Anton Ivanov is a millionaire, in dollars. And he's 27 years old. So how did he do it?
Ivanov (who shares his insights on the blog Financessful.com) was an ordinary American kid (his parents immigrated to the US in 2002) who didn't make his fortune from a high-tech exit or receiving a large inheritance but in another, much simpler and "ordinary" way: he was greatly influenced by some books he read and decided, already during high school, to do everything he could to become a millionaire. And he succeeded.
Ivanov started working weekends while still in high school and managed to save about $10,000 by the time he graduated. Then, like many American boys, he faced the big dilemma: Should he go to college? After some deliberation, he ultimately decided to join the Navy, a move that earned him a salary of about $55,000 a year while also getting a free education.
From his salary, he managed to save more than $601,000 and decided to invest the money in ETFs that invest in large, mid, and small-cap American stocks, emerging markets, commodities, and bonds. Once a year, he reviews his investments and makes changes, if necessary.
He couldn't escape the great crisis of 2008-2009. "I lost a lot of money on paper, but I wasn't thrilled about the declines. In fact, I increased my purchases during that period. It was a clear and easy decision for me," he says.
During that time, he also read two books that had a huge impact on him: The Millionaire Real Estate Investor and The Millionaire Next Door. Then, with perfect timing, he too decided to invest in real estate.
In 2009, Ivanov invested $80,000 in a building in San Diego for about $400,000, which he rents out for about $36,000 (leaving him with about $12,000 a year after mortgage payments). He now values the building at more than $600,000. He then purchased a duplex for about $430,000, and here too he equates to a net income of about $12,000 a year after mortgage payments.
""I believe in taking informed risks. You need to know what you're investing in, what the risks are, and what might happen if your investment doesn't work out," he says.
And even today, after becoming a millionaire two months before turning 27, he manages to save about $601.3 million of his income. "The trick is to automate the whole process. I know in advance what part of my income goes into savings and I stick to it. I have a different approach to life than others - buying expensive accessories doesn't 'do it for me', it doesn't make me happier.".
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