Wednesday, January 25, 2012

FinancialEdge: How To Be A Millionaire

There's no real practical reason to ask "who wants to be a millionaire?" because the only people who won't put their hand up are religious types who've taken vows of poverty and those who are already multi-millionaires. Unfortunately, there's a big gulf between those who want it and those who do the things to make it happen. (For related reading, see 5 Easy Steps To Becoming A Millionaire.)

Based on recent statistics on U.S. household income, millionaire-dom is not something that's going to happen for most people, even with the dubious benefits of inflation. A household earning the median level of income (approximately 50K) and saving an impressive 20% of that would need almost 100 years to save $1 million (excluding taxes and investment gains). It's pretty clear, then, that a would-be millionaire has to think outside the boundaries of "median" experience.
To read the full column, click below:
http://financialedge.investopedia.com/financial-edge/0112/How-To-Be-A-Millionaire.aspx#axzz1kVInBUch

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