2007-08-06 08:23:01 · 4 answers · asked by freezemuthatruckers 2 in Business & Finance ➔ Personal Finance
It's very easy -- but it isn't quick.
(1) Get an education or a skill that can earn you at least the national average salary, and go to work.
(2) Live 10% below your means. If you make $40k, live like you make $36k. If you make $100k, live like you make $90k.
(3) Invest the difference in a 401k (stocks, mostly), a Roth, and as a down payment on owning your own home.
(4) Wake up some time in your late 40s or 50s and count it up. One million.
Doug
2007-08-07 01:27:23 · answer #1 · answered by Doug M 4 · 1⤊ 0⤋
Work hard to get (and keep) a good paying job. Save, save, save. Invest well.
The key here is to save. Cut your living expenses to the absolute minimum. Put away everything else in a solid investment. Nothing too risky, but something that has enough risk that it pays (market index fund, for example).
In time, you could become a millionaire.
Just this morning, I was thinking about this. Purely from having a job, saving my money, and having modest investments, I'll be a millionaire in 4 or 5 years. Nothing fancy. No winning a lottery. No magical investment. Just working at a regular job.
Heck, if I sold my house... I'd be a millionaire today.
2007-08-06 08:31:04 · answer #2 · answered by Jay 7 · 1⤊ 0⤋
There are really two serious ways to become a millionaire.
1. Save as much money as you can every month for years and years, and invest it.
2. Introduce new ideas to the market and have someone professional market those ideas for you.
2007-08-06 08:28:27 · answer #3 · answered by Keep On Trucking 4 · 0⤊ 0⤋
Hard work.
2007-08-06 08:27:00 · answer #4 · answered by hottotrot1_usa 7 · 0⤊ 0⤋