I want to make a million dollars?

Question

What are some REALISTIC steps i can take to become one?
I know invest but I dont have much to invest I NOw work from 56 hours a week to 60 + hours a week:( so I am starting to save I am paying off my schooling. sallie mae was nice to me:) any ideas?

Answer 1

If you start young, and put as much as you can into investments, it's not unrealistic to hope to have a million dollars by the time you retire.

When you get raises, or if you get a bonus, put that into investment - you aren't used to living on it, so not having it available won't be painful.

Investing in growth mutual funds, nothing with very high risk but not too conservative either, can be good.

Answer 2

If your budget will allow save as much as 15% of your income for retirement. Also pay attention to your debt (school loans and any credit cards) - get those paid off - even if it means scrimping on your retirement some. Don't use credit again - you'll never get to be a millionaire if you pay all that interest.

If you start young enough and save enough in retirement you'll be a millionaire before you know it. But being a retirement millionaire is no fun until you are 65. So in addition to saving for retirement, save for the near future too. I try to save 10% for that each month - its for stuff like my next car, a broken appliance, a downpayment on my next home, big things that will happen in the next 5-10 years.

I enacted a policy a few years ago - if I can't pay cash for it I don't need it. That applies to everything but my home. I do have a mortgage, but everything else I save for before I buy it. It can be done by saving regularily every month.

I recommend you go to the library and pick up Dave Ramsey's Total Money Makeover - he is the debt-free guru, he'll give you encouragement. You may also want to pick up some other financial books like David Bach's The Automatic Millionaire and anything by Suze Orman or Jane Bryant Quinn. All have pretty good advice. Good luck!

Answer 3

Read the Millionaire Next Door. It walks through the traits of most Millionaire's (and how shockingly wrong most people are about what they are like.) Becoming a Millionaire is a process.

Get one and only one book on Personal Finance (Dummies' or Idiot's Guide or "The Only Investment Guide You'll Ever Need" -Tobias). Too many and you'll just be rehashing and wasting your capital.

Start a plan, set goals, make a budget and start spreadsheeting your financial life. My Spreadsheets have so focused me on my goals that my debts have shrunk & my invested assets exploded jsut because of small spending changes.

Answer 4

out 100 dollars out of your paycheck each week and put it in an IRA if ur over 21 by the time you are ni the late 40s you iwll have just about that if you dont touch it. Put any spare money as it doulbes so 100 after it compounds= 200 =400 so on and so forth.

Answer 5

It is not so much how much you have to invest now that is important. It is just saving some, and keep saving. The amount you put away will start to accumulate and will earn interest or dividends on its own.

Answer 6

It's more important to find a career you really like than money itself.

Many high incomes are made by acquiring some sort of franchise, for example, owning 20 pizza shops, 20 taco shops, 20 smoothie drink shops, etc.

Good luck.

Answer 7

Open a CD ( Certificate of Deposite) get a 5 year one so you can save it for a longer time period. This is better then a regular checking or saving account, because the interest is higher so your money grows.



*Good luck*

Answer 8

You can either invest well or you can go on the game show, Deal or No Deal good luck on making that million !

Answer 9

Maxwell became decreased in length to Mumbai Indians for $7,761,seven-hundred money, so he's already over the mark. Assuming of direction which you calculate the quantity in Hong Kong money. :-).

Answer 10

You have to work differently - in a smarter way.