Is there anyone here who is a self-made millionaire before the age of 30?

If you answer is yes, I hope you will not be selfish to share your formulae here, I guess the people here in the forum will greatly appreciate that!

If you answer is no, nevermind. Just tell us you aspiring ways or formulae that can help us to become a millionaire before the age of 30. Who knows, your ideas might work! Never try, never
know!

Though we don't pay you any incentives or money here for publishimg your great idea, we sincerely hope you will share with us. After all, the best way to learn or to reinforce what you have learnt is to preach!

Happy sharing!!!

can go buy all those books about to be a millionaire in book shops..tips

wel....it need a really whole planing.and the way you carry out the plan.its too long if wanted to list down.so simple way.work smart invest smart.

of course theres the stock market.
sell your house, your car, your wife. put it all on a GE counter for the next 1 week and hope for the best

Become an investor!

a lot of young ppl like to take d shortest way to bcum rich. not many like to think about taking 20-30 years to reach tat goal. anyway here is my 2 sen. work in O&G field offshore in middle east. n target ur salary after tax to b around RM10k / mth. porvided u dun use any of tat (hope d company provide u accomodation n food) n assume u get 3 months bonus every year n u need to start work at 23 yo..

RM10k x 15 months x 6.7 years = RM1M

here's an article on how to be a millionaire by age 65(poor mans way)
http://finance.yahoo.com/retirement/articl...-Make-a-Million

married Paris Hilton. LOL

money u earn is not money u hv, the money u save it is the money u hv...

paris hilton is not the multi million heiress anymore, her dad gave his fund to charity already, he doesn't want paris to hold his fortune, later onwards, she'ss probably spend them buying the moon.

multimillionaires do not spend their time telling u their formulas ler...they will be writing a book and selling it to u...else how they make the millions....

i think u gotto find what works best for u...not everything works the same..

This post has been edited by mIssfROGY: Feb 14 2008, 01:44 PM

better learn more in stocks , forex , and equity .

insya Allah , you will get some ideas on how to generate more income .


p/s grab chances when US dollar is downtrend now ..

there is a saying, "focus on money is not healthy for your investment"

If you have the cash (or good FaMa sponsors), learn how to invest & invest well. There are many venues, from stock to property & etc.

If you don't have the cash to start & you don't mind conning people (legally), then get into one of those MLM's (LB, etc) that emphasize more on 'the plan' than the product. It'll get you to your mark pretty fast.

If you don't have both the options, invent something that would make life as you know it change for the better & patent it...

My 2 cents

Do millionaires really spend their time here?
Millionaires are not millionaires just because they have the money, but because they have a millionaire mind.
It is not about the business you are in, it is about the way you run a business that counts.
Many can be in million-dollar businesses, but how many could actually stand to be millionaires?
You can even be millionaires running small food stalls if you have the right attitude.

This is what I believe in at the moment.
Create job for peoples, and you will ended up as a business man.

Keep doing it and you will become a rich man.

I've given this some thought. One way is to open a (licenced) massage parlour.

Heck, I even have a rough business plan. I could use 1-2 business partners though.

1. toto
2. own business
3. sell drug

I've seen young owners of pubs and massage parlours driving around in Mercs, sorrounded by hot chicks

Possible

Be an entrepreneur whatever u call it

think like what the millionaires think, do like what the millionaires do.

Haiz... I am not here to sound cocky, I apologise if I offended anyone here.

Most of you here provide nonsense here insteaed of constructive ideas. It sounds true that millionaires don't spend their time here, how about the people here who have the idea that can make millions?

Then, there are so many one-liner post here by saying "become an entrepreneur", "selling drugs".... all the nonsense you can name it.

I am not complaining here, just that... haih...

Hope that more constructive responses will come in future in this serious topic!

This post has been edited by Larrylow: Feb 14 2008, 11:05 PM

Larrylow has got a point. Let's get serious a bit.

Anyway, I also wish to be a millionaire. Right now though I'm a long way from becoming one.

I don't have a concrete plan yet. I'm currently 24, and all I'm doing at the moment is saving as much money as I can. I'm thinking sometime in the future when I've saved enough, I'll start up a business, most likely something related to IT, as that's the current field I'm in.

I have some relatives who are millionaires, but from what I see, there's no exact formula to becoming one. I guess I just have to be ready for opportunities, and grasp them.

i don't think being an entrepreneur is a nonsense...well it's what i think could work, even though i am not one yet, but maybe if you think it's pure nonsense then that's just what u think...and i couldn't care less about that.

Larrylow,

You ASK for nonsense, you get nonsense. The REAL question that you want to ask is how can I be millionaire before 30. If that is the question that you want to ask, go ahead and ask it. Then, provide us with information of your background.

For example, if you are Michael Jordan, the advice would be play basketball. But, you are NOT Michael Jordan.

I know a family that probably earn millions selling Wanton noddles. But, they are VERY VERY GOOD in wanton noddles.

Dreamer

This post has been edited by dreamer101: Feb 15 2008, 04:37 AM

ok, take it this way, your question is how to be a millionaire before/at 30 years old.

1st question, millionaire as in what currency? RM? USD? EURO? GBP? millionaire in RM won't make you a millionaire in GBP unless you have more than rm6.5 million then only you can declare yourself a millionaire in UK. most people will list themselves in USD.

then to make it sound more simple, the median age of Malaysian start to work is around 21/22, as fresh grad. so lets take 21 for example. you have 9 years before you turn 30. which mean you have to save 1 million in 9 years = rm111,111.111 a year = a monthly savings of rm9259.

so the obvious question is how to find an income that can allow you to have a net savings of rm9259, which translate to you must have an income of more than 10k after tax, and must start at the age of 21.

any idea how?

the easiest way is to find a proffesional jobs in overseas.

Normally...besides doing huge businesses...you can hardly achieve it. Asking this question is too general as it will leads to branches and branches of discussion based on different opinions.

Basically...This question should focus on how to make big biz, and there are too many answers. The question is too wide for answers. Or let's call it a discussion.

There are many 2 common ways to become a millionaire by certain age. I take the liberty to not limit the age to 30 so that everyone can follow. Besides, most people CANNOT achieve this by age 30 but likely be able to do so by 35, 40. They are:

1). Own/Run a business.

Bill Gates did it. The only key is to find a company that gives you high growth rate that propels you to your target.

Some other internet entrepreneurs also could do it. To maximize your return, you need to have a business that runs round the clock while you are asleep.

2). Be an investor.

Warren Buffet did it, but I am not sure if he did it before he was 30. You need to plan to invest with the money you have. Choose the best investment strategy that suit you and then keep doing it.

You need to work out how much starting capital you have and how much you can put aside every month for investment purpose. Use the rule of 72 to work out how long a time does it take to double your money at a given rate of return. Say you have 100K and have an investment plan that gives 15% pa return, this means your 100K will become 200K in about 72/15 or 4.8 years time. You can use this formula to calculate the missing variable given the other 2 known parameters.

To be able to have the capital to start investing, you need to have a good paying job in a company in high growth area. Then, you must have strong determination to save and not to spend beyond your means. Investing must always be in your mind! There are always many previews to investment seminars and I think it is worthwhile to explore these. They will give you ideas BUT it is you that decide what will work for you.


For most common people, option 2 is more viable. But one needs to be open to other investment ideas in order to minimize the time. There are many investment options and you just need to spend time to evaluate what suits you. These options can range from 4% to 50%.


Of course there are other ways like striking lotteries, marry a rich man's daughter, etc.... but I can only think of above common real paths.

Bottom line, plan carefully and ACT. If you fail to plan, you plan to fail.

This post has been edited by Justmua: Feb 15 2008, 09:04 AM

Justmua,

1) Bill Gate

One in a billion.

2) Warren Buffet

One in a billion.

So, are you one in a billion? If not, you need to do something else.

Or, Keng Lim from Malaysia. He founded Kiva Software. Sold it for $200 millions to Netscape. At that time, I think he was 26.

Dreamer

This post has been edited by dreamer101: Feb 15 2008, 09:07 AM

Dreamer,

The question being asked was intended to only limit a "one in a billion" man. It's all in our mind. Prior to 1968, nobody thought that man could run the 100m sprint in under 10secs. Then came Jim Hines. Since then, many athletes managed to achieve this feat.

"Jim Hines. Jim Hines broke the elusive 10 second barrier twice in 1968. Hines broke the existing world record with a scintillating 9.99 seconds at the AAU Championships in Sacremento in June, and then ran 9.95 in the Olympic Final at the 1968 Mexico Olympics in October."

It is never easy to achieve this feat. But the story inspires us to think, plan and ACT!

Justmua,

Do you want to be INSPIRE or you want to be millionaire?? To be millionaire, you need to pursue whatever strategy that will work for you. If you cannot walk, do not try to be Olympic runner. Do something else.

A) I have cousins that NEVER enter high school and only graduated from SRJK© schools. They worked on OIL PALM business and they are millionaires. They do not follow strategy like Keng Lim, Bill Gate or Warren Buffet.

B) I know people that are so smart that their annual salary is close to USD $1million per year. They do not need to do business and they get millions by their salary alone.

C) I have uncle that won lottery many times. He is multimillionaire too. Are you that lucky??

Dreamer

Lol.... Bill Gates is 1 in a billion.

Aren't you ONE in a billion too??

Another view.. if anybody here could advise how to be a millionaire by 30... do you think they'll have the time looking through lowyat forum??

it wouldn't hurt to try. Besides, there are serious people around here. You're just not one of them

be a pimp. confirm 1 mil in no time..

Dreamer,

What I listed are 2 common ways. Of course there are other ways. My message is there are 2 common ways. It is still up to the individual to plan and ACT accordingly to suit yourself.

Fried Kuay Teow seller can also be millionaire. But can you stand the hardwork? I cannot answer and only the person who aspires to take this path can answer this himself.

For me, I am way above 30 but pleased to say that today, I only work because I choose to work. Not because I need it to survive!

wow..interest topic!!! for me, it always can mean that how to retire fast b4 30..haha

i think every ppl is a millionaire but the way u manage money is important and make sure that don get into debt too much...everyppl sure need to have own dream by buying car..dream house and this may get them into debt aand trouble..they will be more timid to do something because if one day they din work then they sure cant afford to pay their debt...

Justmua,

I do not OBJECT to your listing of the two common ways. I only object to using Bill Gate and Warren Buffet as example. They are highly UNUSUAL people and their methods cannot be followed by normal average human beings.

Dreamer

---

Added on February 15, 2008, 9:52 amdadarouch,

How do you know?? For example, in an extensive study with drug dealers in USA as documented in the book, "Freakonomic", most drug dealers in USA are so poor that they have to live with their parent. Only a small number is rich.

But, for any kind of illegal stuff, you only need to get caught once to have your whole life destroyed. Is your life worth so little?

Dreamer

This post has been edited by dreamer101: Feb 15 2008, 09:52 AM

Dreamer,

I disagree with you especially on Buffet. Buffet strategy is applicable for everyone but again they are unlikely to make u millionaire by 30. But by 35-50, it is very possible.

Modified Buffetology:
Never lose money and never forget this rule.
Save your money and invest wisely!
When you reach your financial goals, don't forget to contribute back to society.

Justmua,

1) You still do not get IT. I am NOT objecting to using strategy like BUffet. But, for people to believe that they can invest like Buffet and gain 20+% per year over past 20+ years, it is highly unlikely.

2) Can you do it? I can't and I do not know of anyone except Peter Lynch and perhaps Bill Miller.

3) And, if you REALLY like Buffet, you could have just hire him by investing BRK.A or BRK.B.

Dreamer

This post has been edited by dreamer101: Feb 15 2008, 11:51 AM

You are saying that these are nonsense?
Can you deny the fact that these have made people millions?
As I said, any business can make you a millionaire, but are you up for it?
Dreaming is good, but sometimes you need to act on it to make it work.
What have you currently done to show that you are gearing towards your goal?

come to think of it.....are we all millionaires already be4 30? if not.....we shdnt even be in here answering and polluting others' thread

"How to become a millionaire before 30?, Anyone experienced before? Share please! "

= = .... selling drug become millionaires nonsense meh ??? ... selling drug also a way and an idea ? share it y not . depend on u wan to do or not ...... xD

1 day bill gate ask u help him sell drug , he give u 100M and sign contract wont catch by polis . will u try ??

it a chance dude ... u never try u never know .....

maybe he want us to elaborate from step 1 until step 10 how to earn million before 30.

there are many kind of answer.you can go to be a singer or actor,you still can be millionaire but have to make sure you are become popular.

besides,anybody got the spreadsheet to calculate how much $$ we need to save in order to reach million in 10 years or 20 years?

is there any possibility to be millionaire by just working under government?
hahaha

This thread is a rather interesting read for me. Allow me to reframe your thinking a little.

What is a millionaire? Someone who has RM1,000,000 in total cash and assets? Or someone who won Toto? Or someone who inherited the money?

None of the above. And why do I say so? And, dare I say, who am I to state such a comment?

Firstly, a millionaire would not be someone who have the money fall on his/her lap; it should have been obtained by creating value and making a profit from it. It can come from having a good job, or in running a business.

Secondly, a fool and his money are soon parted. We keep seeing idiots who ask "what is the secret formula" to be rich? And we see so many "get rich quick" schemes that people idiotically fall for (example includes Sunshine Empire, all MLM etc) believing that there is a secret that the rich hides from them. What people fail to realize is that when you learn to handle and grow small money, you also learn over time how to handle and grow big money. And that is when opportunities arise.

Thirdly, for people who won Toto or inherited their cash, imagine this scenario. Everyone says they want to be a pilot, or an astronaut. Suddenly out of nowhere you are requested to be one. Excited and happy you strap on the gear, get into the cockpit, press some buttons and next moment, you are dead. Why? If you have never flew a plane or a space shuttle, and you are suddenly given such power, you will not be able to control it, and that is a fact. How many people that have won Toto that you know of have successfully GREW their winnings?

Finally, I dare say all these because I am someone who have been through the entrepreneurial route, successfully opening and running profitable companies and now I am a venture capital investor looking for and looking after good small businesses and entrepreneurs in both Singapore and Malaysia.

I hope my 2 cents would have given you, the reader, some fresh insight.

come to uk and get 2 jobs and don't spend your money, one job can atleast make you save rm5k (around 750 pound). so 2 jobs can save rm10k, one year = rm120k, take your money and put it into unit trust or some sort of compounding interest investment such as asb, so your money will increase every year. you can be a millionaire in less than 8-9 years! seriously!

now the question is how to get 2 jobs a day in UK...night job is easy to find in UK, like chinese take away, so what you need is to apply a day job which allow you to finish at 4pm so you can rush to your 2nd job, how you gonna find it is your hardwork.

this is the easiest and guaranteed working strategy....

Just saw this on digg:

How To Make A Million Before You Turn 20

working overseas is the fastest way for a person to reach rm1 million in malaysia. For a normal person. Try Singapore, Dubai, Australia or UK. many malaysians working there. Come back drive Caldina, BMWs like my friends..

wan to become millionaire..go sigapore is enough..try make some money from ur salary and don let it fix and doing nothing

As a finance student,

Assume you put your money in an account who yield 10% compounded interest annually and you start saving it in your 20-an.

By putting in RM5229 every month for 12 month into that particular account for 10 years, you will be able to have Rm 1mil when you are at the age of 31.

So if you want to reach that target you have to earn more than RM5229 per month to cover your basic need( house, food, car and many more)

hope i am not wrong and good luck

Of course being en entrepreneur is not a nonsense. The problem is that the way you answer the question is a nonsense. Who doesn't know that owning a business and be successful in it can be a millionaire?

We should focus on how instead of what.

---

Added on February 17, 2008, 8:48 pmSince we live in Malaysia, it is understood that be a millionaire in ringgit. (Use some brain and you will know the answer.)
Working in overseas is a good idea, just as you claimed. Thanks for your response.

---

Added on February 17, 2008, 8:51 pmYes, general is what I want here. This thread is open for discussion and of course it is a discussion. Just as you claimed, this question is too wide for answers. But answers is just we want. I don't mind having many constructive idea but I just don't appreciate stupid answer, even if it is just one.

---

Added on February 17, 2008, 9:05 pmDo you know why so many people fail to become a millionaire in their life? It is because they are having the limited mindset as you are. Though Bill Gate and Warren Buffet is one in a billion, why can we be one in a billion too? No aim is too high, mind you.

Thoght I don't have any secret formula to be a millionaire at this moment, but one thing for sure is that the first step to be a millionaire is to have a positive mental attitude. Only having a positive mental attitude, your mind can open to ideas.

Dreamer, please don't pour cold water here. I am not sure what had happen to you before that cause you to be such a pessimist but I can assure you nohting is impossible to a willing heart. And it is always too early to quit before trying. You never try, you never know.

Think, try and triumph!


This post has been edited by Larrylow: Feb 17 2008, 09:05 PM

Larrylow,

In general, people do not become millionaire. Earn, save, invest. To be millionaire, you need to do be a few times above average for at least 2 out of 3 (Earn, Save, Invest). So, general advice does not work. You have to be exceptional good in some area. And, until we know what is your background, all these advices are irrelevant to you.

For example, if you are Michael Jordan, play basketball would be the RIGHT advice. But, you are NOT Michael Jordan.

Dreamer

---

Added on February 17, 2008, 9:29 pmLarrylow,

<<Thoght I don't have any secret formula to be a millionaire at this moment, but one thing for sure is that the first step to be a millionaire is to have a positive mental attitude. Only having a positive mental attitude, your mind can open to ideas.>>

I ask you a straight forward question. Do you want to be inspire or you want to be rich?? Ideas are useless unless you can execute it.

<<Dreamer, please don't pour cold water here. I am not sure what had happen to you before that cause you to be such a pessimist but I can assure you nohting is impossible to a willing heart. And it is always too early to quit before trying. You never try, you never know. >>

I am looking at someone who is looking for inspiring stories instead of actionable idea. I am looking at SOMEONE who is AFRAID of telling people who they are and what they are capable of. And, ask the MOST straight forward question. This is ME. How can I become millionaire with who I am??

So, who is the quiter here?? The person who is TOO AFRAID for practical idea.

<<but I can assure you nohting is impossible to a willing heart. And it is always too early to quit before trying. You never try, you never know. >>

B.S. This statement only works for young kid that has NO IDEA how to get there. Actions speak louder than words. Work harder than me before you say this kind of BS.

I do not need your assurance.

Dreamer

This post has been edited by dreamer101: Feb 17 2008, 09:29 PM

To dreamer,

First thing first, let me answer your question here. I wanted both, I want to be inspired and I also want to be rich. I am inspired to be rich, that is why I want to be rich, to be ultra rich. Desire is not enough, just you claimed, actions speak louder than words. That is the reason why I initiate starting this thread to discuss constructive ways to become a millionaire. I have set my target to be a millionaire before the age of 30, it might be possible, it might be not. If I fail to become a millionaire before 30, at least I will be one when I am 31, 32... Just as the saying goes, ''when you shoot the stars and you miss them, at least you stand the chance to get the moons."

Just to make myself clear here, I am not afraid of telling people who am I and what I am capable of. It is just that I don't see the need here. There are various reasons why I say so. First of all, this thread is open for public, not only for me. So the ideas should cater for all the people here and not soley for me. Next, change is inevitable to succeed in life. If your ideas(which is workable) require something which I am not capable of, I will just try to improve myself and master it.

By the way, I would like to ask you what practical idea have you offered in this thread? I doubt nothing because all you did is bullshitting and pouring cold water.

May I know how hard you work? Mind you, it doesn't matter how hard that we work, what matters more is how smart we work. Some people work hard in their entire life and they never become millionaires, that is because they are not smart enough!

This will be my last post for replying you as all the stuff you post here is worthless and it is not worth for my time. Share something with you, time=money. Invest both time and money wisely. It is stupid wasting time making personal attack here. Instead, focus on how to be more wealthier, at least for me if you are not interested.

Please don't defense you pride here. Just admit that you are a helpless pessimist. However, I hope that you will take my words into consideration and start thinking big.

Dreamer,

If you think you can, you will open your eyes and see what is available. In case you don't know, we have a local Malaysian Warren Buffet. He's the MD of Capital Dynamics and if you ever follow his investment philosophy, you might realize that his funds are usually giving return of 20%+ pa. Small timers can also benefit by investing in the close-end fund that CD manages. Look up for ICAP in our Malaysian stock market.

I know of other low-risk investment that gives even better return. But I won't bother to spit it up here as it will be met with a lot of pessimism. It would be better for serious investors to explore on their own...

Larrylow,

1) you are the NEW KID on the block in lowyat.net. I had posted enough on other threads that and most old timers know my approaches.

2) It is VERY SIMPLE: Earn, save, invest.

A) You have to earn a lot more than normal people. That means you can compete in some area either by working or in a business. You have to be smarter than normal people and work a lot harder than normal people. Everyone knows this. How many can do this?

B) You need to save money for investment. To do that, you have to be FRUGAL. That means you live way below NORMAL people. Everyone know this too. But, how many can do this??

C) Invest. People need to spend time and effort to learn how to invest. At the minimal, how NOT TO LOSE money. Again, how many is doing this??

Everyone knows earn, save, and invest. But, how many can do that?

Story are nice but useless as practical advice for a person. If you REALLY care about being a millionaire, you would have tell us who you are?

For example, I know someone that earn close to USD 1 million in annual salary. He worked in wall street. He was the TOP 10 student in SPM in Malaysia. He is VERY VERY smart. Can you follow his strategy?? Are you smart enough?


Justmua,

So, can you invest as well as him? Let's be honest how many people has the smart and emotional capability to invest as well as him?? Not many.

Dreamer

well my wish is when i am age 28 max 30 earn my first 1mil. now still studying but rushing out to be sales people for 1 to2 years in mean time collect as mush capital to start my own business.

the higher the hope, the greater the dissappointment and demotivation. set a more realistic goal 1st.

become politician but must join umno, then u can earn n be like kj or zakaria

Well, if you get a good job (if you're a lucky one:P) You get paid by day. Rate is at (ofcourse depending on experience) USD$1500 a day. So you work 22 days in a month. 1.5k x 22 = usd 33k * 3.6? = 110-120k rm a month. gg

Well...There are more than one route that lead you to Rome. people get smarter in the process when others share. basically the process should be - research -> get information->action. but...most of us failed to finish the process succesfully. We didn't fo the last part of it. the route that led us to Rome should be more than 1. You don't have to be Warren Buffet or Bill Gates. It's all dpeends on how you start your journey to be a millionaire. You wouldn't want to say that a ballet dancer has no hope of getting a million. The very basic point should start from How you wanna start your journey?

As Sole Trader? Join incorporate Organisations? Stock exchange? Fine artist? musicians? or a mere employee that receive wages every month?

Secondly anything that can support you to grab the million asap? by owning a franchise(is not as easy as saying)? property investments?

Thirdly is there anything bothering you from doing so? you're in heavy debts ?

interlink 3 of them and see whether it can work...generally stick with spend less and save more...how you inveset depends on your preferences.

Just do what you think it suits you.

I'm millionaire. But I'm not sharing. I don't belive in 'projek juta-juta'. I feel sorry for them.

Poverty is desease
Money is our slave
Life is your career

Haiku.

Dreamer,

I don't have to have the smart & emotional capability to invest as well as him. Neither do you. He's a fund manager and all we need to do is ride with him....

The question is not many people have the guts to trust others! Even when evidence suggest a viable investment plan. People always come out with excuses....

Justmua,

1) I am in wealth preservation mode. So, I am not interested in any domestic fund since I believe Malaysia's economy will crash and never recover.

2) If I want to, BRK.B is probably what I go with. Ride with Warren Buffet.

3) Never trust any fund totally. Diversify and put a bit of money in that is possible.

4) That is my point precisely. We can talk about Warren Buffet or any hot fund manager. But, we are NOT them. We could not invest as well as they do. So, we need a different strategy.

Dreamer

This post has been edited by dreamer101: Feb 18 2008, 08:52 AM

don let ur emotional capability as ur excuse as this may be an obstacle for u to success..

we should do to keep our spare bullets then only can plan on our investment..

how to be a millionaire before 30?
1) inherit from dad ( if this is not counted see no 2)
2) marry a rich girl. ( it's not a joke . trust me)
then do business, wife sure support you. so you becomes a millionaire lor..
3) if you have rm500 and move to indonesia, you becomes instant millionaire.

you left out one more

4) do good business

goolie,

<<don let ur emotional capability as ur excuse as this may be an obstacle for u to success..>>

If a person cannot sleep at night by gambling at Stock Market, the person does not have the emotional capability to gamble at stock market. That is just the fact of life. By the way, 99% of ALL people fall under this category.

So, the person should try something else to be successful. It is NOT AN EXCUSE. To be successful at ANYTHING, you need to know what is your strength and weakness. Do things that maximize your strength and minimize your weakness. That is MORE EFFICIENT.

BTW, this is inside "Art of War" by Sun Tzu.

Dreamer

This post has been edited by dreamer101: Mar 30 2008, 09:46 AM

how do you define good business? when people try to do business for the first time, they are convinced that it is a good business that is why they venture into it. what sort of business do you consider good business?

to suceed, you have to be above average. while an average person sleeps 8 hours, you got 5. normal people work 9-5 5 days week, you gotta work 8-10 and 7 days a week.

whao such a good way..
haha
married the girl..then take all her father property..

I personally would define a good business as follows:

1. Serves a relevant market need, with an ethical business model.
2. Provides a sound value proposition, be it on quality, expertise or price.
3. Creates jobs for others, returns to society.

I also agree that the word "above" average is the key; Tiger Woods is just an ordinary golfer that can golf just a little better (his highest speed clocked is at most 10% higher than most other golfers). It is just a matter of going that little further to make that difference between good and great.

dear jongkolkhoo,

how do you define something good? heh heh perhaps i should've used the term "profitable business" instead. anyway, i quite agree with nicholaschan's definition. at the end of the day, i just meant one route to getting wealthy would be running your own business with good returns.

I'll add-on a little bit. Predict future market needs and prepare marketing plans for it.

This post has been edited by Moonflown: Mar 30 2008, 10:10 PM

This is a rather interesting thread. Being rich before 30 (millionaire aint dead rich in 2008 anymore)..So, most of the people here would be the middle class stucked in the middle class but are dreaming of becoming rich. From most of the replies, i do found some problems.

1) Most tend to think only and only how to make profit. They studied and researched everything on a particular field on how to make money. One very simple mistake. They didnt study how to fail. Knowing how to fail, or how your business could possibly fail, would one be more prepared of counter-measures.

2) I do agree with Dreamer. Earn, Save, Invest. Most people these days, they are going "Earn, Save, Save till you die for you children and let you money devalued". However, I might not be on parallel with Dreamer's defination of "Invest". Putting money on FD, Unit Trust, Insurance, etc, are not Investments to me. Those are merely "savings" that would maintain the value of your money.

Investment is in terms of, investing in share market, forex, buy something cheap online and resell it, be a partner of your friend's business by leeching, etc. If you have dead high capital, buy a shoplot and rent it, or franchise a McDonald's.

3) Identifying market needs. That's part of micro-economics, and economics is one of the hardest subject to study (which would include macro-economics). While most people would wish they could "capture" the trend in time, so that they could have a share of the market pie, they often "capture" it wrongly, or the trend is already in its "mature" state.

Now, looking at the dead rich people, or at least those richer-than-thou. Almost all of them didnt try to capture or follow the market trend. Instead, they create the market trend. Who would ever wondered that the majority of PC will be using a Microsoft based OS? And who could ever anticipate that people will buy Donald Trump's ever expensive apartments? Who could even thought that people will line up buying J-Co's doughnuts?

In every business, it's all about Q&A. If you get the question wrong, you get the answer wrong, and you failed your business. Now, what IS the question? In my personal opinion, after seeing so many people failed in their business, and so many wanna-be restaurants failed, is definately NOT "What people want?". That question would always lead to an very optimistic answer of "Hey, people want this and that, so lets sell this and that". And so, they failed. Before starting a business or while doing research (which is vital to understand the market and demographic), one should always ask, "Why arent they buying?".

4) Starting/planning with a business. Most would first start to think what to sell (stage 1). Then they figured that it's a great idea after several session of super brain-storm and super survey while risks are identifiable(stage 2). The next thing is, they'll start to calculate the initial capital (stage 3). This stage always hindered people from starting their business. Before they could even start, they'll say they dont have enough money/capital to start with. And they stop.

A better way. After the first 2 stages, list down all the items you needed to start that particular business, then calculate the expected capital required (stage 3). When the expected capital exceeds your budget, no worries, go borrow money. If after borrowing money is still below your required capital, then read through your list again, and remove those items that would not directly influence your business or cause a major impact.

Now, if you think that borrowing money (ie. relatives, friends, banks) are too high of risks, that would show that you lack of confidence in your business plan. Go back to the drawing board.

5) The more customer the better. This is correct if you're a huge organization or you're doing corporate business. If you're doing small business, it might be a nightmare that could work you to your death.

Sounds stupid eh? lets do it this way. If your target profit is RM10k, between 1000 customers give you a profit of RM10k, and 100 customers give you RM10k, which one is better?

6) This is what I personally think. Businesses are all the same, what differs is the customers. Hence, all businesses are profitable, if the right customer(s) found your product/service suits them. A typical consumer will spend zillions of items on his/her earning. It would varies from electronics, to services, to food, to etc. And for a typical consumer to buy a different product/service, he/she will go with a different approach, may it be brand, marketting, quality, price, etc. It is always important to indentify the target market first, and understanding their approach.

yeah agree..

c'mon, i think this thread is BS.

it's nothing interesting and strongly agree with dreamer with bill gates / buffets being taken as an example.

the convention way to be millionaire is bulk up yourself with knowledge. you vision opportunities way earlier than the rest, grab it and boom you go.

asking for suggestions in being a millionaire before 30 sounds stupid cos my strength isn't necessarily yours and vise versa. but conventionally, you can earn save and invest. or if your income is good enough, earn and invest without having the need to save. when you earn 100k/mo, spending 10% on your lifestyle is pretty good already

with that said, you can be millionaire in no time with that income.

other than finance, i doubt there's any job that allows you to be millionaire before 30s. why finance? well, if you can bring lotsa profit to investment banking, you will be paid handsomely with great bonuses. hmm, well MLM probably, insurance probably, in sales line, PROBABLY. anything else, it's hard.

earning 20-30k/mo in msia is like harder than climbing, just mount kinabalu as an employee given that fact that you do not have 10-20 yrs of exp that ppl can harness you with.

so only you know how you can be a millionaire. anyway, it's not too hard to be millionaire nowadays...

How to be a millionaire = make someone 10 million, and keep 10%

Anyway what's so great about being a millionaire ? say you put it in FD, you get maybe 3%, that's just 30,000 a year, or 2.5K/month. I don't think anyone can live a luxurious life on 2500 a month

If you want to be really rich you should have 10 million

Since you said asking for suggestions to be a millionaire before 30 sounds stupid, why are you reading and posting in this thread? Does that make you an idiot?

Everybody has his own strength and weakness. Can't agree more. But the process of being rich is a learnable skill, at least in my opinion. Accentuate the positive and eliminate the negatif. In other words try, to overcome your weakness and increase your strength.

If you believe that you CANT be a milionaire by 30 years old, then you are definitely RIGHT.

However, just bcoz u cant do it, try not to generalize and thinking that everyone is just as weak or clueless as you. Quoting the great Theodore Roosevelt :

Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat.

Millionaire in asset value and millionaire in cash are 2 different things.
If your assets are worth a million but still don't have a dime to spend, you are a poor millionaire. LOL.

haha...thats rite..
only the company is rich..^^

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This post has been edited by Rendezvous: Apr 7 2008, 10:04 AM

hey, you should read richard branson's biography

that guy has the time to build big businesses, chase girls (the girl run away to the air port also he still chase her and bring her back to live in his boat), even broke world records by attempting to travel around the world in an air balloon... now he's even going into space traveling.

it's not like he was rich, and then he had time to enjoy himself. it's just that he always took the time out to live life too

anyway, read the book!

i wouldn't make a statement if i dont think i can be one by 30. and you prob wont know that i'm already one. being millionaire is not something hard but requires hard work and intellectual or a specific talent that you excel from one another.

i do agree that posting here might yield you good feedback but how many of them are really willingly to help you? there are agencies out there to help you, govt dept, PROFESSIONAL suggestions. but while many ppl dream to be millionaire, do you have what it takes to be one?

are you intellectually good? or do you equip yourself with unique talent? i wanna be millionair i wanna be millionaire, who doesnt want to? but often chances just pass by you, you can't harness the opportunity. so before thinking of being a millionaire, equip yourself with knowledge of a millionaire / billionaire. or unless if you are doing the grayish business, then you need to be extreme courage coupled with great prudent. or if you are talented person, maximize your talent and build up the weakness.

great ppl's roadmap to richness isn't coming to ask for suggestion. they find out themselves, and now writing books to tell you HOW they became millionaire. why would you bother coming here to ASK when the one at top have already revealed their path to success. learn from the best.

i wouldn't say LYN members are sub par, but why learn from someone unknown than the top ones? stop thinking, get some books, learn from them AND change it if necessary. what they manage to do might not work now but it's the essence of the story that you need to learn frm.

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Added on April 1, 2008, 12:24 pmbased on what i've read over this thread, it's nothing but jokes.

some ppl stated to have 10mil fd to earn 1 mil interest. do you even consider that as a concrete suggestion?

you are in the wrong forum. this is not a place of riches, it's full of middle class. like it or not, it's a blunt statement but i'd like to hear from you if you claim that LYN is full of riches.

they say riches mingle around riches because riches creates richer. and if you wanna be rich, you should start learning from the rich, social with the rich, then you know how would they think.

i know there are few intellectuals one over here and i personally admire them, they've been posting a lot of CONCRETE suggestion but always backfired.

Pai, if you learnt something from this thread, let me know and i shall consider if this is worth discussing. you are not getting the point of my reply. if i HAD to tell you exactly why this thread is bullshit, then apparently you aren't any of my thing.

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Added on April 1, 2008, 12:29 pmone more thing, if you have a terrific business idea, i'm ready to discuss it with you and help you to realize it if it's commercially viable.

convention way to be millionaire is no longer easy since industries are full of big guns that can crush you easily. i dont und why msia has just begun talking about the world is flat / blue ocean strategy a yr ago. i was reading that 2 1/2 yrs ago. yet ppl are like so hype about it.. telling me.. wa this book is an eye opener, blablabla, c'mon. msia market is so uncreative.. then our PM, DPM talk about blue ocean for their dept too.. -.- if you can accommodate foreign business model to msia market, you can just be one. airasia isn't new if you ask me. and airasia didn't have too much of capital given the fact that airline is a big capital game. just 1 mil for start up, but they got it working.

when you read, you get tallied to the US ever changing market. your insight has to be parallel, at least with the States or emerging market that has pushed for innovation in order to keep your business relevant.

conventionally by working? no way to be millionaires before 30 except you get jobs that get lotsa commission, which in the end, you are considered half self employed.

the pay rise is expectable, your lifestyle is expectable and what you could do by 30 is definitely expectable.

This post has been edited by wheimeng: Apr 1 2008, 12:33 PM

Well said.

Wheiming,

Quoting u -> " asking for suggestions in being a millionaire before 30 sounds stupid "

How far can one go will be very much determined by their thinking cap and attitude. I dont think anyone here thinks its peanuts to amass 1mil b4 we are 30. Its a daunting task. Therefore, what is so wrong about anyone trying to look for answers here? Can you safely guarantee that out of >10k LYF members, there is not one fella who have managed to achieve this b4 they are 30?



Quoting u -> " i wouldn't make a statement if i dont think i can be one by 30."

Exactly my point. Your thinking cap says its impossible to be a milionaire by 30 and guess what, u r 100% correct. Your attitude says u cant, and guess what, u r 100% right, again.



Quoting u -> "Pai, if you learnt something from this thread, let me know and i shall consider if this is worth discussing?"

Its the importance of goal-setting and thinking big. If one needs to be thinking anyway, one might as well think big. I've almost achieved my b4 "30 years old target", and this thread (as impossible as it may sound) actually help me to set the bar higher. Its also quite funny to see some "interesting" suggestions and also how negative can one be.



Quoting u -> "the pay rise is expectable, your lifestyle is expectable and what you could do by 30 is definitely expectable"

U r dead wrong. Fren, that is the reason why u wont be a millionaire by 30, not until u change ur mindset, that is.

like i said, you dont und my point. so how many of the respondents are millionaire now? and how many actually provided you a good way to be millionaire? this is like a yam char session where ppl bring up a random topic, or rather intriguing topic but carries no substance. so lil PRACTICAL suggestion. if you are asking THIS topic in a forum full of riches, i think TS might get solid feedback instead of subpar quality opinions.

setting a target is GOOD and i applause you for having a target. but setting a target is DIFF from setting a mirage! you might have set yourself a good achievable target and ACTUALLY work hard towards the target BUT there are many out there who DOESN'T work towards it despite having target. those are mirage, daydreaming. you need a plan for your target, plan your work; work your plan. asking for suggestion without a clear vision, you ended up with nothing. TS has provided nothing but his dream to be 30. i can tell him to join MLM today and be millionaire by then. (btw i'm in no way in MLM) but i think that's a very possible way.

to materialize that, you need to layout few things:
1. a target, a millionaire by 30
2. how old you are now, how many yrs left to be millionaire, how much you need a year, roughly to achieve it.
3. what are the means for you to achieve that annual income
4. if your curren job doesnt make that much for you, what are the alternatives?
5. found one? plan it with great details, plan B and plan C.
6. execute it and be observant to the surrounding, wind of change, change your plan to accommodate the latest trend.
7. refine and reexecute.
8. you cant meet your annual salary for yr 1, go back to 3. else proceed and you get your 1st 1 million by 30.

this is a commonsense, but how many have did this? the TS has not even thought of HOW, then put into the pool by asking for opinions. that's not even a question.
my my, i have made a statement in this thread havent i? hence i think i can be one by 30. again, in fact, i might already one, please refer my last post.
again, i'm going to be a millionaire by 30. definitely. asset and cash wise.

All,

Average people are not rich. Rich people are not average.

It is VERY SIMPLE: Earn, save, invest. But, why some people succeed while others don't.

To be rich, you have to EARN, SAVE, INVEST more than average people. It is GREAT if you are above average in intelligent but not many of us too. So, the ONLY WAY is to

Focus and Execute.

You concentrate your effort and energy on MAXIMIZING your potential. You pick and choose an area where you can be PROFITABLE and where you are ABOVE AVERAGE. You pick a niche. You STILL may not succeed. But, you get a better chance.

So, actually, the TS is full of BS. A person that is aiming to be millionaire before 30 will not waste time and energy asking general question. Time is precious for him/her. Somebody that plan to start a sandwich shop and ask how to made and how much to sell sandwich is more likely to make it.

Stop reading and quoting Bill Gate and Warren Buffet unless those are your areas aka niches.

Dreamer

good for u and I was right after all. U and perhaps few others are potential/ currently millionaires b4 u guys reach 30, and still hang-out in this forum. So TS werent completely wrong trying his luck here

I personally find it amusing when one dares to criticise other's suggestion when they themselves merely wrote long, pointless posts and talk about something soooooooooooo generic while providing ZERO suggestions on how to be a millionaire b4 30

Fren, if u REALLY got a plan, and u r dem confident that u'll be a milionaire by 30 using that "genius" plan of yours, spit it out. Dont worry if u think there will be plenty of other will copy your "genius" blueprint. Like u said, everyone is unique and very likely no one would be able to follow your "genius" millionaire plan.

Lets see if u r all talk or actually got some substance.

recent survey from newspaper.. sry cannot rmb the sauce.. the star i think...

says there're 10 million millionaires around the globe... so i guess it is not that hard after all

10 million out of 400 billion ppl in the world it's not really a lot. Furthermore as our purchasing power gets less and less, 1 million is really not a lot now. In fact you can't even get an apartment in KLCC with 1 million nowadays.