how to be a millionaire?

Answer 1

By putting money aside without even realizing it:

http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx
http://www.oprah.com/tows/pastshows/200401/tows_past_20040113.jhtml

Answer 2

Do you want to have a net worth of $1 million (assets minus liabilities)? Or total assets of $1 million? Or $1 million cash liquidity?

Let's assume you just want to have $1 million cash from which you could annually draw $45,000 to $50,000 (4.5% to 5% of the total) in perpetuity (forever without the principal amount diminishing). Let's also assume that both now and in the future you can consistently get an average return of 7% on your money.

Then all you would need to do is save $1,000 per month and invest at an average 7% return. In 28 years, you'd have $1 million. Anybody can do this - it's essentially what I'm doing with my retirement accounts. I've got other investments, but I'm shooting for a $1.3 million total in retirement accounts at retirement age. Keep in mind that I consider this is a minimum safety net, and it might be enough only because my house will be paid off by then - a million dollars is not what it used to be. I'm expecting to have a much higher net worth by retirement, but if everything else fails, at least I won't starve - I think.

If you want to be "rich", I'd shoot for a net worth of at least $3-$4 million.

Answer 3

In order to be a millionaire you need to have at least 1 million dollars. If you are not at that level you are not a millionaire. Now how to become a millionaire....that is a totally different question that i havent answered myself yet.

~Ryan
YIM: JMURedneck08
http://surveynoob.com << Ways to make money Comments please

Answer 4

live cheaply, well below your means. if you saw me you would never figure me a multi millionaire by my looks, dress, house or car.
buy used cars, not the newest trendy ones.
invest aggressively.
own your home, but never pay it off. instead, pay the minimal amount you can & put the rest into mutual funds & stocks after buying a rental property to maximize tax deductions.

Answer 5

How long do you have? $100/month for 40 years invested in a good mutual fund will make over $1 million. That assumes the US stock market long term average remains at 12%.

Answer 6

Never get married,or have any kids. Don't buy a TV,as they cost a lot now days cable & all things related to the use of them are high..Don't buy a house or car,as upkeep on them are high. Just become a stay at home have no fun person. Bound to save a lot of money!!

Answer 7

Save early, often and regularly. Use retirement accounts. Automate your savings process. Don't give up. See the webpages below for more info.

Answer 8

To save money it is much more important how much you save rather than how much you make. So pay yourself first and cut the waste.