So arrogantly I’m probably one of the more qualified people on here to answer this.
I am 38 and a self made multi millionaire, I still have a good but not great “job” 6 figure in construction management, but my wealth comes from real estate and cash businesses that I own or am a partner in. , I have 8 figures in real estate to my name with about 75 % equity overall my property are located in California Nevada Montana Florida Nashville and Hawaii. I was lucky in my early 20s in 2008-2012, I worked as a labor in construction a was around around of very wealthy people who took me under their wing, so I alway like to return the favor and teach people what I’ve learned myself. My wealth has nearly tripled over the last 5 years, but it is a process that takes time, then all of a sudden you realize you in a different position than you thought you were almost overnight
My boss knows I could walk away from my w2 tomorrow, but I’m not quite done building my empire yet. But I’m 2 years 1 months and 16 days away from never working for another person again,
The comment about is correct, you need to manage you finances correctly to build wealth. And it takes time.
My awnser would be this though, you need a w2 where you can get loans and you need to buy real estate. Rates don’t matter, locations doesn’t matter. You need to put your money to work for you. And you need to have a job you actually somewhat enjoy to avoid the burn out.
So here is the game plan, take notes. This advice is for the younger single guy, with minimal debt and a decent job, but it honestly can apply to anyone. If you make more great you can do things bigger and quicker, if you make less, it’s obviously gonna take longer to save for down payments.
Also if you don’t read the whole thing, read this. Building wealth takes time, you can’t just blink and become a millionaire, like someone else’s said, it’s very easy to blow 10k a year but if you save 10k a year, you can use that to buy a property yearly, put on on a 15year mortgage and let your tenants make you rich over time, or you can spend one night with one of mr trysts finest s ladies that’s up to you. But remember this you can get rich quick, but building wealth takes time. And there is a big difference between rich and wealthy.
1 have a job, you can’t get loans without an income.
It literally doesn’t matter what you do, be happy, work at apple, be a doctor, learn construction, be a blogger, work at target. but you need a career you grow in, and won’t burn out of.
1b max out your 401ks and IRAs the sooner you start the more youlll have in the end, and eventually that accounts can/will become your bank when you need cash for other investments(this is not tax advice) becuse you can barrow against the accout, or self direct and invert the money into real estate.
2 have no bad(consumer) debts, protect your credit score, if you don’t know difference it’s bad and pay it off. cut up the Best Buy credit card. Don’t buy the 100k car the 30k beater will get You there just as fast. You don’t need Gucci on credit, you need mail box money. That can buy you the Gucci
3 once you are debt free. Get pre approved for a mortgage and buy a house. If you’re young this is where you’re lucky because if you can only afford a 100k house. Move to where houses cost 100k.
If you’re a doctor and you get approved for a million dollars, buy 2 homes and rent 1 you don’t need the mini mansion to be by yourself. It get lonely in 5000 square feet, even if you’re on a golf course next to a lake.
4 utilize fha loans put 3.5%down live in it for 6 months. Rent rooms to friend. Repeat the process.
You can get a small apartment building on a traditional mortgage with 3.5 down. Live in one unit in bumfuck Kentucky for 6 months rent out the others and move out once you can owning a house that your tenants are paying off and replete the process. Eventually you will sell
These properties and buy other, you will take advantage of tax laws(not tax advice consult your cpa) and things will grow, but you need to start.
5 remember that while we all have vices (mine are pussy gambling and weed) those vices will either slow you down, if your lucky. Or stop your progress in it tracks. If I wasn’t addicted to top tier Pussy, I’d probably be worth twice as much minimum.
6 as you start making some monthly cash you need to reinvest, if your goals are just to supplement that’s cool take your extra grand a month and have fun. But I’m trying to have fun for 60 years not 60 minutes.
The snowball effect in real estate is unbelievable, I’m at the point where my rental income just buys me an another rental, usually in cash or with a minimal mortgage. That a flex and it keeps growing becuse I don’t spend the money I reinvest.
I spend money from my cash businesses and w2 job but my taxable income from my rental all goes right back into paying off those loans so that eventually I have 100% equity and can make my last big move that I have planned but I’m still 3 moves away from that one.
6b develop multiple income streams, most people have a job and a maybe a side hustle. I have a job with a commercial construction company , a side hustle home remodeling business under my on general contractor license. Income from house flips , income from rental properties, income from vending machines, air bnb, ownership is a bar, ownership in a dispensary. And this year started a property management company.
The point is to make money doing what you love. I like to build shit, so I enjoy the process of turning a dump into a nice house, then I sell it or put a renter into it, depending on the equity.
If your passion is body building, become a person trainer, if you like fixing cars put a shop in your garage.
The more your income grows the more money the bank will give you.
Also my vending machines and gambling pretty much pay for my extra curricular activities live vacations and hookers or the vacations with hookers, those are the best.
7 have goals. my end game is to leave my job in 2 years 1 months and 16 days and go live on my ranch in Montana, still need to find the ranch but that’s another story. But if you don’t have goals you don’t stay focused. It’s easy to get distracted by short term satisfaction, I’ve been a“good boy” for the last 2 years but I spend a lot of money on pussy, I don’t show off or talk about my wealth to my friends and family, as far as they know I have one house a nice truck and a good job but don’t let people know what you have especially women.
There are a lot of girls on my to do list currently but right now my goals are very specific, I had a bad break up last year and building my empire and not being distracted by pussy right now. But that’s the thing about vices, you have to learn to control them. I made a lot of my money when I was living in Montana from 2015-2020, there wasn’t any good pussy to see within 500 miles, now I’m back in norcal and sf is a 2 hour drive, it makes it easier to say no to the girls I don’t want to see but there just in town so I do. Currently I whale hunt and there’s only a few I really want to see right now. But I’m planning some time off and I’m probably gonna see 5 girls that are on my to do list so that will be a fun few days. Then back to the grind.
Truth! 
