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At what age did you/do you project you will become a millionaire?

Discussion in 'General Chat' started by xchen, Oct 4, 2010.

  1. v0rtex

    v0rtex Senior member

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    Would be interesting to see some actual projections and outlines of people's plans to get there and not just wishful thinking/random guesses [​IMG]

    I'd like to be there by 35. I have somewhat of a plan involving rental property that would put my net worth at $1m+ by that time, or at least well on the way to it. Concentrating on buying a home to live in first, though.

    Millionaire/wealth to me = net worth. Liquid wealth is either being wasted doing nothing (not working for you), or being spent. Both of which are good ways to end up poor again.
     


  2. Piobaire

    Piobaire Not left of center?

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    What if you were one but then knocked out of that category due to the economy? I would consider that the very definition of "small timer." I mean, how nouveau.
     


  3. voxsartoria

    voxsartoria Goon member

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    What if you were one but then knocked out of that category due to the economy? I would consider that the very definition of "small timer." I mean, how nouveau.

    Doesn't this happen to you constantly when you convert your earnings to Canadian dollars?

    [​IMG]


    - B
     


  4. Piobaire

    Piobaire Not left of center?

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    Doesn't this happen to you constantly when you convert your earnings to Canadian dollars?

    [​IMG]


    - B


    You know, I have an extreme amount of cognitive dissonance over that these days. Growing up, it was as much as 40% towards the USD. No idea what PPP is like now though. I figure it tilts drastically to Canada, as only millionaires do not die from lack of health insurance in the US. [​IMG]
     


  5. Thomas

    Thomas Senior member

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    Jeez. If I want to become a millionaire, I'd have to divorce my wife first, and we all know how much THAT helps the cause of personal wealth. Catch-22.
     


  6. CouttsClient

    CouttsClient Senior member

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  7. yjeezle

    yjeezle Senior member

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    Would be interesting to see some actual projections and outlines of people's plans to get there and not just wishful thinking/random guesses [​IMG]

    I'd like to be there by 35. I have somewhat of a plan involving rental property that would put my net worth at $1m+ by that time, or at least well on the way to it. Concentrating on buying a home to live in first, though.

    Millionaire/wealth to me = net worth. Liquid wealth is either being wasted doing nothing (not working for you), or being spent. Both of which are good ways to end up poor again.


    Actual projection: the day my parents pass away. Seriously. Not really wishful thinking though [​IMG]
     


  8. epliohunk

    epliohunk Well-Known Member

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    26 or 27. I will be a millionaire working at an entry-level job.
     


  9. Stazy

    Stazy Senior member

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    Depends which currency we're talking about.
     


  10. TheDarkKnight

    TheDarkKnight Senior member

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    I'll off them if you give me 20%.

    18%
     


  11. ConcernedParent

    ConcernedParent Senior member

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    Honestly, never. I'm one of those people that dream big and never do anything.
     


  12. TheDarkKnight

    TheDarkKnight Senior member

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    At -9 months.

    Didn't last, though.

    - B


    Is this a wry sperm joke, Vox?
     


  13. MasterOfReality

    MasterOfReality Senior member

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    I was only thinking about this the other day. I only count my worth as the percentage of assets I actually own.

    No point having 3 houses and saying I'm worth $1.5 million when I perhaps only own 15% and the bank owns the rest.

    The way its going at the moment, I have 3-4 years left on my mortgage and I'm 31. Once that is paid off thats a $500k house in the clear achieved in 6 years of solid work/saving.

    Getting married soon and a family will hopefully follow so that will slow things down a bit, but my projection to hit the one million mark in assets/cash will be around the 45 age mark.
     


  14. xchen

    xchen Senior member

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    ^ This is pretty much the way I look at it as well. The family might slow it down a bit but hopefully if you add your wife's income as well it will actually speed it up, assuming she is good with money. Which is another thing... picking wisely is a necessity.
     


  15. Piobaire

    Piobaire Not left of center?

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    I was only thinking about this the other day. I only count my worth as the percentage of assets I actually own.

    No point having 3 houses and saying I'm worth $1.5 million when I perhaps only own 15% and the bank owns the rest.


    The way its going at the moment, I have 3-4 years left on my mortgage and I'm 31. Once that is paid off thats a $500k house in the clear achieved in 6 years of solid work/saving.

    Getting married soon and a family will hopefully follow so that will slow things down a bit, but my projection to hit the one million mark in assets/cash will be around the 45 age mark.


    I really can't think of anyone that does not subtract liabilities from assets to find equity.
     


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