mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
http://financialplan.about.com/od/investing/a/Millionaire.htm
So, here's the tried-and-true method of how to become a millionaire:
1.Have a written financial plan that includes your goals, your net worth, your debt-to-income ratio, your savings and investing plans, and your monthly budget.
2.Save money automatically by having at least 10% of your salary automatically deposited in your savings account each pay period.
3.Contribute enough to your 401(k) plan to maximize your employer match.
4.Educate yourself about investing.
5.Live below your means. Remind yourself that he who hesitates when it comes to shopping often decides he doesn't need the item after all and doesn't want it as much as he thought he did.
6.Avoid using credit cards unless you can, and will, pay the balance off in two months.
7.If you have credit card debt, concentrate on paying it off as quickly as possible. The interest you're paying is money you could be saving.
8.Invest in mutual funds and have money deducted from your bank account automatically every month to invest in these funds.
9.If possible and feasible, own your own business.
All pretty basic stuff however, if you are/have been a successful saver and investor, many of these precepts are already being applied on a regular basis that you somehow discovered on your own.
It would be hard for me to select the most important factor of the 9 listed here, but I would select #4 as the most important. The other 8 are all tied for second.
So, here's the tried-and-true method of how to become a millionaire:
1.Have a written financial plan that includes your goals, your net worth, your debt-to-income ratio, your savings and investing plans, and your monthly budget.
2.Save money automatically by having at least 10% of your salary automatically deposited in your savings account each pay period.
3.Contribute enough to your 401(k) plan to maximize your employer match.
4.Educate yourself about investing.
5.Live below your means. Remind yourself that he who hesitates when it comes to shopping often decides he doesn't need the item after all and doesn't want it as much as he thought he did.
6.Avoid using credit cards unless you can, and will, pay the balance off in two months.
7.If you have credit card debt, concentrate on paying it off as quickly as possible. The interest you're paying is money you could be saving.
8.Invest in mutual funds and have money deducted from your bank account automatically every month to invest in these funds.
9.If possible and feasible, own your own business.
All pretty basic stuff however, if you are/have been a successful saver and investor, many of these precepts are already being applied on a regular basis that you somehow discovered on your own.
It would be hard for me to select the most important factor of the 9 listed here, but I would select #4 as the most important. The other 8 are all tied for second.
In this forum, it's pretty much preaching to the choir!
