What skills are required to become a millionaire?

Answer 1

I became a millionare by working in real estate. I had a full time job as a prison guard. While thus employed, rather than watch tv, I bought and fixed up old houses. The first house we owned was a real disaster. We worked on it for a year while my wife and child put up with having the kitchen or another room taken apart and then put back together. I have also been married to the same woman for over 20 years. My wife works taking care of children in our home, which is a great tax deduction. I am a former IRS agent so I have a general grasp of the IRS rules. We had so many deductions at one time that we paid no tax for three years. We have never bought a new car. When I am done with a car they haul it to the junk yard. I built my own house. I do most of the repairs that need to be done. I read about how to do the things I want to get done and then try to do them myself. Luck has something to do with it. I bought 5 acres of land with the intention of building apartments on it for $25,000. Two years later a guy bought it from me for $70,000, because he wanted to build duplexes on it. I used the money to build mini-storage units in my back yard. I did not buy the land I build my house on to build the storage facility but later I saw the posibilities. I dont give up easy. I am willing to try new things and fail over and over. I think you can fail 100 times and wind once and that makes you a winner. So be frugal, willing to fail and try new things. Keep looking for a better way. My business philosophy is be able to do what nobody else can do or be able to do what everybody else does but better and cheaper.