Don’t try to beat the odds and get rich before 25

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This isn’t a finance post but it is a finance post.  This post is aimed at all the “rich by 25” young men on the internet who think that if they aren’t rich at the same time that rappers and athletes (read: men who get all the women) are, that their lives are worthless.

These men spend all the money they have giving off the appearance of having it at 24/25 etc and end up ruining their credit and a lot of other things at a young young age.  I know because I was that guy at that age.  Don’t be me.  Know that you are more valuable than the brands you wear and the liquor you drink.  Once you know this you can use that money and time to stack, invest, and play the long game.  Not be driven by whats popular in rap videos or Instagram.

Aiming for wealth at such a young age makes you take crazy risks (credit card scams and bank fraud), engage in reckless behavior (theft, drug dealing) and there are only two places you land when you live fast.  You die young, or you end up in jail.  Here are some things to keep in mind when building your wealth if  you are young ambitious.

The average millionaire

First things first we have to reshape your thinking behind what a real millionaire looks like.  The average millionaire is 50 years old, married, owns an average home, wear suits off the rack and looks nothing like the millionaires you see on TV or the rappers and athletes that you see.  Those fake millionaires (rappers and athletes) don’t last long bro.  Is that really what you want to aspire to?  Aiming after rapper wealth is aiming to fail.  They might have more money than you NOW but they don’t have real wealth.  Once you get over this idea you can aim for millions by 50, the right way, and if you get there sooner, congrats.

Life is long
For some reason people think that life ends at 30 when in fact life begins at 30.  At thirty you are over the party phase, you should have a strong base of education and work experience and you still have all the energy that you had in your twenties.  Unfortunately, we squeeze all our fun, freedom and litness from 20-30 because we believe its all over at 30.  Those people punt their education because they would rather party.  They punt their finances because they would rather party. But they don’t realize that at some point in life you have to put your head down, work and stack.  Well, if you actually want to win in life.  Some people do that from 18-24 in college and grad school, others do it later in life once they realize that you can’t escape the work.

Nevertheless, life is still long. If you dodged the work at a young age, you are never too old to go back and put your head down.  That is what my mom did.  She went back to college in her late twenties, part time, night school at SDSU.  8 years later she became a CPA in her late thirties.  That decision changed her life and changed ours.  Having educated parents gives you an advantage forever.

Remember that life is long and you can use that to your advantage.  If you skill up early you have a long time to win.  If you waited you have time to catch up.  Don’t count yourself out and don’t take short cuts.  The odds are better when you play the long game.

Get rich for sure

Welcome to the age of bitcoin and litecoin.  Where we see 100% returns in a day or a week.  Some people see this as an opportunity but I see it as a trap and the cheese is easy money.  Everyone wants to get rich quick. I want to get rich, for sure.

Getting rich for sure means investing in sure things.  The wealthy don’t gamble and the wealthy don’t speculate.  The wealthy don’t leave their wealth up to chance.

The problem is that not a lot of people make it because the odds aren’t in your favor.  It is easier to make a plan to get rich, period, than it is to aim for quickness and spend  your life striking out and ultimately giving up and settling into an average job.

The odds of buying a property for 1 million and letting tenants put money in your pocket each month are a lot better than gambling in the newest fad investment.  We saw this in beany babies, real estate flips and quiet as kept, multi family real estate.  People don’t realize that bitcoin isn’t the only investment idea that I avoid.  Getting rich for sure requires that you avoid a lot of things that are so popular that the profit is gone.  At the end of the day it is an odds game.  Buying something when everyone loves it usually means that the odds of it running vs the odds of it turning against you are more likely.

Don’t aim for the short cut.  When you aim for the short cut you get cut short.  Be patient with the stocks and real estate and business opportunities that we promote on this site.  You will look foolish but again, the long game is where the odds favor your actual wealth.  If you get rich at 45 or 55 you still got rich and your kids still benefit.

Play the odds don’t beat the odds

This is the real punch line here.  The punch line is that we live in a culture where everyone wants to be the exception to the rule. I am sure there is some historical basis for this but we don’t have to be that exception anymore.  There are ways that work in America and all you have to do is follow them and you can win.  This is what the jews and other successful immigrants do. They look at the odds of being successful in rap or sports and think “nah” then they study law or medicine.

In regards to wealth, most wealth doesn’t really occur until around 50 years old when the kids are grown the home is paid for and your earnings are at their peak.  Yes its cool to aim for wealth at 25 and you sound cool and everyone wants to be your friend but focus on the foundation first.  Focus on getting a challenging degree that will allow you to earn high income.  Focus on marrying and being with one woman and locking that foundation in.  You can’t skip steps and you can’t try to cheat the odds. For every person who was raised by a single parent and won there are 10 who are in jail or dead.  The odds are better in two parent homes but we would rather “beat the odds” and show them wrong. Its hard to do whats right.

All of the ways I promote are difficult. Its easier to do what you want to do and hope that it all turns out ok.  Your community will be made better if you do what is hard though.  Do what is hard so your heirs don’t have to.  That’s what our heirs did. They marched and got beat so we didn’t have to.

Be great and invest well,

Todd Millionaire

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