To become a MILLIONAIRE by the age of 30
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all i'm hoping for is to get a good location 4-room flat to own when i get married - and be able to pay it off before i retire. With my current pay of $1.5k (haven't minus CPF ah!) i really wonder....................................... thank goodness i can save... but definitely not 2/3.......
then my BF can go and happily work for his car so he no need to ride bike (if and when he gets the license soon). -
I had this dream before but I think it is not likely now as I am only last few years away from 30 and no where near.
I read all sort of books including, Rich Dad Poor Dad, Wink and grow rich, multi-streams income, option trading....
but frankly most are of not much help unless you assume a lot of risks or you put in a lot of hard work (e.g work 20hrs a day)
some of the common concept :
compound interest : the book will say you have $50,000 now. assume you find a 8 % investment and it will be e.g %1million in 10years time.....
1st assumption : you have $50,000 spare cash
2nd assumption : where can find a guaranteed 8% compound interest
or Rich Dad book
:find a property, borrow money to invest it, collect the rent, use the higher rent to pay off the interest, then sell off the property when appreciated. Not only will you get monthly positive cash flow, you get the capital appreciation as well.
1st asumption : bank will lend you money given you are not rich in the first place
2nd assumption : people will always fight to rent in your property
3rd assumption : property price go up never come down
If you are one of those who invest in Japan property in the 80s or Singapore in the 90s, I think you are bleeding till today
Option trading ... not for the fainted hearted.
especially to write a naked option.
Personally, I invest in stock and 50% of the portfolio gone recently due to rising crude oil price, dare no invest in bond fund as interest rate set to go up,
dare not speculate property due to the falling price index, China market seem so shaky now, USD shows further weakness....
that why I stick to the most fundamental .... Toto... -
Agreeing to your other points...book written on many money doesnt really give an opportunity to be applied here in Singapore. The assumptions they make are too positive and not very realistic to most people.Originally posted by lucky888friend:that why I stick to the most fundamental .... Toto...
So i guess it's back to the 50cents gamble for me too (or maybe 1 aunite will give me a winning ticket??
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Best Age, good tat u have doubt, because majority thinking the way a poor man thinking i can understand.
if u have doubt in wat i say. so be it. and i can tell u definitely tat i be more than a millionaire when i'm 28. why ? becz this is the path my dad use, and he is more than wat u thought? need an idiot-proof? then sorry not to try to sacarstic, but only idiot need idiot-proof. not mean to offend but truth. Thanks -
Hey guys, i agree with all of u saying here, especially all those books i personally meant for knowledge, but whether it able to be apply is all depend on ourself.
Well, as i mention in my first posting, that is my technique of accumulating wealth, to be frank, i think i on the right track.
Friend, i'm sorry u lost 50% of ur money in stock. but i do lost too. Well all come back to the real fundamental tat is risk management, we can't control the price, but we can control amount we are prepared to lost, and the amount we want to keep the profit.
As i trully believe just earn one income doesn't make u a million worth. But if really possible at least save 1/2 of ur salary for saving and investment. I don't believe all those financial planning of saving 200 or 300 a mth tat provide a sound future. That doesn't make sense to me unless they want to keep working till one leg step into the coffin. -
HahA For mi to earn a million is almost like possible man...haha cos of the new cash arward for sportman lol...so i still got 11 of my year to go for 2 olympic 3 asia game 3 sea games so a million hmmme possible la..haha...so for nw training training and training hAHa and 1 million here i cum
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It's always good to have a goal.
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Try taking part in Who wants to be the millionaire lor.Originally posted by BestAgt:thats my dream, not from selling SCV/MAXONLINE that is.
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All the best! -
From my past experience....
Write a book or give seminars on how to become a millionaire....
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If the exchanging rate of US dollor to Singapore dollar is 1:1000000, you will be a millionaire~
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ok...i think ur an ignorant reader of Rich dad series....
First of all Investing IS A PLAN! so forget those financial planning? wtf.... and he always reminded in his books to seek competent financial help....
goodness..
And he does recommend attending seminars w/c are kind in a way motivation courses too.... *shakes head*
and see...ur focusing on earned income..... You'll never be rich working for that...It's always via passive and portfolio income...
Originally posted by vivasg:Well, to be millionaire by 30, is reachable. A fact is tat there are a lot of millionaire but not really what u all think that when have a million then can buy this and buy tat and do anything u like, don't forget that nowsday things don't get cheap. so most of the millionaire are still working either self employed or an employee.
The techniques is simple, forget all those motivation course tat waste your money. First, as wat rich dad say, money is just an idea. is how u found an money produced machine. it can be ur job, ur business, ur investment, as long money coming in.
Secondly, try your best to save 2/3 of ur money, forget all those financial planning for watsoever. All those are poor man thinking. plan of saving for old age etc. Don't forget when u rich, do u still need to plan any retirement or any money for any case? So the rule is be rich and forget bout wat all the financial planning advisor say, becz 90% of them maybe even poorer than u.
Thirdly, as an employee, find ways to increase ur market value, market value = your income level.
Fourth, investment, try learn investing skill and then apply ur money on saving for better ROI, let's be conservative if u had well learn and good risk management if ur money able to generate average 20% for 10 yrs, then u already an millionaire. For me, i think with good knowledge and risk analysis skill which u had to self study and attend for course. my investment can go 50% to 80% average yearly. so how fast you want to be millionaire, is depend on u.
Fifth, Contribute to the society, try spend $100 buying all foods and needs to old folk home urself, see their smile when they receiving, i tell u tat really make u rich.
Well, as a conclusion, is not a dream to be millionaire. is all depend on u all. willing to take the steps and later gratification
Like me, i have been longing a PDA phone, but i'm keep on holding because i know with tat money go to my investment will give me a better and faster way to reach my financial goal.
All the best guy -
very simple, go RSAF, be a pilot, then transfer to SIA after 8years and become a captain of a 777 or something larger, and you'll be a CONFIRMED millionair by age 30, well, at least according to my friend's father who is working as both. he did buy his own BMW at aage 22 though, now with lots of cars and big 3 storey semi-D
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my dad is a multi millionaire, wat do u say then.
Of cz we know passive or residual income, but mind u. First where u got the money to invest?
The techniques i mention is for employed person, unless u got a lot of money otherwise where u got money to invest. Please think before u speak -
dun need millionaire bt i hope to settle my financial woes and stable life by 30, so i can continue to do things dat i like.
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Money money money. It's all about the money.
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the only way to become millionaire is to buy toto every week loh. at least for me lah.....
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hmmm
when u really have solved it ,,, plse pass me the answer -
the idea is simple... but how many people can get selected??Originally posted by branzzz:very simple, go RSAF, be a pilot, then transfer to SIA after 8years and become a captain of a 777 or something larger, and you'll be a CONFIRMED millionair by age 30, well, at least according to my friend's father who is working as both. he did buy his own BMW at aage 22 though, now with lots of cars and big 3 storey semi-D
i got an even better idea, go buy toto when the prize is more than a million... every few weeks got some people become millionaires that way... -
IMHO only the first book in the Rich Dad Poor Dad series is worth reading, the rest are pretty much repeating what he had said before.
Anyway I highly reccomend The Intelligent Investor by Benjamin Graham. I'm not sure if you could get it in Singapore but I got it from Amazon at a pretty steep price. It conveys pretty conservative ideas about investments but if it works for Warren Buffet then there must be a truth in it. -
i think it is apossible to be a millionaire by age 30....one good example is my elder sis.....at the age of 20, she is earning 5 figure amount working for yellow pages....at the age of 25, she is already the AGM of a public listed company in singapore.....so who say getting a million by age 30 is impossible....
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Frankly speaking a million dollars isn't alot of money nowadays.
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Indeed.
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it's not a lot if ur net worth is a million dollars... but it's quite a lot if u have a million dollars in cold hard cash...Originally posted by tIfosI:Frankly speaking a million dollars isn't alot of money nowadays. -
IT reli feel gd lol when u are able to spend $1000 note like u take out a $2 note frm ur wallet...like jack neo movie best bet:"wit LOT AND lOT money in ur pocket,when u walk also got WIND"