Tips on How to Make a Million
Posted by Frugal on February 16th, 2007
Just received March issue of Kiplinger’s Personal Finance Magazine. This is a very good magazine targeted at general public. The article of How to Make a Million gave you the eight tips (only 5 are shown to respect their copyright) and 11 examples of people reaching over a million dollar net worth:
- Follow your passion
- Seize an opportunity
- Exploit your talent
- Put in the time
- Learn the ropes (be employed first before becoming an employer in the same business)
- etc.
After reading through the entire article, I found out that there are basically two types:
- The crawler: save/accumulate and invest/grow their money, given enough time.
- The passionate: yeah, somehow some people find their way into their niches. But ALL of them love what they are doing, whether it’s side-business, hobby, or their job.
Got the message? If you are both, the chance of you making to a million will surely increase more.
If you cannot love what you are doing on a daily basis, you cannot be successful in doing that. Success in what you are doing won’t necessarily bring you a great fortune. But without a success, it is pretty sure that you won’t get to a great fortune. And the other way is obviously taking small steps at a time, saving/accumulating wealth. Given sufficient amount of time, you will get to a big fortune.
I can attest to you that I’m both. Definitely has helped me to reach a bigger fortune sooner.
Posted by “Frugal” at My 1st Million At 33.com
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February 16th, 2007 at 8:52 am
nice post. i believe the reason why people who love doing what they do experience faster wealth is because they are often engulfed in their “business” even if they do not realize. leisure time is spent reading, understanding, and playing around in the industry and you become and expert.
alot of studies show that most millionaires earned their wealth through their own business and LONG hours. while this is true, many of those hours do not equate to working at a job for someone else. you often do not slave for 80 hours a week but rather surround yourself with your interests (whether it be meeting with clients, businessmen, reading publications, planning, goal setting, etc…
February 16th, 2007 at 10:00 am
Laboring for the extra mile matters for the bigger success. But do remind yourself that even though you may not notice the hard work, your family will notice that you’re putting in extra hours.
Finding a proper balance is important to life, although in the short term, your career/money may not be as prosperous.
February 18th, 2007 at 10:15 am
I have no ego. I do not attribute road to anything but a little discipline (saving and then investing the savings) and a lot more luck (place & timing).Not to brain power.
Next, study after study show two main points: people who are organized in their finances are 39% wealthier than those who aren’t and married couples are wealthier than singles. I am Jewish male married to a Chinese woman….good combo. And, I am very organized.
I tried hard to duplicate other people’s success models and replicate my own method of success in real estate over and over.
Lastly, I was never too aggressive nor too conservative.