How? c'mon ppl tell me ur secrets?
2007-03-15 13:53:56 · 15 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The real secret is to start saving now and invest it. Another secret is utilize your time that can make you money. Instead of watching TV, you can go look for a part time career in sales (such as selling homes, insurance, loans, cars, or on ebay).
Cut down your expenses so that you have more money to save. I don't know what your age is, so I'm going to give you bunch of hypothetical examples. Most people are able to save at least $100/month. So lets say you invest $100/month.
At a 10% rate of return,
In 10 years, you will have: $20,655
In 20 years, you will have: $76,570.
In 30 years, you will have: $227,930.
In 40 years, you will have: $637,680.
At a 12% rate of return,
In 10 years, you will have: $23,230
In 20 years, you will have: $99,915.
In 30 years, you will have: $352,990.
In 40 years, you will have: $1,188,240.
How do you get these rates? Through mutual funds. Even though there are thousands of them out there, you can narrow it down by doing an investment profile questionaire. Then you can narrow it down even further by picking a reputable mutual fund company. I have an aggressive growth fund tha has earned 13.88% in the past 10 years, and 14.01% since 1982.
2007-03-15 14:15:48 · answer #1 · answered by Anonymous · 5⤊ 1⤋
Find a business where you can put a dollar in and take 2 dollars out. Then do it over and over again. Find something to offer that people who can afford it need to have. The formula is simple, the implementation is unlimited. Learn about money so when you get some, you'll know how to keep it.
2007-03-15 13:59:56 · answer #2 · answered by CJ 2 · 0⤊ 0⤋
The "secret" to making a million dollars is as simple as "paying yourself first"; take 10-15% of every cent you earn and invest it in a broad-market equity fund that has averaged 9-12% long-term. Reinvest any dividends, and wait 15-20 years, you'll be a millionaire.
And don't ever buy anything with credit!
Remember, smart people earn interest. Dumb people pay interest!
2007-03-22 13:34:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In order to make a million dollars you must be able to think like a millionaire. You must have motivation and determination. You must be able to define success and do what it takes to get it. The key to success is helping others succeed. Visit my profile, you might can find useful info there. I guarantee it..
2007-03-22 08:55:56 · answer #4 · answered by Mommy25 2 · 0⤊ 0⤋
1) Get training or education that results in a high paying job
2) Live well beneath your means
3) Reinvest the balance, preferably in a business that doesn't interfere with your day job, such as Real Estate
4) Learn as much as you can about investing and business, and ask as many millionaires as you can.
5) Don't fall for get rich quick schemes
6) Work your @$$ off, but be patient
2007-03-15 14:04:31 · answer #5 · answered by getting close 3 · 0⤊ 0⤋
If you're in your early 20's, invest $200/month(10% return) for just 7 YEARS and STOP! Then leave the money alone and wait till you turn 65. You'll have way over $1,000,000.
2007-03-15 18:44:42 · answer #6 · answered by najimmya 2 · 0⤊ 0⤋
When you find out, share the info. with me. I could use a million dollars.
2007-03-15 14:02:07 · answer #7 · answered by mel 3 · 0⤊ 0⤋
Write a hit song
2016-08-05 01:05:25 · answer #8 · answered by David 1 · 0⤊ 0⤋
Invest well, or get a really really good idea and sell it.
If we knew, we would not be wasting our time with Yahoo Answers. I would be on my very large boat.
2007-03-15 14:02:56 · answer #9 · answered by Clown Knows 7 · 0⤊ 0⤋
LEARN HOW TO THROW A 100 MPH SLIDER OR HIT ONE.
SPAMMERS DON'T MAKE ENOUGH TO BUY CUP O NODDLES
2007-03-15 14:16:23 · answer #10 · answered by cork 7 · 0⤊ 0⤋