How did you become a millionaire
I started with $200, sort of. $200 was all that we had in our savings account and we had about another $1 in our checking account. I borrowed the $200 from our savings, and went looking for something to buy that I could make some money on. I bought a stainless Ruger Security-Six .357 Revolver for $167 at a flea market. I guess I could have started robbing banks that same afternoon, but instead, I took it to a gun store a few blocks away, sold it for $210, gave my wife back the $167 to put back in savings, and I started buying things to resell with the $43 difference.
At first I bought more firearms. I’d go to gun shows and buy and resell all weekend. I’d buy at one table and sell a few tables away. I was buying $20 handguns up to around $200 rifles by the end of the day. I’d make $2 to $25 on each sale normally. Occasionally, I’d make a hundred or so. By the end of the day, I had normally earned an extra $200, up to $300 or $350 on a good day. That was great! It covered half my mortgage.
That was about the time that President Regan was shot, and I could tell that gun sales were going to slow down a lot, so I got out of that and started buying used cars to resell from a local new car dealer. I bought his “back lot” cars, the trade-ins that he couldn’t resell. I bought them on Thursday mornings around 11am. I had them paid for and transported to my house by about 2pm. I’d call the newspaper by 4pm and have them advertised in the following day’s paper. I was buying cars for $600 to $800, and selling them to students and parents with teenage drivers for $1000 to $1200 a car. They would all be sold by Saturday afternoon. I’m sure my neighbors loved all the extra cars that I had at my house for a day or two each week.
We had a freeze one day in town and I lost a few freeze plugs and had other issues with my cars, plus a buddy wrecked one that I let him drive for a day. I decided to get out of cars and into gold jewelry, diamonds, and pre-owned Rolex watches.
The goal was always to make enough to be able to start investing in real estate. It didn’t take too long before I was able to purchase an investment property. I didn’t know how I was going to pay for it, but I owned it. The payment was $37.50 a month for 5 acres on Highway 183. I think I paid somewhere around $550 to $1300 for it. Thirty some odd years later I figured out that I was never going to do anything with the land and I think I sold it for $75K. By then, $75K was no big deal.
I bought a few houses, sold a few houses, bought a few more, kept them, (somewhere around here is when I became a millionaire) built a few duplexes, bought a few commercial properties, (bought two commercial buildings on the same day…multi-millionaire status about now and growing rapidly), bought a large commercial property, and a few more houses to keep. Built a few businesses along the way, sold a few of the businesses, but kept the real estate to lease to the new business owners/tenants, and before I knew it, I had a little money and it was a good thing because I was starting to get older by then.
Now I’m nearly 59. I could have retired a decade ago, but that wouldn’t have been very exciting. In the mean time, I’ve started another business or two, invested in a number of real estate ventures, bought another commercial property this past month, yesterday I was approached by some friends that want me to invest and take a leading role in their start-up company, so I started researching that opportunity, and I’m hoping to break ground on a $50,000,000 apartment community/high-end retail development in the next few months, (still negotiating to buy out the last tenant so I can demo the building and then start construction…I want to pay them $250K to move, they want $1.25MM to move…their whole business is only worth $500K) so yeah, I’m very glad I didn’t “retire”. I would have missed out on a lot of fun, a little excitement, and all of the challenges.
…and that’s how I became a millionaire. Slowly, over a lifetime, starting with almost nothing except a very strong desire to feed and house my family.
The desire is the same for a lot of people, it’s just that everyone takes a different path to get to their goal. Best of luck on your journey! I sincerely hope that you will have as much fun as I have had.