Getting to $100M networth

[Alex Silang]

Okay, now for a ridiculous, hypothetical question.

What's away to theoretically get to 100 mil in net assets. Assume this is for a "young" person who has several decades to reap the rewards of salary, compounded returns, going back to school, take advantage of several boom/bust cycles etc.

I think it's very possible if one lives frugally, has a solid job and invests prudently to get enough passive income to live off of in 20 years. But buy and hold will only take you so far. You'll probably need outside money to get far. Plus buy commercial property, deal with non-conventional loans.

I've read the big money is made in appreciation.

What type of skillset would someone need to cultivate? Anyone can get a conventional 30 yr. But I'm sure with the more complex financial instruments, creative financing, etc. is going to require more people and presentation skills?

Again, this is a ridiculous, hypothetical question.

Thanks!

[Derek Carroll]

I'm going to be the optimist here and say that it absolutely is possible. You don't need an IVY league degree nor do you need to come from wealth.

Real estate always has been and always will be the most direct path to accumulating wealth, and lots of it. So go out there and acquire more!

I work with many people whose net worth exceeds your goals and who amassed their fortune in 15-25 years. It absolutely is possible.

Here's how:

You must be focused, work hard, make sacrifices and take calculated but prudent risk. You'll get both lucky and unlucky along the way but make sure you learn from both your successes and your mistakes.

Make every deal push your comfort zone just a little further. Don't be afraid to jump into the unknown and then figure it out along the way.

You're going to need to do some form larger deals. Likely commercial. Pick a niche and kill it. Become the expert and make it know that you are. Be the person that everyone thinks of first when they come across a deal that fits your strategy.

You're not going to do it on your own. Get partners. Partners to bring you deals. Partners to invest with you. Partners that you can learn from. Leverage their money, knowledge, experience and connections.

Most of all, ironically, you can't be in this for the money. Especially if wealth is new to you then you'll stop long before you reach $100m. As soon as you feel well off and comfortable in life it will be easy to step back and start taking life easy. There aren't a whole lot of experiences that you can have at $100m in net worth that you can't have at $25m. You need to be in this because you love it. Love chasing deals, creating value, helping people and communities or some other motivating factor outside of money. If you love it you'll keep doing it long after most would have stopped and parked themselves on the beach.