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"A 27-year-old millionaire reveals how he built his wealth"
Old 11-04-2014, 04:26 PM   #1
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"A 27-year-old millionaire reveals how he built his wealth"

http://finance.yahoo.com/news/27-yea...184823184.html

WOW!!!
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Old 11-04-2014, 04:31 PM   #2
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Great young man. More power to him!

The military has been the catalyst that raised a lot of us above the level of our parents.
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Old 11-04-2014, 04:32 PM   #3
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Do you have a summary for us?
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Old 11-04-2014, 04:33 PM   #4
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WOW!!!
Impressive! He'd fit right in here.
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Old 11-04-2014, 04:36 PM   #5
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"Do you have a summary for us?"

“In high school, there was pretty much no financial education and my parents wouldn’t talk to me about money,” he says. “Everything I learned about money I had to learn myself.”

Or, just watch the video.
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Old 11-04-2014, 04:51 PM   #6
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"Do you have a summary for us?"

“In high school, there was pretty much no financial education and my parents wouldn’t talk to me about money,” he says. “Everything I learned about money I had to learn myself.”

Or, just watch the video.
Okay, never mind.
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Old 11-04-2014, 04:52 PM   #7
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There's also a text version, which I read, and ignored the video.
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Old 11-04-2014, 05:46 PM   #8
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Bestwifeever - I read the text version too.

Summary: He went into the military and got them to pay for his college. He banked most of his pay from the military (since they covered housing and food). He dollar cost averaged in a big way through the market downturn. He bought some rental properties along the way. And now he's a Millionaire at age 27.

The kid definitely sounds like he'd fit in here.
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Old 11-04-2014, 05:49 PM   #9
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Thanks for the summary, Rodi.
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Old 11-04-2014, 05:52 PM   #10
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He banked most of his pay from the military (since they covered housing and food).

That actually comes out of his paycheck.
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Old 11-04-2014, 06:10 PM   #11
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From the link:

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he decided to enlist in the U.S. Navy at age 20. He earned about $55,000 a year as an electronics technician....
Is that right, $55k right away as an electronics technician? Something seems off.
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Old 11-04-2014, 06:26 PM   #12
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Is that right, $55k right away as an electronics technician? Something seems off.
I didn't see that 55 Grand. If that's in there, something is off. The whole vibe of the video sounded like a late night infomercial for real estate investing
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Old 11-04-2014, 06:29 PM   #13
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Yes, the $55k was in the text version. Knowing nothing about Navy pay it seemed high for a newbie enlisted guy.
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Old 11-11-2014, 08:48 AM   #14
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From the link:

Is that right, $55k right away as an electronics technician? Something seems off.
Should be more like $25k IMO, unless he got some crazy bonuses for overseas deployment or the like.

E4 - Petty Officer - 3rd Class (Navy) Salary | Salary.com
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Old 11-11-2014, 09:19 AM   #15
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Even if the Navy pay is suspect, the fact is this guy did a great job of LBYM and helped educate himself. I give him a lot of credit and he has made some good decisions along the way. His net worth does include all of his potential, with a big chunk made up in real estate that has appreciation factored in.

He is miles ahead of me at that same years of life.
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Old 11-11-2014, 09:31 AM   #16
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Hmm. Feel like my Navy pay was on the order of $130/month for a seaman apprentice, and not a bunch more as a 3rd class sonarman in a war zone. Of course that was just around civil war time.... Now making his fortune in real estate, that sounds right and proper.
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Old 11-11-2014, 09:37 AM   #17
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Even if the Navy pay is suspect, the fact is this guy did a great job of LBYM and helped educate himself.
Unless, of course, this is all made up. I'm not saying that's the case, but it is certainly suspicious if the numbers do not work out at all.
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Old 11-11-2014, 10:50 AM   #18
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I read this story when it first came out. My first thought was that it seemed a bit of an exaggeration. It is not unusual for people to amplify their wins and minimize their losses when telling a story. It could be 100% true, but again the odds are against the 100% part in my opinion. I take all these stories with a grain of salt. Of course the point is still valid, LBYM and invest and you come out ahead of those who don't.
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Old 11-11-2014, 11:06 AM   #19
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Intelligence, frugality, hard work. He's done and is doing well. Nothing wrong with that.

"Now let me turn myself into a commodity in the blogosphere, affiliate advertising world."

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My opinion, Mike Piper (oblivious investor) is someone who is doing it right.
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Old 11-11-2014, 11:19 AM   #20
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It is not unusual for people to amplify their wins and minimize their losses when telling a story. It could be 100% true, but again the odds are against the 100% part in my opinion. I take all these stories with a grain of salt. Of course the point is still valid, LBYM and invest and you come out ahead of those who don't.
+1. I usually assume thee stories are no more accurate than online dating profiles:

Online Dating Profile Lies - Online Dating Statistics - Woman's Day

Where studies show most people have been found to lie about, well just about everything including income, and "80% of online daters lie about their height, weight or age."
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