Can you Become a Millionaire?

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.

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