> parents want me to be like a millionare, family friend is a millionare, my folks sa

[joe45]

any of u guys business majors here or done schooling in business. well my folks were talkin to me about Jerry, a guy my mom works for, who is in his late 20's and lives in south granville in vancouver-owns a 2-5 million mansion huge house and has 2 high end 100k cars-mercedess g class and a carerra. this guy finised ubc in commerce degree, but i went to community college for 2 yr diploma.

anyways they are tellin me how successful and mostly how rich rich he is since he has all those big assets. they tell me he does mutual funds , and make mad $$.

 

pretty much they are tellin me to be like this guy, and how to make or invent something and become a millionarie. they tell me about the guy who cared 1 8000 got junk, Jim pattision, Ci Si yang (guy who owns expo,), and also david Ho these multi millionares.

 

ok what do u say. i don;t think its that easy at all. i think if its that easy then everyone else would be doin it. i now a lot of ppl from my work who got degree from UBC and are workin at call centre, or doing something unrelated.

 

i have cousins who are around his age or even older-they have degrees from ubc, sfu and they are not successful as Jerry -well in assets, they drive entry level acura, civic, low end bmw, ......and mortaging a much much cheaper house,

 

how do u create something , open a busienss and become a millionare, they never taught us that in school. is it that easy or is it easy. if ur folks or someone told u that what would u think and say

i'm kinda of tried of this comparing and challenging me , to as hey Joe can u do what Jerry is doin, look at his house its so nice and has stainglass windows and steel fridge and .....fancy crap his house has. he so rich and he only went to ubc comm, hey Joe u almost have that, why don;t u and why aren;t u as rich as Jerry. well heck who nows maybe he comes from a rich family-which my folks denied, sell drugs-which they denied, yea he just works hard like 4 jobs and is smart guy-that all says my folks

[Lanterna Magica]

Well, I guess the first thing you should think about is what makes you happy!

 

Being rich doesnt make a person happy, it takes away one of lifes worries, but brings with it its own equally difficult problems. So forget about BMW's and steel fridges and just work on finding what makes you happy...

 

and it might bring you a career that makes you rich, or it might give you a life in which you are content and feel fulfilled...

[FortunateOne]

Wow! Well, you may want to start by working on your communication skills. Your syntax, grammar and morphology need a lot of work before you take on the business world. This is how one makes an important impression on people which is the key to success in any field.

[Lanterna Magica]

^

and that is always good advice, business or not!

[kermit]

Wow! Well, you may want to start by working on your communication skills. Your syntax, grammar and morphology need a lot of work before you take on the business world. This is how one makes an important impression on people which is the key to success in any field.

 

Yes. Couldn't agree more. If your grammar and punctuation skills suck but you still want to be super-wealthy then consider professional hockey.

 

My other suggestion is to not worry about money, but find something that interests you. From experience I can tell you that making good money in a job you hate is not all that great.

[emit_remmus]

I'm going to be a poor happy archaeologist.

[rocio]

a million dollars isn't much. it's not hard to be a millionaire.

most of it depends on making smart choices and not wasting your money. Invest. Buy a house instead of renting. And don't have any kids.

There's no major that you can take in university to ensure that you will be wealthy.

[annie24]

well, there are some majors that are more lucrative than others. And having an advanced degree will especially help.

 

saving your money early, investing, those are habits of millionaires. I read about some book, something like "the secrets of millionaire women." the thing that they had in common was that they were doing something they really loved, and they lived on a budget. ie, just because they could afford a really nice car, they didn't get one. they drive normal cars, like the rest of us. weren't overly extravagent with their spending, and they put their money into savings.

 

do you want to be a millionaire, or do you just want to appease your family? I know you have had troubles with being under your parents' thumb....

[AwdreeHpburn]

Hey Joe - If I'm getting this right, you're asking how to become a business tycoon?

 

I think this is something you either have or you don't.

 

It takes SOOOOO much work, dedication and discipline it's totally understandable why so few people accomplish it.

 

The entrepeneur is a rare breed indeed....

 

Speaking of good books to read tho - Start here, read Rich Dad Poor Dad by Robert T. Kiyosaki

[kermit]

Read 'The Millionaire Next Door'.

[charley]

Well, first of all, I personally know well and have worked for 8 multi-millionares. Only 4 of them have college degrees.

 

Of those 4, two have degrees as school teachers. One taught grade school until she retired. The other taught junior high only until he became wealthy. Then he quit teaching. Can't blame him. Junior high kids can be annoying. Another is an electrical engineer. One has a doctorate in chemistry.

 

All of the multi-millionares I know, except one, started out working a job that was decent paying, but not high paying, School teachers for example. The only one who started with a high paying job was the engineer.

 

The other 4 don't have college degrees at all. One was a blue collar worker with a decent job. Three of them were real estate brokers, which provided a decent living, but more importantly provided many real estate investment opportunities. My dad is one of these 3 people.

 

The 4 most wealthy are worth from 10 to 30 million. Three of these four people do have college degrees. So I see a strong correlation between a college degree and having a shot at being worth over 10 million. However, I see no correlation between a college degree and being worth 1 to 5 million. So maybe a degree matters a little, but not much. What matters is: can you get a decent paying job to get you started? i.e. - can you save $10,000+ every year for a downpayment? If so, you can get started in my local real estate market buying another property each year. It's really not difficult to do it, if you want to, but you can't be poor and do it because you wouldn't have 10K to spare. A middle class person can easily become wealthy if they want to and know how. A poor person has it more difficult, but can still do it by starting with a duplex and living in one side, which enables an owner occupied loan with lower interest, lower payment, and lower downpayment.

 

What did all these people have in common? They invested in income property real estate and over about a 10 to 15 year time they became wealthy. Some became very wealthy. That means income producing real estate, which is any real estate that is rented or leased to generate an income for the owner.

 

The key is that the investor needs only invest the downpayment. After that, loan payments and expenses are covered by the incoming rent or lease payments. This means that it does not take much money to buy your first 7 income properties because you can qualify for government subsidized mortgages with lower downpayments. After 7 subsidized loans, no more subsidized loans and it then takes more money to make money due to higher downpayment of commercial loans, but by then you have more money.

 

Three of the four most wealthy then became real estate developers, which meant they could then build their own investment properties, and become more wealthy faster. Most people do not have the skills to become a real estate developer. However, it's not necessary to build your own as shown by the fact that 5 of the 8 people I mentioned just bought existing properties and never built any. Even the developers first started out by buying existing properties. Heck, even Donald Trump started that way, but he had the advantage of his father giving him $200K to get started, plus his dad paid for a top rate business education for the Don. Not to take anything away from his success, but he did have some early advantages that the rest of us don't have. However, all 8 of the multi-millionares I mentioned started from scratch and are truly self made.

 

Now back to the point of the original post of this thread. You don't need a college degree to become a millionare or multimillionare. What you do need is a decent job, steady income, good credit, good work ethic, decent health to support work ethic, and a good investment plan and knowledge. Real estate income property being one good way to do it. There are also other ways, like you describe this fellow doing. A college degree has nothing to do with it, except maybe two things. If the degree is needed to get your first decent job, then the degree is needed. If you can get a decent job without the degree, then it's not needed. The other area where a degree will help is if you get educated in investment as part of your degree. That would be helpful and is helpful. Donald Trump being an example. Perhaps the guy in your first post being another example. However, a degree is not a requirement to becoming wealthy.

 

I also work with many, many other millionares and multimillionares when providing software support on the real estate investment software I wrote. However, I have no idea which of those people has a degree because I never ask because it's irrelevant. They never ask if I have a degree because it's irrelevant to them. I am educated in business administration and real estate investment. I do not have my degree because my neck was broken in a car accident a couple days after I'd finished my last class, but before I applied for graduation. That sucked. Years later (recently) I ran into the dean of students at local drug store. I knew her well back in my college days. She wants me to type a letter of explanation and provide a letter from my doctors and then they'll give me my degree without making me retake any classes (due to passage of time, some classes have dropped off). I don't need the degree, but I did earn it. So I should go back and get it.

[charley]

I might add that this young guy your parents are so enamered with is clearly showing off and flaunting his wealth. He might be doing OK, but I doubt he's doing as well as he'd like everyone to think.

 

Most of the multi-millionares I know are humble, drive cars that are 10 to 15 years old, and like to keep things low key. You'd never guess they were wealthy by looking at or talking to them. Some of these people are worth 10 to 30 million, but you'd never guess to talk to or look at them or their cars.

 

Some of them tend to show it a bit in their homes, but two of the four wealthiest people I know do not show it even in their homes. One who is worth about 20M lives in a nice, but small 2 bedroom apt (he owns building). Another lives in a 2,000 sq ft middle class type home and you can see him mowing his own lawn and washing his own cars. This guy is worth 30M and he washes his own cars. Once he embarrased me (on purpose) by offering to wash my car for $20 when my car was dirty.

 

All the wealthy people I know who are over 50 are very low key, humble, and don't spend much and don't show off. The only semi show off I know is one of my bosses, Bill, who is 45. That's young for a multi-millionare. He has a yaught and new car (only a Chrysler truck) and likes to show off a little, but really not that much. The only area where he really shows off is his clothes and endless stream of women. Otherwise he's totally humble.

 

I know very few young wealthy people because there just aren't many. The few I've known were total showoffs like this guy you described. Yuck.

 

If your parents knew some of the mature, self made weathly people I know, your parents would not have a clue that they are wealthy because they give few clues due to humble lifestyles and attitudes. Another common trait I see among most of them, is their willingness to help others by teaching them how to become wealthy, if they want to learn.

[skyjuice]

Read 'The Millionaire Next Door'.

 

I did read that book. It is very statistical supported with research and hard facts.

[Batya33]

Wow! Well, you may want to start by working on your communication skills. Your syntax, grammar and morphology need a lot of work before you take on the business world. This is how one makes an important impression on people which is the key to success in any field.

 

I completely agree. To me the best way to make $ is to get an advanced degree at a highly regarded university and get top grades in a field that is practical, like law, medicine or high tech business perhaps. It becomes more and more unusual to be able to do well without a degree. It used to be less of an issue or even a non-issue but no longer, in my opinion. Obviously there are exceptions but they are rare.

 

I would not try to be the next "google" or "microsoft" - rather I would work hard and steadily over a period of years - 10 to 20 and when it makes sense work with a good financial adviser or planner to make sure you are taking the right level of risk with your assets in order to grow them at a reasonable but safe pace. And to make sure you are careful about saving as opposed to spending.

 

In short, I don't believe in shortcuts to financial independence - those are few and far between and often have a huge downside. I am somewhat risk averse so others might give you different advice.

 

And of course what your parents say is only relevant if you agree that it is important to be a millionaire.

[Batya33]

a million dollars isn't much. it's not hard to be a millionaire.

most of it depends on making smart choices and not wasting your money. Invest. Buy a house instead of renting. And don't have any kids.

There's no major that you can take in university to ensure that you will be wealthy.

 

Obviously nothing can insure that you'll be wealthy but certain majors - high tech business, law, medicine, economics, give you a much better chance of opening doors toward more lucrative professions. On the other hand, philosophy, art history, public policy, obscure languages - less of a chance to have a lucrative career. Not criticizing the "non-lucrative" majors of course - people should study what interests and inspires them but be aware of the job/career options if that is important.

[CaptainPlanet]

If you want to be a millionare pick up a trade, building trade or boiler maker, fitter and turners make a dead set fortune. While everyone else is spending money to go to college to forgo income for 3-6 years, you will be earning very good money and not going into debt to make it.

 

If you start your own business as a tradey you will likely make more than any college graduate will ever see.

[CaptainPlanet]

Why I think a trade is the superior option if all you want to do is make money,

 

Money has a time value:

 

– as a trades man you can begin earning a real wage from 15 y/o while not jeopardizing your future.

– You will in all likely hood begin earning a decent wage well before someone at college graduates.

 

Down payment

 

- Earn it sooner you start investing sooner

 

Most grads will start on a salary of 30-45k. A Qualified plumber of carpenter can expect to be earning at least 50k-80k. A self employed brick layer I know, clears 3-5k per week. Thats A far cry from saving 10k per year for your initial down payment.

 

Not everyone will make as much money as you bayata, for those who don't get the rare high salaries a trade would have been the better option.

 

Not to mention that while you're gaining the skills needed to make a good income, you will be making money instead of spending thousands of dollars on college fees.

[Batya33]

My college tuition was basically free- tuition very inexpensive - a public U. and I got a scholarship on top of that. As a woman I probably wouldn't have done well in the trades you mentioned or - I dare say- been treated fairly given the low percentage of women who go into it (keeping in mind that the OP is a man).

 

My investment in grad school - including the time not worked - paid off handsomely.

 

But, good points of course and let's agree to disagree.

[CaptainPlanet]

Or we could agree to agree with me, that the op is probably better off taking up a trade than a college degree.

[annie24]

Or we could agree to agree with me, that the op is probably better off taking up a trade than a college degree.

 

I don't understand why the insistence that trade school is THE way to go? Everyone has a different path in life, and depending on what you want to do, college, trade school, or no school may be the way to go. if you want to open your own business, you could benefit from taking college classes, or you could just go for it. If you want to be a tradesman, then taking philosophy classes in college will not advance your goals. If you want to be a doctor or a research scientist or a dentist, there is no way around it, you need to go to college and graduate school to learn these skills. Graduate school really is a "trade school" of sorts, because you learn the specific skills you need to be successful in your field.

 

There are a ton of ways to become a millionaire, but I think that the bottom line is that they are all passionate about what they do, they have a knack for their field. If you don't have the passion and the love, you won't be successful.

[Batya33]

Or we could agree to agree with me, that the op is probably better off taking up a trade than a college degree.

 

Yes, that is true and truly biased ;-)

[charley]

I agree. Nothing against college, but your time value of money example is correct and plumbers and other skilled trades will always be needed. Many tradesman are as well paid or more so than the typical college graduate. However, a person cannot always count on their health. I personally know a plumber who blew out his back and had to start college at middle age to start over in a less physical type work. After some years unemployment while going to school, he's now a CAD draftsman and makes similar money per hour as he did before, but with zero exertion.

 

It doesn't matter how you make your money as long as you do make it reliably and regularly and know (or learn) how to invest. The advantage of being a trademan is just as you said. You start earning sooner. The advantage of getting a degree in an in demand field is that you aren't likely to blow out your back or knee doing those things. Even if your body has limitations, it won't likely affect your ability to do most jobs related to a degree. That's a type of job security that people seldom consider.

 

Those are my opinions and observations. As I said earlier, about half the multi-millionares I know have college degrees, the other half do not. The half without a college degree do have a trade, and in many cases a 1 to 2 year tradeschool degree, or a real estate tradeschool degree and brokers license, which is sort of a white collar trade.

[charley]

My college tuition was basically free- tuition very inexpensive - a public U. and I got a scholarship on top of that. As a woman I probably wouldn't have done well in the trades you mentioned or - I dare say- been treated fairly given the low percentage of women who go into it (keeping in mind that the OP is a man).

 

You want to talk about fair? Did being a woman have anything to do with getting free tuition? I can remember not qualifying for many tuition assistance things I applied for because of either being white, or a male, or especially the combination. And yes, in some cases they told me that to my face when they turned me down for tuition assistance. So think about that while considering how fair trades might be to women. Perhaps there's less women in trades because the trades are more physically demanding and women have more opportunities for tuition assistance so college looks more attractive to them (and wisely so).

 

For a woman, I'd definitely recommend the college path over the trade path because many trades are very physically demanding. Many men can't do them. I think most women would not be physically able to do them. I do know one woman heating and cooling skilled tradesperson who installs ducts and many other things. She has some trade degree and makes good money. But she is super athletic and physically tougher than the average man. Most women simply would not be strong or tall enough to do the things she does. I couldn't do the things she does. For most women, college does indeed make more sense than a trade. The extra tuition assistance available to women being another good reason.

 

For a man, if he's not very athletic, or not healthy, then I'd also recommend the college path. However, if he's in good physical condition and reasonably athletic (and reasonably intelligent), then a trade can be a very lucrative way to earn money, and as the earlier poster said, he can start earning it much sooner than the degree route. Time value of money is a real advantage of a trade. However, not blowing your back out, or getting some other injury is a real advantage of college and a white collar job.

 

Which is more appropriate for the OP? I don't know. I don't know his interests, aptitude, intelligence, or how athletic or healthy he is. What is his family healthy history? If prone to back or knee problems, I'd defineatly go to college over a trade. If prone to asthma, I'd go to college (most trades are dirty). If prone to good health and athleticism, then I'd go the trade route. So I cannot begin to say whether a trade or college is best for him. However, he knows himself and his family health history and there are many things in this thread for him to consider.

 

Based on the limited information we have about him, no one in this thread can say for sure what is best for him. We can only present options.

[Batya33]

I won a scholarship in my junior year from a private corporation based on an essay I wrote about my career goals and references from certain of my professors at the time. The contest was open to anyone who planned on pursuing that particular career. I did not get free tuition but chose a public university where the full price tuition for all students was $1,200 per year. Not bad, eh? I don't think I've ever gotten preferential treatment in school or on any job because I am a woman. I have been discriminated against because of my ethnic background and because of my race. I also have experienced mild sexual harassment. None of this makes me bitter, though as you seem to be. I am sorry that you perceive injustices in the way you have been treated and I am not interested in debating the issue of affirmative action (not because I don't have views on it but because I don't think this is the appropriate place to do so and you seem to be set in your opinions based on how you were treated).

[charley]

Well, I know how I was treated. You are the one who raised the fairness issue(s). Perhaps more women just prefer college to a trade. I congratulate you on your scholarship and other successes. If you say they gave no consideration to whether you are a woman or race, then I'll take your word for it. However, many things that are open to anyone do give extra points for meeting certain racial or sexual criteria. That was explained to me many times in the past by college officials. However, if you earned it totally on your merit, then I congratulate you and respect you for it. I'm also very sorry that you've been discriminated against and/or harassed. I'm very much against that.

 

I don't want to fight or argue at all, but let me point this out. You pointed out something you perceive as unfair and you assume that it's OK for you to express that. Yet, when I do exactly the same thing, you say I'm bitter. I do object to unfairness, but no more strongly than you do when it happens to you.

 

The thing I object to the most is that a woman can point out something she perceives to be unfair and that is OK, yet when a man does the same thing, he's called bitter, unfair, or inappropriate. That is a double standard against men right there. I only did exactly the same thing that you did first. I pointed out something I perceive to be unfair.

 

However, I want to conclude this by saying that I'm very sorry that you have been discriminated against and mildly harassed (your words). Congratulations on your successes and I wish you all the best future success in your endeavers. I mean that sincerely.