Will I ever be a millionare?

Question

I come from a middle class family, 500 credit score, 20,000 in debt in college loans, 2 more years to finish my degree. 100$ in the bank.

Answer 1

If you graduate from college it is likely that you will earn more than a million dollars in your life. However, it's more about your ambition than just getting a degree. You will make more money if you start your own business than going to work for someone else unless you get into some business where you could make a lot of money. You will not make a lot of money managing a McDonalds or working at a desk at a company where there is some guy doing that job for 30 years and only now making $50,000 per year. Look at what workers in an industry make after a long career and determine if that's what you want. It's really important to do something that you really want to do but it's just as important to do something where you can make the most money at doing what you want to do. I was in worse shape than you and now I am a multi millionaire using this formula. You've got to want it, keep wanting it and keep trying differernt things until you find success.

Answer 2

You have the opportunity like all of us. Thing is, in another 20-30 years the millionaire population will explode simply because of inflation.

As time goes by it will become easier and easier to achieve a million dollars net worth.

There is no reason you cannot achieve financial success in your lifetime. A lot of young people are paying high schooling costs and as a result have the same situation as you in front of them, paying off high debts.

I don't know what your current income situation is but I would suggest starting a savings goal right now for long-term investments. Download the free 40-year investment calculator at the URL below and put in your age, investments, ROI, and see what it tells you.

Ignore the people here telling you it won't happen. People with degrees make a million dollars more in their lifetime than those without them.

Finish your degree then go out into the world and kill, crush, and destroy!

Good luck!

Answer 3

This is an interesting question. The answer is mixed- a little good news, a little bad news.
At your age(I'm assuming you're in your early 20's) the outlook is EXTREMELY good that you will be a millionaire at some point in your lifetime. This is due to inflation, cost adjustments, cost of living, salary increases, etc. That's the good news.
The flip side of the coin is that so will everyone else. Prices will rise(due to the above mentioned reasons), salaries will rise, etc.
Because of this a gallon of milk 15 years from now may cost around 60-70 dollars, an average house will cost between 4 and 7 million dollars, you will make approximately 200k a year, you will buy a $65,000 car(4 cylinder junkbox), etc.
In other words, you will be a millionaire but you will not be able to afford the lifestyle that a millionaire of today can. Instead of being able to go to Switzerland for a month of skiing, you'll barely be able to afford a couple hour trip to the local skating rink. Instead of being able to take the family for a 5 week jaunt to Hawaii, you'll have to throw out a towel in the backyard, lay out for a couple of hours, and then drag your sorry butt back to work!!
When the wife wants a diamond neclace for her anniversary, you're gonna be lucky if you can find a plastic one in a box of Lucky Charms!!
Forget about the dreams of sitting around in a robe, smoking cigars, and drinking cognac. You'll be hanging out in the local bar, smoking cigarettes, drinking the cheapest available beer made and talking to your bar buddies about how hot the little hooker in the corner looks.
Good luck!!!

Answer 4

You will earn a million in your lifetime. Just think, if you have a job where you earn $50,000 than just increases at the rate of inflation every year, that income would double in about 20 years.

You wold be mid 40s then, earning $100,000 a year. Just 10 years later you would have earned $1 Million.

May I suggest you read a couple of books by the same author.

The Millionaire Next Door and
The Millionaire Mind

Both books dispel the popular notions of who millionaires are, and how they got that way.

The prime myth is that they earn $1 Million a year. The average millionaire earns around $150,000 but lives like they earn less than $100,000 and invest the rest.

There in nothing wrong or immoral about pursuing wealth. Just remember that those who receive much, much will be demanded.

Good Luck

Answer 5

How old are you?

If you're young and your college degree gets you a good job, you can start earning money. Pay-off the debt as quickly as you can. Then, put away every penny you possibly can. If you keep your spending low, you can save money.

Then, money invested well, will grow.

When you retire, you just might have a million. Or several.

It's all up to you. Get a good job. Pay off the debt. Be a thrifty spender and a big saver.

Answer 6

Yes, everyone has the potential to become a millionaire. Do not let your present circumstances deter you. But first you must have a goal, a target (e.g millionaire by 30years old). Then you must set your mind on your journey to reach this goal. No journey can start if you do not know where you are going! Draw up short-term plans and targets (e.g. save 10,000 in 3 years' time), same for medium-term and long-term. Be determined despite every obstacle. Then work hard, work very, very hard. You must be willing to sacrifice for your goal (give up luxuries like movies, latest handphones, girlfriends etc). Learn that it is money that makes more money. Saving money will never make you a millionaire but knowing how to invest your money so that it will grow in multiples will. Read Rich Dad, Poor Dad by Robert Kiyosaki and other millionaire gurus for their advise and put them to good use. You will succeed if you put your mind and efforts into it. Good luck and I hope you remember me when you do become one!

Answer 7

Put 10% of everything you earn into an ING savings account.

You'll be a millionaire in 10-40 years.

Answer 8

Yes,you can! but you really have to get your act together and start saving up! its bad enough your in debt,but your not even finished with college yet!?!....but seriously! you can if you focus and make someone out of your self. Just sit down and work everything out.

Answer 9

If you planning your future better than the past, you could. Of course, you´ll do it. You´re a young man with dreams. So you can do it. Why not?

Answer 10

People who accrue a lot of money are usually good at managing money or have someone to do it for them, or they got it illegally. Most do not earn millions legitimately.
* My youngest nephew has more money than you.
It's not important to be rich, however; it is important to be happy! Try that first.