Yes - SELF-MADE. I'm now a self-made millionaire who happened to inherit big bucks which is why I'm now almost a multi-millionaire. But starting with only 116K in the Pfizer portfolio on Mar. 6, 2009, earnings from that and the 2013 successor portfolios have given me the right to be called SELF-MADE. Here are the portfolio balances on selected dates:
116K on 03/06/09
262K on 12/31/10
410K on 07/06/11
209K on 08/08/11
481K on 12/31/11
702K on 12/31/12
796K on 04/02/13 (date of final Pfizer cashout with stock at $29.21)
949K on 06/10/13
717K on 06/24/13
1.008M on 07/25/13
How about that - and that doesn't even consider the sizable extra monies that I have been earning on the long-term naked put-writing portfolio.
Since my monumental Eureka moment the second week of August 2011, I have actually almost QUINTUPLED my portfolio - turning a mere 209K into over a million.
I'll likely owe some taxes in 2013 but not that much due to remaining tax-loss-carryforwards, the fact that some of the profits are being earned in an IRA and also the fact that taxes aren't owed until gains are actually taken. In the case of my BIDU gains for example, they are all virtually PAPER gains in the form of long LEAPS options which don't expire until January 2015. Until I actually cash out of them in January 2015, no taxes are due on the profits. I won't have to pay any taxes on BIDU profits until April 15 of the year 2016. And when I do finally have to pay the taxes at that time, they will be LONG-TERM gains.
What brokerage firm do you think will allow me to lose more than what I have invested in leveraged investments? It's totally impossible because of a little thing called MARGIN MAINTENANCE REQUIREMENTS. Yes - during the crash I lost 92% of my ORIGINAL investment but only because I had started adding more to the pot. Otherwise, margin maintenance requirements would have precluded me from losing that high of a perc entage.
My road to becoming a self-made millionaire began with only 116K in Pfizer on 23/6/09 and I always would have had that much even if I hadn't inherited a thing due to the presence of monies in an IRA and 401 (k) and cash reserves outise of the market.
If I hadn't inherited what I did, I simply wouldn't have lost what I did. PERIOD! No way does any brokerage in the land allow a margin account to go all the way down to zero unless in rare cases where stocks plunge by 50% or more overnight, etc. And that sort of thing never came close to happening.
I am indeed a SELF-MADE millionaire and always would have been as long as I had just 116K to my name and of course I would have had that inheritances or not. To call a spade a spade, I'm a self-made millionaire who also happened to inherit a lot of moneyh. But I didn't need those inheritances to be able to earn my way to self-made status.