Ways to become a millionaire

Be an Entrepreneur:

People who make a lot of money this way have a brilliant idea that they decide to pursue with passion. Consider Julie Aigner-Clark, the founder of Baby Einstein. Her business started completely serendipitously when she was trying to create a video for her daughter using a puppet. What started in the basement of her house turned into an empire worth over $20 million.

Get Skills:

Others who've earned a million have done so by learning the ins and outs of the business they're in. For example, Maxine Clark created Build-a-Bear after having spent her entire career life in retail, so when she was ready to take her idea to the next level, she had adequate experience to back her up.

Invest wisely:

The most surefire way to earn millions is to put a doable amount of money into savings regularly. Take Paul Navone for example, who worked in a glass factory all his life. He'd never made more than $11 an hour, but little by little he made his way to a million. Women tend to assume that they either need to have a lot of money to start with, or they need to know a lot about finance to save. If you take the time to assess your budget you can figure out where you can save a few hundred dollars a month to reach your financial goal by a certain time.

The Millionaire Mentality

Submitted by admin on Fri, 10/23/2009 - 04:48

September 2009

Janet Bodnar

Editor

Kiplinger's Personal Finance Magazine

What are the common characteristics of people who make millions? According to Janet, here's what will set you apart from the crowd:

Act with confidence.

It's easy to say, "I'm not sure this will work out, I'd rather have the security of my day job." But, if you have the confidence in yourself to take calculated risks, you will find a way to make it happen. Saying the right things to yourself will make you do the right things, and doing the right things will make the money roll in.

Maintain your professionalism.

Even if you're not at the top of your game or haven't proven your idea yet, it's important to approach your work formally. If you don't take yourself and your ideas seriously, who will?

Be passionate.

Don't be afraid to promote with a passion. Whether you need to make your accomplishments known in order to advance or let others know why your idea is great, you will only convince people if you truly believe in your product or service. You must recognize your talents, be willing to exploit them, and use them to the best of your ability.

Be knowledgeable.

You have to know what you're talking about. The real pros will be able to detect when you're bluffing. Build your experience in a field you're interested in.

Don't gripe.

Winners don't make excuses. Go out and go for it, no matter what the "it" is.

Make your money work for you!

You can earn more just by staying in your current job – get a raise! Keep your eyes open for better ways to raise your performance, make sure your boss knows you're coming up with ideas that are helpful to your company, and negotiate. Women can be reticent when it comes to asking for more money. Take full advantage of your company's benefits, and know when it's time to move on to a better-paying position.

Be thrifty.

People who earn a lot often don't flaunt it. They tend to live modestly, they don't go bankrupt, and they build their assets over time.

Learn from others.

Find a mentor who is at the level you aspire to be. You'll learn that being a millionaire is not all glamour and serendipity, and it's not rocket science either.

Work Hard.

A million dollars is quite attainable. You just have to have a strategic plan and work diligently to execute it. If you make the right moves, eventually you will get it.

back to Lifestyle Archives