Dreaming of becoming a millionaire again has taken me on quite the journey. Back in early 2019, I snagged a single-family home in San Francisco for $150,000 less than the asking price by making a persuasive cash offer with a quick close. The house is a gem with three levels of panoramic ocean views. Originally renting it out for $6,550 a month in 2020, I’ve since upped the rent to $8,000 after expanding the living area. Post-renovation, the property’s value has soared by about $800,000.
During the 2020 lockdowns, I bought another home on the west side of San Francisco, again with stunning ocean views, for 7% below its pre-lockdown value. While I’m not as concerned about this home’s appreciation, as it greatly enhances my family’s quality of life, I’m generally bullish about all single-family homes with ocean views here. They strike me as San Francisco’s most undervalued real estate segment, especially as people crave more space.
Becoming an Inventor
Another millionaire dream of mine is to become an inventor. I’ve toyed with the idea of creating a physical product with mass appeal—a product that’s injury-preventing, globally relevant, affordable under $20, and boasts high margins. It should be simple to use and easy to mass-produce. I plan to prototype it, fund it through Kickstarter, and market it myself. Yet, as I’ve found, creating digital products might be less challenging. I’ve already launched an ebook that brings in about $50,000 annually. Moreover, I’ve ventured into music, creating a baby lullaby with potential blockbuster appeal.
Scaling Up My Online Business
Living in the entrepreneurial hub of San Francisco, I’m inspired daily by the startup culture. While my current online business, Financial Samurai, offers great freedom and requires accountability to no one, there’s room to grow. I could create new courses or consulting services, similar to what Robert Kiyosaki did post-‘Rich Dad, Poor Dad’. But, truth be told, fame isn’t what I’m after. I enjoy my privacy too much.
Launching a Bestselling Book
Publishing a bestselling book is another route I’m pursuing. Success here could not only boost my income through royalties but also elevate my rates for brand partnerships and speaking engagements. Despite the uncertainties and challenges of trying something new, I’m excited about the book’s potential.
Investing in the Next Big Thing
With private companies staying private longer, significant gains are increasingly accruing to early investors. Venturing into sectors like AI, fintech, and proptech through platforms like the Innovation Fund, which requires as little as $10 to start, could potentially be my next big break. In 20 years, I don’t want to regret not investing in AI.
In conclusion, building wealth is a marathon, not a sprint. It requires persistence, a positive mindset, and the ability to seize opportunities. Whether you choose traditional pathways or forge your own, staying the course is key. Remember, becoming a millionaire—or even a multi-millionaire—isn’t just about the money; it’s about crafting a life of purpose and meaning.
