How to be a multimillionaire before 25 - My contribution to MyBB

[Davush]

Edited this post due to influx of messages.

If you want to research for yourself the topic was the superyachting industry.

Regards,

Davush

 

[FarligOpptreden]

I'd like to be a multi-rand-millionaire. Sadly, I do not fit most of your requirements - most importantly age, fitness and looks. I'm old, unfit, butt ugly and socially inept, but at least I have an impeccable work ethic. Ah well, I'll look for another thread then.

 

[SauRoNZA]

So how old are you and how many millions do you have?

If one had the luxury to save 50% of their salary every month then I figure most people would at least be millionaires by that age.

The real lesson to be learnt here is the part about saving the 50%. Granted it's a job that makes it easy as you don't have many expenses and a high earning potential from the word go, but the reality is that an 18 year old only needs to save R8500 a month and invest it at 10% per annum to break R1 000 000 by age 25.

Unfortunately most 18-25 year old only have fancy cars and bitches on the brain.

 

[Davush]

I'd like to be a multi-rand-millionaire. Sadly, I do not fit most of your requirements - most importantly age, fitness and looks. I'm old, unfit, butt ugly and socially inept, but at least I have an impeccable work ethic. Ah well, I'll look for another thread then.

Haha well you obviously have a good sense of humour. My thoughts were that many people will be able to pass these ideas on to newphews, grandkids, children, friends etc.

I'm also socially enept - maybe I should've put that "if you can fake it you can make it" next to that prerequisite haha

 

[FarligOpptreden]

Haha well you obviously have a good sense of humour. My thoughts were that many people will be able to pass these ideas on to newphews, grandkids, children, friends etc.

I'm also socially enept - maybe I should've put that "if you can fake it you can make it" next to that prerequisite haha

I'm good at faking. Get it from my wife... She's a master (mistress?) at that. I can't even tell when she's faking or not anymore. I find solace in believing she never does though.

I never realised faking "it" would allow me to make "it" though. I'll make sure to try it out at the office tomorrow. I'll strut in there like I'm althe boss and see how people react. Mind you, I think I might already be the boss. At least half-boss. Maybe I can fake until I'm full-boss.

<meme>Fake it like a BOSS</meme>

 

[Davush]

So how old are you and how many millions do you have?

If one had the luxury to save 50% of their salary every month then I figure most people would at least be millionaires by that age.

The real lesson to be learnt here is the part about saving the 50%. Granted it's a job that makes it easy as you don't have many expenses and a high earning potential from the word go, but the reality is that an 18 year old only needs to save R8500 a month and invest it at 10% per annum to break R1 000 000 by age 25.

Unfortunately most 18-25 year old only have fancy cars and bitches on the brain.

I doubt many 18 year olds can earn that amount straight out of high school with no degrees.

By multimillionaire I am implying you have multiple millions, i.e more than 2 million.
In yachting your only expenses are personal expenses like holidays, clothes, boozy nights.
All other living costs are covered: Food, accommodation, toiletries.

Also, as you are working overseas for more than half the year on a boat registered in a tax haven like the cayman islands you do not need to pay any income tax.

Basically, It is easy to save. Unless you have a particular taste for the good life

 

[FarligOpptreden]

I doubt many 18 year olds can earn that amount straight out of high school with no degrees.

By multimillionaire I am implying you have multiple millions, i.e more than 2 million.
In yachting your only expenses are personal expenses like holidays, clothes, boozy nights.
All other living costs are covered: Food, accommodation, toiletries.

Also, as you are working overseas for more than half the year on a boat registered in a tax haven like the cayman islands you do not need to pay any income tax.

Basically, It is easy to save. Unless you have a particular taste for the good life

I don't drink, smoke or use substances. I also like being naked as often as possible. Does this mean I can reach the multi-rand-million milestone in half the time?

 

[SauRoNZA]

I doubt many 18 year olds can earn that amount straight out of high school with no degrees.

By multimillionaire I am implying you have multiple millions, i.e more than 2 million.
In yachting your only expenses are personal expenses like holidays, clothes, boozy nights.
All other living costs are covered: Food, accommodation, toiletries.

Also, as you are working overseas for more than half the year on a boat registered in a tax haven like the cayman islands you do not need to pay any income tax.

Basically, It is easy to save. Unless you have a particular taste for the good life

Don't get me wrong, I'm not saying there is anything wrong with the concept. Just like many other foreign options like working on cruise ships or offshore oil rigs etc, there are quite a few options available to people with little to no education and just solid work ethic if they wanted to take it on.

Sadly as we all know from person experience at that age we have our priorities wrong and tend not to listen to the old toppies.

What I did mean to point out was, if I had saved 50% of my salary since starting out (which looking back I could have easily accomplished when still living with my folks) then I could probably have retired by now or at the very least lived completely debt free.

 

[crack2483]

This would never work for me. Sunburn way too easily.

 

[Scooby_Doo]

I can confirm, my brother does this. Full pay for 12 months only has to work for 6 months. 2 months on 2 months off...

 

[astroboi89]

Alright, I feel I need to contribute to myBB. So this is what I know, it may be helpful to some.

I DO NOT BENEFIT FROM THIS POST IN ANY WAY.

Let me specify: Multi-RAND-millionaire.

Requirements:
- Superhuman work ethic
- Social skills
- Medium physical fitness
- Physical looks can be beneficial
- Age between 18-30


Anyways, I felt I needed to contribute to this forum. I read an article where someone was (seemingly) desperate to find something for his/her nephew to do for income.

So, its no special trick or seminar. I'm just introducing you to the yachting industry.

So long story short: A young, relatively fit, hard working individual can work on a super-yacht (normally based in France or the caribbean). Let me clarify, I am not talking about small sailboats or the "motoryachts" one sees in the waterfront. I worked on boats 50 meters long+. In my opinion a "super-yacht" is a yacht over 50m but it is loosely defined.

-Starting salaries are normally around 2000 - 2500 euros/m
-Salary after a year or 2 around 3000-4000 euros/m
-After 5/6 years one could get around 4500-6000 euros/m
Salaries above assume that you are good at what you do and invest upwards of 10 000 euros on licensing and qualifications.

It requires a fair amount of money to get started though. Think flight to the states or europe + living expenses for a week or 2. The prerequisite courses will also cost. I did mine 8 years ago and I think it was R30 000. That has likely changed. The absolute minimum courses you HAVE to have will cost under R5000 and can be done in Durban or Cape Town.

Guys typically look for a job as a "deckhand" where you are basically a gofer, you quite literally scrub decks and your primary duties are keeping the yacht spotless and taking guests on watersport excursions.

Ladies typically look for a job as a "stewardess" where, like the boys, you keep the boat spotless but you focus on the interior. You will have duties comparable to that of a housekeeper of a hotel.

One last note, It can be difficult to find your first job and it is not something I would recommend for the faint hearted or anyone that can't fight their own battles. You will WORK, and you will work hard. You will miss weddings, birthdays and many christmas'. Feel free to ask reasonable questions in this thread and I will try my best to answer them.

I am semi-retired from the industry as I want to get BSc and have some, what we call, "normal life" comforts like a double bed!

Davush

Disclaimer: To be in-line with the title of this post it is assumed that you will join yachting straight out of high school, and you will save at least 50% of your earnings. It is also assumed that you will will progress up the ranks in line with industry standards.

I DO NOT BENEFIT FROM THIS POST IN ANY WAY.

You make it sound so simple but it isnt.

You will only benefit financially once it is converted to our pathetic currency and good luck trying to escape the tax man

I am guessing you are caucasian and come from at least a middle class background. I hate to make everything about race but the reality is, you are much more "marketable" and freely accepted into this "lifestyle" due to a caucasian background.

This career doent have longevity either, nobody wants the "help" to be a wrinkled prune(unless you are captain). We live in a superficial and youth obsessed world
Anyone who states otherwise isnt being honest with themselves.

 

[Arthur]

Work on a luxury boat?

And what will you have achieved with your life? Money? Is that all?

What a waste.

 

[Hemi300c]

Or
Join the cANCer get a comfortable morning only job and use the cashcow and corruption to become a billionaire.

 

[astroboi89]

Or
Join the cANCer get a comfortable morning only job and use the cashcow and corruption to become a billionaire.

I should have studied politics. Their minimum salary is 60k per month, doing absolutely nothing but sitting on their fat asses in parliament

 

[cguy]

When I was once working for a really big US company, we would pay our interns ~$8k/m, given rent stipends and a paid lunch and dinner at one of the on site cafeterias. Internships were up to 6 months, so students who interned 2-3 times eventually walked away with the equivalent of roughly R750k - R1.5M (MSc students were the only ones that could take a full 6 month), by the time they've finished studying (22-25 years old typically) - so possible to get a degree or two and become a millionaire (possibly multi) at the same time (and likely get a job offer too) - not to mention the experience.

What irked me was that there was almost no interest from adverts placed at UCT - we only had a handful of South African interns ever. I had ex-colleagues who were strapped for money, who would just shrug their shoulders and not even apply. Boggles the mind - I would have given anything for such an opportunity as a (very) poor student.

tldr; if you're a student, look for overseas internships - with today's exchange rate it should be a no-brainer. It's not an internship - it's a life hack.

Edit: http://www.slate.com/blogs/moneybox/2014/07/08/silicon_valley_intern_pay_it_s_high_and_it_s_justified.html
http://venturebeat.com/2014/11/26/we-may-have-underestimated-the-super-high-salaries-of-silicon-valley-interns-in-1-graph/

I should add that there are perk/base trade-offs, and of course that more senior students get higher pay.

 

[Mr Feesh]

When I was once working for a really big US company, we would pay our interns ~$8k/m, given rent stipends and a paid lunch and dinner at one of the on site cafeterias. Internships were up to 6 months, so students who interned 2-3 times eventually walked away with the equivalent of roughly R750k - R1.5M (MSc students were the only ones that could take a full 6 month), by the time they've finished studying (22-25 years old typically) - so possible to get a degree or two and become a millionaire (possibly multi) at the same time (and likely get a job offer too) - not to mention the experience.

What irked me was that there was almost no interest from adverts placed at UCT - we only had a handful of South African interns ever. I had ex-colleagues who were strapped for money, who would just shrug their shoulders and not even apply. Boggles the mind - I would have given anything for such an opportunity as a (very) poor student.

tldr; if you're a student, look for overseas internships - with today's exchange rate it should be a no-brainer. It's not an internship - it's a life hack.

Edit: http://www.slate.com/blogs/moneybox/2014/07/08/silicon_valley_intern_pay_it_s_high_and_it_s_justified.html
http://venturebeat.com/2014/11/26/we-may-have-underestimated-the-super-high-salaries-of-silicon-valley-interns-in-1-graph/

I should add that there are perk/base trade-offs, and of course that more senior students get higher pay.

Assuming this is only for progranmers6 these type of interns don't apply to accounting students.?

 

[cguy]

Assuming this is only for progranmers6 these type of interns don't apply to accounting students.?

I've never been exposed to that side of things. It certainly applies to STEM workers and those working in quite a few areas of finance - I'm not sure about accounting specifically.

 

[Pho3nix]

Considered this. And Oil rigging. Figured it would be a good way to travel the world.
Still considering it but sadly I'm a city boy at heart

 

[Pho3nix]

When I was once working for a really big US company, we would pay our interns ~$8k/m, given rent stipends and a paid lunch and dinner at one of the on site cafeterias. Internships were up to 6 months, so students who interned 2-3 times eventually walked away with the equivalent of roughly R750k - R1.5M (MSc students were the only ones that could take a full 6 month), by the time they've finished studying (22-25 years old typically) - so possible to get a degree or two and become a millionaire (possibly multi) at the same time (and likely get a job offer too) - not to mention the experience.

What irked me was that there was almost no interest from adverts placed at UCT - we only had a handful of South African interns ever. I had ex-colleagues who were strapped for money, who would just shrug their shoulders and not even apply. Boggles the mind - I would have given anything for such an opportunity as a (very) poor student.

tldr; if you're a student, look for overseas internships - with today's exchange rate it should be a no-brainer. It's not an internship - it's a life hack.

Edit: http://www.slate.com/blogs/moneybox/2014/07/08/silicon_valley_intern_pay_it_s_high_and_it_s_justified.html
http://venturebeat.com/2014/11/26/we-may-have-underestimated-the-super-high-salaries-of-silicon-valley-interns-in-1-graph/

I should add that there are perk/base trade-offs, and of course that more senior students get higher pay.

Why didn't I see this
Same US company you mentioned to me a while back?

 

[cguy]

Why didn't I see this
Same US company you mentioned to me a while back?

This was quite a few years back that the ads were sent around (also got forwarded to wits and uj). The discussion with my ex-colleagues was a little more recent. Also, it was a different company.