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« Save Money by Shopping with A List -- Millionaires Do (But Is This the Best Way to Save Money) | Main | Writing a Will and Saving Money »

March 30, 2007

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I don't think anyone would dispute either that $1MM is not what it used to be or that it is still a large sum of money (how large obviously depending on your perspective).

The key point is the one you make near the end of your post. Being a millionaire used to denote a very unusual level of finacial wealth that very very few people could either aspire to or attain but which, if attained, would enable the millionaire to live a very luxurious lifestyle (if so chosen).

These days, the exclusivity and (relative) lifestyle connotations have both fallen victim to the ravages of inflation. Being a millionaire has been reduced to a financial milestone which is realistically achievable for a growing number of people but, for many of those people, does not actually mean that their finance dependent lifestyle goals can be realised.

It may not denote wealthy but can represent financially independent.

$1 million may not be what use to be but I'm willing to bet that if I had a million right now (at my age of 33) I could live quite happily for the rest of my life off of it. Of course my plans would be to grow said $1M.

I am currently 28 years old. I have a Net Worth of over 5.5 million. The key to my success was investing in property at the age of 22 years old. Started out buying my first house at 22 for 60K. Sold for 75 K. 2nd House 169 K. Sold for 215 K. Third House 265 K -- Appreciated now to 650 K. Bought first Commercial property for my company after 1 year of business for 200 K -- Sold for 350 K. 2nd Property for 1.2 Mil -- FMV of over 3 Mil. + This calculated with the growth in the business I own have seen the strength of my portfilio. My best piece of advice for people is live within you means -- I still drive a used car and don't spent a lot of cash on toys. I now have a rule for myself that I don't purchase things unless i have the disposable cash for them. I got myself into a lot of payment trouble early on in my life by purchasing several motor cycles and having payments for 7 years. I have not yet paid off the motorcycles as a long hard lesson of when / where / how to spend money.

Please please spend your money on appreciating assetts like property. I don't spend more the 15 K on a used car because I loose money every time I drive it. I like to mitigate my losses.

Now I am in a financial position that growing from 5 Mil to 10 Mil can happen overnight depending on how I deal with my portfolio.

So to all of you that are out there please keep working hard it will come. My best move was seeking the advice of professional financial advisors. I am not good with money myself so I lock it in with them and they give me enough to live off of. It is Forced Savings.

Good luck to all.

TopGun28

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