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Millionaire By Age 18

Discussion in 'Progress/Execution Threads' started by NerdSmasher, Sep 5, 2007.

  1. NerdSmasher
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    NerdSmasher New Contributor Read Millionaire Fastlane

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    This is a personal goal I've had, truly, since I began learning about investing back when I was 14 years old. Since then, I've invested in the stock market, ran my own business, and learned/read a LOT! Truly, I don't think this goal is out of my reach, but we'll see where I land in a little over a year (when I turn 18).

    In all honesty, the biggest problem I think I'll have with this is simply not being 18 while I'm trying to do it. And even then, it's just because I can't sign contracts, start my own business, etc.

    I know this may sound unrealistic, but they always say to think big, right? I know I can do it; and if I can become a millionaire, in my teens, I'm sure that any of you, who really want to become wealthy, can as well. Just gotta pull the trigger, go out and do something! It's the fastest way to learn :)

    The Plan
    In case you were wondering:

    1. Stock Market
    I have 2 years of experience in the stock market already, and am pretty comfortable with deciding which direction a stock will go, soon. With this knowledge, I could gain pleasant returns (10%+ per month). But, instead, I think I will take this and deal with options, assuming I can get an options account *crosses fingers* I only wish to do this because if I can do it correctly, a 5% shift in a stock can mean an option goes up 100% or more. We'll see how that goes.

    2. Business
    I have had an online business (technically) for a few months now, working as an affiliate, selling different things. It's been pretty easy money, but I'm looking to see if I can get a company to manage my PPC campaigns, so I don't have to myself. And, if I can, I may have someone redo my site for more SEO, and some other things to increase the amount of money I get out of it. If all goes well, I can get many thousands more out of this thing, with no more work on my part :hurray:

    3. Real Estate?
    If I can get into it, perhaps with a family member, I would really enjoy investing in real estate. I'm sure that it would help me get to the $1mm mark much faster as well, but I don't know if I'll be able to do much with it before I turn 18. As such, I don't exactly have anything set up that I can say I would specifically do with it at the moment.

    Because I don't have very much money at the moment (about $3,000 sitting in the bank), I'll likely have to start out with either the stock market, or my business, as they both would require a decent amount of my capital to operate, but once I get some more, I'm sure I could do both at the same time, making money more efficiently. And, eventually, hit the $1mm. But before I can plot a specific time line of events, I need to see what returns I'll actually be getting... so I'll try to update this post soon when I know more exact numbers, and can estimate where I'll be during the months to come.

    What do you think, can it be done?
     
  2. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Yes.

    I'll start a new thread on this topic.

    Let's see where it goes.

    -Russ H.
     
  3. fanocks2003
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    fanocks2003 Banned

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    I know this thread is from last year. Just wanted to comment. Building a business and investing in the stockmarket/investing in RE is two very different things when it comes to the dynamic and financial fitness.

    It also requires a lot more energy to start a company than what is needed to trade the stock market or invest in RE. Starting a company is like chaos all right through. Do you like having chaos, start a business:). Like more structure? Do the opposite (RE and stock market).

    I just want you to focus on one area. What are you naturally good at? Are you great at timing or innovating? I can tell you, being good at both are a near impossibility. In order to innovate you need to be a dreamer, to be a great at timing you need to be a pure realist (opposite of dreamer).

    I am very interested in reading about your progress. What have you done to materialise what you wanted to do?
     
  4. NerdSmasher
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    NerdSmasher New Contributor Read Millionaire Fastlane

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    Well, well, I would have never expected to see this thread pop back up! I'm glad I decided to roam aimlessly through the forums today...

    As far as my progress is concerned, it is significantly more in plan format than anything else. And, that plan has changed a LOT from the one I posted here almost a year ago.

    The stock market, alone, is now my plan. Well, technically options, but you get the idea. I have been investing in them with the money I had then, and lost just about all of it. But, because of this, I think I've learned almost everything that I shouldn't do... and am quite comfortable investing. I just need some more seed money so that the returns actually start to equal something.

    As far as the business aspect has gone; my website was put on Google's blacklist, and I was banned from adwords, as some may recall from my other posts. So, at least my website business is pretty much done. Doesn't mean I won't have others, though. Perhaps a hedge fund :D

    And, I myself never got into real estate. After continuing to look at it, I just can't see myself using it as a big part of my investment plans. Eventually, I could see myself using apartment complexes and other large items, but SFH's just don't fit me well... too many individual deals with many potential complications. I think I'll just stick with stocks and options :)

    So, all in all, I have either accomplished nothing in the past year, or learned everything that I will need to know to finally make this all come true. I'd say that the knowledge is more important, and I value everything I've learned. I'm not sure that I'll be a millionaire by the day I turn 18, but I certainly will be wealthy to the extent that makes me happy shortly thereafter; if not by then. Because one of the things I learned is that a million dollars really is WAY more than I'd be able to spend or use, realistically in a year... or even 2 or 3, probably.
     

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