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How to become a millionaire$$$
Old 06-04-2006, 04:36 PM   #1
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How to become a millionaire$$$

http://financialplan.about.com/od/in...illionaire.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.
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Re: How to become a millionaire$$$
Old 06-04-2006, 04:42 PM   #2
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Re: How to become a millionaire$$$

All I can say is, DUH! In this forum, it's pretty much preaching to the choir!

In any case, I agree with everything, especially #5. Add this one: start saving from your very first paycheck. Lots of people I know don't even think about saving until they are in their 30's or 40's.

CJ
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Re: How to become a millionaire$$$
Old 06-04-2006, 04:59 PM   #3
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Re: How to become a millionaire$$$

Is #9 such a sure thing, I see lots of businesses come and go.

Maybe it should say, "if you have business skills and a good business idea".
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Re: How to become a millionaire$$$
Old 06-04-2006, 05:02 PM   #4
 
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Re: How to become a millionaire$$$

Quote:
Originally Posted by OldAgePensioner
Is #9 such a sure thing, I see lots of businesses come and go.

Maybe it should say, "if you have business skills and a good business idea".
Some or the poorest folks I know run their own businesses.
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Re: How to become a millionaire$$$
Old 06-04-2006, 05:46 PM   #5
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Re: How to become a millionaire$$$

I'd be curiourser and curiourser as to how many business startups survive?

Give me a good $200k a year job with all kinds of guarantees and F. the risk of starting a business.

Unless of course it a makes good money.

How'd a fried frog leg business in New Orleans do just at this moment?



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Re: How to become a millionaire$$$
Old 06-04-2006, 05:51 PM   #6
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Re: How to become a millionaire$$$

Quote:
Originally Posted by mickeyd

6.Avoid using credit cards unless you can, and will, pay the balance off in two months.
I disagree.* If you can't pay it off without incurring interest, you shouldn't buy it.* Most of the time, that means paying it off in one month, depending on your cycle and interest rate.
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Re: How to become a millionaire$$$
Old 06-04-2006, 07:40 PM   #7
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Re: How to become a millionaire$$$

5. is clearly important.
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Re: How to become a millionaire$$$
Old 06-04-2006, 07:49 PM   #8
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Re: How to become a millionaire$$$

Quote:
Originally Posted by OldAgePensioner
I'd be curiourser and curiourser as to how many business startups survive?

Give me a good $200k a year job with all kinds of guarantees and F. the risk of starting a business.

Unless of course it a makes good money.

How'd a fried frog leg business in New Orleans do just at this moment?
I wonder if #9 was meant with tax benefits in mind rather than income.

Don't know about the frog leg (no frog ever made me that mad), but I wonder if the shrimping has come back yet.
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Re: How to become a millionaire$$$
Old 06-04-2006, 08:01 PM   #9
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Re: How to become a millionaire$$$

I'd think any good restaurant in NO would be doing great. My nephew has a BBQ joint near Biloxi and business is always like a Saturday night (he's smoking 2-3 tons of meat a week). The only problem there is finding help.

Shrimping should be going full tilt about now, man am I hungry for some of those 8 counters. Bet the diesel prices are affecting the shrimpers pretty drastically.
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Re: How to become a millionaire$$$
Old 06-04-2006, 08:36 PM   #10
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Re: How to become a millionaire$$$

Quote:
Originally Posted by larry
(he's smoking 2-3 tons of meat a week)
I really want to apologize in advance, because this is at least the second time this week i've done this joke, but I'm required by law to respond to this every time I see it.

"Must be really tough to keep that lit!"

and

"Man, his clothes must smell terrible!"
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Re: How to become a millionaire$$$
Old 06-04-2006, 09:23 PM   #11
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Re: How to become a millionaire$$$

Quote:
Originally Posted by OldAgePensioner
I'd be curiourser and curiourser as to how many business startups survive?

Give me a good $200k a year job with all kinds of guarantees and F. the risk of starting a business.
Well, you could always start a business, capitalize it using OPM, and pay yourself a nice salary.* * You get the same limited downside as a j-o-b, but essentially unlimited upside.* * Obviously, not everybody can do it, but if you think you have even a snowball's chance in hell, I recommend trying.
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Re: How to become a millionaire$$$
Old 06-04-2006, 11:34 PM   #12
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Re: How to become a millionaire$$$

CFB. Thank goodness I didn't mention sucking heads! Ooh dem bugs is mitey goot!
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Re: How to become a millionaire$$$
Old 06-05-2006, 12:11 PM   #13
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Re: How to become a millionaire$$$

yeh they are. Best I can get is frozen tail meat over at the walmart. Theres a joke in there too. Please make your own!
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