How to get over a million in life?

[RestUnknown]

Hi all

For the moment I get a minimum of 3300 euro's after tax on my bank account. If I would work another 30 years and think very optimistic and live very cheap, I would have 1 million euro's when I retire.

My life goal is to have a decent house/villa somewhere in a foreign country. Prices for the ones I want go from 1-3 million. Basicly not enough.

The job I currently have only has a margin to get to 4500 after tax.

Now, I don't know what I can do to make even more. I don't complain with what I earn, I complain because I'll not be able to achieve my life goal.

I don't know anything about investing, even after reading books about it I just don't understand and because of this I don't want to risk my money. And succes stories like Microsoft or Bitcoin on the stock market, feels to me like winning the lottery by picking those out.

I don't have any talent which I can exploit by starting a business in it.

I can get a second job as a waiter or something like that, but this would probably in the end only get me a maximum of 100.000 euro's extra.

Tips on what I can do?

 

[BeTheChange]

3300 after tax is plenty. You can live a comfortable life as a single man and still save half of that. That's €20k a year. If you're comfortable taking on some debt, which you should be if you want to be a millionaire, then you have two options:

• Invest in property. You could purchase a property every one or two years quite easily. Start learning, reading, studying the fundamentals NOW. Before you have the money saved.
• Invest in your own business. This requires you to have something that adds value, is marketable and preferavly scalable - if not the latter then the business is probably not sustainable in the long run.
• Invest in the market. The least preferred option IMO as it's more difficult to use leverage (which enhances you're returns and allows you claim over assets you wouldn't otherwise be able.to afford). Trading on margin can be dangerous and difficult to understand. Regular share purchases are an option but again one would need to have the time and inclination to study the market. Not to mention the mental discipline to master your emotions. If that sounds too difficult index funds are am option but 5% returns after fees will not make you rich

You should be looking at annualised returns of atleast 10% in any investment you choose to make.

I have a thread which goes into detail as to how I expect to be a millionaire in the next ten years.

 

[RestUnknown]

I will definitely check out that thread, thanks!

Perhaps some more info on which books to read on how to invest in property? And do you mean buying some property, patching it up and reselling or renting it out?

I wouldn't mind my own business, I think it gives the most return as to how much you put into it. But the fact, as I said in my first post, I don't know in what I could start something. I'm not specialised in anything.