quickest way to become a millionaire?

Page 3 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Toggle sidebar Toggle sidebar
D

DarkKnight69

Golden Member
Jun 15, 2005
1,688
0
76
Originally posted by: Zee
buy and sell real estate and cars
Click to expand...

Actually, if you are good at it, that is a good way. Mother is making roughly 400k per year right now selling commercial property.
 
Phokus

Phokus

Lifer
Nov 20, 1999
22,995
776
126
Originally posted by: DarkKnight69
Originally posted by: Zee
buy and sell real estate and cars
Click to expand...

Actually, if you are good at it, that is a good way. Mother is making roughly 400k per year right now selling commercial property.
Click to expand...

where'd she learn how to do that?
 
F

fisheerman

Senior member
Oct 25, 2006
733
0
0
Originally posted by: Rudee
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
Click to expand...


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.
Click to expand...


I would be willing to bet the type of gains that you have seen in the market over the last 3-5 years in real estate will never be sustainable and will never happen again. Real estate in almost any good economic area are way over inflated.

It is already happening in the states and will have major impacts on the economy as a whole.

Im not a preacher of the big "real estate crash" but I am realistic in thinking that real estate in the next 5 years is going to be flat to non existant from an appreciation perspective. if you have good long term rentals that have a lot of positive cash flow than ride on.

-fish

 
O

otispunkmeyer

Lifer
Jun 14, 2003
10,442
0
0
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
Click to expand...

heh by the time i have graduated and have landed a well paying job, house prices here will be out of this galaxy. the super rich investment bankers (1% of the people here earn 25% of all the income) are snapping up properties left right and center so their value is going way up as people can and will spend more just to get what they want. i mean some pads in london are 4-5 million each and theyre only really any good as somewhere to stay during the week.

some new flats are being built in london, and i ****** you not, the top ones will be £84million each. 20,000 sq ft.
 
D

DarkKnight69

Golden Member
Jun 15, 2005
1,688
0
76
Originally posted by: Phokus
Originally posted by: DarkKnight69
Originally posted by: Zee
buy and sell real estate and cars
Click to expand...

Actually, if you are good at it, that is a good way. Mother is making roughly 400k per year right now selling commercial property.
Click to expand...

where'd she learn how to do that?
Click to expand...

Took a course at a college here. She actually teaches for one of the top realty classes in canada. Helps if you are good with people...
 
zinfamous

zinfamous

No Lifer
Jul 12, 2006
110,594
29,224
146
Originally posted by: DarkKnight69
Originally posted by: Phokus
Originally posted by: DarkKnight69
Originally posted by: Zee
buy and sell real estate and cars
Click to expand...

Actually, if you are good at it, that is a good way. Mother is making roughly 400k per year right now selling commercial property.
Click to expand...

where'd she learn how to do that?
Click to expand...

Took a course at a college here. She actually teaches for one of the top realty classes in canada. Helps if you are good with people...
Click to expand...

and that, is the key.
 
S

SirStev0

Lifer
Nov 13, 2003
10,449
6
81
be born to a rich family.

Wasnt there a thread a bit ago about how america is the exact opposite of the land of opportunity and that lower class people in most of europe have a significantly higher chance of better there social position.
 
K

KillerCharlie

Diamond Member
Aug 21, 2005
3,691
68
91
According to Richard Branson, one of the richest men in the world, this question has an easy answer.

The quickest way to become a millionaire is be a billionaire and start an airline.
 
A

alrocky

Golden Member
Jan 22, 2001
1,771
0
0
Originally posted by: otispunkmeyer
what do you reckon the quickest route to millions is?
Click to expand...
What no reference to do it the Hunt brothers way and start off with a billion dollars?

 
T

theprodigalrebel

Lifer
Oct 4, 2004
10,521
6
81
-Go back to sleep
-Sue a multi-billion dollar corporation. Lawyer will come up with what you can sue for.
-Become a drug overlord (high chance of death by rival factions though)
-Figure out the stock-market legend of "Buy low, sell high"
-(for the tramps) Get knocked up by an NBA star
-Hang out with politicians and use information to buy huge chunks of property in the middle of nowhere right before the zone gets marked for something huge (IT park, new fabs etc.) which will cause real-estate values to go up 900% in less than an year (this happens here every few years)
-Use your good looks and large penis to bed a millionaire coke-whore - film it and sell the tape.
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom