M.B.A. in Finance & Entrepreneurship, The Wharton School - University of Pennsylvanian (Graduated 1982) · Upvoted by , MBA Business & Finance, The University of Texas at Austin (2000) · Author has 796 answers and 2.2M answer views · Updated 2y ·
Do you want to become a millionaire?
Let me show you how I became a millionaire by age 31.
These are the exact steps that I took to become a millionaire.
- I received by BA in Accounting from college in 1983 from Morehouse College.
- I immediately went to Business School receiving a MBA in Entrepreneurial Management from the Wharton School of Business of The University of Pennsylvania.
- In 1985 I started working for one of the largest CPA firms in the world in Texas. I earned about $30,000 a year. I saved about $6,000 a year from my salary.
- in 1986 I started a side business preparing tax returns. Within a couple years I was making about $25,000 a year from that business. I was able to save about $20,000 a year.
- In 1987 I used my saving of about $40,000 to secure a line of credit of $150,000 from a bank to be used to buy and sell houses. I started flipping about 12 homes a year, earning about $15,000 to $20,000 per house.
- I now had 3 sources of income. I save all my income from flipping houses, from my side tax business, and my job.
- By age 31 I had saved a $1 million. I was a bona fide cash millionaire. I had a $1 million cash in the bank.
Let me be frank with you. Becoming a millionaire is not rocket science.
The key to becoming a millionaire is to grow your income, save the majority of that income, and invest your savings in growth investments like real estate or stocks.
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