How did the richest self-made person you know, under 35, obtain their wealth?
No one is truly self-made but this excludes the people that got their wealth, job, or a $100,000+ loan to start their business from their super rich dad or family.
By know I mean people that you have actually met and had a conversation with. Not the richest person "you know of." (Ex. Mark Zuckerberg)
How much is their wealth? 1,000,000? 10,000,000? 100,000,000?
Real estate. And in Dallas they either started at Trammel Crow or Henry S Miller. They all have their own brokerages now and development companies. 2nd houses in Aspen kind of thing, boats, etc.
Yeah dude I have no idea why more people don't go in RE. There is so much opportunity to make so much money here. All these stockboys running around clamoring for a $200K high phinance salary
Because prestige that's why.
If you're in RE and you're not at Blackstone, Starwood or some other prestigious company they don't want to do it.
lawl these silly shits are modern day peasants and don't know it
When you say "go in RE," are you referring to the act of just buying any property to flip or rent? I would think the market is pretty saturated. I don't know many people who could go out and get loans to buy rental properties without forming a Partnership or an S-Corp of some sort.
Was going to say real estate as well. A mentor of mine had a net worth of $8MM by the time he was 35 (more now). Just started out buying rental properties and scaled up.
Good friend of mine is 31 and is worth a few million. He can realistically live off of his passive income. Not like a second house and a yacht type of deal. But he could sit at home all day, make a phone repair phone calls, and afford to live comfortably but within means. He doesn't and is aggressively trying to scale up.
He was a carpenter, became a home builder, took a bank loan to fund his own contractor business, developed a strong reputation for details in his builds and thus started getting 1M+ homes to build, then spun our a realty business handling that side of the transactions, and then those same clients returned years later for home renovations which became even bigger than his primary construction business.
Now he has excellent people running all sides and he's funding commercial deals left and right.
He's a little north of 35 now but he was very well set and taken care of by the time he hit 35. I'd easily guess he is in the 10M range now, possibly a little over. He has a beach house but neither that or his primary residence is something that screams money.
Was the founder of a fairly large company. Probably worth around $200M.
BITCOINNNNNN
also apps back when the fruits were hanging low
you mean:
One started a gambling website which was acquired, the other started a game studio which was acquired. This was some 10 years ago, and both dudes were in their early 20s when this happened...both are financially independent and pretty much retired from working.
Bitcoin, Multifamily Real Estate, and early stage investing into CBD
Academia (PhD)
Started at Optiver out of uni, went on to run his own shop, retired at 29y/o. Probs worth approximately £20m.
Quae sunt debitis explicabo est explicabo voluptatem nostrum. Officia occaecati mollitia et explicabo. Incidunt voluptatum nam animi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...