5 ways to get to $1 million

You don't need to invest like Warren Buffett or invent the next Twitter to attain a seven-figure net worth. These strategies can put you on the road to real wealth.

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Aug 21, 2014 12:03AM
I started my own business 5 yrs out of college.  Took almost 20 yrs to save $1 million.  But, 10 years after that, I now have almost $5 mill in stocks, cash and bond funds.  No debt.  Net worth is beyond $8 mill.  My education is a BA in Accounting.  I live in the MIdwest.  I'm not a genius, I'm not even very lucky.  Just worked hard, sacrificed a bit and it's going good.  The business now generates almost $1 mill a year in taxable income to me.  After the govt takes about 40% of it in taxes and I give 10% to charity, I save most of the rest.  The investments generate around $400k a year in cap gains, interest and dividends.  Don't tell yourself it's not possible to save $1 mill or you'll never make it.  Don't give up.
Aug 20, 2014 9:49PM

Don't get divorced.

Very hard to get anywhere if you keep losing half your assets and having to rebuilding your credit.

Aug 20, 2014 9:52PM
Ok now that you explained how the rich can get to a million, now how about telling us living paycheck to paycheck how to do it........

Crickets in the background ........
Aug 21, 2014 11:45AM
"You know that at 50 you can start setting aside $23,000 a year in your 401k, not just the normal $17,500. Don't stop there."

That assumes that you have $23,000 a year to sock away.  Hard to do on a $40K salary.
Aug 21, 2014 6:18PM
I started out with nothing  I still have most of it.
Aug 21, 2014 11:41AM
I earned my first million by working hard and investing what money was not needed to live on. It only took me 237 years to do it.
Aug 20, 2014 9:54PM
Seems like doing something totally moronic and then blaming someone else in a frivolous lawsuit works pretty good nowadays.
Aug 21, 2014 8:52AM
A few people in Ferguson Mo. will be millionaires real soon like. and never did anything to deserve it.
Aug 20, 2014 7:31PM
The pic of the guy using a wrench to tighten the aerator on the sink made me laugh.
Aug 21, 2014 10:42AM
One of the FASTEST ways to become a millionaire or multi=millionaire is to get yourself elected to congress or president!  I saw another post on here that said Obama was cleaning up. Well, a little message for that poster, ALL politicians take money under the table!!  NOT only Demo's or Repub's. Please be truthful.  We should be ashamed for reelecting the same old crooks to office every election so that they may continue to fill their pockets.
Aug 21, 2014 6:29AM
"These strategies can put you on the road to real wealth."

Real wealth doesn't exist on paper.  Paper wealth is useless until you trade it for something tangible.   And if we're talking about retirement, you don't need anything close to a million bucks, especially if you're debt free.  Once you build enough consistent revenue streams to replace the income from your J-O-B, you can retire whenever you want.
Aug 21, 2014 12:43PM
Don't have kids is one way. It costs you roughly $250,000 in America to raise one kid I've heard, but immigrants and minorities have dozens of kids each for free at your (taxpayer) expense. Its no wonder white Americans are fast becoming a powerless minority in their own country. Immigrants and minorities should not be allowed to have an unlimited number of kids at US taxpayer expense in our country. Its not right and it needs to stop.
Aug 21, 2014 12:18AM
Never pass up an opportunity to make some extra money.  Then save the profit.  Our part time lawn mowing business stemmed from wanting a riding mower.  One season paid for the mower, couple more paid for the pickup, sometimes a vacation.  Owned a small acreage, kept some cattle, gardened, cut and burned wood, sold wood, anything that had a local market for what we could produce.  Had rental property, but must have a good lease.  Do any repair you're capable of doing yourself.  Both worked day jobs, kids helped.  Hire teenage sitters (maybe relatives) ih home after school as soon as kids are in elementary school.   Pick work that has tax advantages.  You must save regularly with 401ks, IRAs.  Still working on it.
Aug 21, 2014 8:46AM
I earned my first million by turning tricks on Chestnut Street.
Aug 21, 2014 1:35AM
To follow the recommendations in this article apply that nothing happen in your life, that everything went straight. Unfortunately, it's never the case. But when you have the motivation and the will to stick to a budget, then you can put a lot of money on the side for the old days. It's easier than what we think it is.  
Aug 21, 2014 7:37AM
Not reading 12 pages of BS just so you can charge more for advertising.
Aug 21, 2014 11:38AM
The only problem with getting rich is you also get old. When you are old and have money, your relatives will be hoping you die soon.

It is important to learn about money or financial management mainly so when you are old, you have enough to last you until you die. If you don't, you could end up on the street and really find out just how cruel this world is!

If you have a family and you take proper care of them plus you try to enjoy life with a few baubles, you aren't likely to become rich. The reasons are you won't have the time to put the proper amount of effort into learning how to make money,  don't possess the intelligence to benefit from your studies, and are short the capital to plunge into investment ideas.

Actually the way to make money is the  Warren Buffet way. Buffet had some great advantages which you probably won't have. He had a first class education and a great mentor who schooled him in value investing. Besides being highly intelligent, Buffet was dedicated to his pursuit of wealth and put in long hours of study everyday. In fact, he still does even at eighty! 

My advice would be to learn the Buffet Philosophy, or at least recognize the great amount of time and effort it takes to achieve even modest success! As for investing, I'd recommend reading one Jack Bogel's books. For investing, I'd buy Brk.b or an index fund. 

Yuk yuk!
Aug 20, 2014 9:34PM
I don't believe many can make a million $ this this way, most don't have the income or ability with this administration....maybe in a few years things will get better?
Aug 21, 2014 12:21PM

More hope and no Change ....this should read

Aug 22, 2014 3:26PM
Money DOES buy happiness folks. I know people who have money and are rich and they seem very happy to me. Its always the people who HAVE money that say money does not buy happiness like Ohpra Winfree. They are lying to you folks so do not believe them. All liars.
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