Neil McCarthy started investing in the stock market when he was 34, in the 1970s. Today he has a net worth of about $2.1 million. When stocks went down, he bought more. He contributed the maximum to both his IRA and his 401(k) and his employer matched 100 percent. That's truly free money -- no risk. The big payoff came during the 1990s bull market when his stock doubled in three or four years, suddenly reaching $1 million.
He avoided technology companies because it didn't make sense to him. He saw price-earnings ratios of 200 to 300 and "thought it was absolute nonsense." This practical investing style saved his millionaire status when the market crashed. When he retired in 2000, McCarthy took his retirement payout as a lump sum. Just before interest rates started to fall, he invested part of the money in an immediate annuity and earned a bigger payout than if he had chosen the company's pension annuity.
His number one piece of advice that made all the difference is this: "If you wait to save out of what's left over from your salary, it's not going to happen. Pay yourself first."
James Moran
James Moran began by pumping gas at age 14 and getting his hands dirty running gas stations and fixing cars. In 1968, he acquired a Toyota distributorship and eventually added financing, leasing and insurance for auto dealers. Today he owns the world's largest privately-held Toyota distributorship with sales of $7.6 billion. His net worth is 1.4 billion.
Petro Kulynych
Petro "Pete" Kulynych started at the bottom as the bookkeeper for a small hardware store in North Carolina, earning $25 a week. That store became the first in the Lowe's hardware chain and Mr. Kulynych ended up a top executive. He is quoted as saying, "I live in a small town and I don't stick out any more than the guy down the street who works in the service station."
Mike Domek
Mike Domek started his business with $100 in 1992. He had run out of money for college and decided to try ticket brokering full time to save up for school. He launched TicketsNow, an online company, 7 years later. Domek's projected sales for 2005 were $120 million and he did it without any outside funding.
Joel Boblit
Joel Boblit launched BigBadToyStore.com in 1999. He sold action figures as a hobby for extra money while he was in school. With the help of his parents, he was able to turn it into a thriving business. BigBadToyStore caters to specialty toy buyers with vintage favorites like Star Wars figurines and Teenage Mutant Ninja Turtles as well as comic- and movie-related items. His projected 2005 sales were more than $4 million.
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