Investing For Beginners – Free Investment Articles and Tutorials

Many people think their chance of being a millionaire is well one in a million. But actually as of 2004 there were 8.2 million families with a net worth of at least one million dollars. If you want to learn how to become a millionaire there are a few secrets you should know.


First, your chances are significantly better if you’re self-employed. Two thirds of all millionaires own their own business. But, simply being self employed is not enough. A full twenty five percent of those who are self-employed do not make any profit at all. There are other attributes of millionaires that are equally as important.

Another important key to being a millionaire is to invest, and the more the better. Nearly all self-made millionaires invest heavily and curb their spending significantly in order to be able to invest. Many millionaires live well below their means, clipping coupons, living in much smaller houses than they can afford, and driving used and inexpensive cars. They limit their spending intentionally so that they can have money to invest.

Another interesting trait of millionaires is their generosity. While they are quick to limit frivolous spending, most of them give to charities regularly. And while it is true that charitable donations are great tax deductions this doesn’t seem to be the main reason that millionaires are so generous. Self-made millionaires are the type of people who support the causes they believe in both with their money and their time. They use the same entrepreneurial spirit in their charitable causes that made their businesses and financial lives successful.

One final note on making a million – don’t rely on the death of a rich relative or the lottery to be the answer to your prayers. Statistics show that lottery winners and those who inherit money unexpectedly are much more likely to squander their fortunes than those who make their own millions. So, it seems that the secret to becoming a millionaire isn’t such a secret after all. It all boils down to three basics: hard work sacrifice and wise investing.

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