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"A 27-year-old millionaire reveals how he built his wealth"
11-04-2014, 03:26 PM
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#1
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 136
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"A 27-year-old millionaire reveals how he built his wealth"
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11-04-2014, 03:31 PM
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#2
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
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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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11-04-2014, 03:32 PM
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#3
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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 Quote:
Originally Posted by serie1926
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Do you have a summary for us?
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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11-04-2014, 03:33 PM
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#4
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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Quote:
Originally Posted by serie1926
WOW!!!
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Impressive! He'd fit right in here.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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11-04-2014, 03:36 PM
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#5
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 136
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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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11-04-2014, 03:51 PM
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#6
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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Quote:
Originally Posted by serie1926
"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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Okay, never mind.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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11-04-2014, 03:52 PM
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#7
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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There's also a text version, which I read, and ignored the video.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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11-04-2014, 04:46 PM
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#8
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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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.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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11-04-2014, 04:49 PM
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#9
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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Thanks for the summary, Rodi.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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11-04-2014, 04:52 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,969
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Quote:
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He banked most of his pay from the military (since they covered housing and food).
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That actually comes out of his paycheck.
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11-04-2014, 05:10 PM
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#11
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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From the link:
Quote:
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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....
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Is that right, $55k right away as an electronics technician? Something seems off.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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11-04-2014, 05:26 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,969
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Quote:
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Is that right, $55k right away as an electronics technician? Something seems off.
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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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11-04-2014, 05:29 PM
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#13
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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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.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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11-11-2014, 07:48 AM
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#14
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Recycles dryer sheets
Join Date: Jul 2012
Posts: 407
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Quote:
Originally Posted by Bestwifeever
From the link:
Is that right, $55k right away as an electronics technician? Something seems off.
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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
__________________
I am willing to perform services in exchange for currency. For now.
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11-11-2014, 08:19 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
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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.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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11-11-2014, 08:31 AM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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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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11-11-2014, 08:37 AM
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#17
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Recycles dryer sheets
Join Date: Jul 2012
Posts: 407
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Quote:
Originally Posted by 38Chevy454
Even if the Navy pay is suspect, the fact is this guy did a great job of LBYM and helped educate himself.
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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.
__________________
I am willing to perform services in exchange for currency. For now.
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11-11-2014, 09:50 AM
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#18
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Full time employment: Posting here.
Join Date: Dec 2013
Location: San Diego
Posts: 880
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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.
__________________
Merrily, merrily, merrily, merrily,
Life is but a dream.
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11-11-2014, 10:06 AM
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#19
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 349
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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."
>>> Yes, I'm a cynic. <<<
My opinion, Mike Piper (oblivious investor) is someone who is doing it right.
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11-11-2014, 10:19 AM
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#20
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by CaliforniaMan
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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+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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