Become a millionaire

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What dole? White Dee aims to be a showbiz millionaire by next year – Daily Star

Daily StarWhat dole? White Dee aims to be a showbiz millionaire by next yearDaily StarAnd she could easily become a millionaire”. Barry Tomes, agent for White Dee. Yesterday Dee's agent Barry Tomes refused to confirm or deny her benefits had been slashed. He said Dee was “outraged and very distressed” by the claims. Barry added: “By …and more »

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Questions and Answers

What is the most common way people become millionaires.?

I think its between starting a small business or investing in financial markets.

Posted by henok w

16% of millionaires inherited their fortunes.
47% of millionaires are business owners.
23% of the world's millionaires got that way through paid work, consisting mostly of skilled professionals or managers.

Millionaires are, on average, 61 years old with $3.05 million in assets.

# of Millionaires by Country
United States = 5,231,000
Japan = 2,105,000
Germany = 1,326,000
China = 1,280,000
United Kingdom = 675,000
France = 555,000
Canada = 422,000
Switzerland = 297,000
Australia = 275,000
Italy = 259,000

So to answer your question, majority of millionaires/billionaires acquire their wealth through their own businesses. They are not likely small businesses, while some small businesses may over a decent period of time become worth >=$1M, most will not.

The failure rate for a new founded businesses is VERY high. 25% of new businesses fail after their 1st year. 50% of businesses have failed by their 4th year. 72% of all businesses will have failed by their 10th year in business.

So how likely is it that you will create a business and become a millionaire? Not very likely. You would need something that would revolutionize a market or something that is so proprietary that nobody else could compete with you. If you simply start a business with nothing proprietary, odds are you will be eaten by a shark before you become a millionaire.

Don't invest in products, don't invest in ideas, don't invest in the stock markets. Invest in people. As a business owner, any business is nothing without the employees who work for it. My tip is, if you are trying to start your own small business, know your goals, know why you do what you do, and find great people who are just as passionate as you are. That is how you will be successful.

Best of luck to you.

How to become millionaire?

Basically, I'm a high schooler who works his butt off at everything he does. Class president, 2nd in class academically, captain of soccer team, not to brag but to say i work hard. Anyway, I want to go into business-maybe business management. Could that put me on the path to being a millionaire?

Posted by Nate

Very few businesses will put you on a path to being a millionaire. My brother in law is a millionaire. He was unknown in high school and after graduating he got a job hauling hay. Then he got an apprenticeship to learn plastering. Next thing I heard, he was a plastering contractor. My brother partnered with him for a time and quit because he the guy didn't seem to know anything about running a business. After a few years he was the richest guy in town.

Two things you notice about millionaires: they usually don't know exactly how they did it, and often nobody else could have duplicated their success.

Can a veterinarian become a millionaire?

I love animals, especially horses andI like the idea of making lots of money, owning a sports car, having my own ranch and stuff and set up more hospitals and do more conservation stuff.. Is all that possible if you're a vet?

Posted by tush_94

Yes, of course… Anyone can be a millionaire by investing steadily over time. You'll start out at around 60k per year, and be in ~110k of debt… Don't freak out, though, because if you save 20% of your income, and make your loan payment, you'll still have 36k of income remaining… Plenty to live on. Each year your (inflation adjusted) income will go up by ~2%. At age 45, you'll make your last student loan payment, and just 4 years later, your savings will be 1 million dollars. You'll hit 2mil at 56, and 3 million at 61. This assumes a return rate of 8% (again, lowered for inflation).

"Sports cars" come in all different breeds… In your 20's, you'll be able to afford a used domestic sports car… 30's you'll be able to afford a new domestic… 40's a used Ferrari (or whatever you like)… And once you hit your 50's, you'll have enough money to buy whatever kind of car you want.

A ranch, if done right can pay for itself. Depending on the size and location, this is absolutely within reason as a goal for your 40's.

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