Free Ebook.


Enter your email address:

Delivered by FeedBurner

« The Best Credit Card for Making You Money | Main | Free Money Finance March Madness, Round 2, Posts 41-48 »

March 05, 2007

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

I think you can add investing pre-tax dollars into 401ks and Traditional IRAs to your list. While a Roth is a better investment option, if you're just shooting for the million dollar mark then paying taxes up front isn't going to help you.

These people could use a reality check. I earn minimum wage and have student loan debt and don't know how to do any of the things they suggest. Buy real estate? Surely you jest!

In this ever changing business world, how to become a millionaire seems to be a state of bliss that one must attain. It is a symbol or status where men seek to attain for its glory, for the challenge, for the discipline and the glamor that goes with it. How to become a millionaire theoretically is worth exploring for, since nothing in this world
could be attained until it is first conceived and laid to the ground. Let's rationalize on ways to become a millionaire taking into consideration the three basics that were aforementioned in this website:
1. Spend less than you earn. The best analysis that we can make along this statement is - as your income increases your standard of living must remain the same. I believe that making this contention together with the existing concept of earn more than you spend could really make an individual wealthy and if chance and ripe opportunities are there a person could become a millionaire. It is a sound advice to let your standard of living remain from its original position as your earning increases so as to enable you ample amounts to save in the banks. The prelude to saving is earning money first then see to it that you minimize overheads and pay all your needs on cash basis to avoid interest surcharges or ad valorems. One of the best way also to spend less is merely to spend on your needs rather than your wants. Even businesses has seen this philosophy and realized the value of providing goods to the customers that would only satisfy their immediate needs and not their wants. Businessmen realized that selling luxurious products could be very hard to sell since it is meeting the wants of the customers or the stakeholders. Besides, there are only few who would dare meeting all their wants as this could be very expensive and must resort to borrowings and simply not in consonance with the good charting of becoming rich and wealthy. I really believe that spending less than what you earn could make a person rich since there is saying that: " A man's reach must exceed his grasp or what is heaven for." I do believe that if your maintain a simple standard of living as your income is increasing will afford one to become a millionaire.
2. Use excess money to save and invest. All idle money must be invested. If your money is not so huge you can first save it in the bank then as it warrants or qualifies the requirements of business investments then you can now proceed with the next step. Remember never trust money but put your money in a trust is the soundest money management policy that has been formulated. In a grand scenario Abraham Lincoln once said:" The faith of the nation and its currency are one and the same." Frugality is the elixir which will enable one to save money then invest. The better word in the business now a days is frugality, frugality and frugality. Investing ones money is like planting a seed and as you toil the land and fertilize it one day it might bear fruit and provide you with food and hefty income. Dr. Albert Schweitzer once said: " No ray of sunlight is ever lost but the green which it awakens into existence needs time to sprout and it is not always granted to the sower to see the harvest, he must plant in faith." Let us learn how to save and invest and put faith that the almighty God would provide to us the right opportunity to gain profits and income and become a millionaire one day.
3. Do the same procedure over and over again. Do the best practices over and over again and perhaps mother nature and luck will be on our side. As the saying goes: " As in love and in dreams there are no impossibilities." Dream, your dreams until your dream will come true in becoming a millionaire.

The comments to this entry are closed.

Start a Blog


Disclaimer


  • Any information shared on Free Money Finance does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. All posts are © 2005-2012, Free Money Finance.

Stats