The Top 5 Ways to Become a Millionaire - How to Become a Millionaire
Posted on Mon, 7th May, 2007 by Jeremy
Anyone Can Become a Millionaire by Following a Few Simple Steps
Becoming a millionaire isn’t all that difficult and there are countless ways to achieve that milestone. Some people do it through real estate, others start their own business, while some simply get lucky by winning the lottery or winning big on a game show. What is even more interesting is that you don’t have to be wealthy to begin with nor do you have to earn six figures to reach this goal.
I know some people who earn well over $100,000 and all they have to show for it is a large mortgage payment and a fancy car that depreciates faster than a glass of milk left outside in the summer sun. Anyone can become a millionaire and there are five things you need to do to have the best shot of making that a reality.
1. Earn Income.
Clearly, the more money you make, the faster you can reach that milestone, but that doesn’t mean your average Joe with a average income can’t obtain millionaire status. The current median income in this country ranges between $35,000-$60,000, depending on where you live. Better yet, get married so you have dual incomes. The wonderful thing about having dual incomes is that even with two people in the household, your income may double, but your expenses typically don’t.
If you don’t earn even an average income, all is not lost. It is up to you to do something about it. A negative attitude about your job or your earning potential won’t change anything. Be proactive and make the decision to improve your situation. It is your life, so take control and realize that things don’t change overnight. It may take a few years of slow growth before you reach the point where you want to be, but you can do it if you try. Remember, short of inheriting money from a relative or winning the lottery, you will need income to become a millionaire.
2. Live Within Your Means.
Ok, so you have income but now what? It doesn’t matter how much money you make if you spend it all or spend even more than you make. It might be nice to eat out at nice restaurants every night, or to always be on the cutting edge of designer fashion but, this will only make you feel like a millionaire. This doesn’t mean you have to live a miserable and miserly lifestyle, but you simply need to live reasonably.
Start by purchasing a home that you can comfortably afford and drive vehicles that suit your lifestyle without straining your budget. You don’t have to be pulling down $75,000 a year and drive a 1992 Civic Hatchback or live in a dump, but throwing your money at a 4,000 square foot home in a gated community with luxury cars or SUVs that cost as much as one year of your salary won’t help you become a millionaire. Some may argue that an expensive home and real estate in general is a good way to become a millionaire, but I will touch on that later.
3. Save Money.
This isn’t rocket science but if you earn a reasonable income and you live within your means, guess what, you will probably have money left over to save. The problem most people have is they put savings last, as an afterthought. People pay bills, buy things and then whatever is leftover they try to save. That is the wrong way to save. I’m sure you’ve heard it before, but pay yourself first. Whether it is $100 a month or $1,000 a month, think of the savings as a bill that needs to be paid and do it regularly. If you are unable to save money you will find that your only wealth is in the form of material things. Start saving today with a high-yield online savings account.
4. Invest Wisely.
Now that you are saving money, you need to invest it wisely. Sticking it under the mattress isn’t going to help you reach your goals any faster. You don’t have to read the Wall Street Journal or watch CNBC everyday while actively managing your portfolio in order to be a good investor. Some of the best investment advice is to simply buy and hold and to buy low and sell high.
It is also important to remember that real estate is part of your investment picture, but it shouldn’t be all of it. Too many people stake almost everything they have into a primary residence and expect it to appreciate in value. Just like any investment, generally speaking, over time you will make money. There isn’t much debate about that, but relying heavily on real estate is no different than if you rely on one stock to fund your retirement. Start investing for free - trade stocks for free at Zecco. The Free Trading Community. www.zecco.com
You can become a millionaire by simply buying a single stock and holding onto it for 20 years if it goes up significantly just like you can buy a home $500,000 home and have it double in value in 20 years. Take a lot of the risk out of the picture by making sure all of your eggs aren’t in the same basket and develop an investment strategy that will provide steady growth.
5. Stick With Your Plan.
If you have done the previous four items the only thing left to do is to continue doing it and stick to the plan. As far as income is concerned, always be on the lookout for ways to increase your income, whether it is through climbing the ladder at your current job, finding work elsewhere, or maybe even starting a business on the side. Increased income will mean you can save even more, provided you aren’t foolishly spending the additional money. As that additional money gets tucked away into savings or investments it will continue to grow even more quickly.
It Isn’t Hard to Do if You Work at It
Unfortunately, most people are looking for a way to get rich quick or to capitalize on the next big thing. It is true that some people have made their wealth through playing the real estate market, while others have done so by investing in a few stocks that exploded, but this is the exception and not the norm. If the above list seems overly simplistic, that’s good. There are no secrets to becoming a millionaire and almost anyone has the chance to make it happen. The process is simple:
1. Make money
2. Don’t spend all of your money
3. Save some money
4. Invest that money
5. Repeat
Certainly, there are many factors in play that can make this easier or more difficult for different people. This is simply the process that you can use in order to reach that goal, whether it is in 5 years or 50, if you follow a few basic steps you can do it.
Is it even POSSIBLE on a minimum wage income to save and invest enough to become a millionaire?
“Start by purchasing a home you can comfortably afford…” Huh? I can’t even FIND a home I can comfortably afford, much less PURCHASE one.
Is becoming a millionaire passe and contradictory (considering why most people want to become millionaires)when you state to live within your means?
I think the statement, ‘become a millionaire’ needs more specificity. How many millions make you (or me) a viable millionaire? A million bucks today is different of course in its value and extension than say a million bucks of ten or twenty years ago.
With the aforementioned stated, of course I would still want a million…to get started! :S
Adrienne Zurub
Since you haven’t wrote about how to become a millionaire fast, this list makes sense, since it’s the fundamentals of personal finances.
Good tips there, now all I need is a job. Check out my top 5 post as well on my blog.
Don’t forget the power of giving, many millionaire give back to community, gain more and more.
I like this post a lot. Realistic, and based on hard work and common sense, not on schemes or chance. Thanks!
It may happen in 50 years as opposed to 5, for me, but this is sound advice.
I participated, too, check out my post for a few good laughs
i like this post. I think as long as you have the right attitude towards money, whatever amount of income that you have, you can be a millionaire
Maybe David Bach explain it best with his Automatic Millionaire book.
Cheers!
Adrienne, it sort of is becoming passe because millionaire status simply isn’t what it used to be. Thanks to inflation and the general cost of living in some areas a million may not be much more than middle-class. In regards to living with your means, I mean that people shouldn’t live like a millionaire before actually becoming one. I know some people who have been out of college for 5 or 6 years, have been making close to six figures and have significantly negative net worths. They would rather flash their income in the form of a big house, always buying fancy new cars and boats… take away their “stuff” and what do they have to show?
But the problem is that many people still feel that the million dollar milestone is something to achieve, but depending on who you are that could be a lot of money or very little. But like you, I wouldn’t mind getting that first one out of the way to get started
Parapsychology, you are right, I didn’t want to highlight how to become a millionaire fast. There are plenty of the sites on the internet that can talk about that. But I did want to highlight the fundamentals of personal finance which you certainly picked up on.
The reason I wanted to do that was to show how some very basic concepts are all you need. Certainly there are ways to accelerate this, but even the average person can apply some basic principles and do very well financially over time.
I’m not quite a millionaire yet, but there is one thing that doing all of the things that you have listed has done for me — it helped me retire at the earliest age that I could… without having to get another job after retiring.
While I do have a pension from my former employer, it is not enough by itself. Combined with income from my savings, our standard of living is the same or slightly better than it was when I was still working.
We are still living in the house that we bought in 1981 with mortgage payments that we could afford back then. We’ve spent a lot of money on it to add on and remodel, without borrowing anything more and today we owe nothing on it other than insurance and taxes.
For most of the last 15 years we saved the maximum percentage allowed by law in my 401k. We also didn’t overextend ourselves.
So far as income, I had a good paying job. However, my wife was a stay at home mom and, after the kids were older, worked only a few years before medical conditions mandated her “retirement.” And, no, she didn’t apply for disability income although she might have gotten it. We didn’t need it.
I started out years ago on minimum wage living in a shack with no air conditioning and one of my goals was to position myself so that I could afford to live in a house like one of those in a housing development near us. No, you can’t save and invest enough to become a millionaire on a minimum wage. You need to figure out how to get the experience or education that will allow you to get a higher paying job.
Great top five! It’s refreshing to see a post on becoming a millionaire that doesn’t advocate jumping into a make money fast scheme. You’ve got a new reader.
Layman, thanks for the kind words. I’m with you, I get tired of hearing about all of the “tricks” to becoming wealthy. A few sound principals may not be the quickest method but it is almost sure to work over time.
Mike, thanks for sharing your success story. It is refreshing to hear about people who have done well. And I like your comment about moving out of minimum wage, I agree completely.
[...]I was perusing the list of first-day entries for Darren Rowse’s Top 5 Group Writing Project. Great stuff[...]
The advantage with buying a home vs a stock is that you can live in it, no matter what the appreciation. Also, in buying a home, you can tap into leverage worth much more than your downpayment. A lender will often let you start with 5% down, meaning that, with $5 down, you can access $95 more to purchase a home. With stocks, they will usually only allow you an amount worth the same or double what you have already purchase. So $5 in stocks will allow you to purchase $5 or $10 more in leveraged stocks.
I agree 100% with living within your means. Until I went back to school I had no debt except for my mortgage. I even bought my first home on a small salary (worked for an airline) and I had people ask me all the time how I did it. I don’t buy new cars and I live within my means.
Thanks for the article and good luck in the Problogger project, I’m excited to see who wins on Friday!
JoLynn
While these points should almost be common sense by now…the more they get repeated, the more widespread and influential they become. Good Luck…
I’ve been doing a lot of studying about prosperity lately. And when you think of it, the more simply you live, the more you will have. Even you do get a million dollars, it won’t last long if you allow your standard of living to expand to meet it.
For me, the most powerful way to increase prosperity has been to give. Give time, money, energy, do little things for friends and strangers. It creates a magnetism in my life that attracts more money, opportunities, and support. And it’s so fun to watch!
Julie
These are all important steps for becoming a millionaire. I have also written an article on this subject which you may enjoy:
http://ww-success.com/blog/index.php/2006/10/22/how-to-become-a-millionaire/
I found you through Problogger’s group writing project. Good luck to you.
@Minimum Wage: Nobody ever said you can become a millionaire on minimum wage. Read step 1 carefully:
“If you don’t earn even an average income all is not lost. It is up to you to do something about it. A negative attitude about your job or your earning potential won’t change anything. Be proactive and make the decision to improve your situation. It is your life so take control and realize that things don’t change overnight. It may take a few years of slow growth before you reach the point where you want to be, but you can do it if you try.”
In other words, take steps to improve your lot in life. If you don’t like earning minimum wage, seek additional training or educational opportunities. Work your way up the ladder.
And if home ownership is important to you and you can’t afford one where you live, consider moving. It’s all about priorities.
Totally agree with all points and am happy to say I’m on track. I am a bit guilty of bitching about my current job, but am changing my attitude towards that. Top Post.
Great tips. Wonderful post.
I try to invest each pay check, but I don’t think I will turn millionaire. LOL…
Simple but powerful top 5. I post your link here:
http://www.freetipsandwits.com/moneymakingblog/2007/05/top-5-tips-to-win-probloggers-top-5.html
Good luck!
do you expose emails?
email me for an invitation to step 6
Hi GenX Finance,
Its easier said that done. The trick is sticking to the plan. Emotions, life cycle changes, and family obligations can sometimes get in the way.
That said, you make good core observation so thanks for getting that out there!
Best,
James
Hi
Nice top 5
Very well written and sensible. What a change from a lot of the crap that we can read online today. Get rich quick will not work 99% of the time and I think we all know it.
Thanks
Tom
Thanks for all of the comments. I’m thrilled to see such a response and I’ve found a few good new blogs in the process.
Whoever wrote this clearly has no idea of what life is like for the average non-millionaire. Save money? Purchase an affordable house? This requires disposable income, and a large amount at that. Save just $25,000 a year and in 40 years you will reach your goal! (I realise that I’m not including interest, but the idiot above isn’t including inflation.)
Great Top 5… The Basics are always reliable, and easy to keep up. the more complex the process is, the less likely we are to do it!
excellent post thanks for the advice! I will try and put it into action
good tips. i need to do all of them.
Hi, I saw your top five made problogger’s top fifty top 5’s. I’m in the Air Force and I’ve created a blog to help military members with their finances. I would like to know if we could exchange links. Thanks.
Brandon J
Money for Military
http://moneyformilitary.blogspot.com
I read once that put $2000 per year starting at 18 years of age in an S&P 500 mutual fund for 6 years, stop contributing and based on the historical gain, at age 65 you will have saved, plus growth, $1,000,000. I started late with no assets in my mid 30’s but in 28 years I had saved well over a million dollars with interest and dividends and in 30 years accumulated property worth about the same amount after serving in the military for 6 years and then a divorce. I remarried and started with two children and twins within 18 months. We did not live off of my overtime of which I fortunately had a lot of or my wife’s part time salary after the last child stated school and banked most of my raises. The first year we sacrificed and put away 42% of my gross so that we could start building a retirement. Oh, we did drive used cars for many years and lived in an apartment and then in a very old country house we bought while my friends at work, with similar salaries, drove nice new expensive cars and had large homes with mortgages 3 or 4 times our payment. The extra amount they spent on house payments went into savings for us. The point I am hopefully making is that with a decent job (I had some college and navy training), the right priorities, a decent but not excessive lifestyle and a spouse that supported my efforts even though she had less material possessions than her friends, you can do pretty well in this country. I’m now retired at 62 on the money we have saved with a little help from Social Security and we have a small cabin with a 21 ft pontoon boat on the river a short distance from our 25 acre farm, a Class C motor home, ownership of a number of time share condos in the US and Mexico and 2 of 4 children college educated. We sacrificed a lot in the first 10 years and a bit afterwards; but now, ah, life is good.
The importance of this advice can’t be over-emphasized. I know it’s true because I did it myself.
I was a happy but broke starving artist until the age of 40(!) when I decided to get a real job. It wasn’t a high-paying job by others’ standards but for me it was a lot.
I quickly learned that if you want to make more money you have to do things other people either can’t or won’t do, because the work is risky or boring or, especially, requires extra effort and initiative.
When I started making steady money I saved and invested like crazy and maintained my low-rent lifestyle - in other words, I lived well below my new means.
Long story short, I’m 47 now and a millionaire. Imagine that! My current job pays quite well but now I make more money from my money than from my job.
It’s like a snowball rolling down a mountainside. You just have to get it started. Go ahead, do it.
“Is it even POSSIBLE on a minimum wage income to save and invest enough to become a millionaire?”
Stop getting minimum wage jobs, unless you’re a completely worthless worker. If that’s the case, you’re already hopeless and helpless.
“’Start by purchasing a home you can comfortably afford…’ Huh? I can’t even FIND a home I can comfortably afford, much less PURCHASE one.”
A comfortably afforadable “home” is NOT necessarily a “HOUSE!” Learn the difference between a HOME and a HOUSE, educate yourself, and maybe you’ll begin to qualify for more than minimum wage.
With thinking like the above, it’s no wonder the radical left despise capitalism and embrace socialism ~ it’s their only hope.
Susan, thanks for sharing your story. As you have experienced you see the real power in some of these steps. And it is great to see the money you have saved actually put to work and creating even more wealth! Good luck with your future endeavors.
REN, I agree with you. It is time to stop asking for handouts and start trying to improve your situation. Your life is only what you make it.
I still like J Paul Getty’s advice.
GEt up early.
Work hard,
Strike oil.
it works every time.
GL HOFFMAN, JOBDIG, Minneapolis, MN
http://blogs.jobdig.com/wwds
what would dad say
Another point to remember: Start early! If it’s too late for that, start now. Now is better than later (or never).
nice post. check out my post: Top 5 ways to go broke. Almost the opposite of yours!
To REN:
I am a boomer with (apparently) no marketable skills and no career-related experience. Even if I woke up tomorrow morning with a marketable skill, my age and lack of “career” make me undesirable to employers.
As one with no hope of buying a HOUSE, I started thinking outside the “HOUSE” box long ago. I’d like to see more “non-house” ownership options. Condos are usually way overpriced for what you get.
How about SRO condos? If you can rent an SRO room, why shouldn’t you be able to own that room? I consider HOME ownership a crucial defensive financial tool every low earner needs to have, to prevent rent increases and displacement while facilitating the building of at least modest wealth and a modest retirement.
@Minimum Wage:
“I am a boomer with (apparently) no marketable skills and no career-related experience. Even if I woke up tomorrow morning with a marketable skill, my age and lack of ďż˝careerďż˝ make me undesirable to employers.”
The first step to improving your life, Minimum Wage, is getting this line of thinking OUT of your head. I mean, really just get over it and stop running this tape that you are telling yourself.
You have got to get over it, get a good night’s sleep and then wake up in the morning and figure out what you are going to change to make your situation better. It could be your job. It could be your attitude.
You have the ability to participate on blogs, so unless you are doing this from a library or work you evidently have the money to afford electricity, internet and own a computer. If you have those things, figure out how to put up a money making website or something. Or do something else. Go find a second minimum wage job. If you already have two, well you just have to get creative.
Just stop whining. My BA is in English Lit and Philosophy, and BEFORE I went back for a masters in computer science I got a job in IT (and a ticket out of minimum wage) with only those degrees and some time spent as a legal secretary (which was minimum wagey work).
That Jeremy guy, the writer is obviously not a millionaire. Should we really take this advice?
That’s funny, I actually had a minor in comp sci and I couldn’t get a job in IT. (My college placement office wouldn’t let me interview for IT jobs through them - they said I didn’t have “enough” comp sci - and employers said the same thing.) Of course all the IT I learned in school was on mainframes, so my skills (such as they were) are now obsolete.
I’d love to go back to school and get some marketable skills but I have no money and can’t borrow,.
I admire on the 5 ways to become a millionaire they are straight forward and easy to follow. I just want to point that having money and investing it could really start the path to wealth. The only way to create more money is to have and let its multiplier effect work for us. Remember that money is just a medium of exchange, hence, if we want to have more money in return then we must create a way or a product where its value is more than the money that consumers are willing to part with. The only secret to earn more money is simply to create a higher value so that people are willing to part their money in exchange for the goods you are selling whether it is an idea, a principle, a product or a concept. The best way to become a millionaire is first to solve the needs of the society and money will just follow.
You need to make sure to not have outstanding credit card debt balances. This will greatly prohibit you actively investing and creating wealth. Imagine the money each month you put out for your credit card debt being actively invested. What would your bottom line be? Its not that hard it really isnt.
very informative and nice tips .It provides aspiration to a person who wants success in his life.
I want to become very rich at one day…mainly focus on ur needs.
Hi Jim. Photos i received. Thanks
A couple people mentioned that wealth is built by building good relationships. I agree. There is no such thing as a self-made millionaire.
I use a brand new system that helps my build my most important relationships very simple. I’ve been using it for about three months and I recommend it to anyone.
It’s probably meant about $20K in additional business profits since then!
Check it out: http://www.visionlms.com
You can even get a 15 day trial I think.
When it comes down to it, you are the creator of your life, and if you are still struggeling in life then you need to change the defense you have set up that protects you from getting rich.
Following what he said as much as possible may or may not make you a millionaire but you will most likely not have money problems. Like bills you can not pay. It is to full proof but better than most plans. I realize that we all know tis btu do not do it any way cuase we guys just want tha T&A and it is down hill from there. Unless you are lucky.
This is completely bogus…where’s the sure fire way to do it? If you get lucky with stocks?
How about learning to be financially literate, so you can see all the good investments and not bet on something you don’t know.
Luck isn’t a gift, It’s created, It’s called Financial Intelligence, If you can understand investments, you’ll realize the deal of the decade comes along every week.
Becoming a millionaire is not the easiest thing to do. That is why only .02% of the country earns a million or more per year
There is a big difference between earning a million each year and accumulating a million dollars worth of assets.
Interesting discussion, about the top 5 on how to become a millionaire. For a lot of people it’s not easy to comply to rule 2. They spend all their money, especially if they have children. We also have a
list for parents.
how can a 19 year old mother with barely any help be sucessfull in life im not saying millionaire even though that would be great but just financially stable enough to have an apartment and take care of my babygirl?
TAKE RISKS!!!!!!!!!!! I DID… ITS THE BEST WAY AND NOW AM A (millionaire)……………
2 years ago I was broke. Now things have changed. Its all about how you think and feel. Even more importantly if you have an idea that will make your rich… be SURE to TAKE action!
I found out that by experiencing a few loser ideas, I finally found something that is generating alot of revenue and growing.
http://www.winatmoney.com
Hi guys,
another way is inheriting from a relative!
To make sure that you really find and know about all your relatives you should look out for them.
At http://www.famillion.com you can build your family tree and the system matches it with other related trees. that`s how I found an uncle in Argentina.
He is not rich, though, but maybe yours is wealthy!
Check it out! It works!
Regards,
Elsa
It’s all about living within your means and not overextending yourself with credit cards and debt. Personally, I’m a big believer in compounding my money so the earlier you start investing the better off you’ll be.
Its more than possible to become a multimillionaire on a modest salary. The is only one thing stopping just about everyone from becoming well off: patience. Time is the most valuable asset you have. Even a small savings over time will result in you retiring very well. Check out http://www.assetplay.net for some asset allocated portfolios.
Good advice on becoming a millionare the only problem is that you would want to start at age 12 otherwise you will be an old man/woman before you make your first million which will be worth a lot less by the time that comes around. I know a lot of people that spent their whole lives like misers and left a lot of money after them when they died for other people to spend I am not saying spend every cent you have but you need to live when you are young too.
Step 1 - Good but earning income would suggest that it’s based on something YOU have to do, but a person really needs to be absent while the MONEY works for them.
Step 2 - Live within your means sounds good, but people really need to learn how to live BELOW their means.
Step 3 - Save Money is good & what.
Step 4 - Invest wisely how and in what.
Step 5 - Stick with your plan should be stick to your Millionaire goal but be flexible with your plan, things will change.
Sorry, lollerkeet, but I don’t buy your argument. If my mom could raise four kids as a single woman making less than $10k a year and still save the money to (a) build a home and (b) save for retirement, then anyone can. It might mean cutting your expenses, but it IS possible to save, even on a limited income. Pinching pennies isn’t always fun, but having a long-range goals (like eventually becoming a millionaire) can be a great motivator.
@Miss Thrifty: [long-range goals (like eventually becoming a millionaire) can be a great motivator]. I agree that it is important to focus on long range planning and long range goals. Unfortunatelly, it is very difficult most people to maintain that focus. Regards, Echtscheiding
Those young people with a lower income or even minimum wage can make it. The secret is compound interest and youth working for you. If you are just out of high school and invest the maximum amount towards an IRA for 5-7 years straight you might be surprised what’s sitting for you in that account when you retire. Stick with it every year of your life and you’ll really be amazed. I wished I’d known at 18 what I know now at 48, I’d have started right away.
Very good info. and good advises.
Meanwhile, you can also start doing some extra money, with internet, using your own webpage
I have my own. http://www.mas-blogger.blogspot.com/
I think most people fail when it comes to investing wisely. They just hand their money over to a investor before doing any research or background check themselves.
I have a question about tips number 2. What if you already make the mistake, with a lot of debts? What should you do? How to clear all those debts, in order to live within your means, and start saving? Any ideas?
@Pening: my suggestion is to go talk to the people that you borrowed money from. Tell them your situation. Tell them that you will be able to pay them back their money, but that it can take a long(er) time. That will protect you from bankruptcy.
I stumbled upon this article and found it to be great! Way to put it simple and straightforward. I am a few years out of undergrad and the biggest problem I have is trying to live within my means. It is the hardest principle that is intertwined with the other principles. Great site! Check me out!
Everything is only as hard as we believe it to be. When people can start with nothing, and I mean dirt poor nuthin’ and wind up filthy rich, no one with a properly functioning mind has an excuse.
The difficulties lie only in the mind. Yes, it is true. Don’t argue with me.
In America, I’m positive anyone can become a millionaire if they want it and will work for it.
I know countless people that have immigrated here, worked their a$$ off, struggled, saved, INVESTED, and became millionaires.
The formula: Save, invest to build your income, save that extra income, repeat. You may have to start on a small scale, but it is possible overtime to overcome your situation, your obstacles, and with each hurdle comes rewards and motivation to persevere. Also you want to instill these values so your children will become survivors instead of becoming victims. See yourself as a survivor and not a victim and you are 1 step closer to your goals.
i have some i dears my name is seth and im 15 .. i have some i dears with cars and outher stuff i all ways want to becom a millionair .. u can call me @t 1347 659 0722
Adrienne, it sort of is becoming passe because millionaire status simply isn’t what it used to be. Thanks to inflation and the general cost of living in some areas a million may not be much more than middle-class. In regards to living with your means, I mean that people shouldn’t live like a millionaire before actually becoming one. I know some people who have been out of college for 5 or 6 years, have been making close to six figures and have significantly negative net worths. They would rather flash their income in the form of a big house, always buying fancy new cars and boats… take away their “stuff” and what do they have to show?
That’s what exactly I do! I am following each step you mentioned here and it’s pretty well worked with me… but still I am looking for more
I mean some way to increase my earning..in order to become a millionaire!
Thanks for sharing.
What a joke this article is. People nowadays can barely afford rent, gas and FOOD let alone think of buying stocks! HUMPH.
R U Kiddingme,
If you make an average salary and cant afford rent, gas, and food, u are clearly living above your means. Drive less, eat cheap, etc.
this cant get you much money. imean if your looking for advice its pretty good but if you look at prices and stock now prices are going up and stocks are falling so the best thing to invest in today is real estate. but this is just y opinion
to be a millionaire dont dream about it do it, be positive and be prepared for alot of hard times, now with my top 10 i want you to follow the 5 tips already stated in the article and use them together with my advice, but how do u start:
1) get a job
2) while working make friends and show interest in what they do, dont make friends with people way ahead of you in the organisation, that may probably come off wierd work the levels (5 to 9 months)
3)if ur working 9 to 5 monday to friday get a weekend job
4) if ur working 9 to 5 monday to friday start evening classes learning a vocational trade, be it construction or marketting, this will help u earn that extra cash, increase ur intellect and help with that friend making at work. this is very positive for ur personality
5) dont jump from job to job it shows lack of loyalty, stick to what u got, do educational programmes within the company to move forward.
6) live with family, u all earn money contribute to the house and minimise ur expenditure, this is the difference in paying $1000 on a mortgage and $600 on bills food and other house hold expenses to $200 mortgage and $300 expenses, u’ll save $900 bucks just by being a team player.
7) get tax advice, play the system, i live in the uk and i know if u take a loan out thats less than ÂŁ5000 u pay no tax on it, government bonds are tax free, maxi isa tax free u earn high interest, think big to be big.
9) if u want to be cute then go to the country with the strongest currency, and do all the above and u will still earn more money.
10) ok buying property is a solid way forward, and safe but spread ur risk thats important, how to make money on property is like this:
a) invest $15,000 of ur own money as ur deposit against a property lets say valued at $150,000 in a good area, near very good schools, facillities ie rail lines shops, entertainment, etc.
b) ur mortgage will be 150,000-15000= 135,000×112.8% = 151875/25years= 6075/12= 506.25 a month
c) now rent that out at about 700 a month and ur making back about 200
d) depending where u r the property prices may increase at about 8% to 14% a year and depends if the market was down when u bought, now is a very good time to buy, so ur property at the end of the year will be around 165,000, ur rental income will be around 2400 and and if u wait 3years and sell u would have made about double of wut u invested in and have earned 8k just as rental income. imagine if u invested 40K for 4 properties each costing 100K preconstruction, in a country where the dollar is 4:1 and the growth in yr0 will be 40%, then the following year 40% and in its 3year upon the delivery date it goes up 30% and the property market is 22% and the country is booming and expected to continue growth at this high rate if not higher, if u sold 1 house at end of year 1 you would have made 30k to put against ur 270 debt then at year 2 sold another property to put 80k against your 180 debt then in ur year 3 sell 1 house and you have 140k to put against your 90k debt your 50k better off and have a house to let that in the next year you will make rental income and 22% on your home worth 250k???
how to be millionaire in one week
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well to everyone that reads this commenit’s all about you and the way you want to live you have to want something so bad that it can over power what anyone says,feels,think. It’s your life and what you make of it in the end is up to you everyone wants to be rich but hardly anyone wants to do what it takes to become wealthy some try to take the easy way out while others cheat their entire way through becoming wealthy just to have it come back and bite them in the behind. so you make say this is just a comment but it’s a word of edvice live yuor life cause you never know how long your going to be around to enjoy it,some may never become a millionaire but those who do took an extra mile just to get there and if you only try you can to and even if you don’t become rich be happy that you have a life to live cause theirs always someone that can be doing way wrost then you.
okay look my comment is very good but bare with me cause my labtop is messing up so all the miss spelled words and everything sorry.
How can a young widow with a small child, quite a bit of medical debt, caring for the child 24/7, make millions?
Would love to become millionaire. Hope your tips will help.
Actually I think I tried your steps but thanks for the article.
Actually HAVING a million dollars in liquid assets (means you can take a $1 million chunk of cash and spend it however you want) is what the definition is.
Having a $600,000 on which you still owe $550,000 does NOT make you “almost a millionaire”.
For the VAST majority of those who read this, you’re not likely to save your way to $1,000,000 cash, not at today’s rates available to someone starting small (2% or so).
Even if you COULD save $10,000 per year and leave it alone completely (not touching it even if your child’s life depended on it), it would still take 100 YEARS to reach a million. Can YOU save $10,000 a year for the next century?
All that advice is, as one poster above noted, “basic economics”. Basic stuff, the stuff that everybody probably SHOULD do. But everybody is NOT a millionaire. So that advice is relatively useless.
“Earn Income”? How overly simple-minded is that. Sure, just go out and get a job that pays you $1,010,000 for one month, spend the ten grand on living expenses, and voila!, you have a million dollars. Let me know where you found that job, ’cause I’d sure like it!
All this sound “warm & fuzzy”, but for MOST folks here, it’s NOT going to put a legitimate million silver dollars in your pocket, sorry.
My guess is that Jeremy (who wrote those “5 steps” is NOT a millionaire.
My guess is the guy giving the “how to buy real estate” is not a millionaire, either.
If you want $1,000,000 in cash, you’re going to need to bring it in the door in large increments, FAR beyond what most do, at least in this country.
That’s the cold, hard, facts of it, friends.
Stick with your plan! This is the key. Plans take time to work and too many abandon them just before the benefits begin to show. I had to stick with my plan for several years before I started to see the fruits. I soon will be ready to quit my day job and work on expanding my own business! Without sticking with my plan this wouldn’t have been possible.
you do not need to be a rocket scientist to understand such easy rules.
I really believe this approach can work, I need to practice saving and also I need to change my current job.
i swear to god that you are a star, i really like your professional advice. good job smart guy
I put some thought into being a millionaire but I don’t really have this desire yet. To have a million dollars would be convenient to get where i want to go quickly but these days $1,000,000 flat isn’t a lot of money unless it’s wisely invested and that in itself needs one to be pretty cash savvy . It’s enough to fund an education, buy a small home and start a business and thats without the expense of maintaining a family, insurance, taxes or the business. I have no viable experience in any of these things but I’m still daunted how someone in my position, no debt, no kids, minimal expenses can push a University education and a mortgage without putting myself into massive debt. Until I have my degree I don’t think I’d be ready to maintain a millionaire dream. If I eventually become a millionaire then I prefer to be one as a professional and I don’t mind that it might take me the next 40-50 years to get there but how do I start. If I have $5000 in savings what’s the best way to invest it so that I can earn enough to pay for my degree?
Yeh you must be investing or you are loosing . You must be a good middleman to become a millionaire.
I ordered your millionaire program 2 years ago, and I
am still broke.
What am I doing wrong?
l want to millionaire
My personal advice is to save thirty thousand or even less. One could so this ,say,with ten thousand dollars! Go to a foreign country down in south america, buy a house in a really nice area and live on the rent. One can then live just like he is rich, since in many of those counties he does not even have to pay taxes. Food is a dollar for a full cource meal and I could go on an on. If he carries three friends with him he could give each of the 9500.00 at the air port and smuggle his nearly 30000 right through the inspectors. He can access medicall care with the rent…and I could go on and on. The US is falling down on the job for the people!
Part of becoming a millionaire also involves investing your TIME wisely. Most Americans simply cannot afford to save. The solution? Supplement your income with a sure fire way. Don’t quit your job..just yet, do something that has been proven to work..Such as real estate investing. The best part is that you don’t have to wealthy to invest..as Rick Vazquez shows in “The Pizza Delivery Millionaire” even an average pizza delivery guy can become wealthy! Recommend everyone out there to read it.
Brilliant, keep posting me your great emails. I am very impressed
my name is autumn and im a pre teen and i want to be a model when i grow up or a singer but im guessing you have to be rich i bought myself a puppy and my parents and family doubted me and here i am i have my self a baby beagle her name is lucy everyone was shocked that i saved my money and im proud of myself my parents are getting a divorce my dads getting married and having a baby that im not so happy about but the point is live your life and love and be proud of yourself it takes more musceles to frown then to smile and ive learned that and thats one of my goals but its hard my mom is always calling the police on my dad and its stressfula nd im planning to move out when im 18 i dont wanna live in my moms basement i want a life
Get a good education in order to success in future
Check my post Getting Rich Slowly and Retiring With Passive Income
I assumed that you had a job though. Please comment at the forum after u read it. I love how many people are commenting here!
It really is mindset that makes the difference. Check the Anthony Robbins video there too to understand how to work on it.
Good luck with your monies.
PS: luck? ha
In advice nr 2 is stated [... Start by purchasing a home that you can comfortably afford ...]Is it wise to buy a home, now that the prices are falling?
i think if you want to become a millionaire quickly you have to be dodgy lol
YES….its a beautiful thing to become a millionaire and its very easy,if you stick to the plain and follow your heart and not dreams.really whats the point of millstone ,your going to drive to the same place eat the same food,the only different is more money more prob!
becoming a millionare is something we all need but too hard to get since we spend too much on things we like and cant live without it
You can become a millioanaire. I think you need to have your average income and then something on the side. Work hard in life. Its the only way to become rich honestly otherwise if it falls on your lap you will just be greedy and stuck up. Working hard makes you reap the rewards and you feel money is hard to come by and value it more.
Pretty good advice!
I would also add one more thing. Stay out of debt. Credit cards with high interest and buying cars that go down in value will keep you poor. If you have no debt, the money going to loans can be saved and invested.
Great post (very common sense) and interesting comments. Way to go Susan (above) who became a millionaire in only 7 years by following the steps in this post…
I started out at age 22 in equity investing. Got my investment funds (IFICS Canada) certification for my own benefit, and now it’s almost ten years later. I’m no millionaire yet, but I’ve also been in university the whole time. I can’t wait to earn a real salary, because with what I know now about how to invest, whhooosh! My accounts will grow like gangsbusters:)
very positive word but I wonder if they are still valid given the curent stste of the finacial markets? Who would but shares today? I was a mortgage broker and financial advisor on a relatively high income, but now I have been unemployed for 6 months. My savings have gone and no job is on the horizon. I had thought to start my own company but with no money and experience only in financial services what can I do? I remain optomistic but really I am out of ideas and of course being the wrong side of 40 doesnt make things easier. I would be glad of constructive comments.
great advice, of cource its commin sense but not that many people have that.Im only 21 and very focused i no with following these steps i will make it, adding a little extra side huslte’s, and my own business strategy’s i to will become a millinaire.thank’s
Becoming a millionaire is a status.
Be happy with what you have, but don’t ever stop improving yourself or your income level. Remember, the more you have
the more you want. If you have a million you want a billion. If you have a billion you want a trillion and so on and so on. Being financially stable and healthy is a good card of hand to have in the game of life, but most people forget what sort of stress and problems also comes along with it. My point is being a millionare will not make you more or less happy. The pursuit of happiness lies in our own actions. We are our own creator of heaven and hell.
Do you really think that by becoming rich, you will gain something other than money? What will you do with the money after earning it? Save more money by strangling your happiness? Everyone has a destiny, so we should leave our fortune up to it. If we are already bestowed with so much happiness already, why destroy it just for the greed of money? Remember this, by becoming millionaires, greed for more will always be there. These 5 steps listed above in the article sure seem easy to do, but the author has not given full justice. Although they have simplified the ong journey in 5 simple step, they haven’t listed all the difficulties that need to be faced in this journey. If we are destined to such fortune than let it come to us. Somewhere within everyone is rich, maybe not in money, but atleast from the heart…
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