Best way to become a millionaire?

[FutureBillionaire]

What is the best way to become a millionaire in your opinion?

[TechnoGuyRob]

The easiest? Probably winning the lottery. All you need to do is buy a piece of paper. Then again, that involves a lot of luck (but you just said "easiest").

Of course, even easier would be to be born into such a rich family, but then you don't "become." Probably another really "easy" way to become a millionaire is to simply receive the million+ dollars (e.g., from an inheritance).

You see where I'm going with this. Nothing "guarantees" you you will become a millionaire. To some extent, it all involves luck (for lack of a better word).

EDIT: Oh. I realized you have a horrible discrepancy. First, you say "best" in the topic and poll, then you say "easiest" in your post.

[FutureBillionaire]

Originally Posted by TechnoGuyRob

The easiest? Probably winning the lottery. All you need to do is buy a piece of paper. Then again, that involves a lot of luck (but you just said "easiest").

Of course, even easier would be to be born into such a rich family, but then you don't "become." Probably another really "easy" way to become a millionaire is to simply receive the million+ dollars (e.g., from an inheritance).

You see where I'm going with this. Nothing "guarantees" you you will become a millionaire. To some extent, it all involves luck (for lack of a better word).

EDIT: Oh. I realized you have a horrible discrepancy. First, you say "best" in the topic and poll, then you say "easiest" in your post.

ok then, the best way, out of those listed

[Richard_Todd]

The best way to become a millionaire is to become a billionaire, and then use 999/1000ths of your money to change the world for the better. So, I guess that's one vote for "other"

[stephencp]

Find a way to contribute approximately one million dollars worth to a community willing to pay for it. I'm being serious. What do you have to offer?

Stephen
Power-Book Library: Free personal development, success, inspiration and motivational classics

[RT Wolf]

I'm surprised stock market investing isn't up there. Intelligent investing can lead to great results. Or, you can just buy an index fund and hold on. The market has historically done about 10-11% a year.

[The David]

Investments should definitely be up there. If they had ivnested, my parents may have been millionaires by now, who knows?

[patrick24601]

How about all of the above and then some ? There is no right or wrong answer so the quiz is not going to tell you much. Now what might be a useful question is 'How are you making MOST of your money now, and what is your strategy with that method?'

[sunshinelady]

Originally Posted by TechnoGuyRob

Nothing "guarantees" you you will become a millionaire. To some extent, it all involves luck (for lack of a better word).

Become a millionaire is not depending on "luck" nor education nor life circumstances... it depends on your mindset... you have to learn to think like a millionaire or a billionaire...without the proper mindset the money will not come and/or stay...

You can listen to a free 75 minute audio of a Billionaire (in the "Billionaire Edition"), Bill Bartman, here

Enjoy

[ahimel]

Entrepeneuership, which can potentially cover all of the others.

[Scipio]

Originally Posted by FutureBillionaire

What is the best way to become a millionaire in your opinion?

Why ask non-millionaires?

[Dbarker]

Originally Posted by Scipio

Why ask non-millionaires?

Outstanding answer. Paraphrasing Don Clifton, "To learn about success, we must study success."

[RT Wolf]

Lol, good point.

I use Warren Buffett, Charlie Munger and the folks in "The Millionaire Next Door" for my models. Someone else may find something of interest in studying them.

[Still Growing]

There are two types of self created millionaires. The first type did what they loved and really didn't think about it but they hit on a BIG IDEA. The second type, or most common, intentionally set up to do it and then study how others did it.

I'll discuss the later.

You should:
1. Read one book a month about others who have started from nothing but created wealth.
2. Live 30% below your means and save while others are spending.
3. Set out on a journey to discover what it is that you love. If you cannot see how this could create money then consider this a hobby and move to the next thing on your list.
4. Think goal oriented. Create long, medium and short term goals and then work towards completing those goals.
5. Don't think about money first. Think about your service or product and really get into perfecting this. The money will come.
6. Take chances. The average millionaire has a string of failures and in some cases have lost everything at some point.
7. Early to bed , early to rise.
8. Get connected with people that can help you.
9. Be giving of your time and knowledge to the right people
10. Etc. Etc.

If you think that all of this is "Not for you" then maybe you don't really want to change.

I am writing the above on the fly and I am sure that if I took the time I could take things off the list and add things on but I need to get back to working my own plan for the day.

I wish you the best!

Originally Posted by FutureBillionaire

What is the best way to become a millionaire in your opinion?

[sunshinelady]

Originally Posted by Still Growing

There are two types of self created millionaires. The first type did what they loved and really didn't think about it but they hit on a BIG IDEA. The second type, or most common, intentionally set up to do it and then study how others did it.

I'll discuss the later.

You should:
1. Read one book a month about others who have started from nothing but created wealth.
2. Live 30% below your means and save while others are spending.
3. Set out on a journey to discover what it is that you love. If you cannot see how this could create money then consider this a hobby and move to the next thing on your list.
4. Think goal oriented. Create long, medium and short term goals and then work towards completing those goals.
5. Don't think about money first. Think about your service or product and really get into perfecting this. The money will come.
6. Take chances. The average millionaire has a string of failures and in some cases have lost everything at some point.
7. Early to bed , early to rise.
8. Get connected with people that can help you.
9. Be giving of your time and knowledge to the right people
10. Etc. Etc.

If you think that all of this is "Not for you" then maybe you don't really want to change.

I agree with your tips. Cool

Most of us don`t want to change something in life because it makes us feel uncomfortable but read this quote carefully:

"If you always do what you always did,
you will always get what you always got."

...we all have a free will to choose what we really want and taking action in that direction

[redmond007]

how are you defining 'entrepreneurship'?

[Narz]

Best way to become a millionaire?

Marry one (no pre-nup).

[Wanderer]

Become an expert/master/one of the best.

If I was a boxing master I would probably be a millionaire, if I was a software expert (one of the best) I would probably be a millionaire, the best in pretty much all fields are millionaires.

[Mayo]

Originally Posted by Wanderer

Become an expert/master/one of the best.

If I was a boxing master I would probably be a millionaire, if I was a software expert (one of the best) I would probably be a millionaire, the best in pretty much all fields are millionaires.

With first i agree, but the second i don't...

You have to be persistent, persistent, persistent.... even if to achieve a goal takes you a decade![PERIOD]

[trekr5]

click here Private Equity Players Hit the Big Time: An 'Out-of-Body Experience' - Knowledge@Wharton

and go down the page until you get to the providing solutions to the toughest problems header

and then act

[bylto]

Well I've voted for entrepreneurship because I think it's the best overall. However it depends on your areas of expertise and whee you are geographically. In the north of Ireland anyone, and I mean anyone could have become a millionaire in the last four years in real estate. A house worth £50,000 would now go for £200,000 or $390,219.55. You need have only owned 10 properties to make a £1.5m or $2.9m, which was very easy as the banks were throwing their money at real estate investors. After tax, you would easily have a million clear. I only caught the tale-end of this wave but am still due a decent pay-off . You have to keep your eyes peeled for upmarket trends.

[Gemini15]

For most people the best way to become a millionaire is through your own business, property investment or shares. In some cases all three.

People who are usually wealthy have a goal to become wealthy and they live their lives with this plan.

The plan is long term ie 20 + years and not some flash in the pan program.

Whether in business or on a salary expenses must be less than income. Once you have this and a plan to invest in property or shares, then your financial position will improve. The longer you work at it the greater the benefits. Compound interest principle kicks in. More income from investments to be returned into more investments which gives more income etc etc

[rene_stpierre]

Millionnaire before 45 ... In my opinion, Entrepreneurship is the only was to really achieve this.

If you work for a Company, your salary will never go higher than a certain level, unless you become CEO of a large corporation.

As an entrepreneur, your actions can have a direct impact on how much money you make.

Millionnaire after 45 ... someone who is a salaried employee all his life but begins very early in life (say 18 years old) saving at least 10% of his income every year and limiting his spending could do it ... but then again ... does not seem like a fun life.

René

[LillyoftheValley]

Some of the best ways to become a millionaire:

- change your name to Milli, and your surname to Onaire

or

- marry a billionaire and ask him to borrow you a million for pedicure

or

- take your 5 204,11 $, go to Hungary and convert them to forints: voila! you're a millionire!

or

- think like Homer Simpson :''Bart, with $10,000, we'd be millionaires! We could buy all kinds of useful things like...love! ''

[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'.

[Shaden]

Until I become a millionaire I can't really tell you such information.

[Antiventurecapital]

Certain industries offer far better odds than others for becoming rich.

Want to know which ones?

Well, just look at the industries venture capitalists are interested in. You will find them focussed on a narrow range including technology, software, online, biotech, and a few other smaller niches.

[Keith]

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...

[Dating Specialist]

Have a Millionnaire Mind!

This is what T. Harv Eker, best-selling author of "Secrets of the Millionnaire Mind" tells us to do -

Place your hand on your head and declare loudly "I have a millionnaire mind!"

Strongly recommend anyone who haven't read this to grab the book. It's a gem, really!

Of course, so is Adam Khoo's "Secrets of Self-Made Millionnaire" heh

[tipsypixie]

Define a millionaire. I have assets worth over that magical figure and even when I take away the debt accrued to accumulate those assets I'm still over that number. However I can't afford to drive my daughter to the beach this weekend and can't afford to eat take away food. The telephone bill will be paid by credit card next week as there won't be enough cash to pay it and buy groceries in the same period.

This is not a grumble - it's a statement that being a 'millionaire' is not a cure for life's problems. A good cash flow helps a lot more than having assets (liquid or otherwise). Apart from that I have no advice. Becoming a millionaire isn't too difficult, staying one, paying your bills and putting food on the table every single day can be.

C.