- Inherit the money. 30% to 40% of all millionaires get their money this way.
- Win a lottery. Unfortunately, your odds are greater that you will be struck by lightening.
- Convert your money to Indonesian Rupiah. Everyone in Indonesia is a 'millionaire'.
- Start and build a company over 10 to 40 years. For everyone who is successful, you will find 100 who failed but the odds are 500 times greater than buying lottery tickets.
- Live within your means and save 10% to 60% of your income. Invest that savings in a variety of ways for safety including life insurance, unit trusts (mutual funds), shares (stocks), real estate and business ventures. Strive for a 10% return if you are over
60 years of age or very conservative. 20%+ return if you are 30 to 60 years old and willing to risk more. Stay on top of your investments and have quick exit strategies in place to `park` your money for a time when markets fall. Avoid micro managing your investments.
Riches are not solely dependent upon how much you make.
3 Key Factors:
- Stop spending money on non-essentials.
- Become a more savvy investor.
- Steady, regular investing at a good return. In 10 to 30 years, you should be a millionaire or multimillionaire in USD or Euros.
Michael A. Podolinsky CSP (Certified Speaking Professional)
Developing Productive Leaders and Teams, equipping them with the skills necessary to succeed.