Is there any truth to what my brother is saying?
He's almost 30. He makes probably about $50,000 selling products on Ebay. He always talks about how he doesn't need to work at a job because he "diversifies in the stock market". He talks about how he'll have millions of dollars by age 50 because he says he knows how to "invest well".
- Anonymous1 month ago
Investing over a long period of time can be quite profitable.
I have been doing it for 33 years or so.
(I wish I knew as much as I thought I did at 30)
That said, investing has had a major positive effect on my net worth over time.
I could not make $50,000 or even $5000 selling on ebay. I made a little decades ago but each time it did not last for long and i could not find new stuff to sell. Plus ebays fees and paypal fees took a significant amount of the profit.
- 1 month ago
Stock market is better but Forex is best only with a transparent Trader like Annie Fox on Facebook....
connect with her for more info
- SteveLv 61 month ago
Its possible. Its also nice to have a dream. Not trying to say he wont make it. I have about the same thoughts except I dont do ebay. Show some interest and support, but be realistic in your own thoughts. 50k is a nice amount to invest, but its likely more like 15k based on his life expenses. Either way, I hope his dream (and mine, too) can one day become realized.
- AnonymousLv 72 months ago
He's self employed and not earning that much. I highly doubt his investments will do better than your average investor.
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- Ron AkiaLv 72 months ago
There's a chance he's correct. If he's earning $50K on eBay, he's not unemployed, he's self-employed. As for investing in the market, 30 year ago my net worth was around $150K whereas today it's approaching $1.5M. The bulk of that is from investing in the stock market. It's tedious, takes a lot of time and research, but it can be done.
- DosCentavosLv 72 months ago
If he is making $50,000 profit, then he has a job. It's called being self-employed.
If he invests 20K a year into the market in a diversified QQQ, XLK, DIA, SPY baskets the math is sound that he will have about $1 million by age 50.
- Christin KLv 72 months ago
Lots of luck to your brother. He obviously thinks he can make millions on eBay, which has never happened yet--but maybe he'll be the first. Why don't you simply ignore the boasts and go about your life and forget what he is saying? you'll see how all this pans out one way or another.
- kswck2Lv 72 months ago
You do realize that 99% of investors that think that way go broke?
- Anonymous2 months ago
Is there any truth to WHAT specifically?
No one here knows how much money your brother actually makes (gross vs. net). No one here knows how much money your brother invests, what he invests in, what is returns are or what is net worth is.
Your brother is not unemployed. He's self-employed. He may be committing tax evasion. That may come back to bite him in the butt.
Is it possible to be a multi-millionaire (as in two million or more) by age 50 through modest self-employment income, living below one's means and investing wisely? Absolutely. Most people are too uneducated or undisciplined to accomplish it, but I know for a fact it's not just possible, but easier than one might think.
Truly, one of the biggest failures of both parents and the public education system is not teaching young people how to grow assets.
- jimanddottaylorLv 72 months ago
Do not know about your brother and his knowledge but it does sound like a plan for success. He is bound to do better than if he spent it all on booze and drugs.