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11/19/2009
How to make yourself rich
I was just sitting here reading a book called "Why We Want You To Be Rich" By Donald Trump and Robert Kiyosaki and boy has this book become a motivation to me. If you have read my profile then you know that one of my goals is to become a billionaire. I like to study those that are already there so I can learn what they are doing and incorporate some of those things into my life. We all know that Donald Trump is a billionaire and though Robert Kiyosaki is not there quite yet he is well on his way. Here is what these two brilliant men say you need to do to make yourself rich
1
Solve Problems
People have problems. Actually people have alot of problems. Find out what some of these problems are and solve them. People are willing to pay for things that make there lives more convient and easier. We pay for convience everyday. Why do you prefer to go to the McDonalds drive thru over going home and cooking? Because its quick and convient. Find a problem and solve it. Start with yourself. If you are having a problem with something then chances are millions of other people are having that same problem. You fix it and you will reap the rewards
2
Educate Yourself
You should never stop learning. You should never be in a place where you think you know it all. Once you figure out what problem you are going to solve start reading and learning more about that specific niche. Keep up to date with changing trends. Things change everyday. If you are constantly educating yourself you will be able to be predict when certain changes will occur and you will be able to change along with it. The only way to keep growing is to keep learning
3
F.O.C.U.S
In "Why We Want You To Be Rich" they use the word focus as an acronym. The acronym stands for:
F = Follow
O = One
C = Course
U = Until
S = Successful
That really touched home for me. So many times I would start something and then stop because it wasn't working quick enough for me. I would then jump to the next thing and then quit again. I would never give anything enough time to actual work. Focusing is so very important. I am learning day by day how to stay focused on one course
ways 4 to be rich
1
et rich quick by inventing something that people need. This can be a piece of information that they need, an invention that solves a problem they have or it can be something that gives them the image they want. Of course, "quick" is a relative term. If you want to get rich quick through an invention or book, this may take four years or more to happen. But in
the scheme of things, that is still a very fast timetable
2
Get rich slowly by investing in real estate. This often take decades of planning and watching for opportunities. Most people can achieve some wealth by living on a budget so that they can buy the nicest home they can afford and then trading upward as they build equity. This can lead to a great deal of wealth in the form of a paid-for home and/or land. They can then sell and buy a downsized home and have plenty of money left over
3
Invest in other real estate if you are able to afford to. Real estate goes through bubbles and slumps, but unless you buy real estate at the height of a bubble, it will continue to grow in value. Rental properties are one way to slowly grow wealth. Another is to buy properties that are near commercial zones and to have the properties rezoned. Commercial properties are always more expensive than residential ones
4
If you want to avoid real estate and still be rich, you will generally need to start your own company or get in on a new company before it goes public. The company doesn't have to be flashy- you don't have to get into high-end clothing or construction to get rich. Anything that fills a need, is profitable and has a steady customer base can make you rich over time. Some people use cheap land as sell-your-own car lots and get rich over time. Others start dog mess cleaning services and get rich that way. Crime scene clean-up companies are a recent innovation that has created a lot of wealth in the last few years. Just look around you- what do people need done? If you can do it or hire someone to do it, you too can be rich
11/17/2009
The 10 Best Money Moves You Can Make
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I've been pondering (Yes, I used "pondering". I am, after all, getting older) what the 10 best money moves are, so I thought I'd take a stab at listing what I think are the top ten, then have everyone comment on them and adjust as needed. Note that these aren't listed in sequential order (which you would do first, second, etc.), but rather listed in order of importance (which has the biggest impact on your net worth).
Before we begin, I'd like to start with some perspective. There are plenty of things worth more than money (like your health, time, your mind, and your kids). So while this is an important list, there are things in life much more important. (Just adding some perspective there.) :-)
Now, here's my top money moves list:
1. Spend less than you earn. This alone is THE key to getting rich. Said another way, save a portion of all you make (To spend less than you earn, you may need to earn more or spend less.) By the way, doing this is the way to become the richest man in Babylon. ;-)
The keys to spending less than you earn are to create and review a financial plan including establishing a spending plan. There are three ways to track your spending. I prefer to use Quicken or Microsoft Money -- or a great budgeting alternative.
2. Increase your income. The best way to do this is to make the most of your career -- your most valuable financial asset -- which will offer you many financial benefits. You can make the most of it by getting a college degree and managing your career to its full potential. Doing this well can earn you millions of dollars in extra income throughout your lifetime. Then, look for additional ways to increase your income (and who knows, you might find a new business somewhere in here.)
3. Contribute to your 401k to get the full employer match. It's a no-brainer investment where you earn 50-100% return automatically (depending on your employer's plan/match). Where else can you get such a great return? (By the way, not doing this is one of the nastiest money habits I can think of.)
4. Get out of credit card debt. It's a great way to earn a 20% return on your money -- and relatively easy to do if you've done steps 1-3 already and have a bit of discipline.
5. Buy a house. Generally, homeowners get rich and renters stay poor -- and buying a house can make a big (positive) difference in your net worth. The key to making the most of this step financially is to follow a proven, successful formula for buying a house. Doing so will even protect you financially from the real estate cool down we're experiencing in the U.S. Better yet, once you buy a home, take some simple steps to increase its value.
6. Invest your savings regularly in good, solid investments. I like index funds. Do this for a long time, letting the power of time and compounding work for you. Simply doing this can make you rich. According to Smart Money magazine, simply putting money away into savings and then investing that money will net you over $1 million in 10 years (I think that's a bit high, but even if it's a quarter of that amount, it's a big number!)
7. Pay off all debt. You won't get as good a return on this debt as you will on your credit card debt, but you will get a guaranteed return (paying off a 9% loan is the same as earning a guaranteed 9% -- after taxes -- on an investment). Not bad. If you're diligent and have done enough of the preceding steps, you can pay off much of your debt in a year or less.
8. Save for retirement -- above and beyond the employer match to your 401k. I recommend the following saving steps: 1) save to get the full employer 401k match, 2) invest in a Roth IRA, then 3) max out your 401k. If you do this early and often, you can retire wealthy.
9. Protect what you have. This means obtaining adequate insurance and developing an estate plan (including writing a good will that works for you and names a guardian for your children).
10. Give. I know this might seem like a strange item to put on this list, but there's a power in giving that unlocks financial blessing in your life. And it's not that "wealthy people tend to give" but it's often that "giving people become wealthy." Easiest way to give? Put it into your budget just like any other "expense."
So, that's my list -- what do you think? Did I miss anything? Or mis-order what I did include?
My Best Financial Advice: Spend Less than You Earn
I'm participating in a group writing project with some other money bloggers. Each of us is going to be listing our best piece of financial advice. The host asked that we also make our posts creative. Here's my attempt at some good, creative financial advice:
S P E N D
L E S S
T H A N
Y O U
E A R N
Move, Save Money, Become a Multiple Millionaire -- All in One Step
Last month I wrote several posts on what I consider to be a great money saving tip: moving to a lower cost-of-living city. My thoughts were detailed on the following posts:
•Yes, Moving to a Cheaper Cost-of-Living City Can Make You Rich
•How Moving to a Cheaper Cost-of-Living City Can Make You Rich
•8 Cheap Places You'd Want to Live (And How to Find More)
•Top Jobs: Where the 6-Figure Jobs Are
Now, I'm fine with people living in higher-priced cities. Really, I am. That's a choice those people make for various reasons (what the city has to offer, family/friends live there too, specific occupation that can ONLY be done in that city -- which I don't buy, BTW, etc.) The net is, people make their own money decisions and have to live with them, and I'm cool with that. To show how cool I am with that, I posted How to Save Money While Living in a Big, Expensive City. See, I got off the "move" wagon for at least one post! ;-)
But what I don't buy is the "Yeah, I live in an expensive place but I also make much more money, so I'm doing just as well" argument/excuse. The truth is, yes, you may make more, but your cost-of-living is far higher than the extra amount you make in a high-priced city. Don't believe me? Then consider this piece from Money that lists the pay differences for the same job in different cities:
Pay Differences in 10 Cities (for two jobs, one paying $60,000 a year and another paying $90,000)
•National median: $60,000 -- $90,000
•San Francisco: $72,720 -- $100,890
•New York: $71,100 -- $102,060
•Los Angeles: $66,060 -- $96,390
•Chicago: $65,100 -- $94,680
•Wash., D.C.: $63,540 -- $94,590
•Houston: $62,640 -- $90,720
•Denver: $61,920 -- $88,200
•Atlanta: $61,860 -- $91,350
•Miami: $60,960 -- $88,560
•Milwaukee: $59,040 -- $89,100
Then, Money adds this comment which is exactly what I'm talking about:
Of course, in theory, a higher salary in one city may be expected to afford the job-holder the same quality of life as she could expect in the same position in a less expensive city. But it often doesn't due to the effect of taxes and local inflation rates.
To put some numbers to this thought, I did my own analysis to determine which was better -- a high-paying job in a high cost-of-living city or a lower-paying job on a low cost-of-living city. I did this by doing the following:
•I went to Sperling's Best Places and typed in each city.
•I clicked on the cost-of-living link for each city which gave me an index of how the city compared to the national average in costs.
•From there, I adjusted the national median salary of $60,000 (I didn't do this analysis for the $90,000 a year job) to what it would need to be to break even in each city.
•I then subtracted what the person needed to earn (based on costs) from what they do earn (based on the salaries above) to see if they were ahead or behind financially by living in that city.
I know, it sounds confusing. So let's do an example. Here's what I did for San Francisco (SF):
•Sperling's says that SF indexes at 207.7 versus the U.S. average of 100.0
•This means, someone in SF needs to earn $124,620 (2.077 * $60,000) to earn as much as the $60,000 median national average salary
•But the average SF employee for this same job on earns $72,720.
•Hence, someone living in SF, though he makes almost $13,000 a year more, is actually down $51,900 ($124,620 - $72,720) versus the average U.S. worker.
Now that you know what I did, here are the numbers for all the cities, ranked from the best to the worst:
•Houston: $13,620
•Milwaukee: $5,760
•Atlanta: $4,500
•Denver: -$5,760
•Chicago: -$18,480
•Wash., D.C.: -$18,900
•Miami: -$20,760
•Los Angeles: -$26,280
•New York: -$32,280
•San Francisco: -$51,900
So, let's see what these numbers say:
•Houston is the winner if you're looking to maximize your income-to-cost ratio. Versus the national average, you're $13,620 per year better off by living in Houston.
•SF is the loser. You're $51,900 worse off versus the national average by living in San Francisco.
•Now, think what would happen if you moved from SF to Houston with the same $60,000 national median salary job. This means you'd go from a salary in SF of $72,720 to a salary in Houston of $62,640 (more than a $10k cut in pay) but because of the cost of living in each city, you're $65,520 better off each year!!!! Now, take that over 30 years at a 8% return and it's $7.4 million!
Ok, numbers can lie (a bit), so let's cut that in half -- you still have $3.7 million more! Is it REALLY worth that much to live in an expensive city?
Now, what if you could switch to a lower cost market and keep the same salary like this guy (read all the way through) Then you'd REALLY be in the money! ;-)
Maximizing Your Greatest Asset: Why Your Career is So Important
I've written a lot about the importance of managing your career and how it's your single-biggest asset (see Investing Versus Your Career and Experience versus Education: Which Counts More in Career Success? as examples). But I wanted to have one post where I listed the main reasons I think it's so important to your financial health, so here goes:
•It pays all your living expenses. Without it, you couldn't survive.
•It is the source of all of your investments -- retirement, college for your kids, and so on.
•It helps you acquire other big assets like your home and cars.
•In short, it's the source of everything you have financially -- unless you inherited a ton of money -- the source of your net worth. Even though spending less than you earn is the way to getting wealthy, you must have some income (and the higher the better) to spend less than. In other words, even a miser can't get rich spending less than he earns if his income is zero. ;-)
Now, let's discuss how important it is to manage your career well.
I ran a few numbers to compare the impact of managing your career (proactively taking efforts to advance your career and thus your income) versus not managing it. Here's what I did:
•I assumed that there were four college students who graduated at 22 and started with jobs making $25,000 a year each.
•I assumed that Graduate A didn't manage his career very well and only had a 3% average annual increase in income.
•I assumed Graduate B did an adequate job of managing his career and through pay increases, promotions, and job changes was able to increase his salary by 5% annually on average.
•I assumed Graduate C did a pretty good job of managing his career and was able to increase his salary by 7.5% annually on average.
•I assumed Graduate D did an excellent job of managing his career and was able to increase his salary by 10% annually on average.
Note: These are AVERAGE annual increases. In any given year, the amount could be higher or lower, but these are the averages.
So, where did each of these end up when they retired at 65? Here are the results:
•Graduate A ended up making $89,113 the year he turned 65. He earned $2,226,210 in his career.
•Graduate B ended up making $203,742 the year he turned 65. He earned $3,778,575 in his career.
•Graduate C ended up making $560,408 the year he turned 65. He earned $7,699,175 in his career.
•Graduate D ended up making $1,506,002 the year he turned 65. He earned $16,316,019 in his career.
Now before you say these are unrealistic numbers, consider the following:
•Numbers (percentage increases) higher than this can be achieved. I'm 18 years into my career, I'm right at a 10% average annual gain, and I'd only consider myself as having done a good (not excellent) job of managing my career.
•If the percentages throw you, just look at the differences. It's a BIG difference in just working to make an extra 2% per year -- not to mention if you can make 4% or more a year.
So, how can you do this? How can you manage your career to maximize your income?
I'm glad you asked. I'll be talking about this issue throughout the month of April. I hope you'll join me. ;-)
Make Sure Your Financial Advisor is Not a Loser
I am usually at work fairly early every day (by 7 am) and as such I usually leave around 5 pm. A few nights each week I get home at 5:20 pm or so and go to the basement to exercise before dinner. When I do this, I often turn on the TV for something to watch while I sweat off 1,000 calories or so.
In case you don't know it, there's not much on at 5:20 pm (I don't have cable). However, I have found one saving grace during this timeframe...Judge Judy.
Ok, now that you've stopped laughing, let me say that Judge Judy is quite entertaining. I especially like how she blasts people who are clearly in the wrong, trying to lie about a situation, or just plain shady. She dishes it out and doesn't take it from anyone!!!!
So I was watching it the other day when Judge Judy was all over this guy who was clearly a "loser". He was in debt, made all sorts of bad financial decisions, and had had his car repossessed. He was being sued for $4,000 he owed on another car. Needless to say, he lost the case. He took a lot of heat from Judge Judy, but he handled himself so poorly that he basically asked her to yell at him. Overall, he came off as someone who had no control over his personal or financial life.
Just before she rendered judgment, Judge Judy, as she often does, asked if the guy worked for a living. He said he did. She asked what he did. He said he was a FINANCIAL ADVISOR. Imagine Judge Judy nearly falling off the bench at this point. I can't remember what she said exactly, but it was something to the effect of, "You've got to be kidding me!" She then asked where he worked. He said "at a bank." She asked if it was a national bank, and he said it was.
All of this to say that you should never, ever, ever trust your money and financial decisions to any sort of "financial advisor" that you haven't checked out, called his/her references (preferably from people you know), and interviewed as if your life depended on making the right choice. And just because you may trust a well-respected bank, broker, or other financial institution doesn't mean you should trust their "financial advisors". In many cases, these people are simply glorified salespeople who probably know less about managing money than you do.
How to Get Rich in Three Easy Steps
People don't believe how simple it is to accumulate a significant amount of wealth, but it really is quite easy. All you need is a bit of discipline and to know the three steps necessary anyone can take to grow a significant net worth. The steps are:
1. Spend less than you earn. This is THE key to getting rich. Said another way, save a portion of all you make.
To spend less than you earn, you may need to earn more or spend less.
2. Invest your savings regularly in good, solid investments. I like index funds.
3. Do this for a long time, letting the power of time and compounding work for you.
That's it.
Yes, it's that easy.
How You Can Become Wealthy
Wouldn't you like to know the secret of becoming wealthy? Well, thanks to Money Central, we now have some scientific information on this subject (see the bottom part of the article).
First, some key findings:
•There’s a huge variation in wealth at every income level. Many low-income families have almost nothing. But the same is true of many high-income families.
•Income alone doesn’t explain wealth disparities. Some of the lowest-earning households had managed to accumulate significant wealth.
•In fact, income differences explain just 5% of the wealth dispersion the researchers found.
•What the researchers called “chance events” -- inheritances, medical bills, marital status, number of children -- explained about 4% of the dispersion.
•Investment choices explained about 8% of the variations.
•In other words, the vast majority of the differences in wealth had nothing to do with income, chance events or investment choices.
•What did explain most of the differences in wealth? Venti and Wise concluded it was this: How much the families chose to save. Those who made it a priority to save built wealth, regardless of their income level, individual circumstances or choice of investments.
Let's re-read that last sentence again:
Those who made it a priority to save built wealth, regardless of their income level, individual circumstances or choice of investments.
This is a pretty revolutionary finding. But it's good news for us all. We can control our wealth (net worth) simply by choosing to spend less and save more. Income level, inheritance, and investing (all of which are harder to influence than saving) account for little when it comes to net worth. It comes down to spending less than you earn and saving the difference.
Even a Small Leak Can Empty Your Money Bucket Quickly
Small bits of money can add up over time and become significant chunks of cash. This is a big benefit when it's small bits that we save, but hurts when it's small bits that we spend. This piece from Marketwatch demonstrates how these little bits can add up.
For instance, take the small costs associated with using cash machines that aren't a part of your bank's network:
The Fall 2005 Checking Study released last week by Bankrate.com showed that the cost for using the "wrong" bank machine has reached an all-time record, with the average total fee now standing at $2.91.
That figure covers the $1.54 average fee assessed by the banks that own the ATM you are using, and the $1.37 average fee that banks charge customers who use a foreign ATM (and almost 70% of banks now charge customers this secondary charge).
Bankrate.com estimates that consumers will pay more than $4.3 billion in fees this year, just for withdrawing their own money in a way that most people justify as "more convenient."
Are you kidding me???????!!!! $4.3 billion???!!!!!! Ouch!!! See, small amounts can really add up.
But many people only look at the per transaction amount and don't see it as that significant. Instead, they should be looking at the total expense over time. Here's the situation:
So it's not "only a buck." Two trips to a foreign ATM per week, and it's about $300 bucks over a year. In a home earning the nation's median household income, that's more than one half of one percent of all the money brought in for a year.
It really does add up. In fact, it adds up to a pretty big number. But that's not all, there are other bank fees that cost you a lot by taking a bit here and a bit there. For instance:
Beyond rising fees, it's clear many consumers simply are unaware of what is happening in their own accounts. Fee-change notices tend to arrive from banks attached to statements, and most people hardly pay attention to their bank statement, let alone balancing their checkbook to reconcile all of those little fees and see just how quickly they add up.
Yes, it's certainly worth it to pay attention to these fees -- and other recurring small charges that eat away at your income. Though they seem insignificant on a per transaction basis, over time they have a significant, negative impact on your ability to accumulate wealth. Watch out and guard against them -- don't let them be a drag to your net worth.
Eight Secrets of Financial Happiness
Here is a simply great article from Market Watch that lists the eight secrets of financial happiness. It starts by describing the relationship between money and happiness:
The psychology of money, now known as behavioral finance, has a positive side. It turns out you can use psychology to increase your financial happiness by reducing your money stress.
Fortunately, this psychological formula is simple: Stress down equals happiness up. So how do you cut the stress? Try a new mindset: Stop blaming "them," take responsibility and then take positive actions. What's happening "out there" is no excuse for whining. You can't change them, but you can control you.
The piece then lists their eight secrets of financial happiness:
1. Learn to want less.
2. Get organized.
3. Set goals.
4. Plan your spending.
5. Invest sensibly.
6. Protect what's yours.
7. Start talking about money.
8. Find work that fits.
Here are my thoughts on each of these:
1. Learning to want less is the first step in spending less than you earn, which is the first step in becoming a millionaire.
2. I use Excel to budget, Quicken to track, and have files for all my paperwork. Being organized makes managing your finances easier, more effective, and less time-consuming.
3. We set annual goals as part of our budgeting process.
4. Yes, we plan our spending -- it's called a budget. Here are some good budget-related posts to review:
•Why We Hate Budgeting - But Shouldn't
•A Great Alternative to Quicken and Microsoft Money, Part 2
•Five Keys to Developing a Successful Budget
5. Three keys to investing for me: 1. Invest regularly. 2. Time/the power of compounding. 3. Index funds.
6. Yes, you need to protect what's yours by making sure you have a will and have all your insurance needs covered.
7. Communication is key in a family, and this includes talking about money. If nothing else, planning/having a budget will force you to do this (which is a good thing).
8. Your career is your most valuable asset and by managing it correctly you can add millions to your earning potential. But you also need to enjoy what you're doing. If you don't, maybe a career change is called for.
Becoming a Millionaire -- A Real-Life Example
Here's a real-life example of how an average person can become a millionaire from personal finance author Ric Edelman:
There’s a fella you probably never heard of. His name is Karl Hagen. Karl recently passed away at the age of 89. For 36 years, Karl worked at the Potomac Electric Power Company (PEPCO) near Washington, D.C.
He lived a modest, solitary life. Although he was known for being frugal, he did indulge in a few passions. He liked to travel. He painted watercolors. He read a lot. He engaged in ballroom dancing. And he invested in stocks and bonds.
When he died, Karl left a total of $3 million to Johns Hopkins University, the National Air and Space Museum, and the National Geographic Society. How was a PEPCO sign and equipment paint shop foreman able to amass millions of dollars?
According to press reports, he began investing back in the 1940s by putting $5,000 into stocks. Throughout his life he continued to buy stocks. That’s all it took to amass millions.
Stories like this pop up periodically, and they all have one thing in common: Each person invested small amounts of money over long periods of time. That is perhaps the undisputed certain way to accumulate wealth. Yet, this message gets over-looked by investors seeking hot tips.
The guaranteed road to wealth is simply to buy stocks on a regular basis with very small amounts of money—and to do it for a long time. Every person in this country can become a millionaire. It’s up to you to make it happen.
How to Become a Millionaire (How to Become Rich)
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Yeah, yeah, a million dollars ain't what it used to be. But it's more than 90%+ of all U.S. households have. So who wouldn't want to be a millionaire
This article from Money Central is written by a millionaire and in it she shares her tips on how to become a millionaire. The key tips
•Make financial security a priority
•Spend less than you earn
•Save and invest regularly
•Pay down debt
•Own a home
Good, simple, basic, effective tips. I'll come back to these in a minute, but let's first review a few other tidbits from the piece
•If you haven't got a plan, it's way too easy to lose your way: spending money on stuff that isn't important, taking on debt that's toxic rather than helpful, giving in to despair when markets turn against you. Having a long-term goal, and a long-term view, are essential to keeping your balance.
•I bless my Depression-era mother, who grew up poor, knew how to pinch a penny and put a high priority on savings. She understood the importance of "paying yourself first," so from my first job I've been in the habit of saving at least 10%, and often 20%, of my gross pay. She taught me to use credit cards as a convenience, not an excuse to buy stuff I couldn't afford. She viewed people who carried credit card balances with the same suspicion and displeasure with which she regarded people who didn't keep a tidy house
•Again, automated investing plans really help. We invest regardless of whether the market is up, down or sideways. We know that, in the long run, a well-diversified portfolio of stocks beats out every other investment, even if there are some bumpy times along the way.
•Another key: Don't cash out your 401(k) when you leave a job. About half of all workers do, and that's nuts. It's not just the taxes and penalties that eat up a quarter to a half of your withdrawal. More importantly, every $1,000 cash-out costs you $10,000 or more in future retirement income. So roll the money over into an IRA or your next employer's plan.
•But it does mean you should avoid high-rate debt and be cautious about your total debt load. Keeping your housing expenses to 25% of your gross pay, for example, will help ensure you've got enough left over to fund your other goals and have some fun once in awhile
•Despite the ups and downs, owning a home has long been the cornerstone for wealth for most people. Consider that the median net worth of all homeowners in America in 2004 was $184,400. For renters, it was $4,000. Among the richest 10% of households, 96.9% are homeowners, compared with 69.1% of all households
•We’ve discovered (duh) that it's easier to meet your goals, and have money for fun, if your income is rising. So we've invested in education, launched our own businesses and looked for new ways to generate cash. In today's ever-changing economy, you have to be ready to learn new skills and take new directions
•Finally, and maybe most importantly: My husband and I don't live just for tomorrow. Our long-term goals are important to us, but we also want to enjoy life today. The fattest bank account in the world wouldn't be worthwhile to us if we didn't have a chance to enjoy each other, our daughter and our lives. So we appreciate the financial mileposts when we achieve them, but we know there's more -- a lot more --to life than money
How to Become Rich
by:Neil Patel
If you haven’t already made millions of dollars but want to, there are only 4 ways you can do so
1
Inheritance – this is the easiest way to make money, but also one that usually isn’t in your control. If your parents or someone in your family doesn’t have tons of money, you probably will not be inheriting it
2
Stunning physical attributes – if you are good looking or athletic you can usually make a good living through modeling or sports. If you are not athletic there isn’t much you can do to change that, but as for the modeling part you can always get plastic surgery if you aren’t attractive
3
Knowledge – if you have knowledge that others don’t have it could be worth a lot of money. The thing with becoming wealthy off of knowledge is that in most cases it can’t be something others can easily find out. People who become rich through knowledge are usually in the scientific field or have a high IQ
4
Willingness – the last way you can become a millionaire is by doing things that others won’t do. For example, if you are willing to work 12 hour days instead of 8 or do things that are out of most people’s comfort zone, you have a shot at becoming rich. Becoming rich through willingness means that you have to learn to go that extra mile
