How to become a millionaire?

[Bades]

Mind is the hub of their financial wealth.

This is perfect

[bjl584]

A disciplined savings plan and time are your two most powerful weapons.

[feh]

Hello. I was just wondering if there are millionaires here in our forum. Maybe they can share their story how did they become a millionaire literally starting from zero, or maybe just give some financial tips and advice for youngster like me.

There's definitely more than one way to get there. Mine is pretty boring, and I can share it in 2 easy steps:

1. make an above average income
2. live well within your means and save, save, save

[Bades]

There's definitely more than one way to get there. Mine is pretty boring, and I can share it in 2 easy steps:

1. make an above average income
2. live well within your means and save, save, save

Is the OP asking how to achieve 1 million dollars one day or to be and live like an actual millionaire?

An above average income and saving will not get you there unfortunately.

[feh]

An above average income and saving will not get you there unfortunately.

Sure it can. I believe that's the premise behind The Millionaire Next Door (it was also my method).

[Bades]

Sure it can. I believe that's the premise behind The Millionaire Next Door (it was also my method).

You'll get a million dollars one day in a retirement account - but you'll never actually live like a millionaire and bring in an income that can support it. That's why I wasn't sure what the OP had in mind.

[JoeP]

Today, the term "millionaire" doesn't mean what it used to mean years ago. The word itself evokes images of luxury, expensive cars, a big house with a wood-paneled library (stocked with rare and thought-provoking titles) where the subject wears a smoking jacket while smoking cigars and sitting in a plush leather chair, Rolls Royce cars waiting in a 5 car garage, the Howell's from Gilligan's Island, a butler, inground pool, etc.

It usually does not mean the above, or that the person has $1M in actual liquid cash sitting around.

Most modern definitions boil it down to net worth: assets minus liabilities. While your 401k retirement fund may have a face value of $800k as it sits out there on the other side of the tax fence, it is worth less as taxes are taken out when you take a disbursement, but most just count it as an $800k asset. Also, things like a paid-for house is only estimated in value until it actually sells, so the actual cash value of your $300k house is whatever it sells for...and then you usually use that money toward your next dwelling, so it gets tied up as a variable asset again.

We're on our way, and the best advice I can give is: keep your expenses low, start saving for retirement as early as possible, get a job that pays well, avoid credit cards as much as possible, avoid car loans as much as possible, drive your cars as long as you can, budget so you know where your money is going, and look into hiring a financial planner.

[UnknownXV]

Plan for retirement well, or get a job earning six figures. You could also open your own business but, of course, it's more risky.

Getting a million dollars is doable. To have a million in net worth though, that's far more impressive. Not a lot actually have a million in positive net worth.

[UnknownXV]

Is the OP asking how to achieve 1 million dollars one day or to be and live like an actual millionaire?

An above average income and saving will not get you there unfortunately.

If I made 60k a year after taxes, I'd be a millionaire in 20 years. Not counting interest.

With interest, a modest 3%, I'd be a millionaire in 13 years.

[Blessed]

If I made 60k a year after taxes, I'd be a millionaire in 20 years. Not counting interest.

With interest, a modest 3%, I'd be a millionaire in 13 years.

I agree with you. We have never made over 65K before taxes are taken out and are on track to hit it with the 600K in assets we now have. If you are pretty frugal and save starting young you don't have to have a big income to hit it. I figure in a few years when the younger child is trough with college it will accelerate.

[RickLeibo]

Hard work, wise spending and lots of Saving

That is the easy answer to becoming a millionaire. First realize that nothing in this life comes easy. You must be prepared to work hard. Second you must be frugal. Last Save every dime you can. Set aside a specific amount each week and make it as much as you can handle. Boom your a millionaire. With all that hard work...its that easy!

[orlandowilliams]

Be positive and start doing something different.

To get ideas read about several milliners that what were they and what they are?

[sandrark]

A disciplined savings plan and time are your two most powerful weapons.

Huh. I thought it was fear and surprise.

On paper, DH and I are millionaires.

We're in our mid-to-late 40's now. We've been saving for years, we bought a business when DH was in his mid-30's, we live on a written budget, we pay cash for things, we have not used our house as an ATM, we drive our (new) cars for 10 years+ (and maintain them well), and we have a lot of assets in different baskets for diversification. Oh, and we haven't gotten divorced.

Divorce sucks the assets right out of the equation.

[lewiskelly]

Many people want to being a millionaire but not so many are prepared to put in the effort.so for become millionaire you have to put some business efforts.By Doing trading in a different way.I think Above discussion is too effective.

[jonasmeier]

Marry a millionaire's daughter, you just can't find much easier way than this.