I want to be a millionaire , but I don't know how???
2007-06-29 15:20:31 · 6 answers · asked by unknown 2 in Business & Finance ➔ Personal Finance
Earn as much as you can, get educated so you can earn more.
Spend much less than you make. If you can earn 100K a year and spend 25K you can be a millionaire pretty quickly but even if you earn 50K and spend 25K you will get there over time.
Leverage you money by doing things like buying a home. If you buy a home now for $300K in 30 years you will have a paid off home that might be worth a million all by it's self. All that 300K home will cost you is maybe $1,000 a month more than you would have paid in rent for 10 years then not be more than rent so total cost 120K.
2007-06-29 15:27:59 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
Get as much education as you can. Then get a job with the best people in your field--you'll learn more that way.
Save early, often and regularly. Automate the savings process with payroll deduction and the like.
Use retirement accounts and invest in a diversified portfolio.
Persistence pays off. Get rich quick schemes are usually ripoffs.
2007-06-30 02:47:27 · answer #2 · answered by Uncle Leo 5 · 0⤊ 0⤋
Keep scratching off those lottery tickets--NOT! If you are serious, then I hope you have a decent income, and don't plan on having ANY fun for as long as it would take to save it all up. If you are able to save $20,000 a year, and could live off the rest, you'd have it saved in 50 years. Actually, it would be less if you put it in an interest earning savings account. The interest grows interest, too. Start Saving!!!
2007-06-29 22:28:36 · answer #3 · answered by positive i 1 · 0⤊ 0⤋
study investing like you study for a class
2007-06-29 22:25:15 · answer #4 · answered by 1090 4 · 0⤊ 0⤋
go on all the tv game shows...eventually it'll all add up to $100000000
2007-06-29 22:27:51 · answer #5 · answered by emorexicbunnymaker 3 · 0⤊ 0⤋
your poor-and u will stay poor-The rich get richer
2007-06-29 22:27:51 · answer #6 · answered by dreds213 4 · 1⤊ 0⤋