Net worth question

[robbyreneeward]

For those of you with a substantial net worth, what did you do that helped build it the most? I hope I'm not being too forward with my question, but I'm genuinely curious. Reason I ask is based on how work has been going the last 2 years, with the growth of our franchise group and Sonic as a whole, the potential for growth personally is at an all time high. I can see myself in the next 10-15 years becoming a franchisee myself, but Sonic's qualifications for a franchisee are fairly stout. 500k net worth for new small town sonic builds or acquisitions, and 200k in liquid up front. And if you want larger cities you have to go to developing markets, which requires a million net worth and 300k up front. This is for a single unit. Any advice guys?

[Atfulldraw]

Do they allow for inclusion of your primary home in the net worth calculation?

If so, building a home yourself is one of the fastest ways to increase your net worth, following closely by building your own rental properties.

If you have any, aggressively pay off your debts.

Other than that, it's mainly about saving and not spending.
It's the little expenditures that add up.
Slow and steady wins the race, and it's a lot easier if you start young.

If your goal is $500K in ten years, you need to be adding somewhere between 30K-40K to your net worth this year, and the next, and the next......

[robbyreneeward]

Net worth question

I'm building a second house on our hunting property in December. Once the house is finished, along with my primary residence, and counting the property itself and other assets, I'll be around roughly 250k for next worth. And yes they include primary residence. I am able to save money now every month, and it's been getting better and easier as it goes by. I was just wondering if there were any other ways besides hoarding money that would help also. If we ever acquire/build new stores, I am first in line for a district supervisor position, which is a substantial increase in pay which would help me be able to save that 30k a year. Oh and I would consider myself young lol. I guess at least. I'm 30

[Charles]

Save early and save often.

Avoid debt or debt that won't make you money.

Invest in goods that appreciate.

Save early and save often

[9452772]

Net worth question

Do not buy new vehicles. Pay cash for used ones or pay them off very fast. No fancy vacation. No fancy dinners every other night. Look for good deals and research everything before buying. Live like no other today so you can live like no other tomorrow.

Live happy but no showing off.

[randal]

I think my net worth is about $25.00

[Mr. Get Right]

How much does a district supervisor at Sonic make?

[davidamfan]

Remain Single...

[drewjunr]

More power to you to have that type of problem at your age. I hope I get to that point sometime in my life.

[M16]

Buy real estate. Find motivated sellers and look for property that is 25% or more below market value. Find the deals before they go to a realtor.

[robbyreneeward]

Net worth question

How much does a district supervisor at Sonic make?

Depends on what stores you're over. That is a purely bonus position with no salary. Our supervisors make between 80-110 a year, but I've heard of them making more if you're lucky to get 5-7 really profitable stores. I've heard of folks making 150-170, and when my franchisee was just a supervisor he had 7 ridiculously profitable stores and before he bought out on his own was making over 300k a year, but I'm sure he's the exception to the rule

[Mike Murphey]

For must of us, it is not one thing that made money and made you comfortable. It takes several small things to add up. First remember when everyone is young and out of high school or college no one has any money (unless they are born with a silver spoon). You need to set ground rules for your family and yourself.
First don't spend money on items that you don't need. Second save 10% from every check and start a savings account that is goes into. Call it an emergency fund because emergencies are going to come up, new washer /dryer, fix car/truck.
Don't buy things that you don't really need.
Save, save, save, and don't spend, spend, spend.....

[Nailhead]

And again someone my age that proves that I obviously have made some wrong career choices. I have no idea what my net worth is and honestly I would be scared to find out. Cause like randal, it probably isn't much. Hahahaha

[ken]

1. live below your means.
2. Save aggressively.
3. Once you have saved a meaningful amount, invest it in something you can actively grow like a business, real estate etc.

[Jerry Worley]

Had a wise person once tell me, live off 60% of your net income and you will retire a millionaire.