People have turned to Reddit to open up about how they became self-made millionaires– well, sort of. “Not me but my mother: She inherited $250,000 from her dad when she was in her 30s and then did something weird – she didn’t spend any of it,” one user dished. Another added: “Working a regular a*s job and putting 20% of my pretax money in my RRSP for 18 years. Buying a reasonable house and paying down my mortgage so I have equity.” Read on below for more.
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User “Clapperoth.” “Not me but my mother: She inherited $250,000 from her dad when she was in her 30s and then did something weird – she didn’t spend any of it. She had a job (catholic school teacher, low pay but tuition for my brother and I through high school was free) and put a down payment on a modest but nice house (3 bedroom, 2.5 bath, two floor cubic box house).
She then paid her bills and lived very modestly and when she retired at 60 she owned her house and her investments had grown so that her net worth was about 1.1M.”
User “throneawaybaby.” “The old fashioned way, I inherited it. The company my father worked for offered stock options. He took out loans to max out his yearly limit and paid it off via the dividends or small chunks of stock after sharp rises. Repeat for 20+ years. He passed away, and I got 1/4 of it. I use the dividends to build my savings, help with big purchase and hope to never sell off any of it to keep a perpetual legacy/safety net for my family.
My biggest fear is theoretical children or grandchild will squander it. I wouldn’t care if one becomes a full time artist and supplements their income with dividends. Now if they sell off shares to buy sports cars, play video games, and smoke weed everyday I hope to haunt the sh*t out of them.”
User “Mousicle.” “Working a regular a*s job and putting 20% of my pretax money in my RRSP for 18 years. Buying a reasonable house and paying down my mortgage so I have equity. Really a million bucks isn’t that much anymore if you count your house and retirement accounts.”
User “YanoJAL.” “In my 20s, I was a computer programmer just as the web started exploding in popularity. I could wire up websites and databases back when internet technologies were new, and tooling was still primitive. I never hit it big with a viral website like Facebook or Amazon, but I did charge a lot for programming services. And I used that money to buy houses at first, and ultimately an apartment building in coastal California.
In my 40s now. I don’t feel very wealthy really. Oddly, I still check prices when shopping, and I plan to drive my old jeep until it dies. When I travel, I often pay to fly first class; and I do enjoy the nicer hotels. But, other than that, I live (and spend) rather simply.”
User “BruceRL.” “Former multi-millionaire here. Got there by marrying a lady with a rich and generous father. When I left her, I didn’t go for half I just kept what was ‘mine’. Several years worth of devastating court battles would have meant I’d still be a millionaire now assuming I wasn’t dead from the stress. Instead I’m just very comfortable. And my generous ex-FiL pays for the kids’ college, so yay everyone.”