Reply to How is it "easy to make money"?

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[quote=Anonymous][quote=Anonymous]I made a lot of money starting pretty early on. The key was that I was willing to take a risk and start a business. Most people are afraid to take a calculated risk. The second thing that helped a lot was that I did it fairly young which meant that I was accustomed to living on very little so I didn’t stress about having enough (it also helped that DH had what we at the time considered a very high paying job)

I then kept taking calculated risks with the profits.  I was making what felt like insane amounts of money. It’s not that we lived cheaply but we lived significantly below our means. So when our friends were all making $150k and thought we were showy and making $300k we were actually not being showy and making $1M. And it just kept going that way.

Eventually, I was making truly ridiculous amounts of money. Like $4-5M per year with no obvious end in sight to the growth.

To make it even more crazy, I can get a loan from a bank for insane amounts of money way easier than most people can get a loan for normal amounts. Literally I just pick up the phone and ask one of my business bankers (I predominantly bank with 4 commercial banks) for whatever I need and send them an email. No formal applications. No documentation review outside the deal and that is relatively minimal. Just yesterday I asked on of my bankers for $6M on an $8M shopping center I want to buy. But for the appraisal and environmental review it will be preliminarily approved this coming week. The key, I can put down $2M. I have access to that much money in so many different places the bank won’t even ask where it’s coming from. And because I can put down $2M, lending me $6M is easy. My expected return on the $2M. It will be about $320k per year cash flow plus principal pay down. 16% cash on cash and over 20% overall rate of return.

But most people are afraid to take the risk so it never happens for them. I should also point out that I spent a ridiculous amount of time working for the first 20 years. Easily 80 hours per week in the beginning and definitely 60 hours per week in years 11-20. But financially it paid off. [/quote]

May I ask what type of business you me first one that took off was? Thanks.[/quote]

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