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Either your income or your luck has to change drastically for you to meet that goal. I have no advice for either.
The only advice I have is - be realistic
Pro
Do your parents have $5M to give you? I have a 10M net worth and started at $34k salary and have never made over $1M in a year. It took me 30 years and some good stock market years to get there. I have no huge winner but no big losers. Basically I ride the market. The only way to make $5M in 5 years is to pick the next FAANG company at IPO and invest $1M in it. Since you don’t have $1M, I think your goal is unrealistic.
"at least make it to 5M in 5 years"
What in tarnation
Rising Star
1. Make extra money outside salary, tutoring, real estate, whatever you like, spend your free time making money 2. Reduce all frivolous spending, every dollar extra of income counts 3. Find something to invest this money into, for me it was stock trades and real estate. Everyone that tells you it can’t be done, hasn’t done it, so ignore the naysayers. Plan all your moves around how to get richer. Avoid tv. Making the first million is the hardest it gets much easier from there but especially if you have a system to grow your money.
Agree with BCG1 and P1. Same boat but in Canada atm.
1. You can’t sell your job, but can sell your businesses at MULTIPLE. And yes, saving has a cap, earning more doesn’t. Trading isn’t my thing so can’t speak.
2. Time is more valuable. Similar jobs, pick the less demanding to grow your side gigs.
3. Invest in tech. Tech has beaten S&P500 and everything last 10-15 years. Alpha now is in Web3 btw.
5M in 5 years requires one thing: luck
That’s not going to happen unless either you’re extremely lucky with high-risk speculation or you get back into entrepreneurship. Otherwise you’re looking at a much longer timeline
Go to Vegas and gamble!!
Respect the time you put into trying to be as tactful as possible
Real Successful people avoid instant gratification - move towards that goal but don’t put a timeline to it - if you want to stay happy during the process
All these people getting caught up with the timeline comment... instead of addressing his/her comment about mentorship 🤦🏻♂️
OP I think here you got what it is going to be like... lots of people just critizing, and a few who will actually care to share.
Good to see how many other replies actually cared to share perspectives
D3 🤡
OP, also post in personal investment bowl, might get some good advice around investing. All the best!!
Scratch off lottery
Marry rich! With a partner making $300k you can do it no problem 💍🤗✨ good luck OP
1. Make moves every 2-3 years to get a 1.5-2x salary bump.
2. Get relevant certs and become a master at a specific thing.
3. Buy with discipline every paycheck. Think of going into highly risky things. (BTC, Covered calls, OHM, Memes, NFTs.)
4. Live frugally.
How hard do you want to go? Your goal will be hard without successful lawsuits, an inheritance or crime. Perhaps the better question is why rush to your goal? What are you willing to sacrifice to get it? You might be better off by going with ETFs and explore some risky plays for fun. Treat yourself for well being and balance. It’s just one life and money is not the be all end all. IMO
Try setting a more attainable goal for starters.
😂😂😂 “any tips for making 5 mil in 5 years?” Looking for a get rich quick scheme out here
Pro
Honestly, selling a kidney on the black market is probably your best bet. Im being serious.