Getting rich while you're still young is really, really

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I'm 21 and I have $50,000 in a Vanguard account. With all of my calculations, I'd have to be investing literally over $6,000,000 every year if I wanted to even touch $100,000,000 in my 30s. How the fuck is this shit possible? It seems like magic.

This Shkreli guy said he had like $100 in his bank account five years ago. How in the FUCK do you go from that to where he is? I don't even mean to focus on him, but he's a perfect example. I want to make AS MUCH AS POSSIBLE in my 20s. I consult and run a business. I do fucking GREAT for my age, but I will never touch $100,000,000 in my 30s no matter how much I save and invest. What the fuck?

>>1549351
It's not as hard as you might think.
Who you end up knowing plays a big part, and that's directly related to who you choose to interact with.

>>1549356
this

>>1549351
>>1549355
>>1549356
Remember OP, never give up. You have the ability within you to succeed.

https://www.youtube.com/watch?v=KxGRhd_iWuE

You can do it OP.

To go from 50000 to 100000000 in 10 years you need 114% annualized returns, just over doubling your money once a year. By comparison Warren Buffett's Berkshire Hathaway averaged 20% returns annualized over 50 years and he is considered among the world's best traders aiming for high returns with low risk over the long term.

It is a lot, but it is not as astronomical as it seems.

You can double your money by putting everything on black at the casino, but your chances are just under 50%. If the chances are 50% the chances of winning 10 times in a row are 1/2^10 or 0.01%. If 709 people tried this there would be a 50% chance at least 1 would succeed 10 times in a row. So even with a bad gamble like this, if you have 1000s of schmucks doing it eventually 1 will get lucky (assuming the casino doesn't stop it before the payout becomes too large).

Martin Shkreli isn't a schmuck. He takes more risks than Warren Buffett, but he would never put everything on black at the casino. He specializes in biotech and dedicates himself to research to find trades with a decent chance of success and very high returns.

https://en.wikipedia.org/wiki/Martin_Shkreli#Career

There are many people like Martin Shkreli who do this so there is a bit of survivor bias here, but because they are intelligent, knowledgeable and dedicated you don't need 1000s of them before someone ends up as wealthy as Martin, so I wouldn't say it is entirely due to luck. If Martin were cloned his clone would likely be a millionaire before the age of 30 thought maybe not achieve 100 million.

https://en.wikipedia.org/wiki/Survivor_bias

Pathetic, OP. You're clearly setting impossibly high goals as an excuse to not achieve reasonable goals that are actually consistent with your intelligence and talents.

You're never going to have $100 million, ever. You're not smart enough, talented enough, or gifted enough. It's just not within the reasonable range of achievable goals. Blame God, blame your parents, or blame yourself. Frankly, no one cares.

The only question you actually have to answer is are you willing to work to achieve the goals that fit the kind of average person you are? You could -- with hard work and dedication -- have a few million dollars by the time your 60.

Instead, you're spending your energies whining and creating excuses for not achieving anything ("boo, hoo, I'm not Shkreli"). Sad.

>>1549355
>This Shkreli guy said he had like $100 in his bank account five years ago. How in the FUCK do you go from that to where he is?
he said it himself: OPM

How about instead of whining about the statistical impossibility of earning a abstract amount of money through investing you double down on making yourself a income-earning asset. That is make sure you have skills that can earn money, I don't give a shit what they, supermodels earn millions for just appearing on time and striking a pose, Damian Hirst puts a few dots on a canvas and it's worth a mil, Tony Robbins tells hopeless losers how great they are and gets paid millions for it... find something to earn you big bucks, then worry about how you're going to invest that and multiply it.

>>1549356
What in the fuck is this even supposed to mean though? Meet rich people and get them to invest in your ventures? That's all I can think of.

>>1549376
It just blows. It's not even that I need to be some turbo-millionaire extraordinaire. I just want to have at least several million in the bank by the time I'm 30. Even $1,000,000 by 30 is really fucking hard to do. I have 9 years and I would have to be making some really good money for my age to have a chance. $1,000,000 isn't even a lot of money anymore so even then it's not that awesome.

Don't get it twisted. I'm not saying I just WANT this shit for free. I'm talking about how even if I worked at 100%, I would still have to be very lucky to have any significant wealth by 30 or 40.

>>1549383
>You could -- with hard work and dedication -- have a few million dollars by the time your 60.

FUCK. THAT. That's a load of shit. If I only had $3,000,000 by 60 years old, I'd be a fucking failure.

I don't know anyone my age(21) who even has $52,000 saved and no debt so I think I'm doing better than average.

>>1549351
buy a house. The biggest one you can. Live in it. Pay it off.

get married. Even if you don't like it, even if she doesn't work. It saves you tons of money running a household, and if she DOES work you're cutting a lot of your expenses in half.

Have kids. They're an amazing tax write-off and they can even earn you money if you don't make much.

Get a professional degree. If possible get into medicine, law, taxes and estates, engineering, geology, whatever pays as an employee, partner or private practice. Those people make millions young.

if that's not you, start a business. Most millionaires young or old are business owners. Do landscaping or excavation or plumbing or paving or whatever the fuck, that's how uneducated people make millions.

Don't be an idiot. Sorry, not everyone can make millions. It does require luck but more importantly it requires brains. This is the main reason young people don't generally get rich. Lack of experience which can be a substitute for intelligence and balls.

>>1549391
>I don't know anyone my age(21) who even has $52,000 saved and no debt so I think I'm doing better than average.
Maybe so, but that's absolutely zero indicator that you have the smarts or talents to hit nine digits of net worth. Just means you haven't fucked up yet and probably got some help along the way.

People who reach $10+ million are those with incredible intelligence, talents, or good fortune. Most people will work hard their whole life and never remotely approach that level of wealth because they simply don't have the intelligence or gifts.

I've seen NO sign that you have these gifts. On the contrary, your whining and petulant crying suggests that you know you lack these gifts. So, in short, its not gonna happen for you. Period.

So, do you accept it and make the most of your life, or do you continue to cry about it while pissing away the opportunity to make the most of the cards you were dealt?

>>1549400
You can judge all day long, but you're still some random anon that has shown no qualifications for giving advice and judging, so I don't give a shit about your opinion. You come here to talk down to people and play pretend because you're insecure.

>>1549391
>What in the fuck is this even supposed to mean though?
It could mean lots of things.
I hung out at a party once where I wound up talking to some random guy for almost an hour. As the party wound down he asked if my friends and I wanted to go to another party, so we did. They wound up getting shittied off the booze at that place, but I kept talking with the guy, probably because we were into some of the same things.
Later on I found out he ran a bunch of different companies, and much later, I became part owner of one of them.
That was all from one conversation, but if I wasn't as informed/educated as I am, it never would have happened.

>>1549414
I'll take the advice, but it seems more like luck than anything.

>>1549407
>when you come here to troll and end up mad instead

>>1549415
>it seems more like luck than anything
Look at it this way.
If I hadn't been able to carry on the conversation I did, the second party never would have happened, and that's where the guy decided I was worth dealing with. That ability was a direct consequence of all my knowledge, being familiar with most of the things we talked about. So the sum of your knowledge and experience can open incredible doors, that's all.
It goes the other way, too. One night, I ended up at Halle Berry's house. We got an invite from some girls who were friends of her husband, and I was already drunk when we got there. I even met the guy, but I was blacked out at that point, and don't remember shit, except stumbling around on his balcony.
That's how you fuck said opportunities up.

I made 100k from insider trading crap coins and plan to scale it up to 1 million this year. Speak for yourself OP. kek

>>1549351
It's statistically unlikely that more than one user of this board will have 100M before 30.

And it'll be me. Just stop trying, bud :^)

>>1549355
>50k in a vanguard account at age 21
>complaining

God you're a whiny bitch

>>1549462
It's impressive, but nothing to write home about. Anyone with a minimum wage job from like 16 or 18 could have saved that.

>>1549470
>Anyone with a minimum wage job from like 16 or 18 could have saved that.
no, you have to live with your parents to pull that off.

It takes a specific sort of failure to save that much off a min-wage job.

>>1549483
>It takes a specific sort of failure to save that much off a min-wage job.
wat

you might not want to be rich when you're old now, but you'll fucking appreciate it when all the traditional entitlements dry up, inflation spirals out of control, your medical costs sky rockets, etc.

would being rich now be better? yes, but don't let it stop you from acquiring wealth. You don't want to old and broke.

>>1549483
>saving up 50k is hard

Wageslave logic 101

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>>1549356
This.

>>1549391
>What in the fuck is this even supposed to mean though? Meet rich people and get them to invest in your ventures?
Yes, but in more ways than one. It's about leveraging your connections to get what you want, and deliver stuff in return.

If you want to go into banking, for example, you use your network to a) help you get the job, since Wall Street is a boys network, and b) help you secure clients, preferably whales.

Other business ventures, they might help finance you, or even do something as simple as help you advertise/gain access to an event where you can meet other people.

Example: I used my connections to help secure a job at a think tank, and I then I doubled down on that by helping get my boss/think tank president a speaking slot at one of those prestigious public-private partnership summits, on par with international/world leaders. How? A fraternity brother I got along well with at a networking event happens to be a programming senior adviser at the very same summit. A lengthy WhatsApp conversation and a few emails later, and boom.

Now the boss is basically subsidizing my book research for months, down to costs involved in printing numerous white papers. And if I finish, he can use his own contacts (in particular, a well-known NYT best-selling academic who could write a foreward to my book) to boost it.

It's all about favors, son. Trade em, owe them, grant them.

>>1549391
>Even $1,000,000 by 30 is really fucking hard to do.
No. No it isn't. You are just a fucking queer loser like 99.99% of the planet and unable to actually do what you need to do. If the ENTIRE POINT of your life from now until 30 was to make 1,000,000 it would be a fucking joke, instead you probably masturbate 3 times a day and wonder why you can't 'find the time' to do anything other than play videogames

>>1549655
99.99% of people don't make over $100,000 a year, so you're really underestimating how hard it is.

>>1549588

The type who's parents have a 21 years old mcmanchild with 52k in a vanguard while they still feed and clothe him. Probably bought him a car pay his insurance too. But you pay your mobile phone bill anon... Good for you.

What did you get for your birthday last year? Was it a macbook or a canada goose jacket by any chance.

>>1549671
I don't own a car, live by myself, and I've had a business and consulting service for two years. I only make about $50,000 per year right now, though. Do the math.

I think it's hilarious that most people on biz think being a millionaire in their 40s is just a given. Even that takes a lot of effort and some luck.

In fact most of you won't even do that well desu.

>>1549483
>It takes a specific sort of failure to save that much off a min-wage job.

>saving
>failure

literally wat

>>1549655
Yes it is and you have nowhere near that money as well, so stop trying to be mad.

>>1549351
Pick up a personal finance book and get to work. U dont have to be lucky or smart. U need to learn asset protection. How to get them in the first place, and tax law. Any retard can get rich if u manafe risk and you are ready to grind like a pro athelete 12 hours a day 7 days a week or more...

The fastest way to millions of dollars is to start a scalable business and either sell it or go public. Tens of millions is a lot for any individual, but chump change when it comes to businesses. Most young rich people did it that way.

That being said, starting a business requires specialized knowledge and skills, plus a lot of failure.

>>1549924
That's what I'm currently doing.

>>1549351
hey faggot perhaps this is for you

https://www.youtube.com/watch?v=sOrta1cSd1g

>>1549355
faggot you can try this and get your hole gaped

https://www.youtube.com/watch?v=sOrta1cSd1g

>>1549351
Consider me. I'm 40 years old. Has a 20 long history of NEETdom, failed studies and occasional jobs.

So my philosophy is thus: Every penny I can by working smarter, not harder is a good thing. But it has to be split over the last 20 years. (And to make things simpler I won't take inflation and interest into account.)

So let's assume that I earn 50 K on some flukeish thing. Split in 20 it's 2½ K a year and 208 a month. Sure, having 208 a month during the last 20 years would have helped me a lot. But all in all 50 K now is hardly compensation for all my suffering and failed expectations.

This doesn't mean that I will set up some kind of mental block that says that anything under 100 K or somehting is chickenshit. It means that I won't be "grateful", but will press on. Use the money for saving and investing in new ventures, so to speak.

>>1549355

>This Shkreli guy said he had like $100 in his bank account five years ago. How in the FUCK do you go from that to where he is?

You run multiple ponzi schemes and hope the Feds don't catch you.

Dude tanked multiple hedge funds and still managed to get away with hundreds of millions so I guess he gets points for that.

>>1549394
What the fuck? Did you really just tell someone to get into hundreds of thousands of debt, get married, and start a family, then pass that off as advice? Not even sure if this is satire or not

>>1549351
Stop investing into shit grow a business if you want fast gains. Much higher probability of success

Youre doing fine and with a little self discipline you can easily retire at 40. Sit the fukk down son, youre tempting karma with your hubris.

Hey OP. I really hope you fail in life. Cheers.

starting a company then selling it is the easiest way.

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>>1549351
24 Year old. The last 6 years my investments have gained ~21.5% a year on average. By this rate i'll be a dollar milionare by 33 which is not bad.

>>1549351
To have what others have, you must do what others won't. Did you drop out of high school and knock on investing firm doors to try and get a job like Shkreli did? Did you try and start your own hedge fund at 17 like Shkreli did? You can't say it was luck when you didn't even try it and don't know anyone else who did. For all you know, there could be a very high percentage of people who try that and end up becoming millionaires.

>>1551847
>Not even sure if this is satire or not
and that's why you'll stay poor.

that hundreds of thousands of debt magically turns into even more hundreds of thousands of asset as you live in it and pay for it.

you're going to live somewhere the next 30 years anyways, there's no reason on earth not to get a house out of the deal. Unless you move around a lot. In which case stop moving around, you're not getting rich without that house.

>>1552027
>The last 6 years my investments have gained ~21.5% a year on average.
So in other words, you barely kept pace with the Vanguard Midcap Index Fund (VOT), while undoubtedly paying higher commission, fees, and taxes -- which you failed to deduct from your numbers.

Congratulations, you flunked Investing 101.

>>1552437
My crypto gains over the past 8 months is currently ~90%; wut now fgt?

>>1552451
Idk, buy a hot pocket and a small coke with the $10.50 that you made? I really don't know what makes fatties happy, so go splurge on whatever keeps a smile on those floppy chins of yours.

22 here ~100k saved life is ez

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>>1552437
~21.5% is after taxes, fees, commission + 300 euros a month for various fun stuff

Also the VOT's 5y average before taxes and fees is ~15% but yeah i barely kept pace with my 21.5% after fees taxes etc.

Nothin personal kiddo

>the only way to make money is to save

This kind of thinking is why you'll never make it. Its called BUSINESS you retarded cunt. Make any half decent and new web service and you'll be rich. That fucking scheming dirty underhanded kike Mark Zuckerberg is worth over 53 billion dollars today from his faggot site.

>>1549924
>specialized knowledge and skills
what kinds?

im interning at a technology app startup right now and im trying to absorb as much as i can about how this whole thing works but maybe there are things i should be focusing on in particular?

>>1549657
8% of Americans earn over $100,000 per year though, so if you're an American it's far easier.

>>1552524
Kek, you're the first person in history to calculate their portfolio's rate of return after deducting expenses for "various fun stuff." I TOTALLY believe your methodology now.

/s
/s
/s

>Also, >>>/roleplaying/

>>1552625
>widrawing a fixed amount of money each month from your portfolio before calcuating returns posted on a chinese noodle board is somehow wierd

Wew lad

>>1552636
>widrawing a fixed amount of money each month from your portfolio
Wew lad, indeed.

When r9k comes to biz: The thread

>>1549462
Complacency is bad
>>1549483
You're just a faggot, stay mad though

>>1549657
92* in the US, yeah that's believable most people dont care to make more. Once you have enough its a diminishing rate of returns.

>>1552437
>The last 6 years my investments have gained ~21.5% a year on average.

Buffett managed to get 20% a year regularly and that is an outlier in world of investing. Amazing that you beat him, we have the next billionaire over here.

>>1553603
Please learn how quoting works on 4chan, newfag. I didn't say that; >>1552524 did.

>>1553603
Well then i did beat him for 6 years in a row but lets see if that will continue

>>1549351
Why is it so important that you become insanely rich before 40? Do you have some teenagers wet dream of living a Dan Blitzerian lifestyle?