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Originally posted by dimple2001

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Originally posted by BlueLobster

Congrats! Most people don't have a net worth of a million dollars in a lifetime. The fact that you've done that in 10 years shows some really good decision making and risk affinity that people generally avoid. All the best for the next 10!

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Agree as a general population. But, I suspect many immigrants from India (and perhaps a few other countries) tend to balance the spending, and hence accumulate wealth. Ten to 15 years for a $1 million is not far fetched if a disciplined investment is followed (assuming of course a steady and reasonable income stream).

A better measure of net worth would be a $1 million without including the equity of the primary home, especially if one lives in regions where RE market is soft.

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Are you there?

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Originally posted by BlueLobster

I could be wrong, but even in the desi community, a net worth of $1M in 10 years is a not all that common. Agreed that fiscal discipline is a key along with steady income, however you also need have income above a certain threshold. And of course some intelligent decision making and luck with the stock market (which has been very good for intelligent investors over the past 7-8 years).

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Dimple2001

OK the OP has accomplished $1m mark ... Very good and very successful - however I found 2 more notable things in his original post ...

They had their 2 children in Canada ( I guess that more than $1m per child )

He mentioned that most of the important things in life are free ....

If we have not made $1m , does not mean that we have lived less ... Each's life is equally important and worth living and if you are healthy , have a happy and successful family going , trust me you are equally successful and happy...

I was reading last week of this billionaire couple who live in a multi million $ penthouse in Toronto , split up and I thought all the money in the world sometimes is not enough to make a man happy.

Trust me your children give you an unparalleled happiness ... and we should parent them properly - again I was disheartened to read about the Canadian diplomat's teenage son to be tried as adult in Miami .....

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Fido.

Moreover, I don't think many are quite an investment savvy to be a millionaire in 10 years. It all depends upon your profession, the time when you enter into the housing market, where you settle down, and how the markets are fairing at that time.

There are people that buy/upgrade houses in a peak market, and in the process lose money. Where you settle is also the key. Many of my acquaintances (myself included) chose Vancouver for the sake of better weather and lifestyle, and have lived in a townhouse since they arrived into the country. Even though they are happy and enjoying the cold-free lifestyle, yet despite of being in the country for the past 15 years (on an average) they are far from being millionaires as they chose the expensive place to settle down. As the housing markets are booming, we are left with the average $600k detached house that will take years and years to grow - provided the market stays as high as ever. Risky business, and a bad time.

So, it's all about time and resources. You may as well call it a luck. One success story can't be replicated across the board. There are and will many variables.

Fido every word that you have written above makes sense but I don't see any relevance to the OP .
Success indeed is a very relative term and no matter how much we deny $$$$ plays a big role in its definition .


Miami incident is one of its own kind . I know blaming is the easiest thing we can do but certainly mother did failed in parenting . Stressful job at high position should be no excuse .
Boys twitter account was screaming all over his future . RIP .

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Growing Old Is Mandatory ..Growing UP is Optional

AG - We do have instances where all the money in the world has prevented people from being happy.. I guess having or losing a loved one is invaluable .... I still find chatting with an old friend as an invaluable treat that money cannot buy ....

Midas & How much land does a man need are well known legends ... Heard of 'Can't buy me love' by Beatles .

Money is important but there are lots of things which rise above money and are more important.....

Success cannot be defined by money .... A corrupt Police Officer would be more successful than a non corrupt one by that context ....

What I was trying to say was that the OP has been great and successful but just because we have not made a $ million , does not make us any less successful as each life is unique and we should define our own success ... and be happy !!

A great man once said in today's world we are not happy with what we have got but sad with what others have got !!

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Fido.

I wonder if Gollu had stayed in India instead of coming to Canada, but kept the same attitude that he did in Canada, wouldn't he be a millionaire there by 10 years???

In my view, he might have been multi-millionaire.........

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Chandresh

Advice is free – lessons I charge for!!