What, where, why, and how else do I need to invest to become a multi millionaire?

Question

I max out my 401K each year; I max out my IRA contributions for my wife and I each year; I have setup a taxable account that has an automatic investment program where I invest in a diverse array of low cost index funds every other week; I have a multi unit building providing positive cash flow each month; I have a 529 for my son where I put money away each month. What, where, why, and how else do I need to invest to become a multi millionaire?

Answer 1

Actually, I think you will be a multimillionaire. Just keep doing what you are already doing. If things go well you may want to buy another building. You will be fine.

Answer 2

There is a way but it has to be done just right. I've considered it myself but things just didn't allow me to follow through with it. Maybe one of these days and I can but you're still young and capable.

Every year right around November, the counties of most cities put out a list of delinquent taxes. These taxes can be paid for by anyone and the owner of that tax has 90 days to pay the money back to you with interest (what ever interest you chose to put on it up to 25% in most cases). Now if they don't pay within the 90 days, that property becomes yours. There is a lot of other paper work and waiting that has to be done but you can own that property out right within a few years and you can do within it what you want. Keep it , rent it or sell it for a really nice profit. If you get to keep 10% of the property every year for 6 years (given a start of $500 or more) you can possibly see a profit of 1.3 million after the 6th year. I figured it up the year I started college. The trick is to not spend the profit every year but keep it in the bank and let it draw interest for the full year then do it all over again.

Answer 3

flow for the pre-nup and then some. call it something else. a woman who's blithely spends a years' income on a unmarried get jointly isn't a woman with quite a number of self administration contained in the budget branch. The gentleman who should be sweet talked (or in the different case persueded) into allowing this to take position also has a self administration situation. organize your monetary concerns in this style of way that neither your fiance NOR you may contact the most, and doubtless even extremely decrease than one hundred% of the pastime. cutting-edge it interior this style of (a million) insistance that the cost of the marriage be "repaid" (2) funds be positioned aside for any little ones you've (3) retirement mark downs be wide-spread (4) taxes be prevented. You and your meant ought to very heavily flow over what each and each expects from married existence. in the journey that your plan is to go back to college accompanied via finished time employment, and her plan is to stay a existence of luxury leisure and international type paying for -- you've worry ahead.

Answer 4

i have a friend from childhood.... she has worked 2 jobs for 25 years.. i would guess she makes about 40k on 1 and maybe 25k on the other. she never buys new stuff, no vacations... nothing !!!! she has several million! no fancy investments, she does have a few old houses. i wish i could learn to live well below my means. i could be a millionaire in about 8 years..sounds like to me you are well on your way. you didnt mention how fast you are trying to achieve this goal... if your in your 30's no problem, if you are in your 60's, you may need new strategies. how much are you prepared to risk? i would say slow and steady is the best course, low risk!

Answer 5

buy oil stocks and vote for republicans.