Want To Be A Millionaire? Ways To Become Rich

So you want to know how to become a millionaire? Here are a few common sense ways to become rich.

I once met an elderly gentleman, my friend’s grandfather, who went around every morning collecting the rent from his many small, modest houses. He always dressed in the same dark, conservative suit (I was informed that he had only one in his wardrobe), driving his modest, old, compact car. Then I had a chance to visit his house, a small, nondescript building with cheap no-frills furniture. The man, I found out later, was worth upward of $20 million dollars. Such is the case when saving money goes extreme.

How to become a millionaire? Not through a game show.

Become Rich By Saving Pennies?

So the way to become rich is to be extremely stingy, right? Not necessarily. Sure, it’s one way to become wealthy, but it’s not the only way. Living like a miser and hoarding your riches will only benefit your heirs, not you, assuming of course that you made the right investments, as the old man did. Which brings to mind a piece by Jeffrey Strain on Yahoo Finance which points out what many people believe: “Many people assume they aren’t rich because they don’t earn enough money. If I only earned a little more, I could save and invest better, they say.”

Want To Be A Millionaire? Obsession Is The Answer To Becoming Rich

As Jeffrey well explains, this poor excuse is based on the erroneous premise that you need to make tons of money to be able to invest and become rich. But you only need one ingredient to make it rich: a passionate drive to do so (see what a passionate drive to save pennies does for you!). There is a price to pay, of course, for the good things in life. There are tradeoffs. Family, friends, vacations, 9 to 5 schedule, good health, relaxed lifestyle — these may all need to be sacrificed to some extent (to a point of course, if your spouse is tolerant) as you seek out wealth and fortune.

5 Common Sense Ways To Become Rich

If you’re wondering how to become a millionaire, there are some factors that can help you, naturally (we’re not referring to the suddenly discovered rich relative or the million dollar jackpot in Vegas or the lottery.) Things like:

1. You really enjoy your work and your workplace. Heard of people with modest jobs becoming millionaires? It happens more often than you think. I still work as a teacher, though I could have retired 5 years ago. I love to be around kids and yes, the pay isn’t great, but I started a second part time career as a freelance writer. If you hate your job, get out as soon as possible; you are ruining your health and health is the most important factor in your life.

2. You are disciplined. I wasn’t disciplined in my younger years, spending above my means and yearning for a lifestyle that I couldn’t afford, which is why I am not rich, just comfortable. Lesson here is to try to develop good money habits at an early age!

3. You are focused, enterprising and maybe a little lucky. You take advantage of opportunities when they come knocking. Are you perhaps lamenting a missed chance to invest at the right time, or to buy that extra piece of land that used to be dirt cheap (literally)? I had a chance to buy a lot on Padre Island, 35 years ago. Well, I didn’t. And now you’ll have to fork over half a million for any decent property. Knock, knock, anybody home, says Mrs. Chance! With a little luck, along with a focused and enterprising demeanor, you can get far.

4. You are not afraid to take risks. Did you perchance (nice, right from Shakespeare) sell your SUV to buy Google stock when it came out the first time? Again, the willingness to take some risks (controlled), along with a little luck, can do wonders for your net worth.

5. You have a supportive spouse. This is very important; she (usually it’s a she) can make you or break you.

Never Too Late To Become A Millionaire!

You can still make it, if you are not too old to start (like me). This economic crisis presents enormous possibilities for the smart investor: real estate, stock, business, trade, etc. A good education is of course a big asset, though not necessarily indispensable. Get a master’s degree if you see the opportunity, and start cashing in on your special knowledge. You should be upbeat about finding a better job; some companies desperately need smart people to help them out of the doldrums.

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Categorized under: Investing, Managing Money