One million dollars. That magical financial number that most people dream about. Just the sound of it makes me dream as do others, yet most NEVER achieve this. Even more ironic is that in this day and age one million dollars is very achievable IF proper planning is put into place at the right stage in life.
By definition, a millionaire is a person who has a net worth of more than one million US dollars, UK pounds, Euros or a comparable valued currency. Though being a millionaire may not be as exclusive as it once was, will still provide a comfortable lifestyle for those that have attained it. In the United States alone there are about 8.2 million households (about 7% of all US households) that have attained this prestigous level, with about half that number being retirees.
Wow that is a lot of millionaires! But how did they get their wealth? According to reports most made their money through sound investment practices such as stocks and bonds while others still have recently taken advantage of the booming real estate market. Quite often those that start saving at an earlier stage in life achieve their goals much more than those that don’t.
Now rewind 25 or so years. These stages were set into place for me but alas I was young and failed to take advantage of them. Before my grandfather passed away he put aside $2500 for each of the grandchildren, which we couldn’t get released until we were 18. My father told me I should keep it invested but again I didn’t care about saving money then and boy was that a mistake! Had I left this money alone and compound with merely adding $100 per month I would have had almost $340,000 when I retire just from this alone! Had I invested an additional $100 let it sit I would have $1 million dollars when at age 72!
Now we come back to today. I will be 44 years old this year. My wife and I both have excellent jobs but along with that we have our share of financial responsibility, including three children which most know consumes quite a bit of money! I have set a goal to reach my first million dollars on the next 10 years. This will be done by supplementing our current savings plan with online marketing strategies and revenue gained from that. As with any plan it will take a large commitment to achieve this hefty goal, but I have been told it is a very achievable goal when the right plan is implemented and followed.
The first step will be to set forth in motion those items that will help me achieve these goals. Some of these steps include eliminating existing debt, setting up a sound savings plan and implementing revenue generation ideas. Many successful online marketers I have talked to said that this a very achievable goal in the time frame I have specified, and some have stated that it is possible I make this million dollars in the next year!
To be a multi-millionaire upon retirement is my ultimate goal. I invite you to follow along with me on my quest to be one of the mighty millionaires!