Eight Ways to Make a Million Dollars

Kiplinger's has a list of eight ways to make a million dollars. They profile eight different stories of how people made a million dollars. Of course, my two favorites are:

• The guy who made a million with a "regular" job. He worked for 30 years and retired with a $1 million pension.

• The guy who made a pittance but saved a ton. The details:

You don’t need to earn much to make millions. Paul Navone, 78, never made more than $11 an hour as a quality-control inspector in a glass-container factory. But last year he gave $2 million to two New Jersey schools. He has about $1 million more saved for his retirement.

Income from his rentals paid Navone’s living expenses. "I never spent any of my wages," he says. He owns no phone or TV. He collects Hummel figurines -- dozens of the ceramic pieces decorate his home. But for the most part, he squirreled his money away in savings and investments, and he gives credit to "four very good brokers." Navone invested in "a little bit of everything" and stuck with a buy-and-hold strategy. He is partial to utility stocks, with their steady earnings and dividends (which he always reinvests).

I told you. There's a very simple way to get rich if you simply stick with it. Do it and prosper.

Comments

[Bob]

What do they both have in common? They started young!
One stayed with the same job 30 plus years and the other got into real estate.
I try to stress to my employees the benefits of 401k, direct stock plans, budgeting money. I even use examples from my life and the mistakes that I’ve made, like cashing out 2 401k plans when switching job over the years.
I have even started a free web site that has over 170 companies listed on it that offer direct purchase plans, some of them you can buy into with as little as $50 to the max that I have seen of $1000 but most are in the $250 to $500 range.
My employees have been listening to ne for 2 years talk about this and every new hire gets an ear full also, and the greatest reward is when the light bulb goes off and they start telling me about what they have done, like one who after 10 years on the job has signed up for the 401k.