Can we reach millionaire status if we're only employed?

Answer 1

If you're just everyone else in the company (not the CEO or VP) it might be tougher but there are a few ways you can reach that goal but you have to have time on your side and a lot of discipline. It's all about what you do to with the money you get from work at the same time seeking ways to get more out of your job. check more of this here:

http://lanispage.blogspot.com/2007/03/so-you-want-to-be-millionaire.html

Answer 2

Yes you can and it is allot easier than you think. No get rich quick or midnight cable tapes will do it. You just have to be willing to save and invest wisely. For example $100 a month from age 20-60 is 1.1 million dollars invested in a good growth stock mutual fund averaging 12.5%. THere is a great book out called The millionair next door and it is the comprehensive study of millionaires in America. What they found was that the average millionair in america lives right down the street from you, he saves his money, does not borrow money and does not drive leased cars. They live by the motto of if I don't have the money I can't buy it. So the moral of the story is live debt free and below your means and invest wisely and you will have more money than you know what to do with.

Answer 3

Yes, millionaires have gone up compared to the previous years. You can reach millionaire status by having a high paying job, investing in real estate and profiting from it and in the stockmarket. The key is to be a disciplined investor and not blow your money on unnecessary things. The term millionaire today doesnt mean the same as what it was before. A lot of people made money in real estate.... but it doesn't mean it will be enough when they retire bec. real estate can tank too.

Answer 4

Of course you can! Many people who never own their own business or become real estate investors end up being millionaires by the time they retire. In fact, due to inflation alone it gets easier to become a millionaire every year.

How much net worth you accumulate depends more on how much you spend than on how much you make. If you save 15% of your gross income every single month, you will probably end up a millionaire by the time you retire (unless you make very little and are very close to retirement, of course). Obviously if you make more and you commit to saving 15%, you will reach the $1,000,000 faster than someone who makes less, but it can be done by almost everyone--even those making minimum wage if they start early enough.

And don't say you can't save that much--you CAN. You just have to spend less. That may mean simple adjustments like cutting back on vacations, shopping, and eating out need to be made. Or it may mean that you need to make more drastic changes, like moving in order to lower your rent/mortgage or moving to another city/sate altogether where cost of living is cheaper. Or it may mean working harder/longer or changing careers in order to boost your income.

Start now!

Answer 5

Yes, it depends on your salary and expenses.
It's like a business, what's your net income after each year.
If you make $50,000 and spend $20,000 per year.
Your net income is $30,000. $1,000,000/$30,000 = 33.33 years
By that time $1,000,000 is worth less than $500,000.
$500,000 is still good for retirement
You need to invest your net income.
Money makes money.
By investing, you will cut the years down to about 20 to 25 years.
Dont' rent if you can own a place.
If you rent, the money is going to the landlord to help him with his mortgage.
If you pay a mortgage, you are like renting but the money goes towards your investment.
When you sell your home later, it will be worth more.
For second homes, but it in the city to get the price appreciation and rental income.
Homes in the country are usually flat after many year because people can build a new home for about the same price.
If you don't want to own a second home as investment, put the money in index funds or sector fund.
Check them out at Janus, Vanguard, and T. Rowe Price.

Answer 6

Either save every month and invest it... or play the lottery and cross your fingers.

$100 bucks per month, growing at 10% per year, will take 45 years to become a millionaire!

Answer 7

yes of course. But you need to make it a goal, have a plan (budget) and get to work. You also need to be out of debt. If you don't have payments going to Visa or MasterCard and instead going to your savings, retirement, etc you will be a millionaire.

Read The Total Money Makeover by Dave Ramsey

Answer 8

of course... why not? It is not a question of how much you make, but what you do with what you make.

obviously you employment position and income will greatly influence how long it takes to become a millionaire.

Answer 9

You should start a simple IRA so you can have alittle bit of saving/interest building for your future. Free projections from my website. www.sandiegoira.com -Corey

Answer 10

Yes, if you are an attorney or doctor making a lot of money.