Millionaire by 30 - An Update
- Ishfaaq Peerally
- Mar 10, 2021
- 2 min read
💸 At age 21, I embarked on a journey to become a millionaire by the age of 30. Why? Because Warren Buffett had the same goal but he only became a millionaire at age 32 (over $9 million in today's money). 𝙈𝙮 𝙜𝙤𝙖𝙡 𝙣𝙤𝙬 𝙣𝙚𝙚𝙙𝙨 𝙖𝙣 𝙪𝙥𝙙𝙖𝙩𝙚 as I reached 26.5 years old and my net worth (about $50 000) and income just skyrocketed from the GameStop $GME profits and me becoming an Elite Popular Investor on eToro.
🙂 If you follow my work, you probably want to make more money investing but I don't think that everybody needs to aim to become a millionaire, at least not at age 30. There's nothing wrong in becoming a millionaire at 65 or never. 𝘿𝙤 𝙬𝙝𝙖𝙩 𝙬𝙤𝙧𝙠𝙨 𝙛𝙤𝙧 𝙮𝙤𝙪 𝙖𝙣𝙙 𝙬𝙝𝙖𝙩 𝙢𝙖𝙠𝙚𝙨 𝙮𝙤𝙪 𝙝𝙖𝙥𝙥𝙮. Now I don't really see becoming a millionaire as a goal but as a consequence of other goals.
💼 𝘾𝙖𝙥𝙞𝙩𝙖𝙡 𝙞𝙨 𝙢𝙤𝙧𝙚 𝙞𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩 𝙩𝙝𝙖𝙣 𝙢𝙤𝙣𝙚𝙮. John Pierpont Morgan (JPMorgan $JPM founder) died with a net worth of about $1.5 billion in today's money. That's very little compared to his contemporaries such as Andrew Carnegie or John D. Rockefeller but he had access to a lot of Capital, which allowed him to invest and grow several businesses and change the world.
🤔 𝙃𝙤𝙬 𝙙𝙤 𝙄 𝙗𝙚𝙘𝙤𝙢𝙚 𝙖 𝙢𝙞𝙡𝙡𝙞𝙤𝙣𝙖𝙞𝙧𝙚?
I would need to save $22 K a month, which is impossible. If I have average market returns of 10%, then I would need $18 K a month. My current returns are about 60%, let's assume I can keep it that high (very very hard to do), I would still need $7 K a month. It seems impossible to become a millionaire that fast just by investing.
📺 My plan then is to be very frugal and to work on my businesses, eToro, YouTube and Teachable. 𝘼𝙡𝙡 𝙢𝙮 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨𝙚𝙨 𝙖𝙧𝙚 𝙞𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩 𝙧𝙚𝙡𝙖𝙩𝙚𝙙, because I'm good at it and I love it. What's good about these businesses is that the growth can be exponential with little additional Capex. For example, it took me 5 months to make the 150 lectures for my investing course for beginners but I can sell the same course to many people without any additional capex.
🌌 To become a millionaire, you can either sell cheap products to many people (example, like Facebook $FB ) or sell an expensive product to a few people (example, Bloomberg). Right now, I'm in the first category but eventually, I plan to start my own hedge fund so that I can 𝙥𝙪𝙩 𝙖 𝙙𝙚𝙣𝙩 𝙞𝙣 𝙩𝙝𝙚 𝙪𝙣𝙞𝙫𝙚𝙧𝙨𝙚.
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