Young Millionaires

[Buddha44]

I give my parents and sister spending money every month through automatic payments. I am sure they don't need it but I feel better that they have some additional money to play with. They kept asking me, "Are you sure it is okay?" until finally I told them what I make and my net worth/financial plans. They would never ask for more but I am sure now that they know, they are proud that I am doing well and I am glad that I can help them out even if they don't need it.

 

[newyorklady]

well, i was a millionaire before age 30 and it caused problems with my in-laws who are live way beyond your means, loaded with debt types. it is best to keep this info to yourself. i wouldn't be a millionaire for long if i lived like most people. i am frugal and proud. i have a bit of a problem though since my husband has a very good job and i am just managing my money and doing some other stuff on the side, people assume that i am the trophy wife. just because i am good looking does not mean that i am a gold digging bimbo! so it is either let them think that or disclose that i am a multi-millionaire (but just barely) who manages her money and does not need to work. Bit of a lose/lose situation for me.

 

[cute fuzzy bunny]

Not a loss for me. I tell most people that I do some work at home and watch the baby while my wife works part time. I can see what they're thinking. I let 'em think it

Pretty sure I know who the winner is...

 

[2B]

well, i was a millionaire before age 30 and it caused problems with my in-laws who are live way beyond your means, loaded with debt types. i am frugal and proud. i have a bit of a problem though since my husband has a very good job and i am just managing my money and doing some other stuff on the side, people assume that i am the trophy wife. just because i am good looking does not mean that i am a gold digging bimbo! so it is either let them think that or disclose that i am a multi-millionaire (but just barely) who manages her money and does not need to work. Bit of a lose/lose situation for me.

Care to run off with an older, balding and over-weight old phat! My DW might have problems adjusting; but with your cash, we'll do ok.

 

[Nords]

just because i am good looking does not mean that i am a gold digging bimbo!

Cool, a new answer for the next person who asks me "Whaddya DO all day?!?"

 

[shiny]

just because i am good looking does not mean that i am a gold digging bimbo!

Maybe I'll have this printed on my "business" card!

 

[Texas Proud]

well, i was a millionaire before age 30 and it caused problems with my in-laws who are live way beyond your means, loaded with debt types. it is best to keep this info to yourself. i wouldn't be a millionaire for long if i lived like most people. i am frugal and proud. i have a bit of a problem though since my husband has a very good job and i am just managing my money and doing some other stuff on the side, people assume that i am the trophy wife. just because i am good looking does not mean that i am a gold digging bimbo! so it is either let them think that or disclose that i am a multi-millionaire (but just barely) who manages her money and does not need to work. Bit of a lose/lose situation for me.

Go with the bimbo / trophy wife... most people will accept that a lot quicker than the truth.. and you don't have to explain.. eveybody will just 'know'... and most would not believe the truth anyhow...

Got any sisters?

 

[2B]

Got any sisters?

Now, they probably are gold digging bimbos. They also spend OPM at the speed of light.

 

[Lazarus]

How is it possible to be a millionare before age 30? A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life. Just asking. I don't dispute that its true.

 

[Texas Proud]

How is it possible to be a millionare before age 30? A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life. Just asking. I don't dispute that its true.

It seems to not be as much of a problem.... the two guys who started Google were billionaires before they were 30.. (are they even 30 yet)

But, she said she is a blond and could be a trophy wife... so she might have been a model....

Also she could have been an investment banker (those old men LOVE young blonds.. hey I am one...).. they can get some BIG bonuses even at a young age...

She could be an attorney and been with one of those big case wins and gotten a big bonus...

OH, OH>>... she could be a trust baby and did nothing.... way back when, I did the tax return for two girls that got a distribution from their trust of $20 million when they turned 21, another 20 mill at 30 and another 20 at 40... and that was to each of them...

OR>>> maybe she married an 89 yo billionaire and took a package after a few years...

The mind can go all over the place...

 

[Lazarus]

OH, OH>>... she could be a trust baby and did nothing.... way back when, I did the tax return for two girls that got a distribution from their trust of $20 million when they turned 21, another 20 mill at 30 and another 20 at 40... and that was to each of them...

Do you have their address?

 

[MooreBonds]

How is it possible to be a millionare before age 30? A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life. Just asking. I don't dispute that its true.

Work your teenage years a little bit, saving every dime (~$20k)
Work as a summer intern and during Christmas Breaks during college, saving every dime(~$20k)
Have a pair of parents pay for college
Inherit $80k @ 23.
Work your assets off from 23-30, making your boss (who is also your father) outrageous sums of money, such that if you add up all of your private school expenses from 1st grade through 5 years of college, the cost to feed and raise you, and the wages/benefits/retirement contributions he paid you, it would total several hundred thousand short of the profits you've made him
Live at home and drive a company paid-for and maintained car
Continue saving up 90%+ of after-tax income from age 23-29, loosen the purse strings a bit at age 29, and make a few wise investments along the way.

Possible, yes, but you have to have the rare combination of a variety of circumstances that all manage to fall into place. Not to mention the resolve to make a huge number of sacrifices while most other 20-somethings can't spend their new full-time payroll checks and signing bonuses fast enough, and a strong work ethic.

 

[MasterBlaster]

How to be a millionaire before you are 30. It's all done with sweat and smarts.

First buy an apple then sell it for a profit on the street corner. With that profit buy two apples and sell them. Repeat this process a few times.

Then inherit a million dollars to become a millionaire before you are 30.

 

[newyorklady]

It seems to not be as much of a problem.... the two guys who started Google were billionaires before they were 30.. (are they even 30 yet)

But, she said she is a blond and could be a trophy wife... so she might have been a model....

Also she could have been an investment banker (those old men LOVE young blonds.. hey I am one...).. they can get some BIG bonuses even at a young age...

She could be an attorney and been with one of those big case wins and gotten a big bonus...

OH, OH>>... she could be a trust baby and did nothing.... way back when, I did the tax return for two girls that got a distribution from their trust of $20 million when they turned 21, another 20 mill at 30 and another 20 at 40... and that was to each of them...

OR>>> maybe she married an 89 yo billionaire and took a package after a few years...

The mind can go all over the place...

Wow, well I think that your ideas are much more interesting. I will let the mystery continue.

 

[milmoose]

How is it possible to be a millionare before age 30?

I didn't inherit a dime of my first million (hit the number 3 weeks before my 30th birthday) though I probably received about $20,000 in wedding gifts. All of the rest was earned.

I was fortunate to start my career in Alaska and made just over $100,000 in 1999, when I was 23 years old (graduated from college at 21). Saved about $40,000 of that, then took a 75% paycut to work as an intern at an investment firm.

Promoted 6 times in 7 years. Increased my annual earnings from roughly $42,000 to $350,000. Saved > 35% of gross salary every year since 2001. Bought a house, did some remodeling and turned a $50,000 profit (in 2003, relatively flat RE market here in Atlanta).

My investments have been heavily tilted to small cap value and international, so my returns have been stellar. I slug of stock options now acccounts for about 20% off my net worth.

A million is still a lot of money. Most people will never see a million in their life. Or for that matter earn a million in their life.

Nonsense. For a young person, a million in net worth is barely adequate to meet their future retirement needs. $1M in 2007 dollars can generate about $43,000 in sustainable annual retirement income, which is a minimal amount for a person without a defined benefit pension. A 25 year old earning $35,000 per year can easily get to $1M net worth by retirement with 5% annual pay increases and a 15% savings rate....

- M

 

[Texas Proud]

Wow, well I think that your ideas are much more interesting. I will let the mystery continue.

You bought a metal detector and found the MOTHER LOAD of cans....

OR.... you were a international jewel thief that has never been caught... and decided to give up that wild lifestyle for a more mundane existence...

OR... you won it on The Amazing Race (my fav) or whatever Island or who wants to be a Millionaire.... and didn't pay your taxes like some fool so you kept the whole million...

OR... you are an arms dealer and actually have many millions

(Dang, none of these require your good looks and blonde hair... I need to do better... )

 

[REWahoo]

(Dang, none of these require your good looks and blonde hair... I need to do better... )

Then she's obviously the notorious young Nigerian Norwegian widow who made millions writing letters and emails to kind-hearted US residents asking for their help in transferring money out Nigeria Norway.

Yep, that must be it.

 

[Texas Proud]

Wow, well I think that your ideas are much more interesting. I will let the mystery continue.

Hey... are you Norwegian for REWahoo?

OR.... YOU are RUSSIAN and during peristroka you took over some government plant and got the money off the poor and destitute...

OR you are with the Russian MOB... stole it and moved over here and are hiding out until it cools...

OR (and don't get mad at this... ) You were a high priced hooker... $10,000 per night.. yea, this requires great looks and blond...

 

[newyorklady]

or i took savings from investing very very young, put it down on a rental apartment, continued the cycle, while also investing in the market, then sold the properties and just invest in stocks, bonds, etc. not as interesting, the high priced hooker thing isn't a bad idea if it wasn't for the psychos diseases, and my husband. you reminded me of the film belle du jour w catherine deneuve.

 

[REWahoo]

or i took savings from investing very very young, put it down on a rental apartment, continued the cycle, while also investing in the market, then sold the properties and just invest in stocks, bonds, etc.

So you aren't Norwegian...but maybe your grandmother was?

 

[2B]

Wow, well I think that your ideas are much more interesting. I will let the mystery continue.

Oh, please don't. Post neked pictures.

 

[cute fuzzy bunny]

Here ya go...

 

[cube_rat]

ICK!!!! MY EYES!

 

[cute fuzzy bunny]

Just to be clear, that is not me nor anyone else I know.

Payback for that kathy bates stuff, eh cubey?

 

[cube_rat]

Payback for that kathy bates stuff, eh cubey?