According to a recent report by Merrill Lynch, there are nearly 2.9 million households in the United States that have a net worth of one million dollars, which included all financial assets as well as real estate. In a report from 2006 it was stated that there were about 9.3 million households that had a net worth of at least $1 million dollars NOT including real estate.

So, are these millionaires the real deal? For the ones that have liquid assets (stocks, bonds, and mutual funds) totaling over $1 million dollars they certainly are. However, for those that include real estate in their holdings they certainly are millionaires, but these assets are not liquid and therefore with recent market fluctuations and mortgage problems this has greatly affected many portfolios.

Now, what are some common ways to make a million dollars? The first and foremost is inheritance. Celebrities like Paris Hilton are notable people that tend to gain their millionaire status through inheritance, but have used their name and celebrity status to earn millions on their own.

Yet another way, though often not happening overnight, is to climb the ranks of a major corporation, eventually earning millions as the CEO or top ranking officer of the company. Along the same lines are those adventurous entrepreneurs that have started their own businesses which have grown and blossomed into very successful, multi-million dollar companies.

Yet ironically the vast majority of these millionaires became that way buy saving their money! Yep, all that your parents and grandparents told you about putting away your money still holds true. Even more so many of these modern day millionaires never even earned a large salary. They made their millions by starting to save early and living a lifestyle that suited them…not keeping up with the Jones’!

To expand on the most common way to make a million dollars, even the average person can achieve this great financial goal. All that is required for you to make your million dollars through savings is to start saving 10% of your income and invest those savings. Don’t go investing them into high risk investments but rather invest your savings into more conservative investments. Even more vital to this success is to control your spending and minimize credit card debt, as these actions have the greatest negative effect on your savings.

So while making a million dollars will not guarantee you A list status, it is a great financial goal that one can set and that anyone can achieve. Just by following a few simple common life lessons you too can be on your way to making a million dollars also.