How to become a millionaire?

[scfr]

According to "The Millionaire Mind" this is what it takes ... and I happen to agree:
Integrity
Discipline
Social Skills
Supportive Spouse
Hard Work

Start with spending less than you make.

[cypher1]

Originally I thought I had a limited window due to health problems. I stuck with what I knew, meaning chemistry. By starting my business in a RV camper I began perfecting my recipe of the most pure and potent formula of crystal meth. As a supplier I realized there was always going to be potential clients, and distribution was always a challenge. Working for the Mexican cartel at first was step up for positive work environment and steady flow of income. To get to millionaire status I resigned from that position and took out my competition. This was after fully realizing the true potential and exponential growth of my current empire-I mean enterprise.

[JoeP]

Originally I thought I had a limited window due to health problems. I stuck with what I knew, meaning chemistry. By starting my business in a RV camper I began perfecting my recipe of the most pure and potent formula of crystal meth. As a supplier I realized there was always going to be potential clients, and distribution was always a challenge. Working for the Mexican cartel at first was step up for positive work environment and steady flow of income. To get to millionaire status I resigned from that position and took out my competition. This was after fully realizing the true potential and exponential growth of my current empire-I mean enterprise.

Huh?

[siggy_freud]

Huh?

It's (partially) the premise of Breaking Bad, a television show.

My advice: You need a goal. Becoming a millionaire isn't the goal. The goal is what you want the money for, and the money is the means to get there. There are plenty of people that die miserable with a million+ in their accounts.

I told my dad I'd be perfectly happy if when it was his time, he left with no debt, no assets, and a big smile on his face!

Figure out how you want to live, and what you want to do with the money, and use that as motivation to get you there. If it's to be able to leave a million to your kids, great! If it's to buy a big house and boat and host cocktail parties, great! Everyone wants to do something differently, but having a goal of "becoming a millionaire" is, to me, empty. Make it the means, not the purpose.

[MoneyTips4U]

There are 2 ways to Become a Millionaire

I believe there are 2 ways for becoming a millionaire.

First, you can save as much as possible from an average income.

Second, invest/own a business. Try to invest part of your savings. Not a whole lot at first, but diversity your investment portfolio. Try some stocks (large-cap and small-cap), real estate, or mutual funds. Diversity is key to a wonderful portfolio. You can't make a whole lot if you aren't investing. And owning a business would be great. Choose something that works and stick with it.

-MoneyTips4U

[syracusa]

It's (partially) the premise of Breaking Bad, a television show.

My advice: You need a goal. Becoming a millionaire isn't the goal. The goal is what you want the money for, and the money is the means to get there. There are plenty of people that die miserable with a million+ in their accounts.

I told my dad I'd be perfectly happy if when it was his time, he left with no debt, no assets, and a big smile on his face!

Figure out how you want to live, and what you want to do with the money, and use that as motivation to get you there. If it's to be able to leave a million to your kids, great! If it's to buy a big house and boat and host cocktail parties, great! Everyone wants to do something differently, but having a goal of "becoming a millionaire" is, to me, empty. Make it the means, not the purpose.

This was the best so far.

[auron]

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

I have to respectfully disagree with this statement.

The primary way to become a millionaire is to live below your means and save the rest.

An above average income isn't even the most important part to becoming a millionaire, but it certainly helps making the above statement easier to do.

[KTP]

Getting a million is pretty easy.

Avoiding cancer and heart disease, much harder.

I would trade many millions for the ability to live comfortably until age 90 or so without ever having a major surgery or disease.

I bet Steve J would have added a few zeros to that figure..

[Bades]

I have to respectfully disagree with this statement.

The primary way to become a millionaire is to live below your means and save the rest.

An above average income isn't even the most important part to becoming a millionaire, but it certainly helps making the above statement easier to do.

What I'm saying is you'll never LIVE like a millionaire. What's the point of having a million on paper when you still have to live like you only make 50-60 a year?

When I think/dream about being a millionaire it's much more lavish than that.

[Bades]

The primary way to become a millionaire is to live below your means and save the rest.

Unfortunately this is only part of it. If you truly want to have a lot of money one day you need to take more action than being frugal and saving.

Owning your own successful business is the best way to becoming a millionaire, aside from inheriting it or winning the lottery.

Rarely people make millions when they work for others...unless you're upper management at a very large firm.

[feh]

Rarely people make millions when they work for others...unless you're upper management at a very large firm.

As auron said, I respectfully disagree.

I'm in the IT field. I make a very nice salary, but not a great salary (ie. such as somebody in the financial industry or a specialist MD). I am not a manager, nor do I work for a large company. My wife and I are 46; we've been living on my salary alone for the last 13 years, since our son was born.

We are millionaires today. By the time we're 50, we should be multi-millionaires. We will likely be able to live lavishly in retirement, if we choose to.

There is a certain salary threshold one needs to reach to be able to save significant amounts of money. If more people that have reached that point lived well within their means and saved aggressively when they were young, we've have more millionaires than we could shake a stick at.

[marcelomusza]

That's a very broad question hehe.
You can know for sure that working in a fulltime job as an employee for the rest of your life won't take you there, ever!
So, what's our options? Becoming an entrepreneur? investing in businesses?

[marcelomusza]

As auron said, I respectfully disagree.

I'm in the IT field. I make a very nice salary, but not a great salary (ie. such as somebody in the financial industry or a specialist MD). I am not a manager, nor do I work for a large company. My wife and I are 46; we've been living on my salary alone for the last 13 years, since our son was born.

We are millionaires today. By the time we're 50, we should be multi-millionaires. We will likely be able to live lavishly in retirement, if we choose to.

There is a certain salary threshold one needs to reach to be able to save significant amounts of money. If more people that have reached that point lived well within their means and saved aggressively when they were young, we've have more millionaires than we could shake a stick at.

Well, but that depends on the area, type of work as well, country applies also.
I am in IT as well, Senior Web Developer and been working on .Net for the past 10 years.
I live in Argentina, and I had to tell my wife to get a job because we cannot pay our bills, and we don't have sons yet. So, being this said, It really depends on the job, the company, and luck as well. In Argentina things really are hard, and my situation applies for like 90% of people of the area.

[bjl584]

That's a very broad question hehe.
You can know for sure that working in a fulltime job as an employee for the rest of your life won't take you there, ever!
So, what's our options? Becoming an entrepreneur? investing in businesses?

I disagree. My stepfather has worked a fulltime job for other people his entire life and he is a multi-millionare. He has lived frugally, and has made some smart investment decisions, but he isn't a business owner.

If you look up one post from yours you will see that feh has a similar story to tell.

[feh]

Well, but that depends on the area, type of work as well, country applies also.

Yes, absolutely. I'm in the US, and a software engineer.