by Samantha Asher
A millionaire is someone with a net worth of one million dollars. This doesn’t mean you have to have a million dollars in the bank, but that your net worth equals one million dollars. Your can find your net worth from subtracting what you owe from what you own.
To find your net worth, start by adding up all the assets you own including cash, what you have in checking and savings accounts, investments including stocks, bonds, and mutual funds, your home, and any other real estate. Next, subtract all your debts including what you still owe on your mortgage, credit card debt, auto loans, personal loans, student loans, etc.
A net worth of one million dollars would mean you are a millionaire. You probably aren’t a millionaire, but if you are, good for you. If you’re not, don’t be too upset. Not all millionaires are doctors and lawyers.
Believe it or not, many of these 6 figure earners aren’t millionaires. Some are, but many simply spend as all that they earn, or more, which means they lack that financial security unless they start saving. In fact, you don’t even need to be making this much money to be a millionaire. It can be done by an ordinary person.
Becoming a millionaire does not take a 6 or 7 figure salary. It takes hard work, discipline, drive, often creativity, and quite a bit of common sense. If you set up a plan to save a certain amount each year, it might take a while, but you could save and invest your way to a millionaire dollars. You must have drive and discipline to get it done.
Of course, the more money you make, the more money you’ll be ever to save. It could take you as few as a couple years to as many as 50 years to make a million dollars. You could save from your salary religiously and make it in 40 years, or you could bring out your creativity and speed up the process. Be creative and find a way to make money on the side or start a side business. Create multiple streams of income.
You need to have drive to get to your million. You could be disciplined for 5 years and have $200,000, but if you lose your drive and spend it all, you have to start over. You really need to want a million dollars in order to get it.
Use your common sense. Will you ever get a raise by doing just enough at work? Will you be able to save a million dollars if you only save $10 a month? Use your common sense, set up a plan, stick with it, and reap the rewards.
by Samantha Asher
A millionaire is someone with a net worth of one million dollars. This doesn’t mean you have to have a million dollars in the bank, but that your net worth equals one million dollars. Your can find your net worth from subtracting what you owe from what you own.
For example, your assets include all cash, investments, your home, and anything else you have of value. Your liabilities include all debt such as what you owe on your house, credit card debt, car loans, etc. Subtract your liabilities from your assets and you have your net worth.
Now do you have a million dollars? Probably not. If you have a negative net worth, you are in an even worse situation. You are also probably somewhat jealous of those who are millionaires. You picture them as people who are doctors, lawyers, and CEOs that make hundreds of thousands of dollars a year. They have multimillion dollar houses, they fly first class several times a year to expensive vacation destinations. They drive fancy cars and go to all the fancy expensive restaurants everyday.
Sure, these people probably are millionaires, but many people that make over $100,000 a year aren’t theses people. It’s not how much money they make that makes them millionaires. You can be a millionaire and feel financially secure without living this lavish lifestyle AND you don’t have to make $100,000 a year.
In order to be a millionaire, it takes discipline, creativity, drive, and little bit of common sense. You have to be disciplined enough to save and invest your money. If you can only save $100 a year, even if you have 40 years to earn your first million, it’s unlikely you will unless you get VERY lucky in the stock market. You need to be disciplined enough to pass on going out to dinner every once and a while and to buy a cheaper car.
You need to be creative in that you learn to find other ways to earn money. Making a million dollars could take 30, 40, or 50 years, or it could take much less if you make more money. Yes, it is possible to earn a million dollars on a $40,000 a year salary, but it’s going to take a lot more time and a lot more discipline to save as much of it as you can. If you can create multiple streams of income for yourself, you will have much less you will need to save.
You have to stick with your goal if you want to reach it. It won’t work with a half-hearted attempt. If you keep spending what you save, you’ll never reach your goal. Stick with it and stay disciplined!
You also need common sense if you want to reach your millionaire goal. If you start spending your savings on other things, of course you will never reach your goal. If you work at McDonald’s for the rest of your life, it’s common sense that it’s going to be much harder if not impossible tor each your goals. You can be a millionaire if you want it enough to work for it.
