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Three ways to become a millionaire

By Charles Hopkins Published 09/19/2006 | Entrepreneur

There are at least three ways to become a millionaire. One of them is easy but the others will only happen with lots of hard work and a little luck. The first way is to be born into a very wealthy family and to inherit the money. This is the easiest way but not necessarily the most satisfying. Although I suppose we would all love to be handed a fortune, many of us would prefer to earn it ourselves. It makes what we have more valuable knowing that it was the sweat of our own brow that has brought the success and made us what we are.

The next way is by investing money in various ways to make that elusive first million. This can be over the long term, where you invest your money all through your working life. If you have been steady about investing then your money and the compound interest that has been accumulating could have together become a million dollars by the time you are ready to retire. There is nothing wrong with this slower approach to making money. Its done by regularly saving without scrimping and allows for the money to be there when you are ready to stop working and finally relax, maybe even travel a little. If you are a careful saver you might be able to retire in your fifties and enjoy your free time that much earlier.

You may not want to wait until you retire to be a millionaire deciding instead that you want your success sooner. Again, investing may be the way for you to accomplish this. These investments may have to be a little bigger, maybe even a little riskier to reach your goal of making your first million while you are still young enough to grow it to ten million. You can invest your money in stocks, real estate, or racehorses if it makes you money that is the important thing.

Another way to become a millionaire has to do with business. Running a successful business that has something unique to offer, whether it is an innovation, idea or invention can make you millions if it is marketed properly. Consumers are always on the outlook for the next technological advance or the next fashion statement. Once your product has caught on keep the innovations and improvements going and you will see your business grow until it not only makes you a millionaire but also surpasses your dreams.

If you get there, if you make the million you dreamed of and become a millionaire you then need to decide what to do next. Do you take that money and keep investing it, keep working your ides? Or do you take the money and buy a little house somewhere, see the places you always said you wanted to see and enjoy what youve made by being with your family more? Whatever you decide remember that reaching your dream alone is not nearly as good as being able to share it!