Anyone can become a Millionaire!

[Satch]

Read this article the other day, its from MSN UK.

http://money.uk.msn.com/banking/Alvi...mentid=4389614

It reckons anyone can become a millionaire (In GBP terms, not USD), not convinced personally. Quite interesting though.

[harrymcwealth]

A million bucks will be worth a lot less in 30 or 40 years; might be equivalent to $200,000 or $250,000 in today's dollars.

[cocaine]

i scanned through the document, and i believe anyone can be a millionnaire as long as you have your mind set on it, if you say i'm never going to be one, then you won't. its all about self motivation

[nordicnomad]

Read this article the other day, its from MSN UK.

http://money.uk.msn.com/banking/Alvi...mentid=4389614

It reckons anyone can become a millionaire (In GBP terms, not USD), not convinced personally. Quite interesting though.

Just ask a financial adviser, they generally don't cost much and are happy to tell you everything you want to hear about savings, anyone can save enough to be a millionare by the time they retire. It's really not that hard, just 2-3 thousand dollars in a compound interest savings account for 6-7 years in your twenties and you're there.

Then they'll tell you about all the great insurance that you can get and once you have that savings and liability coverage you can get into honest to god investments like bonds and mutual funds!

Basically, the whole process is tried and true, not very difficult, and something everyone should get started once they have a stable source of income and responsibilities. Even if you're not making a lot it's enough to secure your retirement.

[Gator]

i have better ways in making that much then that

[adrenilan]

You can do almost anything you want if you put your mind to it and are consistant. The most important thing is saving if you save you will easily become a millionare.

[cocaine]

moneysavingexpert.com - aparantly is good for saving money

[Satch]

i have better ways in making that much then that

Why do you have a crappy aff link in your sig then?

A million bucks will be worth a lot less in 30 or 40 years; might be equivalent to $200,000 or $250,000 in today's dollars.

True to an extent, but everything isn't just going to keep rising (wages etc.)With the economies (especially US) in a situation where many are saying they are in trouble everything could collapse (or at least drop significantly) so saving pots of cash for when things like property cost a lot less may be a wise move.

The most important thing is saving if you save you will easily become a millionare.

Personally I don't like saving, I much prefer to invest. Potential return is often a lot higher and if you have shares it can also be more exciting (if not heartbreaking!). I would much rather try to invest my way to a mil then to slowly save over many decades.

[nordicnomad]

Personally I don't like saving, I much prefer to invest. Potential return is often a lot higher and if you have shares it can also be more exciting (if not heartbreaking!). I would much rather try to invest my way to a mil then to slowly save over many decades.

A real investment plan has savings at it's core. It's the risk free always upward cash cow that serves as your safety blanket in case your "investments" fall threw.

I prefer things with a higher return than a savings account also for a lot of my money, but I still have an IRA. If you use it an IRA can make you a millionare all on it's own, with no work or worrying. Since the key to success as an investor is being able to devote a large amount of time to the process of investing, not worrying about your retirement is a huge benefit.

So don't think of saving or investing as a one or the other type of activity. They're things you need to do at the same time. Every time I make a little money, as certain amount goes into an Immigrant bank online savings account, another portion goes toward my living expense account (checking), and what's left over goes into my investment account where it sits until I find something to throw it at.

[Satch]

So don't think of saving or investing as a one or the other type of activity.

You're right.

But at the moment I do think of them as separate, this is probably because Ive never had a significant lump sum in my possession to actually gain interest with any significance.

Good discussion BTW guys, didn't expect this many replys

[NeeJam]

£1 million in GBP is about $2 million in USD.

[zoobie]

This is so true.

Anyone can be a millionaire. It doesn't matter how old they are, it's how they set their minds on it.

[SpencerB]

Since when did it become hard to be a millionaire?

Maybe i'm in the minority, but a million dollars is a cake walk in this day and age if financial success is a life priority. Most people don't put financial success at the top of their list, and because of this, will never reach this level of "wealth."

Possible poor analogy, but here it is off the top of my head.....

Its like asking a seasoned runner whether or not he can run an 8:00 mile. He'd probabily laugh, as this is a cake walk. But, most people, who are not runners couldn't muster an 8:00 mile, let alone finish a mile without stopping.

You've got to raise your goals in life. Become a billionaire.... or for a runner, break that 5:00 mile time.

[nordicnomad]

£1 million in GBP is about $2 million in USD.

We're all happy for you and your currency... Though it saddens us that you're not able to spend it in many places.

[jesterx]

yeah as they say its always harder making your first million dollars.

you need to have smaller goals first and take smaller stabs at that one million dollars.