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How To Become A Millionaire In 7 Steps





There is no short cut, but with some careful planning and execution, it is not hard to become a millionaire. Bankrate highlights the 7 important steps in your quest for becoming a millionaire:

From Bankrate:

1. Develop a written financial plan
2. Save, save, save
3. Live below your means
4. Lay off the credit
5. Make your money work for you
6. Start your own business
7. Get professional advice

This post has 5 comments. Read and share your opinions.

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Comments
>>> Dr. Artfredo C. Abella - West Virginia, USA Commented on January 25, 2007

Here are my suggestions on How to Become a Millionaire in Seven Steps:

1. Never lose money;
2. Pay yourself first;
3. Buy the ownership of companies instead of buying their products;
4. Focused on how to improve the Balance Sheet instead of the income Statement;
5. Learn how to leverage and use other peoples money, initiative, services, industry and intelligence;
6. Learn how to invest and take risk coupled with patience. The market can be bullish sometimes.
7. Watch your health and spiritual aspects, a man can be a millionaire but if he is indispose and spiritually sick all will be laid to rest.


>>> Dr. Artfredo C. Abella - Chicago, USA Commented on January 25, 2007

Here are my suggestions on How to Become a Millionaire in Seven Steps:

1. Never lose money;
2. Pay yourself first;
3. Buy the ownership of companies instead of buying their products;
4. Focused on how to improve the Balance Sheet instead of the income Statement;
5. Learn how to leverage and use other peoples money, initiative, services, industry and intelligence;
6. Learn how to invest and take risk coupled with patience. The market can be bullish sometimes.
7. Watch your health and spiritual aspects, a man can be a millionaire but if he is indispose and spiritually sick all will be laid to rest.


>>> Dr. Artfredo C. Abella Balanga, Bataan, Philippines UB Commented on February 2, 2007

At one glance, I would say it takes perseverance and patience to become a millionaire. Having said so comes to the pore that it takes more before one could become a millionaire, let me present some affirmative steps which I believe a person must muster in order to at least be financially independent, rich and be a millionaire:
A) IT TAKES COURAGE AND RESOLVE FOR A PERSON TO BE A MILLIONAIRE. There is always a saying: " A person without ambition is like a ship without a rudder." If we do not have a goal or an ambition how can we arrive at our destination. Our lives unto a ship would be sailing round and round the seas and oceans without knowing where it is going and where to arrive. Resolve once and for all to become a millionaire and that will be the first step. In China they say: " The start of the long journey begins with the first step." Be not afraid to start small, and iceberg has sank the Titanic, so resolve and make the first step of becoming rich and millionaire.
B) FOR A PERSON TO BECOME A MILLIONAIRE, IT TAKES SACRIFICE AND HE MUST MUSTER SOMETHING BEFORE HE COULD ATTAIN OR GET THAT STATUS.
To become a millionaire is never an easy tasks. It takes a spartan discipline to attain it. A layman therefore would ask: Why should I exert all discipline in my life to attain that status when it will incur more pain than bliss in my life? The answer is the difference between wealth and poverty. It means between lasting and permanent gratification rather than short and small pleasures and the rest of our lives living in poverty, sickness and hopelessness. It takes discipline, positive attitudes in life, frugality, being savekaholic, investment conscious and willing to manage risk in the process of becoming a millionaire. It means providing sound and extra ordinary values on the products we are selling to our customers. It means being hardworking, thrifty and being reverend. It means being tough minded optimist that despite of financial failures in the beginning, a person can and will be able to overcome poverty in life and become a millionaire. It means paying ourselves first, it means saving first and the remnants will be made to accommodate overhead expenses. It means putting the client's or customer's interest first and at all times to become rich. It means realizing that money can be an excellent slave but it can also be a cruel master. It means leveraging our business to other people's talent, money, ideas, leadership, skills, ambitions, sacrifices and energy to become and attain that millionaire's status.
C) IT TAKES SOUND BUSINESS PHILOSOPHY AND EMPIRICAL SCIENCE TO ATTAIN THAT WEALTHY STATUS. Sound business philosophy is the cornerstone of becoming rich and wealthy. It takes to realize that the justification of real wealth is only when it can provide jobs, economic benefits to society and the products and services are there for the betterment of the environment and not for its destruction. It means empirical science similar to the Philosophy of Pope Paul XI when he said that: "Life is like a woman dancing in a stage and simply because the audience were hauling and throwing invectives on the way she dances she must stop". Life must go on, despite of failures, debacles we must keep on dancing in the stage until success shall rescue us. It means never giving up until we become millionaires and rich. It takes to understand that success is in the journey and not in its destination. It means that a person can never become rich and millionaire unless he could improve the lives of other people. It means production of products which could be of service to the community.
D) IT TAKES TO BE IMAGINATIVE AND A VISIONARY TO BECOME A MILLIONAIRE. Find a need and fill it, is definitely one way of becoming rich. Thomas Alva Edison who lighted the whole world became rich because of his invention the incandescent bulb. The person who could invent magnetic cars without necessarily using fuel could become a millionaire. It simply means that putting two magnets at once pointed in equal and the same positive sides would enable the car to run while putting the two magnets in two different sides - negative and positive would make the car stop. Just imagine how many billions of dollars could be saved by simply using magnets to let cars run. The age of magnets will come soon to replace the use of oil which is already depleting and dwindling in its supply. The replacement of money by certificate is already turning to be the alternative of the paper money. Person with imagination and vision for a brighter tomorrow will become rich and wealthy.
E) A PERSON HAS TO BE ADEPT AT SPECIALIZATION IN HIS FIELD TO BECOME A MILLIONAIRE. You can be anything that you want you can be but the person who will become a millionaire is the one who has the specialized skill in doing his craft. You can be an artist but if if you do not specialize your skill in making painting the work will be worth a cent. One painting of Winslow could command thousands and even millions of dollars because of the specialized artistry in his work. A Rolex watch could be sold for hundreds of thousand dollars while an ordinary watch could only be sold by the hundreds, why? because the craftsmanship of Rolex watch was done intricately in the hands of persons having specialized skills at making watches. Trade sound values on your products to other people and money will just come and definitely it will make a person what it takes to be a millionaire.


>>> Dr. Artfredo C. Abella Balanga, Bataan, Philippines UB Commented on February 2, 2007

At one glance, I would say it takes perseverance and patience to become a millionaire. Having said so comes to the pore that it takes more before one could become a millionaire, let me present some affirmative steps which I believe a person must muster in order to at least be financially independent, rich and be a millionaire:
A) IT TAKES COURAGE AND RESOLVE FOR A PERSON TO BE A MILLIONAIRE. There is always a saying: " A person without ambition is like a ship without a rudder." If we do not have a goal or an ambition how can we arrive at our destination. Our lives unto a ship would be sailing round and round the seas and oceans without knowing where it is going and where to arrive. Resolve once and for all to become a millionaire and that will be the first step. In China they say: " The start of the long journey begins with the first step." Be not afraid to start small, and iceberg has sank the Titanic, so resolve and make the first step of becoming rich and millionaire.
B) FOR A PERSON TO BECOME A MILLIONAIRE, IT TAKES SACRIFICE AND HE MUST MUSTER SOMETHING BEFORE HE COULD ATTAIN OR GET THAT STATUS.
To become a millionaire is never an easy tasks. It takes a spartan discipline to attain it. A layman therefore would ask: Why should I exert all discipline in my life to attain that status when it will incur more pain than bliss in my life? The answer is the difference between wealth and poverty. It means between lasting and permanent gratification rather than short and small pleasures and the rest of our lives living in poverty, sickness and hopelessness. It takes discipline, positive attitudes in life, frugality, being savekaholic, investment conscious and willing to manage risk in the process of becoming a millionaire. It means providing sound and extra ordinary values on the products we are selling to our customers. It means being hardworking, thrifty and being reverend. It means being tough minded optimist that despite of financial failures in the beginning, a person can and will be able to overcome poverty in life and become a millionaire. It means paying ourselves first, it means saving first and the remnants will be made to accommodate overhead expenses. It means putting the client's or customer's interest first and at all times to become rich. It means realizing that money can be an excellent slave but it can also be a cruel master. It means leveraging our business to other people's talent, money, ideas, leadership, skills, ambitions, sacrifices and energy to become and attain that millionaire's status.
C) IT TAKES SOUND BUSINESS PHILOSOPHY AND EMPIRICAL SCIENCE TO ATTAIN THAT WEALTHY STATUS. Sound business philosophy is the cornerstone of becoming rich and wealthy. It takes to realize that the justification of real wealth is only when it can provide jobs, economic benefits to society and the products and services are there for the betterment of the environment and not for its destruction. It means empirical science similar to the Philosophy of Pope Paul XI when he said that: "Life is like a woman dancing in a stage and simply because the audience were hauling and throwing invectives on the way she dances she must stop". Life must go on, despite of failures, debacles we must keep on dancing in the stage until success shall rescue us. It means never giving up until we become millionaires and rich. It takes to understand that success is in the journey and not in its destination. It means that a person can never become rich and millionaire unless he could improve the lives of other people. It means production of products which could be of service to the community.
D) IT TAKES TO BE IMAGINATIVE AND A VISIONARY TO BECOME A MILLIONAIRE. Find a need and fill it, is definitely one way of becoming rich. Thomas Alva Edison who lighted the whole world became rich because of his invention the incandescent bulb. The person who could invent magnetic cars without necessarily using fuel could become a millionaire. It simply means that putting two magnets at once pointed in equal and the same positive sides would enable the car to run while putting the two magnets in two different sides - negative and positive would make the car stop. Just imagine how many billions of dollars could be saved by simply using magnets to let cars run. The age of magnets will come soon to replace the use of oil which is already depleting and dwindling in its supply. The replacement of money by certificate is already turning to be the alternative of the paper money. Person with imagination and vision for a brighter tomorrow will become rich and wealthy.
E) A PERSON HAS TO BE ADEPT AT SPECIALIZATION IN HIS FIELD TO BECOME A MILLIONAIRE. You can be anything that you want you can be but the person who will become a millionaire is the one who has the specialized skill in doing his craft. You can be an artist but if if you do not specialize your skill in making painting the work will be worth a cent. One painting of Winslow could command thousands and even millions of dollars because of the specialized artistry in his work. A Rolex watch could be sold for hundreds of thousand dollars while an ordinary watch could only be sold by the hundreds, why? because the craftsmanship of Rolex watch was done intricately in the hands of persons having specialized skills at making watches. Trade sound values on your products to other people and money will just come and definitely it will make a person what it takes to be a millionaire.


>>> Dr. Artfredo C. Abella Balanga, Bataan, Philippines UB Commented on February 2, 2007

What it takes to become a Millionaire, is a fascinating subject worth exploring for. At one glance, I would say it takes perseverance and patience to become a millionaire. Having said so comes to the pore that it takes more before one could become a millionaire, let me present some affirmative principles which I believe a person must muster in order to at least be financially independent, rich and be a millionaire:
A) IT TAKES COURAGE AND RESOLVE FOR A PERSON TO BE A MILLIONAIRE. There is always a saying: " A person without ambition is like a ship without a rudder." If we do not have a goal or an ambition how can we arrive at our destination. Our lives unto a ship would be sailing round and round the seas and oceans without knowing where it is going and where to arrive. Resolve once and for all to become a millionaire and that will be the first step. In China they say: " The start of the long journey begins with the first step." Be not afraid to start small, an iceberg has sank the Titanic, so resolve and make the first step of becoming rich and millionaire.
B) FOR A PERSON TO BECOME A MILLIONAIRE, IT TAKES SACRIFICE AND HE MUST MUSTER SOMETHING BEFORE HE COULD ATTAIN OR GET THAT STATUS.
To become a millionaire is never an easy tasks. It takes a spartan discipline to attain it. A layman therefore would ask: Why should I exert all discipline in my life to attain that status when it will incur more pain than bliss in my life? The answer is the difference between wealth and poverty. It means between lasting and permanent gratification rather than short and small pleasures and the rest of our lives living in poverty, sickness and hopelessness. It takes discipline, positive attitudes in life, frugality, being savekaholic, investment conscious and willing to manage risk in the process of becoming a millionaire. It means providing sound and extra ordinary values on the products we are selling to our customers. It means being hardworking, thrifty and being reverend. It means being tough minded optimist that despite of financial failures in the beginning, a person can and will be able to overcome poverty in life and become a millionaire. It means paying ourselves first, it means saving first and the remnants will be made to accommodate overhead expenses. It means putting the client's or customer's interest first and at all times to become rich. It means realizing that money can be an excellent slave but it can also be a cruel master. It means leveraging our business to other people's talent, money, ideas, leadership, skills, ambitions, sacrifices and energy to become and attain that millionaire's status.
C) IT TAKES SOUND BUSINESS PHILOSOPHY AND EMPIRICAL SCIENCE TO ATTAIN THAT WEALTHY STATUS. Sound business philosophy is the cornerstone of becoming rich and wealthy. It takes to realize that the justification of real wealth is only when it can provide jobs, economic benefits to society and the products and services are there for the betterment of the environment and not for its destruction. It means empirical science similar to the Philosophy of Pope Paul XI when he said that: "Life is like a woman dancing in a stage and simply because the audience were hauling and throwing invectives on the way she dances she must stop". Life must go on, despite of failures, debacles we must keep on dancing in the stage until success shall rescue us. It means never giving up until we become millionaires and rich. It takes to understand that success is in the journey and not in its destination. It means that a person can never become rich and millionaire unless he could improve the lives of other people. It means production of products which could be of service to the community.
D) IT TAKES TO BE IMAGINATIVE AND A VISIONARY TO BECOME A MILLIONAIRE. Find a need and fill it, is definitely one way of becoming rich. Thomas Alva Edison who lighted the whole world became rich because of his invention the incandescent bulb. The person who could invent magnetic cars without necessarily using fuel could become a millionaire. It simply means that putting two magnets at once pointed in equal and the same positive sides would enable the car to run while putting the two magnets in two different sides - negative and positive would make the car stop. Just imagine how many billions of dollars could be saved by simply using magnets to let cars run. The age of magnets will come soon to replace the use of oil which is already depleting and dwindling in its supply. The replacement of money by certificate is already turning to be the alternative of the paper money. Person with imagination and vision for a brighter tomorrow will become rich and wealthy.
E) A PERSON HAS TO BE ADEPT AT SPECIALIZATION IN HIS FIELD TO BECOME A MILLIONAIRE. You can be anything that you want you can be but the person who will become a millionaire is the one who has the specialized skill in doing his craft. You can be an artist but if you do not specialize your skill in making painting the work will be worth a cent. One painting of Winslow could command thousands and even millions of dollars because of the specialized artistry in his work. A Rolex watch could be sold for hundreds of thousand dollars while an ordinary watch could only be sold by the hundreds, why? because the craftsmanship of Rolex watch was done intricately in the hands of persons having specialized skills at making watches. Trade sound values on your products to other people and money will just come and definitely it will make a person what it takes to be a millionaire.


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