Ways to become a Millionaire (in my opinion)
A. Stay out of debt and save like crazy.
B. Marry a big baller
C. Make a great income and live cheap
D. Start a business in the hopes a big company will buy it (Yay)
E. Start several small businesses and build streams of income. (double yay)
F. All of the above in moderation.
I rather live comfortable and build incomes streams while also taking a dose from each of the above. You have to do each in moderation.
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A.This will make you sick and eventually you will give up. I think less than 1 percent of the population become rich by staying out debt completely.
B.Good luck with that one you can marry a Tiger Woods and still be unhappy or lonely.
C. Again, very few people can pull this off. I’m not a big fan of living cheap. Actually I hate it. I rather make a great income and then live modestly.
D.This is a good one, you just work on your business and by investing your time and sweat equity you may become the next Aaron Patzer founder of Mint.com
February 10th, 2010 at 12:19 am
MoneyMonk. I agree somewhat with your post.
I agree that in order to become a millionaire, one must save profusely. But I would like to add that saving is just one component. If you save at a pautry rate with a return of 0%-2% that won't get you to millionaire status. I believe in high risk equates to high return. Thus, the saver might need to get educated so the saving can have a maximized return effect.
And yes, marrying RICH does help.
February 10th, 2010 at 3:07 pm
The thing about saving profusely is can become so easily to get burned out with it. After awhile you going to want to enjoy your money or take a break from saving. I know people that save so much the do not even notice their house is falling apart. They are so concentrated on one thing they lose out on other things. Plus saving to become a Millionaire takes forever.
I feel you should take a little from each above. Someways or just faster than others.
February 10th, 2010 at 11:12 pm
Correct. Saving too much too often might cause a negative burnt out effect on that saver. Sometimes it might work against their philosphy and they might end up spending even more the next few months to make up for saving so diligently. (I know I fell victim to this habit esp during Christmas last year and spent so much just because I was so good at saving throughout the year). It's the same when someone diets and next thing you know, they go on a binge eating to compensate for the lost time.
But there are savers out there that's been saving all their life without going on these small binging spree. I tip my hats to them. It's hard but they make it work somehow.