OK guys, I was asked this question by a younger (mid 20's, male) family member at a get-together not long ago...not long out of college and relatively bright and hardworking....after he found out that I had retired at a young age(I don't generally advertise that), he wanted my advice on what I thought he should do to make $10 Million(his number) as quickly as possible...mind you, it was not a get-rich-quick type of question..it was how can I plan my life so that in 10-15-20 years (sooner the better), he could have a sizeable pile of dough, more than enough to live on and then some. Of course, his first idea was real-estate(isn't it everyones these days?)...I gave him my opinion that RE was probably in the long-run not a bad component to building wealth, but my own opinion was that now is not the greatest time to be putting all my eggs in that basket....
My own advice was "technology" (i.e. a software package, a website that people may pay for etc), defintely something where he either wholly or substantially owned the company...because really thats what I know best...but I've been ER'ed 4 years and thats a long, long time in the technical arena to give much specific technical advice in that regard...
So you guys come from lots of different backgrounds....what would you tell someone (other than that they don't really need $10M to live on, which I already did)...but even so, whether its 2-5-10-20-30 $Million...the principal is more or less the same....you need something more than a decent salary and a LBYM mentaility to accumulate very serious welath unless you are willing to do it for 30-40 years.
Any takers? If it was you...knowing what you know now, what would you do?
My own advice was "technology" (i.e. a software package, a website that people may pay for etc), defintely something where he either wholly or substantially owned the company...because really thats what I know best...but I've been ER'ed 4 years and thats a long, long time in the technical arena to give much specific technical advice in that regard...
So you guys come from lots of different backgrounds....what would you tell someone (other than that they don't really need $10M to live on, which I already did)...but even so, whether its 2-5-10-20-30 $Million...the principal is more or less the same....you need something more than a decent salary and a LBYM mentaility to accumulate very serious welath unless you are willing to do it for 30-40 years.
Any takers? If it was you...knowing what you know now, what would you do?