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quickest way to become a millionaire?

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J

JeffreyLebowski

Lifer
Aug 23, 2000
15,509
1
81
Originally posted by: Squisher
Originally posted by: HybridSquirrel
sell pot
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Too much bulk, I would think X, cocaine, crack, meth.

I hear meth is big.
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Meth is big, but it's also super cheap, and the mexicans are starting to bring in more potent meth and under cutting the rolling meth labs.
 
B

bobdelt

Senior member
May 26, 2006
918
0
0
Either illegally, through the stock market, or creating your own brilliant product.

Those are the only ways to become a millionaire quickly.
 
H

Hammerhead

Platinum Member
Jul 26, 2001
2,297
0
0
Originally posted by: fisheerman
Originally posted by: Hammerhead
12 Daily Pro...oh, wait
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what a loser.............................
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How you gonna be a millionaire when you're just sitting at home in your drawers instead here at work?
 
R

Rudee

Lifer
Apr 23, 2000
11,218
2
76
Definitely Real estate. On advise from my Uncle, I started flipping condos in Calgary about 6 years ago and I've made a tremendous profit. I currently have 2 condos which I'm renting out and a home which I and my gf reside in. All properties have increased in value a minimum of 30% just in the last two years alone. I'm not a millionaire, but I'm the title holder of real estate property worth just under 1 million.
 
Muse

Muse

Lifer
Jul 11, 2001
40,876
10,224
136
I don't think selling drugs will work for me. Whenever I dipped my toes in the water, they got singed quick so I figured it's not for me. I have to find another way. I'm into stocks, real estate, and I'm always thinking of a great product. I've had a number of good ideas, but just about all of them require a lot of work and uncertainty so I've never moved on any of them. People who really get into that get some traction and momentum and often have a number of patents.
 
L

Looney

Lifer
Jun 13, 2000
21,938
5
0
Go to the morgue, get a finger, put it in some fast food soup. Sue for MILLIONS.
 
S

snoopdoug1

Platinum Member
Jan 8, 2002
2,164
0
76
Originally posted by: Rudee
Definitely Real estate. On advise from my Uncle, I started flipping condos in Calgary about 6 years ago and I've made a tremendous profit. I currently have 2 condos which I'm renting out and a home which I and my gf reside in. All properties have increased in value a minimum of 30% just in the last two years alone. I'm not a millionaire, but I'm the title holder of real estate property worth just under 1 million.
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1 million in real estate - 900k in debt = 100k :p
 
D

Descartes

Lifer
Oct 10, 1999
13,968
2
0
Originally posted by: Rudee
Definitely Real estate. On advise from my Uncle, I started flipping condos in Calgary about 6 years ago and I've made a tremendous profit. I currently have 2 condos which I'm renting out and a home which I and my gf reside in. All properties have increased in value a minimum of 30% just in the last two years alone. I'm not a millionaire, but I'm the title holder of real estate property worth just under 1 million.
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That's great, but the profit from two properties isn't likely to be anymore than one would make any high-level position. 30% increase in value over 2 years is indeed nice, but average compared to many investment vehicles, especially with the market as it is. Additionally, you're sitting on assets that carry with it a lot more liability than most others. Your returns could very quickly disappear if a tenant decides to destroy your property, for example.

Not trying to be negative, but real estate isn't some automatic path. It's a business like all others. I would like to further abstract away your example and say this: Pursuing any business endeavor which experiences sustained growth is the quickest and surest path. That's simplifying it a bit, and there are exceptional circumstances in which someone makes millions/billions almost overnight, but it's a rarity; most millionaires had to grind it out like everyone else.

IMO
 
idiotekniQues

idiotekniQues

Platinum Member
Jan 4, 2007
2,572
0
76
become a cabby and pick up rides in the jewelry district. try to find absentminded looking jewelers with black bags.
 
R

Rudee

Lifer
Apr 23, 2000
11,218
2
76
Originally posted by: snoopdoug1
Originally posted by: Rudee
Definitely Real estate. On advise from my Uncle, I started flipping condos in Calgary about 6 years ago and I've made a tremendous profit. I currently have 2 condos which I'm renting out and a home which I and my gf reside in. All properties have increased in value a minimum of 30% just in the last two years alone. I'm not a millionaire, but I'm the title holder of real estate property worth just under 1 million.
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1 million in real estate - 900k in debt = 100k :p
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Oh, I have debt for sure but it's good debt as opposed to bad debt. Real estate which is increasing in value is good debt. As long as I maintain full occupancy in my rental properties, my mortgage payments are easily covered.
 
R

Rudee

Lifer
Apr 23, 2000
11,218
2
76
Originally posted by: Descartes
Originally posted by: Rudee
Definitely Real estate. On advise from my Uncle, I started flipping condos in Calgary about 6 years ago and I've made a tremendous profit. I currently have 2 condos which I'm renting out and a home which I and my gf reside in. All properties have increased in value a minimum of 30% just in the last two years alone. I'm not a millionaire, but I'm the title holder of real estate property worth just under 1 million.
Click to expand...

That's great, but the profit from two properties isn't likely to be anymore than one would make any high-level position. 30% increase in value over 2 years is indeed nice, but average compared to many investment vehicles, especially with the market as it is. Additionally, you're sitting on assets that carry with it a lot more liability than most others. Your returns could very quickly disappear if a tenant decides to destroy your property, for example.

Not trying to be negative, but real estate isn't some automatic path. It's a business like all others. I would like to further abstract away your example and say this: Pursuing any business endeavor which experiences sustained growth is the quickest and surest path. That's simplifying it a bit, and there are exceptional circumstances in which someone makes millions/billions almost overnight, but it's a rarity; most millionaires had to grind it out like everyone else.

IMO
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I don't know what the economy is like in your City, but where I live in Calgary, the economy is red hot. Real estate prices have shot through the roof and vacancies on rental apartments are low. I got into real estate at the right time. Like any investment, there is risk, but there are no rewards without risk. Most young couples here can barely qualify for a mortgage due to the high price of housing now. Small condos between $275k-$300k are in huge demand simply because they are somewhat affordable, whereas the average house price of nearly $500k is out of reach for most people here. I'm just fortunate I got into the market when things were still affordable.
 
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