Self made millionaires from normal background please advice here These are the paths i am seeing - continue working in tech industry(work hard with passion and with heart) for 15 years with 4k investment every month on stocks. At the 10% annualized interest you can become millionaire. But by then you will be old and your parents may or may not be there to enjoy good time with you. - lottery ticket - just a hopeful strategy, you set aside ignorable amount if you loose you will be ok. - option trading gambling. shorter but riskier path to become millionaire. -------- Trying to balance time, risk and family time. Any advice on alternate routes. Starting business is out of scope because of immigration laws in usa.
Buy GME going to $10k end of week
All GME and other jokes aside, you can either YOLO it and see where you end up or do it the proven way. - Max out 401k. Seriously. That counts towards your NW, you probably will get a match and you save on taxes. - try to save half your paycheck. Build a 6-9 month emergency fund and invest the rest in index funds. You can go crazy with some individual stocks (fun money) but don’t assume you’re smarter than the market (you might get luckier). If index funds are good enough for Warren Buffet, why not for you? - if you get RSU, generally don’t hold on to them once they vest. Do t put all your eggs in one basket (if the company goes down, you’ll lose your job and your investments) - stay out of debt (mortgage is the only good debt)
False debt is not bad. Money now is ALWAYS worth more than money later.
Options hands down, not millionaire but it’s easy to make 2000 on 10000 capital in a matter of hours or minutes sometimes. Just last Friday, bought AMC 15 calls at 1.3 and sold at 1.7 in 5 mins, 30 % ain’t bad in 5 mins.
Investing only 4K a month means you're only saving less than 50K a year. You're making probably 250-300K, can't you save/invest more?
Max I can go up 6k
Why? Don't you want to become a millionaire?
Following up on that, if you save/invest 100K a year starting from when you graduate college (21), you'll be a millionaire by age 30 with even minor investment growth. This should be trivial for anyone who gets a SWE FANG job. You'll need to continue living like a college student for the first year or two until after you get a few raises and a promo, and after that you can slowly increase your expenses.
TIL 37YO is old. Now older than that. Parents both still here to enjoy time with me. The path to $1M isn't MECE as currently outlined. You can parallel path multiple strategies. Current TC: $360k (Base + Bonus + RSUs) Starting TC: $35k (no bonus, no ISOs or RSUs) YOE:15 NW: $2.8MM - $3.1MM (lotta volatility in the portfolio), does not include primary home. In tech, but not a SWE Self-made millionaire who went to public school (k-12) in a city where only ~20% of adults attended post-secondary institution. Graduation rate was lower @ ~15% Hit my own personal $1M after working for 12 or so years. Can't remember exactly because I forgot about some of the assets. Secondary market buyers reminded me. How I did it: Worked in tech and was basically paycheck to paycheck. Got a better tech job at a tech startup. Put in time, exercised options when I left. Kept working. Starting saving a little bit but didn't invest because student loans and liquidity was good for leaving toxic workplaces. Met my future spouse (SWE). Moved in together. Did not increase spending at all, started saving for a wedding. Got married. Started doing taxes and saving as much as possible in tax advantaged accounts. Startup from early career went public. Options turned into shares worth $. 💎🙌 for 2+ years. Now worth 9x$. Another startup got acquired and as part of the deal, had to liquidate stockholders. 📜🙌 for ¢¢¢, but better than zero. We also bought and HODL BTC and ETH ~5 years ago. We were not good about investing. Got ISOs and Crypto first, then got into VTSAX / VOO etc. Got where I am through mostly luck and a bit of hard work. Married a fellow HENRY who likes a simpler life. I like working more than I like spending money. This is not financial advice. Just my story and I just like the assets I hold.
What's GME
You should set aside 10% of your portfolio for Yolo. If you loose, you are out 10% if you win you can gain up to 1000% more. The upside always outweighs the downside
Savings. It's the easiest way for anyone to become a millionaire. Pay off debt -> Six-month emergency fund -> Max out 401k (Invested) -> Max out Roth IRA (Invested) -> Invest whatever is left however you see fit after your expenses are met
What? Answer is easy, just buy GME. No joke this is how I’ve become a millionaire
Screenshot or didn't happen