I'm over 1/3rd the way to A Milli(million dollars)... new to forum... not new to the process

[Shdreams]

Welcome to the forum Ferrari Boy. I'm still fairly new here myself. But I like your story.
I Was lucky enough to meet a guy that had a hand in one tiny piece of the original web cam.Or at least that's what my father told me. I think he may have been some porn mogul or something. Anyway He was Dirty Rich! And so smart. My father took me to his house in a small town near where I live. I never even knew this place existed. The 18 bdrm house with an indoor pool in the middle of the house! 6 car garage with a viper, Very old Porsche, 67 corvette, 3 snowmobiles, a suburban and a tractor.... Why he had a tractor... I have no clue I didn't ask.
Meeting this guy changed my intentions in my financial life forever! My father built this guy endless stuff for his home. before he moved back to cali.
Finding MJ's book and Forum produced the same exact reaction to my mindset as touching a mint 67 vette for the first time.

Welcome aboard!

 

[Tyler K]

Welcome to the forums, glad to see another entrepreneur has joined.

 

[Unknown]

$350k at 24 is very impressive. You have freedom that most 24 year olds haven't even thought of yet. Good luck on your journey.

 

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[theferrariboy]

Talk about detail...

Something about your specificity here tells me it won't be long before you've got the keys (and the car).

Thanks Michael, Some would argue "worry about what you will buy when you have the money" but there is nothing wrong with having very specific goals and milestones as long as your time isn't consumed by eyegasming on ebay!

 

[Harry321]

Was there every a turning point where you said:"This is it" and your wealth/success increased dramatically, or have the various different ventures all contributed significantly, with experience over the years improving how effective they are?

 

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[CrazyChris]

C'mon mate, lets see pics!

 

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[Wolf0427]

This is awesome. Freedom is the goal.

 

[HyperFocus]

It was pretty insane. I video documented the whole thing and am putting together a documentary for myself for the whole process of purchasing my first Ferrari. It was definitely a pinch me experience. I did a little 3 hour road trip in it when I first bought it which was so much fun. People taking pictures, asking what I do for a living, and stuff like that.

I love pulling up to a populated place where the let me park it up front in front of all the restaurants and people see me get out and look in disgust and in awe at the same time.

But my absolute favorite moments are when I see little kids getting their pictures by it. Whenever I see this I always offer to let them sit in the car and get their picture in it. This goes back to when I was 16 seeing a guy with my dream car and him being so nice to me. I never forgot that and he inspired me so hopefully I can be that inspiration for the kids that get their pics in the car. Their parents are always so gracious and actually had one say "see son, the people who own these cars are actually nice people"... Glad to break the stereotype.

I own a 3 bedroom condo in NC and have 2 roommates who rent the other 2 rooms generating me an extra 900$ per month I wouldn't otherwise have which more than covers my expenses. For the place, I undercharge them because they are friends of mine and I completely trust them and like helping out my friends. I don't have a mortgage on the place, paid cash entirely so I net after all expenses, even my share of the utilities, around 500$ a month. I'm only "home" about 4 days a month. The rest of my time I spend in Florida, Michigan, Tennessee, Georgia, Arizona, or wherever I want.

200k+ net worth increase requires you make a lot more than that . I live the life I want to live for around $2000 per month or less.

-theferrariboy

Amazing man. Good work!!

Im 26 and have around 200k, I also took time off to travel, read, meet people and learn a new language. Ive been having itchy hands and will start a new consumer brand in April, have been working on it for a month while still being abroad.

Tell us, how did you make another 200k in 1 year? Investments?

I also like how you are smart with money and dont spend like cray.

Come visit me if you are ever in Europe.

 

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[SenGracic]

Impressive, congrats on your success !!!

 

[fhs8]

Wow what a success story. Hopefully that's me in 5-10 years. IRA route doesn't work after you make a certain amount of income. Try having both an SEP-IRA and 401k. I believe the max limit you can contribute per year and get tax advantages is just over 50k. Also look at some municipal/state bonds that are state/federal tax free. At higher income brackets this makes them a lot more attractive especially if tax rates go higher for the rich in the future. No difference in ROI for an investment gaining 10% a year but taxed at 50% compared to an investment that's tax free gaining 5% a year. Something to think about.

 

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[illmasterj]

Kind of a small detail in your post but I would be very interested in hearing more about this. Going to college is a bit of a hot topic on here, some say you should do it, others say you shouldn't. Just to give you a bit of backstory, I finished highschool in July. I got accepted into some decent universities but decided to "take a year off" instead, the truth is I don't know if I'm taking a year off or never going to university yet.

Check out the edX entrepreneurship courses through MIT. They are free and may give you an insight into what college is all about. Though I dropped out 6 months into my degree. Best thing I've ever done!

 

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[Andrewski]

Care to share some info how you made that big gain? I feel like I'm where you were 2 years ago. 25, 300k net worth mostly slow lane. I work a 120k/year job + 2 rental properties and live quite happily off $1500/month.

 

[steve10765]

Let's see that Ferarri boy!

 

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