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Originally Posted by Cron  Best way to become a millionaire?
Become well acquainted with current economics and financial news. For example, being a millionaire is still good, but it is the lower rung of wealth.
See Dr. Evil in Austin Powers.
A million dollars, gross, if properly managed could probably keep you in an upper middle class lifestyle ( assuming you already own a home ) for the rest of your life, but it will not make you "wealthy" with a capital 'W'. |
It takes money to make money.
$4,000 is twice as valuable as $2,000, which is twice as valuable as $1,000. But $1m is more than 1,000x as valuable - it's a whole new LEVEL of wealth. A millionaire isn't just capable of buying 20x as much stuff as a$50,000-aire - he has access to opportunities that the other guy doesn't, such as buying investment properties.
Most of $50,000-guy's income is going on overheads ; rent or mortgage (millionaire-guy probably bought outright), etc. etc. So where $50k-guy has maybe 10-20% disposable (investable) income, millionaire guy has closer to 80-90% - even if he lives lavishly.
The real value in being a millionaire isn't in having $1m available to fritter away - it's in having the base level of wealth required to capitalise on investment opportunities...