?
Or would you consider INVESTING dad's $100K gift in your own BRAIN, get an advanced degree, go into surgery, and EARN $300k+ a year for about 30 years before you retire, doing something where you're contributing to the world?
That's the nature of delayed gratification.
Plus if you do it this way you have the added bonus of saving peoples lives and helping people. You make a positive difference in life. And your education wouldn't be something you could loose - where if you spend your time just making money in the way the op described he could loose everything and have nothing to fall back on.
Not only that but if you collect debt without knowing the area's debt collection laws you could get in a lot of trouble. And it's just sooooo soooo low to take money from people that are just trying to make ends meet, especially if your doing for no reason else other than to make money by an arbitrary amount of time. The people the op would be collecting from would be using it for food and shelter and he'd use it for expensive wines and fine dining. This is endlessly frustrating for me.
So lets get this straight: The previous owner of over 300 THOUSAND dollars in debt was so unsuscceful in getting ANY of it repaid, he sold the whole thing off to you for 7k. And somehow you thing the debtors ability and willingness ot repay you the 300 grand in debt is going to suddenly materialize? Um hm.
Your other big idea is to sell a billion(!) shares of this company to whom exactly?
I appreciate your exhuberance, but your 300K in paper debt, all billion shares of your company, and $1 will buy you a cup of coffee at McDonalds.
You know, that makes me wonder just how absurdly low his company's EPS would actually be (not to mention what his strategy would do to his other ratios). Also, seriously, I'd want to read his statements just for the sake of amusement.
Not to mention he is nowhere NEAR meeting the requirements to go public on any major exchange.
http://usequities.nyx.com/regulation/listed-companies-compliance/listings-standards/us
I mean, I guess he can try to hook up with some scam broker who will sell anyones worthless paper OTC in the pink sheets, lord knows there's enough of them, but no one will give him more than a few hundred bucks for all billion shares, and I doubt he'll even get that, and even if he did it would all get eaten up by the broker and he's probably be out of pocket a bunch of $$.
All we need is some numbered accounts in the Cayman Islands and a few Colombians, and we're laundering money for the mob.
Hey, I'd buy a strategic investment in his company for, like, a dollar just for a lark. But as I think I said before, the guy probably thinks an overinflated number like a billion shares is "cool" or something. Which is really a problem a lot of young business students have—they forgo the "boring" things about good business in order to be all flashy and showoff-y. Based on the guy's description of his hobbies, he seems like he has a mental image of himself as some kind of high-powered businessman when in reality he's on a leaky ship that's probably already taking on water, and the only reason he hasn't completely sank yet is his father.
Good way to make a million by the time you're 25. Relatedly, it's a good way not to make it to 26.
MTGS Retired Administrator
This is a sig. Yes it is.
So what? I know a guy who will easily have half that by the time he's 25. What's wrong with having options?
But investing is not supposed to WIN you gads of free money. It's a way to protect the money you earn the old fashioned way, and maybe grow a little in the process of time
^thats supposed to be a rating 5/5..haha.
Consider the Weimar republic.
http://en.wikipedia.org/wiki/Weimar_Republic
http://en.wikipedia.org/wiki/Inflation_in_the_Weimar_Republic
But seriously, there are numerous ways. Nepotism is however the easiest. Talk your way into money, through networking.
What about the millionaires who inherited the money?
I love generalizations don't you?
One of the major factors in capitalism is well, capital. The other factor is expertise and timing. Opportunities increase with purchasing power which reflects back to capital, which is created through savings.
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.