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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I WANNA GET ADVISE ON HOW TO GET RICH
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Very interesting. i would like to be emailed more of get rich secrets to help me to achieve my passions. i want to sack the boss and become wealthy and rich and travel around the world. Being an employee sucks. sorry about the language. Alexis
I really want to become rich!
My advice for anyone to get rich? Work. 🙂
The truth is, not everyone can become rich. Only the ones that stand out, are exceptional and work hard (or who are, at least, very lucky or know the right people).
Great Article, The methodology is so simple, it’s embarrassing.
I am only 16 and have been researching a lot and am confident that i will chose the correct lifestyle but not quite sure on my career path yet.
I will live the dream, I will prove you wrong.
I’m going to show everyone I didn’t need school to be successful.
Arturo Tavira, 5th per. Durango High School, Las Vegas, Nevada
Using a real estate broker that gives a commission rebate when buying a home will help you save money when buying a home (few home buyers understand this).
Becoming rich begins in always believing yourself and believing that you can achieve your goal. You need to have a positive mindset and outlook in life. Avoid any distractions and stayed focus in your goal because if you will not take it seriously then nothing will happen.
The spouse part is true. It starts with dating. If you make all the right choices, and live frugally (not miserly…IE: you save and make smart choices without being so penny-pinching you hate your money-saving life), then you will eventually get some cash saved up. But then you start dating, and if you’re a guy you’re usually expected to pay for everything. When you’re paying, does your gf always want to go out to sushi, see the best broadway shows, etc…I mean, after all, YOU’RE the one paying, right? That’s a clear red flag that she has no money management, and is just looking for a wallet to mooch off of. If a woman really wants to enjoy the finer things in life, then she will make a way to do it herself. But if her way is to merely hop from guy to guy, get them to pay for it, and once she’s burned through one guy hop to another, you don’t need her. Her financial goals will conflict with yours. The biggest red flag is when you find out the person you’re dating is either in credit card debt (DANGER!), or living at their means (WARNING!). If they’re in debt, then they haven’t learned to be financially responsible, and you’re taking on a liability. Get out…NOW. If they’re living at their means, watch out. It may be that they’re just treading water, working a lower-paying job but still taking care of themselves without being a mooch. But if you notice that they’re miserly with their own money, but free-rolling when it comes to spending your money, Get out…NOW. The ideal girl will realize you can’t go out to eat every night. Will realize that dinner and a movie on a Friday is a luxury item these days ($50 dinner + $30 tickets…you can easily blow $100 in one night just for 4 hours of activity). You’ll know you’ve found a good woman when SHE’S the one that pipes up first about how expensive something could be instead of leading the charge to go do it…with YOU’RE money. Same holds true for women. If your bf is out drinking away his paycheck every night or spending it on “boys toys” and fads that he quickly loses interest in, then he doesn’t have his eyes on any kind of big picture. He doesn’t realize that every dollar he spends on frivolous crap could be a dollar invested in a mutual fund that could later get cashed out with a 15% return on investment. You have to be very careful. You can bust your butt saving and being frugal just to get wiped out in a short 3 months of dating someone that’s a free-spender with your money trying to live a lifestyle they normally can’t afford. And if they’ve been poor for a long time, then it’s like releasing Pandora’s Box, meaning they will just go wild once they see any kind of money. That’s why a lot of girls advertise in online dating “I like to go out to eat, go on trips, go to shows”…it’s because they can’t afford to do it themselves. IF they could, they already would. But they can’t, so they need you to pay for it. And after they use you up and get you into debt “dating” them, they realize you’re no longer spending money on them, dump you, and go find some other sucker to use up. Be very careful. As for you ladies that are careful with your money, make sound decisions, have goals in life and carefully plan more than 5 minutes in front of your face to manage your money to get to them…send me your phone number. I’d like to start a long-term relationship with you, since we’re both on the same page about finances. LOL!
Wow hard to take advice of how to become rich from someone that is not rich himself. I do agree with a few things you said and disagree with others. first off you do have to be focused and set goals and you do have to have a little luck and you do have to take risks. It really help to have a supportive spouse. But I am all for a good education but what you do with your education has a lot to do with it too. The guy that started Dollar General only had a 5th grade education but he had a common sense business education. As far as working on a job to get rich, I personally have never seen anyone get rich working on a job [not to say they can’t but not likely]. The richest and smartest man I ever met explained it to me like this: “You can sell millions of dollars a day but you can’t do a million dollars’ worth of work a day”. Every one has a gift. If you find yours, you may get a chance to get rich but the hardest part is to know the chance when it comes along. Be careful though — you may pass the chance of a life time without even knowing it. So KEEP your eyes open and good luck!
@Ezra, I like your advice and especially like what you shared from the richest and smartest man you know. 🙂 Thanks for this!