How do i become a millionair by the time i am 45!?
Answers:
I recommend to start saving now while you are so young. Open a Roth IRA account in your name and start automatic monthly deposits into the account from your savings or checking (if you are working already in high school). Invest in an agreesive mutual fund with very low fees (the account and the mutual funds are free to start investments in on scottrade.com!) Continue this religiously while you are working -- do what you enjoy! - and by the time you are 45 you may have enough in the account to at the very least have a nice income level. Now the problem may be at that young of age 45, you would face some penalties for early withdrawl, but the advantage of the Roth is that during the intervening years you could take out some of the money for the downpayment on your first home, giving you an equity stake in real estate, which is a great long-term investment in the right markets. Meanwhile, CONTROL your spending. Hoard your earnings and maximize your savings by not buying into the consumer culture of America and you will succeed in your dreams of retiring early.
learn how to work in stocks and play the stock market. do well in high school to get into college, and do your best to become great in finances. good luck.
or, also, find out what you love to do, and get paid to do it. then when you are doing it for 45 years, it doesnt feel like "work."
get a job.
Hi there buddy,
As you just finished highschool you have quite abundant amount of time to become a self-made millionaire.
In the UK many self-made millionaire had never gone to the university or even had finished their high schools.
1. You need to be entrepreneurial and enterprising
2. Understand money,, Master Money,,,,
3. Associate with like minded people
4. Stay away from people who says 'money is evil'
5. Brainstorm business ideas as least one per week
6. Implement them (don't just dream, DO,, take action)
Dont let anybody belittle your dream of becoming a millionaire.
Wanting to be a millionaire is great.
Best of luck!
Yeah I know what you mean, This was a lot of my motivation when I got started in my business. I can tell you that it is entirely possible if you are willing to do the work. If you contact me, we can arrange to talk over the phone for about ten minutes so I can tell you what I am using to retire before I am 25, you can decide if its for you or not.
Sincerely,
Ken Seavert
Sure there is...I'm on my way. I had the same ideas when I was in high school 7 years ago. Here's the trick.save and be disciplined. It's easy.
95% of the world get's their paycheck and spends first by paying bills and for entertainment and then saves if anything is left over.
5% of the world get's their paycheck sets aside a defined savings first, pays bills, and then if anything is left over they have fun with it.
Those 5% are the bosses of the 95%.
It's simple if you are 17-18 years old...go see a broker and tell them you want to put away $XX (what ever you can afford for now) and you are looking for something that will get you an average of 8% for the next 22 years with a guarantee of 3%.
I use Demars Financial Group. They are awesome. www.demarsfinancial.com
BECOME A MEDICAL DOCTOR. medical doctors make one million a year average. IF YOU ARE GOOD SURGEON, YOU CAN MAKE 2 TO 5 MILLION A YEAR. THAT'S THE ONLY WAY. YOU CAN BECOME A MEDICAL DOCTOR WHEN YOU ARE 28. YOU WORK 12 YEARS. WHEN YOU ARE 40, YOU'LL HAVE AT LEAST 12 MILLION DOLLARS. AS A SURGEON, YOU'LL HAVE 50 MILLION(half a BILLION DOLLARS) when you are 40! BE A DOCTOR.
Here's how to do it:
1) Go to college. Yes, some millionaires dropped out of high school, but your chances of getting there are a lot better if you can at least start out with a job paying you better than a median salary - not likely without a college degree. A business degree wouldn't hurt, since you're going to need to know a lot of this stuff anyway to run your own finances effectively.
2) Save early and save a lot. Time is on your side - and compound interest can be miraculous. Don't wait until you're 30 or 35 - start ASAP, and save at least 12% of everything you make, but go for 20-30% if you can.
3) Buy a home as soon as you can. Do it any way you can - get a co-signer, buy a condo and rent out one or two rooms, buy a duplex with someone else - just do it. Whatever you do, become an owner as soon as possible.
4) As soon as you've built up some equity in your home, buy other property using your home's equity and savings - but never borrow more than 80% of your home's value. This may take some time, but you need to start from a relatively safe basis. Buy investment properties, rent them out, and use the profits to get more properties. Leverage your investment properties, but don't ever put yourself into a negative cash flow situation.
5) Roll over equity from appreciating properties into more, larger, and better properties.
If you start early, you should be able to get to the point of being able to quit your job by your mid-40's. I've obviously left out a lot of details, but it is entirely possible to make this happen - that's the biggest part to know. The rest you can figure out - just do a lot of research and stay motivated. Use your common sense, and learn to ask a lot of questions. Good luck.
If your grandparents are still alive then buy at least $100,000.00 in life insurance for each one of them and at least $300,000.00 in life insurance for each of your parents and you will have $1,000,000.00 USD by the time they are all dead.
If your grandparents have brothers and sisters still alive then you can buy $100,000.00 in life insurance for each one of them and you will become a millionaire faster because it is likely they will die sooner.
Not exactly rocket science.
Get as much education as you can, in a field you enjoy. Try to get a job with the best people in the field, so you'll learn more. Work hard, and save. If you save enough on a regular basis, you'll become a millionaire. See the webpage listed below.
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