how to be a millionaire?

Answer 1

It's not easy and not that hard too.
It's like a business.
You have income and expenses.
To be a millionaire, you need to save and invest.
Your money will help you make more money either in interest or investment returns. Buying stocks is like owning your own business. Real estate is the same.

Stocks in the long run will get you about 10 to 12% on average. Bank interest if invested on CD will get you about 5 to 7%.
Real estate is the best investment to get rich. All rich people in the world owns real estate.

One way is to buy a house with your savings instead of paying rent. Interest expenses are tax deductable.
Use your home and get a second mortgage.

With additional savings, use them to buy a rental property that pays you at least 8% net income.
If you are borrowing it at 6% and getting 8% net income.
You are getting 2% for free after paying the bank's 6%.

To get rich you need to earn more than you borrow.

If I use this idea ten years ago, my net worth will be over $5 million. I haven't work since 2001. Now, my net worth is only $2 million. That's life you learn from your mistakes. But don't make a huge mistake. Go slowly like the turtle.

I will use this concept later on when real estates are better.

Answer 2

There are many ways to becoming a millionaire. One is to study the millionaires and billionaires and replicate what they are doing. Do not reinvent the wheel. That is what is on the site below...

Answer 3

you gotta have guts to take big risks - some people hav borrowed big money and risked it with their own business ideas - usually if they have done their research and have dedication to succeed it pays - start small and grow - just think why do you want to be a millionare? really the pressure sometimes doesnt equal the benefits - from a hasbeen who is now a comfey and happy realist. Good luck - remember where there is a will there is a way.

Answer 4

If you save $15,000.00 USD each year you will be a millionaire in 67 years.

NOTE: You need to invest the money in something that returns a little more than inflation.

Answer 5

Spend less than you earn!

It really is that simple!

Look around you; the people you know that have no car payment, no credit card debt, no mortgage... they are the folks who waste none of their earnings paying interest.... and at least some of them are millionaires...

Answer 6

If you are young use your greatest asset: TIME. If you start at 16, you can become a millionare in less than 50 years on only $4000. If you don't have that much time, then invest more.

http://moneycentral.msn.com/content/Investing/Startinvesting/P73751.asp

Answer 7

start investing, create a budget worksheet, have a clear goal on how much you want.