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

[Batista]

Yeah no thanks, Il be the one hiring someone to take care of my yacht , not the other way around.

 

[Garson007]

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.

If I could get a job at 18 that paid me enough to save R8500, I'd have taken it.

 

[Viva]

Yeah no thanks, Il be the one hiring someone to take care of my yacht , not the other way around.

I'm guessing you're not 18-25 years old..

 

[Davush]

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.

I specifically pointed out that it is not guaranteed. Yes, It is predominantly white crew and young yes. There are exceptions, a good friend of mine has been very successful and he's a local guy from St Vincent. I've also met a few guys from the bahamas.

There is longevity in it if one were to go the captain route.

You have successfully made this about race.. Stop flogging that horse. Whatever justification makes you sleep at night. There are always exceptions to the norm.

 

[Davush]

Work on a luxury boat?

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

What a waste.

The title of this post was not: How to contribute to society before 25.

That is a very ignorant remark. Many people take the industry very seriously.
That's like saying: Work on a commercial airline? And do what? What have you achieved?

Im not sure what your definition of achievement is based on? In my opinion transiting the most pirate infested waters off the coast of somalia is an achievement. Crossing the atlantic, pacific and indian ocean is an achievement. Navigating a billion rand yacht through the busiest shipping channels in the world is an achievement. Money? Its a bonus.

To get to a senior position in the maritime industry takes just as much achievement, investment and intelligence as other industries.
Just to get a chief officers ticket will take 3 years of Maritime College.

In your defense, you know nothing about working the maritime industry.

I've since left to study a BSc and "achieve" something as you say.. Thats not to say one wouldn't already have achieved.

 

[Arthur]

The title of this post was not: How to contribute to society before 25.

That is a very ignorant remark. Many people take the industry very seriously.
That's like saying: Work on a commercial airline? And do what? What have you achieved?

Im not sure what your definition of achievement is based on? In my opinion transiting the most pirate infested waters off the coast of somalia is an achievement. Crossing the atlantic, pacific and indian ocean is an achievement. Navigating a billion rand yacht through the busiest shipping channels in the world is an achievement. Money? Its a bonus.

To get to a senior position in the maritime industry takes just as much achievement, investment and intelligence as other industries.
Just to get a chief officers ticket will take 3 years of Maritime College.

In your defense, you know nothing about working the maritime industry.

I've since left to study a BSc and "achieve" something as you say.. Thats not to say one wouldn't already have achieved.

Good for you.

Nowhere did I suggesting you should contribute to society. Neither do I anywhere even faintly suggest that "transiting most pirate infested waters off the coast of Somalia" is not an achievement, nor that "Crossing the atlantic, pacific and indian ocean" is not an achievement, nor that "Navigating a billion rand yacht through the busiest shipping channels in the world" is meaningless. That is your gratuitous eisegesis.

Neither do I think working as a skivvy on a yacht is easy work. I know it isn't.

And how do you know what I know about the maritime industry?

 

[Viva]

Good for you.

Nowhere did I suggesting you should contribute to society. Neither do I anywhere even faintly suggest that "transiting most pirate infested waters off the coast of Somalia" is not an achievement, nor that "Crossing the atlantic, pacific and indian ocean" is not an achievement, nor that "Navigating a billion rand yacht through the busiest shipping channels in the world" is meaningless. That is your gratuitous eisegesis.

Neither do I think working as a skivvy on a yacht is easy work. I know it isn't.

Now you're just back-paddling.

If you did not suggest one of those thing, what did you want to suggest with the question:

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

What a waste.

 

[Davush]

Now you're just back-peddling.

+1, Agreed.

By saying

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

you are clearly implying that money would be your only achievement. Hence, you have achieved nothing but money.

And how do you know what I know about the maritime industry?

It's quite obvious?

Anyway, this is not a who's right or wrong thread. This is for people for people that have an interest in such things.

 

[f2wohf]

Well, I have 2/3 friends who did it for 3 years +

They're rather clever and even though, all of them blow their money on parties when having 1 night on the ground and then on 1/2 months on holiday when they come back and save close to nothing.

So you must be one the few ones who managed to actually save.

Result: I did normal varsity studies after high school and never worked on a ship and at the same age than them, I actually have way more than them, more work experience and opportunities on the ground, worked much less hard, partied pretty much the same as they did and am much less worried about my future.

 

[Davush]

Well, I have 2/3 friends who did it for 3 years +

They're rather clever and even though, all of them blow their money on parties when having 1 night on the ground and then on 1/2 months on holiday when they come back and save close to nothing.

So you must be one the few ones who managed to actually save.

Result: I did normal varsity studies after high school and never worked on a ship and at the same age than them, I actually have way more than them, more work experience and opportunities on the ground, worked much less hard, partied pretty much the same as they did and am much less worried about my future.

I agree with you there. A lot of people in the industry have developed some expensive habits. It does take a lot of discipline to not overcompensate when you make landfall

I still think studying is the wiser thing long term. Which is why I'm back, I also had concerns about my eyesight but thats a whole other story.

Yachting is a good alternative to studying though, for someone who maybe isn't academically inclined it could be a good alternative to studying a degree that would give you similar financial rewards.

 

[f2wohf]

Yachting is a good alternative to studying though, for someone who maybe isn't academically inclined it could be a good alternative to studying a degree that would give you similar financial rewards.

Yes, in that case, it must be a very good choice.

But I'd say that between studying and waiting 3/5 years to make money and yatching, for the ones ready to study, studies are a far more reliable way to make it and in the end it's not as hard as it seems.

 

[Arthur]

Now you're just back-paddling.

If you did not suggest one of those thing, what did you want to suggest with the question:

No, it's no back-peddling (or maybe paddle is a more apt marine version ).

The OP is pitching the main attraction as making multiple millions of Rand by the age of twenty five. Why would he do so unless making money was his main purpose? If his main interest is promoting a career in the maritime industry, then his thread title would say that. But it doesn't. It says make lots of lolly.

My point is that there are better things a young man to do than chase money in his early twenties. Unless you plan a career in that industry - which in the luxury segment is also renowned for dissolute living - rather build the habits and disciplines needed to carry you through to being a man who can say yes and mean it.

Now of course some people have an avocation and interest in the maritime business, and those who wish to make a career of it should start somewhere ... but I am not speaking of those (and neither is the OP, since he touts money as the motive). I have a good friend who happens to be chief engineer on Sheikh Mohammed bin Rashid Al Maktoum of Dubai's Benetti 50m super yacht. It's a tough life. His family are joining him in March. He shares his experience of the youths who flock to the luxury yachts. It is not a pleasant story, and I feel very sorry for most of them.

 

[maumau]

ooh Arfer, dat English

 

[Viva]

No, it's no back-peddling (or maybe paddle is a more apt marine version ).

The OP is pitching the main attraction as making multiple millions of Rand by the age of twenty five. Why would he do so unless making money was his main purpose? If his main interest is promoting a career in the maritime industry, then his thread title would say that. But it doesn't. It says make lots of lolly.

My point is that there are better things a young man to do than chase money in his early twenties. Unless you plan a career in that industry - which in the luxury segment is also renowned for dissolute living - rather build the habits and disciplines needed to carry you through to being a man who can say yes and mean it.

Now of course some people have an avocation and interest in the maritime business, and those who wish to make a career of it should start somewhere ... but I am not speaking of those (and neither is the OP, since he touts money as the motive). I have a good friend who happens to be chief engineer on Sheikh Mohammed bin Rashid Al Maktoum of Dubai's Benetti 50m super yacht. It's a tough life. His family are joining him in March. He shares his experience of the youths who flock to the luxury yachts. It is not a pleasant story, and I feel very sorry for most of them.

I agree that he presented the making large amounts of money as the main motivation while being young.

He set that agenda as the OP of the topic. Your moral judgement (that money making in this particular way is not morally commendable, or lacks bigger meaning) was off-topic > "Money? Is that all? What a waste".

That said, your comment misses the point that the OP's life does not end at age 25, or whenever he stops doing this kind of work, like he has already done.

I can imagine that such an opportunity might be a way out for a young person without the financial means to go study straight after school - this actually sounds like exactly what the OP has done.

 

[Slootvreter]

Work on a luxury boat?

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

What a waste.

Work in an office, earn a mediocre salary but enough to survive and perhaps save a little. What have you archieved?

 

[atomcrusher]

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

Our government folk have none of those qualities, but most of them are millionaires. Explain that.

 

[Arthur]

I can imagine that such an opportunity might be a way out for a young person without the financial means to go study straight after school - this actually sounds like exactly what the OP has done.

Good point.

 

[mak2000]

So OP, how much did you save up and what is your plan going forward. It might very well be that you save up a few millions by 25 but what next? By the looks of it you need still need to complete your studies and then what? I think the proof of the success is what one achieves by the time they are around 50. You could go through and earn/save a lot by the time you are 25 but then lose it by the time you are 35/40 because you are now trying to catchup to the guys who started work on the ground who spent 3/4/5 years are university and have started to work.

 

[Davush]

So OP, how much did you save up and what is your plan going forward. It might very well be that you save up a few millions by 25 but what next? By the looks of it you need still need to complete your studies and then what? I think the proof of the success is what one achieves by the time they are around 50. You could go through and earn/save a lot by the time you are 25 but then lose it by the time you are 35/40 because you are now trying to catchup to the guys who started work on the ground who spent 3/4/5 years are university and have started to work.

Good question.

Yes its true that I'm back for university. The difference is that I can afford it now. It's an easy decision for most kids to study straight out of high school when daddy is paying for their tuition, car insurance, rent etc.

With regards to how much I have saved? Well its not a contest and I don't think it's polite to talk numbers. Ill just say that I can afford 4 years at UCT along with all living costs and no need to work in that time. I can afford a nice car and an apartment in Cape Town to live in.

When that is finished and I have sold the apartment I can specialize in Naval Architecture in london in which, my contacts acquired in the industry, will hopefully come in handy.

All of this at R0.00 cost to my parents and family. and 0% spent on interest in the form of student loans.

That is the plan anyway.. so we will see.

 

[Progenix Oj101]

So OP, how much did you save up and what is your plan going forward. It might very well be that you save up a few millions by 25 but what next? By the looks of it you need still need to complete your studies and then what? I think the proof of the success is what one achieves by the time they are around 50. You could go through and earn/save a lot by the time you are 25 but then lose it by the time you are 35/40 because you are now trying to catchup to the guys who started work on the ground who spent 3/4/5 years are university and have started to work.

That depends on your lifestyle eh. If you can do it till you're 35, saving up R10m or so (if you're taking home almost R100k/month while living at sea for extended periods, it isn't unfeasible to save R500k to R800k per year) it's unlikely you're the type to settle down with a family (I'm not saying impossible, my uncle is a captain for Maersk and has been spending 6-8 months at sea per year for the last 23 year - he has two daughters in high school) and if you're thrifty you can probably retire comfortably with a house paid off and R10m to your name.