Posted on 02/28/2014 2:33:44 PM PST by expat_panama
Many people believe that — while it’d certainly be nice — they’ll never become millionaires. That it’s an utterly unattainable dream.
The truth is: Hitting the $1 million mark is more attainable today than ever — and more important. That’s because, in order to live comfortably in retirement through your eighties, many people will need a nest egg of at least $1 million.
“A general rule of thumb is that you need to save $1 million for every $40,000 of annual income you need to replace at retirement, not including Social Security, pension income or any other retirement income,” says David Fernandez, CFP, of Wealth Engineering in Scottsdale, Ariz.
Fortunately, there are a lot of ways to do it. While doing research for my book, “The Eventual Millionaire,” I interviewed more than 100 millionaires who came from all walks of life and made their first million in dozens of different ways, from starting their own businesses to investing in the stock market or real estate. And those aren’t the only paths to becoming a millionaire, either: Others hit the mark by simply living below their means and saving portions of each paycheck.
[snip]
(Excerpt) Read more at businessinsider.com ...
How did you pay up those speeding tickets and avoid arrest? I’m sure we’d all love to know.
Just damn. You mean that if you work hard, have self-discipline, are reasonably thrifty, and make intelligent life choices, you can be successful and have a reasonably secure life? This is a revelation!!! I mean, the Grasshopper and the Ant in real life!!!
It explodes a lot of the stereotypes, and myths, about millionaires. Even better, it provides a roadmap for anyone who wants to achieve financial independence. I've followed the suggestions to good effect.
Bought copies for both of my twenty-something sons and am pleased that they have taken it to heart.
He graduated with an econ/poli science degree. Went to work for a real estate developer as a property manager. Met management and then formed a goal. While working he went to Johns Hopkins and got a masters in Real Estate. That was easy, right?
Keeping the eye on the ball, he and his new wife quit their jobs and went back to school...They racked up $350,000 in student loan debt. He got his MBA at North Carolina and she went to Wake Forest for her Law degree, finishing at Emory because his new job took him to Atlanta. For brevity's sake they had their student loans paid off in two years going back to work for the same real estate company he started with...almost 20 years later...they have more money than they know what to do with and all of the stuff that goes with it. GOOD FOR THEM! The American dream, to the max.
Thank you so much, DJMacWoW!!
We need to complete THIS FReepathon NOW!
Echo that; a million bucks doesn’t go very far anymore.
Now that the trading week is over, anybody have any thoughts on the Ukraine?? Stock wise? Potash? Any changes a person canprofit off of?
oh, and I think I took some defensive driving course (it’s been 20 years)
Nope, I never had my own business. Just worked an ordinary job and saved and invested. The stock market between 1982 and now could really make you rich if you know what you’re doing. Unfortunately, I didn’t really understand investing until I’d been doing it for 20 years.
I’d like to subscribe to your news letter.
No need for a newsletter, just see post 22
Becoming a millionaire is easy:
1. Start with $3,000,000 in 2008 and watch it dwindle after five years under a socialist government, or
2. Spend less than you make and work hard.
you have to save and invest in the stock market like the dickens, cash money funds just won’t do it.
Congratulations!! You deserve every penny!! I hope you can pass that on (the drive and long-term thinking) to the youth of today in some way.
Glad to hear from you again. I hope you have been well. I think millionaires are just like regular people. Some are really good people and some can be real a-holes.
almost all people are NOT going to have a million dollars saved not including pension or SS...its not going to happen....
Thanks Stu! —was just thinking about how nice it was to have you up here a while ago and it’s getting to be time that I’d be grateful for your thinking out loud with me again.
Of course, you got a nice place too, cool & quiet, but dang —you’re in fly-over-country!
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