Comments on: How to Become A Millionaire

By: gil

gil — Fri, 23 Oct 2009 18:33:22 +0000

I think to become a millioner is a destiny. Without blessings from God is nothing. Even if you work hard, even you earned more money if its not your destiny you will not be a millioner. God will give ways that your earned money will be spent. But don’t lost hope just keep on working of your plan to become a millioner together with prayers… then may be its your destiny.

By: Millionaire Acts

Millionaire Acts — Thu, 22 Oct 2009 02:05:31 +0000

I think the ultimate way to become a millionaire is to EARN MORE and DESIRE LESS. Earning more increases your income i.e. (taking a second job, investing your money, buying assets that provide passive income, etc.) while desiring less lessens your spending (i.e. budgeting, frugality, etc.)

Make it a habit and definitely, you would become a millionaire someday.

By: Leah Bell

Leah Bell — Thu, 15 Oct 2009 17:09:47 +0000

Because of the real estate bubble, the current definition of a millionaire is one who possesses a million dollars in net worth excluding the value of their home.

By: ChristianPF

ChristianPF — Fri, 02 Oct 2009 19:01:09 +0000

Yep, you hit the nail on the head. If you have 20-30 years to do it, it really isn’t that difficult for even average income earners…

By: Noel

Noel — Sat, 26 Sep 2009 11:08:46 +0000

will for me the key to become millionaire is first study complete your education. second seek a job. Third save while planning. Fourth invest wisely.

If you study, your brain has a knowledge. not only in school but also study the community`s needs.
Put up a business. when you have a business you will mature about financial consequences.

By: Buddystips

Buddystips — Sat, 05 Sep 2009 17:21:38 +0000

Dear AJ,

Two thoughts come to mind. First, at 27 you have a whole life in front of you, so whatever you do will be right if it is directed correctly. Second, pick a goal and work towards it (e.g., pay off medical debt; or pay off condo mortgage). Always remember, as you succeed in any one of these, then you can broaden out into other investments opportunities (e.g., stocks, mutual funds, real estates, etc.). The choice and timing are yours to call. My basic point; however, is while you are young “focus” on a GOAL and go after the goal aggressively.

By: Patrick

Patrick — Sat, 05 Sep 2009 03:01:43 +0000

AJ, If you are just getting started with your path to financial freedom, I recommend taking a look atDave Ramsey’s Baby Steps, which is a step by step method for achieving financial freedom.

There are many other great ways to get ahead, so I recommend searching for the way(s) that work for you.

Along the way you will want to pay down debt, invest, look for ways to earn more money, look for ways to save money, and balance that with the rest of life. I know those are broad strokes, but each situation is different, and that is the best I can do without knowing more about your situation.

Best of luck to you and your wife.

By: Buddystips

Buddystips — Fri, 21 Aug 2009 03:39:25 +0000

I have practiced the same debt elimination and savings techniques for years, and do so quite aggressively, though more conservatively than one of my best friends. I am 60% there in savings and my only debt is my mortgage payment. My best friend in 23 years reached 130% of his goal to become a millionaire. He began with $3000 and was more aggressive in his investing than I have been. My point is, he made it…retired last year and is living off his retirement, social security and investments to the tune of $150,000 per year. He owns two homes, bought a boat and is traveling and enjoying his life to the fullest. My goal is to follow in his footsteps. All of this takes discipline and sacrifice, but believe me it can be done by anyone, so don’t think this is a bunch of bull…anyone can do it, but you MUST make saving a life time habit. Set short term savings goals and work hard to reach them. Once you reach a short term savings goal, set your next savings goal and continue to work hard to reach it. Then repeat, repeat, etc.

By: AJ

AJ — Fri, 31 Jul 2009 19:12:37 +0000

I’m 27 years old, I am married to a doctor in residency, just bought our first condo in boston have a roth account a 401k some precios metals. I want to be doing so much more but kind of stuck not knowing what to do next. We are working on paying off debt from my wife’s med school and the condo. Does anyone have any advice? I have a finnacial advisor also and he just tells me to keep investing! I need more direction then that! I’m 27 there’s a lot to learn still…. I’m currently working on making more money at my job just have to wait for the big promotion. Please help?? Thanks guys

By: RB @ RichBy30RetireBy40

RB @ RichBy30RetireBy40 — Thu, 30 Jul 2009 13:55:07 +0000

I would suggest NOT including any property or illiquid assets not readily sellable into your Millionaire calculation.

I’m focused on building a $3million Cash Nut by age 42, and whatever else I have, be it property, 401K, private equity investments is just gravy.

Don’t depend on anything else except for The Nut!

Rgds, RB