Comments on: How To Become A Millionaire (In 6 Easy Steps!)

By: L. White

L. White — Wed, 21 Sep 2011 17:06:32 +0000

Dan, I would welcome your advice! Thanks

By: Jake

Jake — Tue, 26 Apr 2011 00:06:20 +0000

Not to be rude or anything i was just curious how much u make in a year?

By: David Joe

David Joe — Mon, 27 Dec 2010 05:24:14 +0000

Millionaire Act said it. If you want more money, get an income, develop a budget, (some sort of control) and shape it however you feel comfortable so that your partial income isn’t becoming an “out-come”. Stacy’s attitude is on key as well. So…Are you not satisfied with our current cash flow? We get paid for two reasons. What we know and what we do. Put your Knowledge into Action! It’s the *doing* that’s going to enable you to get your foot into that millionaire door. It’s going to take practice with what ever route/egg-nest your choosing. Whether if it’s going to be a high yield savings, stock, Cd’s, mutual funds, or any other wise investment. Pick one that is best of your knowledge and take action. If it’s millions that you want, millions you’ll get.

By: tim

tim — Thu, 19 Nov 2009 04:51:04 +0000

dear minimum wage,
don’t say you have no hope of buying a home. anything is possible if you have a plan and stick to the plan. real estate is my specialty and there was a time when i remember thinking i could never own a home. i now have over 17 units i currently rent out and look forward to purchasing 10 more in the next year. you just need a more education.

By: Millionaire Acts

Millionaire Acts — Thu, 22 Oct 2009 02:19:57 +0000

I think the ultimate way to become a millionaire is to EARN MORE and DESIRE LESS. Earning more increases your income i.e. (taking a second job, investing your money, buying assets that provide passive income, etc.) while desiring less lessens your spending (i.e. budgeting, frugality, etc.)

Make it a habit and definitely, you would become a millionaire someday

By: ATANLUSI OJO FEMI

ATANLUSI OJO FEMI — Sat, 29 Mar 2008 16:00:28 +0000

I am a graduate of Economics.I hunted for jobs for almost five years now living from hand to mouth.I have no penny to start business and if i do which type of business can it thrive in this poverty ridden country like mine.I want to join millions to create wealth.Please,send me details,necessary tools probably on credit which i might pay later.i do not mind in entering into any agreement with you.

Thank you.

Yours faithfully,
Atanlusi Ojo Femi.

By: H Lee D

H Lee D — Sun, 17 Feb 2008 17:21:57 +0000

We did the rental property thing and it was a nightmare. We had trouble renting it out, could barely get enough to cover the mortgage (but couldn’t cover taxes, insurance, repairs, etc.), renters didn’t pay the last month’s rent and trashed it (good luck getting money from them – the security deposit was nice but sure didn’t cover it). We lost so much money in the two years that we had it – it really messed up all other aspects of our finances. We sold it and invested the profits and are much happier (and more financially secure) now.

The other tips make sense to me

By: Don B

Don B — Wed, 13 Feb 2008 23:45:09 +0000

I totally agree with Stacy. I graduated college in 1995 I’ve always had a good paying job and have grown in my career. I also had over 35k in Student Loans but have been paid off for some time. They key is to get a degree and the money will follow. I would add a step of having an emergency fund. If you set up a dollar amount to be taken out at every pay check you won’t believe how quickly this money grows. Don..

By: Stacy

Stacy — Wed, 13 Feb 2008 22:38:12 +0000

If you don’t make enough income to do these steps, then go to college and get a degree. My income more than tripled once I got a degree (and I continued working while I went to school). The payoff is I can now afford to pay off my student loans, pay my other bills and save for my future, while still having spending money. Don’t settle for what you have, believe that you can get something better.

By: Anonymous

Anonymous — Wed, 13 Feb 2008 21:44:22 +0000

Step 6: I didn’t know you could “treat water” by renting your house out!

That was TREAD water, and it’s a good strategy for people who have lived in their home long enough for rents to rise sufficiently to meet or exceed expenses.

For example, if you’ve lived in your home for five or ten years, in most areas the current rent will be high enough to at least break even with your cash flow.

If you can at least break even with the cash flow, you can continue to pay down your mortgage, thereby reducing the principal you owe, plus you get to enjoy all the appreciation in the home’s value.

By: jim

jim — Wed, 13 Feb 2008 19:25:24 +0000

Tread water Posco… tread. (yeah yeah i fixed it after he said it, haha)

By: Sick of Debt

Sick of Debt — Wed, 13 Feb 2008 18:51:08 +0000

Step #6 sounds easier than you think. Make sure you have enough $$$ to cover both mortgages and your normal expenses. Otherwise you’ll have a foreclosure in your future when your renter doesn’t move out and doesn’t pay the rent. I know from personal experience with family renting from me.

I’m doing a modified 6 now, I call 6b: Have people rent while you live in the house with them. We rent out 4 bedrooms in our 5 bedroom home, which end up covering all the household expenses. Since it’s rental income, we don’t pay taxes on the income due to the expenses offsetting the income.

By: adfecto

adfecto — Wed, 13 Feb 2008 18:37:06 +0000

For those who are in the lowest income brackets there is the saver’s credit which returns 50% of what is saved up to $1,000 into a Traditional IRA or Roth IRA. The credit gradually phases out to 10% as you approach the 25% bracket (where it goes away entirely). If you put $166 per month into a Traditional IRA it would cost you only $150 (assuming the 10% tax bracket). At tax time (or if you adjust your withholding) you would get $1,000 back. In the end it would cost you $800 out of pocket to put $2,000 (or $66 a month) into a tax sheltered retirement account. ANYONE can put in a few extra hours of work or find a small part time job to make that happen. After a full career that money would grow to over half a million dollars. If each year you save a little more to keep up with inflation at 3% you will end up with $810,000!!! HUD and the FHA have multiple programs in place to help those with low incomes buy a home with as little as 3% down without resorting to predatory lenders. If you truly make minimum wage there is no reason not to relocated to a lower cost part of the country such as the Midwest where a nice starter home can be found for well below $100k. With a mere $3,000 saved you can buy a house to build wealth. There are systems in place to make a comfortable retirement available to anyone who is willing to take responsibility and WORK FOR IT.

By: Posco

Posco — Wed, 13 Feb 2008 16:43:04 +0000

Step 6: I didn’t know you could “treat water” by renting your house out!

By: Frank

Frank — Wed, 13 Feb 2008 16:42:26 +0000

In regards to #6:
I was under the impression that as long as you lived in your house for two out of the past five years, you got $250,000 ($500,000 if married and file jointly) tax free. The last part about buying another house with the proceeds is left over from the old tax laws