How to Become a Millionaire in 7 Easy Steps, Part 6

Here's part 6 of a piece from Bankrate that tells how to become a millionaire in seven "easy" steps:

6. Start your own business. In the 1996 book The Millionaire Next Door: The Surprising Secrets of America's Wealthy, the authors state that two-thirds of the millionaires are self-employed, with 75 percent of them entrepreneurs, and the remainder professionals such as doctors and accountants.

Starting your own business is far from "easy" and less than a guaranteed result. If you're thinking of it, I highly suggest you don't leave your day job as step #1. Instead, read 7 Steps to Going Solo While Employed. And if you really want to start your own business, check out Business Opportunities. It's a blog I highly recommend for anyone looking to start their own business.

Click here to read part 7 of this series.

Free Money Finance recommends Emigrant Direct.

Comments

[leo]

i saw everything and i found it very interesting, so i would like if yopu could give more info

[DR. ARTFREDO C. ABELLA , Ph.D. (Management), - Zamboanga City, PHILIPPINES UB]

To be a millionaire is easier said than done, but what concerns me most is that looking that an individual could become a millionaire emphasizes the point that the idea is within the realms of possibility. Michiavelli in his book, The Prince once said: " There is a point in the life of a man when he is willing to sacrifice everything that he possess and owns simply for what is called an idea." The idea could be that of becoming a millionaire, let me rationalize on how we can possibly attain that status.
A) TO BECOME A MILLIONAIRE SIMPLY MEANS THERE SHOULD ALSO BE AN AUTOMATIC SYSTEM FOR AN INDIVIDUAL TO ATTAIN AND ACHIEVE THAT STATUS. Letting an employee have an automatic deduction of his salary for the 401 (K) additional retirement fund would enable him to accumulate lofty sum of money and plus the interest earned would propel him to become a millionaire when he retires. Putting money on time deposits which is in the form of passive investments would enable a person have an automatic interest earnings in the bank and if left untouch would make him rich and millionaire specially if the principal investment is of material in amount.
B) TO BECOME A MILLIONAIRE MEANS THAT HE HAS THAT PHILOSOPHY OF LABOR EMPOWERMENT WHICH WOULD MAKE HIS BUSINESS SUCCEED AND PROVIDE HIM THE AUTOMATIC WEALTH THAT HE DESIRES. Great business enterprises are successful because the founders have the firm belief of the power of labor and men. Institutionalist have that firm resolve that their personnel will be the primary factor in making their business become an empire. They have that faith in their men that makes them a millionaire. Similarly, men or labor will usually respond on the charismatic leadership of their leaders, this could be similarly attributed to the book written by John F. Kennedy entitled " A thousand days" when he made mention of soldiers going into the battlefield: " We are winning this we know, General Harkins tells us so, the mighty enemies and foes are tough, the seas are tough, their guns are tough but we are winning this we know, General Harkins tells us so."
C) MILLIONAIRES HAVE FIRM BELIEF THAT IN ORDER TO SAFEGUARD THEIR WEALTH THEY DEPOSIT 150% OF CASH IN BANK OF THE TOTAL ASSET THAT THEY HAVE IN THEIR FINANCIAL STATEMENTS. Millionaires usually deposit 150% of cash of the total assets found in the Balance Sheet, this is so to anticipate fortuitous events. In case the firm suffers a tragedy like fire or earthquakes the business will not become insolvent. This is already a standard operation procedure among great firms in the west where they have the sufficient amount of liquid cash deposited in the bank to safeguard them against misfortunes in business.
D) MILLIONAIRES ARE PEOPLE WHO ARE MOST RESPONSIVE TO CHANGE. They always say that the only permanent thing in this world is change. Millionaires are individuals who are most responsive to change, if the situation calls for making the office run through electronic means they adhere to that change. Using typewriters has already become passe and the age of computers has already arrived. Millionaires are people who are adept at using the computers and other electronic means to hasten their business transactions and make them wealthy. Realize that even as of the present moment millions and billions of money is being transacted by business firms with the aid of computers and other electronic wares. Charles Drawin has this to say also of change: " It's not the strongest of the species that survive, nor the most intelligent but the most responsive to change."
E) MILLIONAIRES BELIEVE IN THE CONCEPT OF CAPITAL ACQUISITION THROUGH THE CORPORATE MEANS - THE CREATION OF A CORPORATION. Millions and billions of dollars could be acquired by issuing shares of stocks, be it common or preferred shares. This is the beauty of creating a corporation because it enables the founders to issue shares of stock and sell them to the public at par value. Capital could be sourced out by issuing shares of stock to the public and giving them the right to be part owners of your business and have them participate in stock or cash dividend at the end of the fiscal year. In the process, millions if not billions of dollars could be acquired for operating capital and expendtitures.
F) MILLIONAIRES HAVE DEEP SEATED BELIEF AND FAITH IN GOD. Rich and millionaires do have strong belief in God and that their wealth is not theirs but God given, hence they tithe and return a portion of their wealth to God. Remember the code of the Knights during the Romantic Era: " God, Country and Women." Even the Bible teaches a person to become wealthy when it says: " Seek first the kingdom of God and his righteousness and all these things shall be added unto you." It also says " Where your heart is there will also be your treasure."
G) MILLIONAIRES BELIEVE IN THE POWER OF LOVE. Yes, great and wealthy people believe in the labor of love. In other words masterpieces or the status of becoming a millionaire could not be attained without love. Vincent Van Gogh's painting of Starry, Starry Night which is worth at $465,000,000.00 could not have done without labor of love. He even has this to say on the way he paints: " Someday all paintings shall be painted the way that I could have painted and have painted today." Having love will make an individual a millionaire as it should be done in business gradually. Love must and should be done slowly, slowly, gradually, grinding into tiny bits, grinding its grains slowly, in detail, fading slowly, very slowly, very, very slowly until it fades, until poverty fades, unitl love conquers all." Let us therefore learn how to labor and wait.
If you have any comment on the views that I made you can e-mail me at: artabella@yahoo.com.
Good Day to all!

[Mahesh Kumar Iduri]

To become a millionaire one has to sacrifice everything but not his selfrespect. If others grumble at your ways of earning bucks, the true felicity of being a millionaire ain't felt. It doesn't make any difference of one being shakespeare's jew shylock. Remember abe lincoln's letter to his son's teacher. It ran something like this,"teach my son that a cent earned by hardwork and honesty is far more worthy than a million dollars earned".