Five Ways to Become a Millionaire

Becoming a millionaire is sometimes a milestone for growing wealth.  Here are fives ways that can be used to become a millionaire.

Save - At 0% interest, saving $25,000/year will achieve $1 million after 40 years. At 4.5% interest, saving $10,000/year will achieve $1 million after 40 years. 

Earn - Based on millionaire interviews, a six figure income, living way below one's means and savings the difference is another way to become a millionaire.

Inherit - Having parents who are millionaires may also be a way to become a millionaire.  However, none of us get to choose our parents.  So this may be difficult to act on :-)

Win - A low probability way is to win $1 million or more in a lottery.  

Marry - Marrying someone who already is a millionaire also works, unless a prenup excludes access to the assets by the non-millionaire spouse.

For me, earning and savings are the best ways to acquiring wealth.  However, I still occasionally put a few dollars towards the lottery when the jackpot is over $100 million :-)

For more on The Practice of Personal Finance, check back every Wednesday for a new segment.

This is not financial advice. Please consult a professional advisor.

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