What is the reason you aren't a millionaire (if you aren't)?

[HawkPerception]

Updates

1 y

I just want to clarify the purpose of this question is not to pry into your lives, but to encourage people to reflect on their lives and share if they're comfortable to do so.

[MrOracle]

1. I waited too long to start my own business.

2. When I finally did, I was stupid enough to have a 50/50% partner. NEVER EVER DO THAT!

3. My business partner stole everything and disappeared, and basically he had every legal right to do so, because he was a 50% owner. NEVER HAVE A 50% partnership!

4. It took years to dig out of the debt that got left behind, and I was just getting my second business going when COVID destroyed my momentum. I'm surviving, but I'm not thriving and growing like I was. Many of my customers left the state, and many others abandoned plans to remodel or build new homes. One of the contractors I worked for died, another moved away. And of the two I have now, both are slow.

5. I would move myself, but my parents are of an age where they need me around more (mid-70s), and they won't leave, so I'm kind of stuck here.

[HawkPerception]

Sounds like you're a good guy that knows his priorities and got dealt some shit cards. Sorry to hear about the scumbag partner.

[MrOracle]

I'm not complaining. I made some dumb/naïve decisions, and I got badly burned - but at least I learned my lesson. Plenty of guys have been through much worse, so I just shut up and keep it moving forward. Nothing really else to do.

[HawkPerception]

I respect it man. Still doesn't change what I said.

[MrOracle]

Thanks, brother.

[Dongie]

Fuck it. I gave to my sisters I gave to the orphan that was a nephew to save his boy from the same shit he went through. I loaned to other family and they just never got it together. Not that it would have made me a millionaire. It's only about 80 plus thousand.

[HawkPerception]

Still a big sum. But you're a good guy. You gave what you could to those in need

[Dongie]

Yeah. The nephew bumped himself off in 05.

[TheRealPepperPotts]

Steps to become a millionaire:

1. Be single. If not single, with someone who shares your goals and is in it for the long haul. Keep in mind that kids will slow or stop progress.

2. Get a job with a 401k or Roth matching benefit and health insurance

3. Eliminate debt

4. Save, max out your retirement and invest in mutual funds

5. Drive an older, reliable, paid-for car (Honda or Toyota)

6. Don't eat out and don't impulse-buy.

7. Stay active. A gym membership is an investment and well worth it

8. Buy a house as soon as possible, but make sure it's a manageable payment and a standard type home (3 bed, 2 bath, decent neighborhood close to a decent school). Pay it off early, even if it's one extra payment annually to beat the interest.

9. Read, listen to podcasts and seek out entrepreneurs and people moving in the direction you want to go. People who do FIRE often have great tips. My favorite podcast is Diary of a CEO With Stephen Barlett.

10. The most important thing: Do not allow other people to direct your life for you, and minimize interactions with the naysayers. Take initiative and take responsibility.

Those are my tips. :D

[HawkPerception]

Ha good tips, but you avoided the question 😂

[TheRealPepperPotts]

@HawkPerception Some things are private. :D

[HawkPerception]

That's fair 😅

[Lionman95]

Simple answer. I don´t have a business to create that amount of money and I´m also not keen on becoming a millionaire comprise on everything else to generate that amount. They end relationships to work instead but I don´t want that. To me money is a tool but I don´t put that amount of importance in it. I value relationships more than money I want to be in a community of friends. I value seeing than and spending time with them over the ability to generate money as they make me happy while money makes me feel stressed.

[HawkPerception]

Well said man

[Lionman95]

Thanks for the reply.

[SneakyPapaya]

Poor and young! But we're actually on the dave ramsey plan, baby step 2! Planning to pay down our debts then load up our 401 and roth Ira. I think with enough diligence we'll become multimillionaires :)

[HawkPerception]

Atta girl! Keep at it! Rooting for ya!

[menina]

I'm not working to become a millionaire, I didn't create a product or a company that could make me a millionaire.
Besides, I'm an immigrant (I DO NOT live in the United States).

[HawkPerception]

According to CTV, half of Canada's millionaires are immigrants

[menina]

Well good for them. Maybe Canada is different. I'm not there either.

[exitseven]

If you count my property and my investments I guess I am a multimillionaire. How come I don;t feel like one?

[HawkPerception]

They're all in your assets. Less liquidity. That's why. Still if your next worth is in the millions, I'd say you're ahead of most

[exitseven]

I guess I am but it sure does not feel like it.

[just_a_potato]

Because my parents aren't rich and I don't dance with my boobs out on a social media app

[HawkPerception]

Lol that's a good one 😂

[MrOracle]

The vast majority of the girls who dance with their boobs out online will never be millionaires either, so don't feel bad.

[DrPepper12]

Choose a life of public service. No one gets rich as a civil servant!!

[SugarSugarplum]

@DrPepper12 except Democrats.

[HawkPerception]

But you're useful to society instead of moving money around to your benefit

[DrPepper12]

@SugarSugarplum as if they have a monopoly on srlf dealing corruption. you're not that naive!

[DrPepper12]

True. Ik PLENTY of wall street drones living in NYC and its just one big casino with our money, never the house

[SugarSugarplum]

So one side having corruption is OK for you because the other side does it too? What if it turns out that the Democrats are 75% corrupt and the Republicans are only 10%? Is it still OK?
I would say that instead of excusing your own guys because the other side did it, lets weed out all the corrupt ones.

[DrPepper12]

@SugarSugarplum ooookkkkaaaayyyy thats NOT what i said but whatevs

[genericname85]

cause life isn't about having the most possible money to me. i could have gone that route but i chose against it.

[DishLady]

Chosen humanitarian career path.

[HawkPerception]

That's an excellent reason

[FreyaRed]

I have in my pocket enough to be a multi trillionaire in currency of Zimbabwe.

[dolemite58]

I’m not a trust fund kid and inflation is crushing everybody rn

[FunkyMonkee]

I don't have that kind of money.

[HawkPerception]

That's fine. I was asking why that might be

[FunkyMonkee]

Because I don't have that kind of money. I've had a VERY rough time of life as far as trying to find work!! I've had AT LEAST 65 different jobs in my life!!

[HawkPerception]

Trust man. I feel ya

[FunkyMonkee]

I've BEEN reflecting most of the past 40 years.

[Dargil]

Lack of motivation as a kid. Lack of ambition later on.

[dustybiker2]

Lack of motivation to screw other people over.

[dustybiker2]

Thanks for the reminder. I'll get on that now.

[Astarlessnightsky]

I don't have rich grandparents / parents.

[RedInnocent69]

The usual reason is lack of discipline and focus.

[Evamee]

Lol not the right connections and family ig

[NamerOfStars]

Because I don't want to work that hard.

[noohair]

Drugs

[HawkPerception]

Lmao

[jamesgoldman]

I don't want to pay taxes