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How To Make Your First $1 Million

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rewlrwWell I made to that 1.5 million mark by 57, without scarifies, or at least we didn't recognize them. Invested every month since 30 about 400-600 a month in mutual funds. Bought 1st house and stayed in it for 30 years. Refinanced at the 20 year mark and pulled enough equity out to buy a rental single family home with no cash down, just cash out from the refinance. 20 years later had 2 rental homes and now all 3 are paid for, average rent 1200 a month, beats the stock market. Still have 1,000,000 in the market now, it crashed to 600,000 but I let it ride and it's back to 1 million again. As far as leaving it for someone else, I plan to spend it in retirement. Also When I sale my residence, tax free, i will move into rental #1, and sale it in 2 years, 'TAX FREE", that's 500K tax free and live in Rental # 3. I guess we skipped big vacations, but we camped and visited parks, pretty low expense lots of fun. Now it's time to travel. But I sure am glad we saved, because what else would I have in retirement all the company pensions are gone.

10/13/2010, 6:31 PM | Reply | Report Abuse

mannyp7after taxes = 650,000 with inflation

09/12/2010, 8:51 PM | Reply | Report Abuse

marb64Be a millionare for what any way as much u have the gov take it and when u died any thing what we have we can not take it so working to make somebodies live easier i dont tink so.

09/06/2010, 9:44 AM | Reply | Report Abuse