Comments on: Top 5 Paths to a Million Dollars http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/ Saving, Earning, and Investing Money Sat, 11 Feb 2012 03:58:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: » Microsoft Surface, Lindsay Lohan, and Broken Laptops http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-593691 » Microsoft Surface, Lindsay Lohan, and Broken Laptops Mon, 01 Aug 2011 13:33:58 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-593691 [...] in by selling parts of Lindsay's car on Ebay. It reminds me of the "do something crazy" step in my 5 Paths to a Million Dollars. A local radio station noted that an auction for concert tickets - with a meet and greet of the [...] [...] in by selling parts of Lindsay's car on Ebay. It reminds me of the "do something crazy" step in my 5 Paths to a Million Dollars. A local radio station noted that an auction for concert tickets – with a meet and greet of the [...]

]]> By: Johannah B http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-348980 Johannah B Mon, 20 Dec 2010 20:30:38 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-348980 Here are my tips.... I could write for a week on this topic. 1) Never spend all that you make. Always save something. 2) Never have any debt - Save for what you want and then buy it. (debt puts you in bondage to the holder and puts your extra $$ in someone else's pocket). If you have to do debt like a mortgage - pay it off ASAP (We paid our 15 year mortgage off in 3 years - it as a priority to do so for us.). 3)Use up or wear out any resource before buying a replacement. (goes for car, phone, computer, TV, furniture, clothing!) 4)Learn to be happy with what you do have, and take care of what you do have, so it lasts. 5)Learn skills that help you save major dollars over time. Like being able to fix something yourself -- doing your families hair cutting -- doing your own nails, changing your own oil, mowing your own grass, painting, wall-papering, using coupons, cooking from scratch, etc. AND then use these skills for yourself, and to earn extra money that you then SAVE. 6) Get a second job and SAVE every cent. As a kid, a million seemed like an impossible number but I put in on the goal list, along with marrying, owning a house, having a family, save a million. It's not a big number anymore. Here are my tips….
I could write for a week on this topic.
1) Never spend all that you make. Always save something.
2) Never have any debt – Save for what you want and then buy it. (debt puts you in bondage to the holder and puts your extra $$ in someone else’s pocket). If you have to do debt like a mortgage – pay it off ASAP (We paid our 15 year mortgage off in 3 years – it as a priority to do so for us.).

3)Use up or wear out any resource before buying a replacement. (goes for car, phone, computer, TV, furniture, clothing!)

4)Learn to be happy with what you do have, and take care of what you do have, so it lasts.

5)Learn skills that help you save major dollars over time. Like being able to fix something yourself — doing your families hair cutting — doing your own nails, changing your own oil, mowing your own grass, painting, wall-papering, using coupons, cooking from scratch, etc. AND then use these skills for yourself, and to earn extra money that you then SAVE.

6) Get a second job and SAVE every cent.

As a kid, a million seemed like an impossible number but I put in on the goal list, along with marrying, owning a house, having a family, save a million. It’s not a big number anymore.

]]> By: Jeremy http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-308992 Jeremy Wed, 20 Oct 2010 12:30:21 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-308992 As someone who managed money for people with liquid net worths in excess of $4 million, I would have to disagree with your list. Here is what I saw amongst my clients (in order of most frequent to least): 1. Executive at a medium to large company that went public or was bought out by a larger public company. During the 90s, this was mainly executives at regional banks being bought out by large national banks and making millions on their stock and tech companies. 2. Founder of a small or medium sized business that was bought out by a larger company (usually public, sometimes a large privately held company). 3. Very income combined with high savings rate (e.g. surgeons, i-bankers, pro athletes with long careers and good money habits, which is rare but does happen). 4. Inheritance/marrying & divorcing well. 5. Lotto/lawsuit winners. As someone who managed money for people with liquid net worths in excess of $4 million, I would have to disagree with your list.

Here is what I saw amongst my clients (in order of most frequent to least):

1. Executive at a medium to large company that went public or was bought out by a larger public company. During the 90s, this was mainly executives at regional banks being bought out by large national banks and making millions on their stock and tech companies.

2. Founder of a small or medium sized business that was bought out by a larger company (usually public, sometimes a large privately held company).

3. Very income combined with high savings rate (e.g. surgeons, i-bankers, pro athletes with long careers and good money habits, which is rare but does happen).

4. Inheritance/marrying & divorcing well.

5. Lotto/lawsuit winners.

]]> By: Benjamin Bankruptcy http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-291856 Benjamin Bankruptcy Thu, 07 Oct 2010 00:20:55 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-291856 Does anyone else feel thawt purhaps those 5 steps should be taught in school??? We recieve NO financial education. It's meant to be something you just KNOW like how to raise children or be in a successful relationship. We're given more education on how to dress properly for jobs in school than on finance. I get sooo frustrated with people saying oh it's easy for you your "well off, etc" and I keep saying no i'm not i earn what you do, i just didn't piss my money away for a decade. Does anyone else feel thawt purhaps those 5 steps should be taught in school??? We recieve NO financial education. It’s meant to be something you just KNOW like how to raise children or be in a successful relationship. We’re given more education on how to dress properly for jobs in school than on finance. I get sooo frustrated with people saying oh it’s easy for you your “well off, etc” and I keep saying no i’m not i earn what you do, i just didn’t piss my money away for a decade.

]]> By: Anonymous http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-230348 Anonymous Sat, 31 Jul 2010 22:10:20 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-230348 I like the idea of having your parents invest in the stock market for you when you're young. How about if the government puts $500 into an index fund for every US citizen at birth, with no possibility of cashing out until age 65 (maybe some exceptions like disability) (and when you die, whatever is in the account goes into paying for new accounts for those who are born), and that's the replacement for Social Security? Then everyone would be a millionaire at 65, with any luck. Radical, I know. It would pay off more than these one-time rebates they hand out. I like the idea of having your parents invest in the stock market for you when you’re young. How about if the government puts $500 into an index fund for every US citizen at birth, with no possibility of cashing out until age 65 (maybe some exceptions like disability) (and when you die, whatever is in the account goes into paying for new accounts for those who are born), and that’s the replacement for Social Security? Then everyone would be a millionaire at 65, with any luck. Radical, I know. It would pay off more than these one-time rebates they hand out.

]]> By: Thomas Dotson http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-170233 Thomas Dotson Thu, 25 Feb 2010 15:52:44 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-170233 I created a million dollar net worth and $30,000 per year in passive (or somewhat passive, LOL) income in 5 years with single family home real estate rental properties. My initial investment was $51000 that I had accumulated in savings over 20 years. I still have that in savings plus owning the properties. For the average person this may be the best path to wealth. Love your blog! I created a million dollar net worth and $30,000 per year in passive (or somewhat passive, LOL) income in 5 years with single family home real estate rental properties. My initial investment was $51000 that I had accumulated in savings over 20 years. I still have that in savings plus owning the properties. For the average person this may be the best path to wealth. Love your blog!

]]> By: James http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-143938 James Thu, 30 Jul 2009 02:06:40 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-143938 Hey, Interesting posting. One thing you haven't mentioned is inheriting money. One major way that Americas wealthy have achieved their money is by inheriting it. In fact, the higher degree of inheritance is one of the reasons that whites have higher wealth levels than blacks. Hey,

Interesting posting. One thing you haven’t mentioned is inheriting money. One major way that Americas wealthy have achieved their money is by inheriting it.

In fact, the higher degree of inheritance is one of the reasons that whites have higher wealth levels than blacks.

]]> By: moneybags http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-125724 moneybags Tue, 10 Feb 2009 21:32:26 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-125724 I just wanted to take issue with your use of Biz Markie in example #3. To say he's extaordinarily lucky (and not talented) is a bit insulting. In the dj/hip-hop industry, Biz Markie is well-known for his talents and hard work, and his appearances are still in continual demand to this day. In fact you could say he was un-lucky considering the lawsuits against him regarding sampling in the 80s. Most know him as a one-hit-wonder, so I know why you used him as an example, but he'd be a better example for #4 IMO ;) I just wanted to take issue with your use of Biz Markie in example #3. To say he’s extaordinarily lucky (and not talented) is a bit insulting. In the dj/hip-hop industry, Biz Markie is well-known for his talents and hard work, and his appearances are still in continual demand to this day. In fact you could say he was un-lucky considering the lawsuits against him regarding sampling in the 80s. Most know him as a one-hit-wonder, so I know why you used him as an example, but he’d be a better example for #4 IMO ;)

]]> By: Johnny http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-124892 Johnny Sat, 31 Jan 2009 02:57:57 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-124892 When I was in my teens I wanted to be a Pro Gamer! Yeah.. that didn't take off. I tried, I learnt and tried something else. If it's mowing lawns, writing legal agreements, serving bus tickets for $2 at the station - you can still invest. I wrote a post How to Get Rich Slowly and Retire on Passive Income. I'm sure you've made it here because you want to learn to get rich. The learning never stops. Good luck with your monies. Lifemonies.com When I was in my teens I wanted to be a Pro Gamer! Yeah.. that didn’t take off. I tried, I learnt and tried something else.

If it’s mowing lawns, writing legal agreements, serving bus tickets for $2 at the station – you can still invest.

I wrote a post How to Get Rich Slowly and Retire on Passive Income. I’m sure you’ve made it here because you want to learn to get rich. The learning never stops. Good luck with your monies.

Lifemonies.com

]]> By: Gabriel http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-116442 Gabriel Tue, 25 Nov 2008 04:02:13 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-116442 Top .00001 of talent level, that's crazy. I never thought about that. What do you think the chances of becoming a millionaire as a gamer is? Top .00001 of talent level, that’s crazy. I never thought about that. What do you think the chances of becoming a millionaire as a gamer is?

]]> By: Randomness: 893 Top 5 Lists… | Joseph Szymanski | Photographs, Drawings and Other Creations http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-111729 Randomness: 893 Top 5 Lists… | Joseph Szymanski | Photographs, Drawings and Other Creations Fri, 31 Oct 2008 05:17:28 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-111729 [...] Top 5 Paths to a Million Dollars by Lazy Man and Money [...] [...] Top 5 Paths to a Million Dollars by Lazy Man and Money [...]

]]> By: can't say http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-107725 can't say Fri, 10 Oct 2008 02:42:19 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-107725 The coolest and funnest isn't always the easiest. No expert, but the EASIEST (by easiest I mean the less physical labor) would HAVE to be start young, invest, and let interest get you to a million. My father in law started that way. HIS dad invested in the stock market for 11 years of age. Never, ever made a salary above 15,000 annual and died at 88 with over 2M. My father-in-law started in the market at 9. Never made over 40K and made a million by 60. Now HIS son is around 40 and is about the break a million. He cuts grass for a living. ANd works for the state. But, they ALL live like they are living paycheck to paycheck. No big deal house, no big deal car. Dress in Kmart clothes. Just don't see the point. Some people just like to see the ink. Me, I'm a loser. Been self employed just about all my life, always struggled, always barely made ends meet. Last 5 years, things turned around. I figured out that doing all the physical labor myself would never get me there. EVERYTHING I own, all my stocks, savings, house, cars, EVERYTHING has come in the last 2 YEARS. And if I can stay lucky for another 5 years, I will have doubled my inlaws. But luck will HAVE to continue. To ME, if you're OVER 20, the best way, combining ease, luck, reality, NON pipe dream (getting in with the next microsoft is a pipe dream, it MIGHT happen, but don't bet on it) is working for yourself. Find something youre GOOD at, and INTERESTED in, no MATTER WHAT it is, and combine that with NEVER EVER QUIT attitude and it will come. You ALWAYS need LUCK, always. (and don't ever, ever believe "you make your own luck". You very well MAY once in a while, but you NEED to be lucky along with all those positive personal traits. But don't think luck ALONE will get you there. (it MIGHT, but again, don't count on it). But IF youre LAZY, get in the stock market EARLY. My inlaw was one of the most physically lazy human beings I have ever met. But he got ABSOLUTELY OFF when he would make money off of someone else's sweat and talent. Now, if youre hardworking, talented AND love the market, well, then........you're gonna make a LOT of money in your life, most likely. The coolest and funnest isn’t always the easiest.

No expert, but the EASIEST (by easiest I mean the less physical labor) would HAVE to be start young, invest, and let interest get you to a million. My father in law started that way. HIS dad invested in the stock market for 11 years of age. Never, ever made a salary above 15,000 annual and died at 88 with over 2M.

My father-in-law started in the market at 9. Never made over 40K and made a million by 60. Now HIS son is around 40 and is about the break a million. He cuts grass for a living. ANd works for the state.

But, they ALL live like they are living paycheck to paycheck. No big deal house, no big deal car. Dress in Kmart clothes. Just don’t see the point. Some people just like to see the ink.

Me, I’m a loser. Been self employed just about all my life, always struggled, always barely made ends meet. Last 5 years, things turned around. I figured out that doing all the physical labor myself would never get me there. EVERYTHING I own, all my stocks, savings, house, cars, EVERYTHING has come in the last 2 YEARS. And if I can stay lucky for another 5 years, I will have doubled my inlaws. But luck will HAVE to continue.

To ME, if you’re OVER 20, the best way, combining ease, luck, reality, NON pipe dream (getting in with the next microsoft is a pipe dream, it MIGHT happen, but don’t bet on it) is working for yourself. Find something youre GOOD at, and INTERESTED in, no MATTER WHAT it is, and combine that with NEVER EVER QUIT attitude and it will come. You ALWAYS need LUCK, always. (and don’t ever, ever believe “you make your own luck”. You very well MAY once in a while, but you NEED to be lucky along with all those positive personal traits.
But don’t think luck ALONE will get you there. (it MIGHT, but again, don’t count on it).

But IF youre LAZY, get in the stock market EARLY. My inlaw was one of the most physically lazy human beings I have ever met. But he got ABSOLUTELY OFF when he would make money off of someone else’s sweat and talent. Now, if youre hardworking, talented AND love the market, well, then……..you’re gonna make a LOT of money in your life, most likely.

]]> By: Uncommonadvice http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-99470 Uncommonadvice Mon, 18 Aug 2008 15:06:11 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-99470 I was having a similar conversation with my OH the other day. We were talking about all the "rich" people I had looked after in my job as a Financial Adviser, and how they came to be that way. Interestingly most were rich through methods over than those which would immediately come to mind. Here are the top three ways: 1) Received a life insurance payout on the death of a close relative. 2) Bought there council house for pennies at the start of Thatcher's "Right to Buy" scheme in the late 80s. 3) Received a large redundancy settlement and used it to buy a house. I was having a similar conversation with my OH the other day. We were talking about all the “rich” people I had looked after in my job as a Financial Adviser, and how they came to be that way. Interestingly most were rich through methods over than those which would immediately come to mind. Here are the top three ways:
1) Received a life insurance payout on the death of a close relative.
2) Bought there council house for pennies at the start of Thatcher’s “Right to Buy” scheme in the late 80s.
3) Received a large redundancy settlement and used it to buy a house.

]]> By: Mark Nelson http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-99446 Mark Nelson Mon, 18 Aug 2008 10:39:51 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-99446 Marry rich would work well. Build a business with a passive income stream Marry rich would work well.

Build a business with a passive income stream

]]> By: makkelijk geld verdienen http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-90176 makkelijk geld verdienen Wed, 25 Jun 2008 08:58:52 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-90176 yeah marry rich ... the easy way out. too bad i already got married 10 years ago before I thought of that. i married poor and i am poor :) no just joking, i have a nice side income from online work too, but not as good as you are doing. i'm still working hard on that though. launching a new website almost every week now. yeah marry rich … the easy way out. too bad i already got married 10 years ago before I thought of that. i married poor and i am poor :) no just joking, i have a nice side income from online work too, but not as good as you are doing. i’m still working hard on that though. launching a new website almost every week now.

]]> By: If I had a Million Dollars (Linkified) http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-75657 If I had a Million Dollars (Linkified) Wed, 12 Mar 2008 12:56:08 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-75657 [...] I had a million dollars - (If I had a million dollars) I’d buy you a house - (I would buy you a house) If I had a million dollars - (If I had a [...] [...] I had a million dollars – (If I had a million dollars) I’d buy you a house – (I would buy you a house) If I had a million dollars – (If I had a [...]

]]> By: The Complete Guide To Prosper Book On Sale Today http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-73102 The Complete Guide To Prosper Book On Sale Today Thu, 06 Mar 2008 12:55:40 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-73102 [...] the book today from this site will receive a $900 value in electronic books. I contributed 5 posts which you can read here in the form of a PDF.  The promotional company pressed me for a [...] [...] the book today from this site will receive a $900 value in electronic books. I contributed 5 posts which you can read here in the form of a PDF.  The promotional company pressed me for a [...]

]]> By: Jestertunes » Group Writing Project Full List http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-39355 Jestertunes » Group Writing Project Full List Sun, 20 Jan 2008 09:15:37 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-39355 [...] Top 5 Paths to a Million Dollars by Lazy Man and Money [...] [...] Top 5 Paths to a Million Dollars by Lazy Man and Money [...]

]]> By: Wczasy http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-20831 Wczasy Sat, 01 Dec 2007 10:54:51 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-20831 I wan`t by Merry Rich :) I wan`t by Merry Rich :)

]]> By: johnydepp http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/comment-page-1/#comment-10570 johnydepp Wed, 30 May 2007 08:07:00 +0000 http://www.lazymanandmoney.com/top-5-paths-to-a-million-dollars/#comment-10570 Hi. at first i have been thinking of doing something like www.sketchmyphoto.com. However, I m sad when i browse the net and saw a few similar services. The website is servicing for free. What else idea you all have? Maybe we can brainstorm a little. Hi. at first i have been thinking of doing something like http://www.sketchmyphoto.com. However, I m sad when i browse the net and saw a few similar services. The website is servicing for free. What else idea you all have? Maybe we can brainstorm a little.

]]>