ends meet got me thinking about first, what is the lowest amount per year I could make and be okay and if I were making minimum wage, what would I do to improve my situation. For reference there are several people I've heard about who never made more than $12 per hour who became multi millionaires.
If the scenario were that I were 18 and working at McDonald's. According to information posted this morning, I could plan on making 20000 per year. I would look for a duplex or fourplex in run down condition and see if I could negotiate with the owner for owner financing. I would then try to get multiple young men in it with the benefit of paying cheap rent. I would live off rice and beans and look for a second job as a plumber or electrician laborer splurging on internet and a regular phone with no data or anything else.
I would also begin putting down as much as possible in McD's401k to at least get a match. I would use my weekends to fix up the fourplex focusing on the exterior. I would also begin looking for a 2nd fourplex. I would use my free time to research handyman things on the internet and once I felt confident, I would use craigslist to advertise handyman jobs beginning with small jobs in the beginning.
A person in such a scenario could be a millionaire in as little as 10 years in my opinion and a guaranteed millionaire in 20.
Is there something I am missing or valid criticism? I actually think he would be at least a multimillionaire by the time he were 65.