Millionaire HS Dropouts

Home ▸ Archive ▸ Serious Business ▸ Millionaire HS Dropouts
C

Con_Alma

Senior Member

12,198 posts
Feb 8, 2010 11:23 AM
Jay-Z (Shawn Carter) Def Jam Records

Carl Lindner United Dairy Farmers

George Foreman, Boxer Naming rights

Simon Cowell Record label Owner @ 23

Gisele Bundchen Model

David Murdock Dole Foods, Hawaii Real Estate

Richard Branson Started an arts and culture magazine and mail order record retailer Virgin

Jim Clark founded Silicon Graphics, Netscape, Healtheon and Shutterfly.

http://www.forbes.com/2010/01/30/millionaires-without-high-school-diplomas-entrepreneurs-finance-millionaire_slide_9.html

Stay in school kids. You might not be so lucky and beat the odds.
Feb 8, 2010 11:23am
LJ's avatar

LJ

Senior Member

16,351 posts
Feb 8, 2010 11:26 AM
Add my grandpa to the list who had the #1 property development and apartment management company in Columbus in the 60's, 70's and 80's.

He dropped out of high school when my dad was born, the very beginning of his senior year. Back then they had "management" programs at companies because not everyone went to college. He got into the Big Bear management program and saved his money until 1960 and started his own company.

My grandma got her GED in 197x but my grandpa never did.
Feb 8, 2010 11:26am
C

Con_Alma

Senior Member

12,198 posts
Feb 8, 2010 11:33 AM
In 1938 my father dropped out of HS to assist his parents in putting food on the table. After returning from WWII he finished and the put himself through college becoming a metallurgical engineer. He had a work ethic like I have yet to again experience and wealth that was greater than most of his peers. He never had a mortgage nor a personal loan of any kind. He applied for his first credit card after my mother died in 1984 because we forced him to when he began traveling extensively. What he spent, or didn't, was more important in establishing his wealth than what he earned.
Feb 8, 2010 11:33am
Sage's avatar

Sage

Senior Member

2,070 posts
Feb 8, 2010 12:15 PM
That list would make up .00000000000000000000000000000000000000000001% of people who have dropped out of high school.
Feb 8, 2010 12:15pm
SQ_Crazies's avatar

SQ_Crazies

The Godfather

7,977 posts
Feb 8, 2010 12:16 PM
Sage wrote: That list would make up .00000000000000000000000000000000000000000001% of people who have dropped out of high school.
Not to mention, a million dollars ain't shit anymore.
Feb 8, 2010 12:16pm
Sage's avatar

Sage

Senior Member

2,070 posts
Feb 8, 2010 12:17 PM
Eh, I mean, a million dollars is still a lot of cash.

If you handed me a million dollars, I wouldn't work a day in my life. That's for sure.
Feb 8, 2010 12:17pm
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Feb 8, 2010 12:18 PM
SQ_Crazies wrote:
Sage wrote: That list would make up .00000000000000000000000000000000000000000001% of people who have dropped out of high school.
Not to mention, a million dollars ain't shit anymore.
I'd take it if you're giving it away.
Feb 8, 2010 12:18pm
C

Con_Alma

Senior Member

12,198 posts
Feb 8, 2010 12:18 PM
That list wasn't designed to represent the percentage of people who dropped out of HS.

In addition, those people are worth a lot more than a million dollars.
Feb 8, 2010 12:18pm
I

I Wear Pants

Senior Member

16,223 posts
Feb 8, 2010 12:23 PM
Sage wrote: Eh, I mean, a million dollars is still a lot of cash.

If you handed me a million dollars, I wouldn't work a day in my life. That's for sure.
And you would live pretty damn modestly.
Feb 8, 2010 12:23pm
lhslep134's avatar

lhslep134

why so serious?

9,774 posts
Feb 8, 2010 12:45 PM
A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
Feb 8, 2010 12:45pm
LJ's avatar

LJ

Senior Member

16,351 posts
Feb 8, 2010 12:48 PM
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
If you are planning on living on money long term your "safe" investments are only yielding about 4% right now, or 40k per year.
Feb 8, 2010 12:48pm
O-Trap's avatar

O-Trap

Chief Shenanigans Officer

14,994 posts
Feb 8, 2010 1:05 PM
Add my old boss to the list.

It's extremely rare, though.
Feb 8, 2010 1:05pm
C

Con_Alma

Senior Member

12,198 posts
Feb 8, 2010 1:07 PM
LJ wrote:
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
If you are planning on living on money long term your "safe" investments are only yielding about 4% right now, or 40k per year.

...and then you most likely would pay income taxes on that $40,000.
Feb 8, 2010 1:07pm
SQ_Crazies's avatar

SQ_Crazies

The Godfather

7,977 posts
Feb 8, 2010 1:25 PM
Didn't say I wouldn't take a million lol, but it really isn't that much money anymore.
Feb 8, 2010 1:25pm
darbypitcher22's avatar

darbypitcher22

Senior Member

8,000 posts
Feb 8, 2010 5:06 PM
I think I could turn a million into a lot more than a million if invested the right way in the right stocks and stuff. I would live VERY modestly for having that money, maybe buying a car and a Condo but that would be about it
Feb 8, 2010 5:06pm
I

I Wear Pants

Senior Member

16,223 posts
Feb 8, 2010 5:11 PM
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
For how long? Fifty thousand a year would be spent in 20 years.

And it's not like all the people who lose tons of money on stocks/bonds/funds/whatever are ratards. It just isn't as easy to make money off the markets as people would like to think.

But yeah, if anyone feels like giving me the million bucks I am entitled to :P that would be great.
Feb 8, 2010 5:11pm
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Feb 8, 2010 5:32 PM
I Wear Pants wrote:
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
For how long? Fifty thousand a year would be spent in 20 years.

And it's not like all the people who lose tons of money on stocks/bonds/funds/whatever are ratards. It just isn't as easy to make money off the markets as people would like to think.

But yeah, if anyone feels like giving me the million bucks I am entitled to :P that would be great.
where did you get $50,000 a year? you could buy a house and car for $200,000 and be done in year one. and still have $800,000 to live off of. which unless you go crazy spending, can last almost 50 years. then again, depending if you want to have a wife and multiple kids, that might come down.
Feb 8, 2010 5:32pm
P

pinstriper

Senior Member

225 posts
Feb 8, 2010 7:30 PM
My friend just won a million bucks...after cutting a check to the feds and state for a total of approx 350,000, she's putting the rest up. She's 28 yrs old and used to making 70 - 80,000/yr. There's no way she can just sit on it and not work the rest of her life, and she knows it. She's looking right now for another job. She'll buy a car cash, take a very very very nice vacation, donate a good amount to her church, and invest the rest. Everyone says if they win a million dollars they'd do this or they'd do that, but until they actually do it, and see how much they gotta pay in taxes and where it really leaves them and such, it doesn't take you that far these days. Unless you're used to living on 25,000/yr - good luck.
Feb 8, 2010 7:30pm
H

hang_loose

Senior Member

802 posts
Feb 8, 2010 7:40 PM
I'm not sure but should Dave Thomas(Wendys) be on the list?
Feb 8, 2010 7:40pm
iclfan2's avatar

iclfan2

Reppin' the 330/216/843

6,360 posts
Feb 8, 2010 7:43 PM
If I won a million I'd buy a better car, pay taxes and bank the rest. I'd keep my tiresome job but feel better knowing I can retire much sooner. Make that compounding interest work for me.
Feb 8, 2010 7:43pm
dwccrew's avatar

dwccrew

Not Banned

7,817 posts
Feb 8, 2010 9:22 PM
My uncle dropped out of high school in the early 70's and is now worth several million dollars. Just like LJ's grandfather, my uncle made his money in the real estate industry (rentals and flipping property).
Feb 8, 2010 9:22pm
I

I Wear Pants

Senior Member

16,223 posts
Feb 8, 2010 9:30 PM
Glory Days wrote:
I Wear Pants wrote:
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
For how long? Fifty thousand a year would be spent in 20 years.

And it's not like all the people who lose tons of money on stocks/bonds/funds/whatever are ratards. It just isn't as easy to make money off the markets as people would like to think.

But yeah, if anyone feels like giving me the million bucks I am entitled to :P that would be great.
where did you get $50,000 a year? you could buy a house and car for $200,000 and be done in year one. and still have $800,000 to live off of. which unless you go crazy spending, can last almost 50 years. then again, depending if you want to have a wife and multiple kids, that might come down.
50K * 20= 1 million

If you spent fifty thousand dollars a year, which isn't all that much, you'd have zero money left after 20 years.

Of course a lot of the money people spend is mortgage and such so I get that your living expenses would be dramatically lower and you'd also be able to make some money in interest so it could last longer than that.

But it's not as if a million dollars lets you live luxuriously for an entire lifetime especially if you have a family.
Feb 8, 2010 9:30pm
LJ's avatar

LJ

Senior Member

16,351 posts
Feb 8, 2010 10:28 PM
Glory Days wrote:
I Wear Pants wrote:
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
For how long? Fifty thousand a year would be spent in 20 years.

And it's not like all the people who lose tons of money on stocks/bonds/funds/whatever are ratards. It just isn't as easy to make money off the markets as people would like to think.

But yeah, if anyone feels like giving me the million bucks I am entitled to :P that would be great.
where did you get $50,000 a year? you could buy a house and car for $200,000 and be done in year one. and still have $800,000 to live off of. which unless you go crazy spending, can last almost 50 years. then again, depending if you want to have a wife and multiple kids, that might come down.
The budgeting nerd in me had to do this...

800k/50= $16000
Car insurance and registration yearly= 550
Property tax and insurance on 165k house= 3000
Utilities= 200 per month- 2400
Cable internet and phone- 100 per month- 1200
-------------------------------------------------------------

8850 or 737 per month to spend on everything else. Totally doable.
Feb 8, 2010 10:28pm
tk421's avatar

tk421

Senior Member

8,500 posts
Feb 8, 2010 10:33 PM
LJ wrote:
Glory Days wrote:
I Wear Pants wrote:
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
For how long? Fifty thousand a year would be spent in 20 years.

And it's not like all the people who lose tons of money on stocks/bonds/funds/whatever are ratards. It just isn't as easy to make money off the markets as people would like to think.

But yeah, if anyone feels like giving me the million bucks I am entitled to :P that would be great.
where did you get $50,000 a year? you could buy a house and car for $200,000 and be done in year one. and still have $800,000 to live off of. which unless you go crazy spending, can last almost 50 years. then again, depending if you want to have a wife and multiple kids, that might come down.
The budgeting nerd in me had to do this...

800k/50= $16000
Car insurance and registration yearly= 550
Property tax and insurance on 165k house= 3000
Utilities= 200 per month- 2400
Cable internet and phone- 100 per month- 1200
-------------------------------------------------------------

8850 or 737 per month to spend on everything else. Totally doable.
Heck, that's not even counting interest you could earn on that 800k. I'd totally take that deal.
Feb 8, 2010 10:33pm
LJ's avatar

LJ

Senior Member

16,351 posts
Feb 8, 2010 10:34 PM
tk421 wrote:
LJ wrote:
Glory Days wrote:
I Wear Pants wrote:
lhslep134 wrote: A million dollars, invested in the right way, would definitely allow a family to live very comfortably without working again, so yes, I would gladly take a million bucks.
For how long? Fifty thousand a year would be spent in 20 years.

And it's not like all the people who lose tons of money on stocks/bonds/funds/whatever are ratards. It just isn't as easy to make money off the markets as people would like to think.

But yeah, if anyone feels like giving me the million bucks I am entitled to :P that would be great.
where did you get $50,000 a year? you could buy a house and car for $200,000 and be done in year one. and still have $800,000 to live off of. which unless you go crazy spending, can last almost 50 years. then again, depending if you want to have a wife and multiple kids, that might come down.
The budgeting nerd in me had to do this...

800k/50= $16000
Car insurance and registration yearly= 550
Property tax and insurance on 165k house= 3000
Utilities= 200 per month- 2400
Cable internet and phone- 100 per month- 1200
-------------------------------------------------------------

8850 or 737 per month to spend on everything else. Totally doable.
Heck, that's not even counting interest you could earn on that 800k. I'd totally take that deal.
The interest would cover the money you take out yearly and you would be able to keep up with inflation most likely.
Feb 8, 2010 10:34pm