Wednesday, March 15, 2006

Top 10 ways to become the Millionaire Next Door

Top 10 ways to become the Millionaire Next Door

Everyone wants to get rich and become the Millionaire Next Door. Unfortunately most of us will not be on the Forbes list of Billionaires under 40. However, we would all like to have the Millionaire Mind or be the Millionaire Next Door. Some keys tips to becoming the Millionaire Next Door are:

  1. Live well below your means, try paying cash for purchases versus running up debt
  2. Own your own home
  3. Most millionaires are married
  4. Unfortunately, working for 30 to 40 years is key.
  5. Own your own business or be self employed.
  6. Be conservative with money have a family budget, save and invest your money
  7. Get a college education, advance degrees are better, Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s.
  8. Put in your time most millionaires work 45 to 50 hours per week.
  9. Invest wisely and divesify your portfolio
  10. Non-formal eduction is also important, read a lot, self help, investment magazines, Wall Street Journal

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