How do I become a Millionaire?
My goal is to have at least $10,000,000. I I am 20 years old and Right now I have saved up $50,000 from income. What should I do with my money in order to make it grow and become a millionaire? Should I start investing in stocks with it to reach my goals? Thank you
How can you become millionaire legally?
If you want to become rich fast you need to take risk. That could be starting up a business of some sort or buying and selling shares/portions of other peoples businesses in order to collect a return on that initial investment at a later date; once the company becomes successful and starts growing. There are no investments that will make you rich off of one trade. Unless you are really dumb and invest like $10k in some penny stock and that penny stock turns into a large cap publicly traded company; maybe even small or medium cap. Many people have the ability to become rich but they are too afraid to take that $9 or $10 k they have saved up over the years and park it somewhere where it is vulnerable to being taken or lost forever. You need to know as a future rich man that every committment or path in life has an alternative path to where you want to go if you want it bad enough. Nothing is "All or Nothing" is what I am trying to say. If you take a risk and you lose you will just need to turn around go back to where you started and work your way back to having the option to try again. Every self made millionaire in the world with a few exceptions has lost at one or more points in their lucrative careers. The difference between the working man and them is that they refuse to admit failure and are not living for money itself. They got rich because they enjoy playing the game or the excitement of taking risks that could make or break their nest eggs. If the latter happens it is only their wallet that gets broken though. Their spirit only gets stronger with every failure and they come back each time stronger and wiser than before. This is a stark contrast to the majority of people who will take a chance maybe once in life, fail, and go back to their employer with their tails between their legs and beg for their old position back while promising them that they will be loyal to them forever in exchange for that measly little paycheck that offers them mere security. There is no such thing as security though. Even that small paycheck compared to an executives year end distribution is subject to loss and cancelation. So you might as well go for glory. Just do your research, become financially literate, and never do business with someone that you feel you cannot trust. Your chances will be better if you follow those three rules.
What road should I follow if I want to become a millionaire when I grow up?
There is no “perfect road” everyone has their own strength and weakness. Their roads is different than yours. Everyone has their own adversities and hardships. Yours is no different the next person or the previous millionaire. It's all hard work and determination. If it was easy to become a millionaire. Everyone would do it. But no. Majority gives up because they don't have the determination or the mindset. You just work hard and find your passion weather if it's in business or being an entrepreneur or wanting to become an actor. It's your mindset and your willpower to get there. No one can help you but yourself. You have long ways to go to experience the struggles and the hardships to get to the millionaire level.
Do billionaires grow up thinking that they will become billionaires?
Thanks for the A2A!Yes, it is only natural for them to be thinking that they are forever going to be shrouded in the luxuries of their lifestyle they are in now. There is clearly no reason for them to think otherwise, unless there is a war happening that could wipe out their fortunes.The poor are going to be wallowing in their own miseries for a long time till opportunities present itself. This is a mindset each and every class will be having while growing up till they are in a position to understand that only they themselves have the power to change their lifestyle.
What can I do as a teenager to become a millionaire in the future?
Well, you're already half-way there, simply because you are motivated with an audacious goal, and you're willing to learn.But, your goal is too small ...If you can repeat whatever it is that you did in order to earn £25,000 as a 14 year old, it's a given that you'll become a millionaire before you retire.Even if you simply invest the entire £25,000 in a low-cost index fund and forget about it, you'll virtually assure millionaire status before you retire.So, I'm going to assume that you really want to become a multimillionaire, and you want to get there before, say, your 30th birthday? Now, that's a financial goal with some teeth!There are only two ways to get there:1. Gamble the markets and be some combination of very smart and very lucky. Given that I'm neither (and, most people aren't), you'll need to read books by and/or about the likes of Jesse Livermore, Benjamin Graham, Warren Buffett, George Soros, and others.You'll also need to put at risk - and probably lose - your £25,000 ... over and over again.2. Start a business, and learn to invest the proceeds in real-estate and stocks (this time, no speculation: strictly buy well, add value, hold for the long-term).So, no paper rounds for you! If you're going to learn about business, you may as well start now ...Go online. Start one, or a few, online businesses. Try some that involve buying and selling. Try some that involve online only. The point is not to make money (although, you may make some); the point is simply to learn.And, business is mostly 'learning by doing'.Oh, and your £25,000? You WON'T be needing that for your business: your first lesson is to start every business with $0 (or, as close as you can get) and use OPM (Other People's Money: banks and investors) to grow.Instead, pop your £25,000 into an online brokerage account and buy that index fund now. In 7 years (which should be enough to ride out any short-term market gyrations), you may have enough to make a deposit - with enough buffer to ensure you can always make payments - on your first investment property.The rest will be up to you; somehow, I think you're going to make it ...
How can one become millionaire starting from Zero?
I've met three millionaires in my lifetime and all three of them became wealthy from starting their own business or creating a product. The first millionaire I met was when I worked at a local credit union, my boss' younger sister. She had a long-term relationship with an NBA player, but they never married. He dumped her after 10 years of being together, but she had already gotten accustomed to the affluent lifestyle. She had so many contacts that she got hooked in with that Amway pyramiad scheme years ago, she is now set for life. Also, she had a child by a wealthy doctor after she broke up with the NBA player, so I think she gets a hefty amount of child support that she has faithfully invested in stocks for years. The second millionaire I met through a friend of a friend. He's foreign born but raised in the US. He started a tax business while he was in college. He opened 20+ stores in a few years and eventually a large, nationally known franchise bought him out. The third millionaire I met because she was a philanthropist; Her husband created a well known software application. I think that's the quickest way to become a millionaire. Although there are the other ways too, real estate, good investments, etc.
Can I become a millionaire if I save over $10000 every year?
Given your savings history just with your current salary, you should be well on the way to being a millionaire. As others have shown, if invested wisely (using a 10% historical average of the stock market) taking advantage of compounding, you could have a million by your early to mid-forties. Age Balance 22 $54,471.35 23 $70,389.83 ... 42 $966,202.45 43 $1,073,294.04 The problem is you apparently aren't investing for that type of return instead putting it in a savings account; that would need to change. Hopefully your salary will grow as you progress in your career. Taxes and expenses will increase as well (married? kids? owning/maintaining a home?) but your annual savings should grow too. Take advantage of employer matching contributions to retirement (401k plan). The next question is whether being a "millionaire" is enough (see second link). With inflation, you may want to aim higher than that. But again, given your savings mentality, I think you are on your way. Keep at it!