We’ve all dreamed of being a millionaire. We picture the mansions, fancy cars, hired help, luxurious vacations. Believe me; just typing about it makes me want to become a millionaire. However, don’t actually do the math on this lifestyle because a million dollars just won’t cut it anymore. Even with the recent housing bubble pop that vision of the mansion is still going to eat up your whole million dollars. You’re going to have to think bigger younger.
A million dollars will provide you the luxurious lifestyle of $40,000 to $100,000 per year for the rest of your life. Not exactly living high on the hog, but comfortably. Of course if you don’t have the million dollars right now, and it takes your 40 years or so to save that much money then it’ll only have buying power around $20,000 to $50,000 per year. You’ll be turning in the limo for a Tercel.
Obviously you’ll need to think bigger to reach the dream of becoming a millionaire, but it’s not impossible.
Become a Millionaire Overnight
Your first option is one of the endless get rich quick schemes available on the internet, in your mail, told to you by your neighbor, or touted on your favorite popular music station. These options include:
- Run a scam website
- Get involved in Multi-Level Marketing
- Get involved in a pyramid scheme
- Become a professional sports player in one of the few sports that actually pays anything
- Become a huge rock star
- Create a widget that a million people will buy for 5 ez payments of $9.95
- Bet Big at the horse races, casino, lottery, or other gambling service
- Highly leveraged FOREX trades over and over again.
The obvious problem with most of these is they require a level of luck or skill that not every person has to have to become a millionaire with these ideas. The other problem is they are often sold as instant riches because you only notice the person after they are rich. Even these ideas require planning, effort, and work, or such an insane amount of luck that it likely won’t happen.
How to Become a Millionaire (X 10) For Real
The real secre
t to become a millionaire is just to plan. Do the math. If you want to have 10 million dollars by the age of 65 and you’re 25 right now you have 40 years. By finding your favorite spreadsheet or online calculator you can play with payment scenarios to get to your end result. In this example at 10% return on investment it would take $1600 per month until you’re 65. While in 20 or 30 years with good planning (like stay out of debt) this could be really easy, but now that would be hard. So perhaps you focus on getting out of debt (including your house) for the first 10 years and then make your millions in the next 30. Well that would take $4500 per month. Well if you have no payments and a good job this is possible, but you need to know the reality. Extra jobs, smart spending, good investments, learn stock market tricks for yourself. It really makes you think.
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