The Path for Aspiring Millionaires

The general definition of a millionaire is someone who has assets outside of his or her personal residence totaling $1 million or more. Keep in mind that $1 million in 1990 is equivalent to $1.86 million in today’s dollars with 3% annual inflation. What that means is whatever $1 million would buy you in 1990 would now cost $1.86 million.

There are many roads to millions. In the United States, entrepreneurship and business ownership are the largest contributors to the millionaire designation. A number of professional groups have a higher than average percentage of millionaires including investment bankers, and to a lesser extent, doctors and lawyers. You can save and invest yourself to millionaire status over many years and bookstores are rife with books purporting to show you how.
Why are there so many aspiring millionaires in the US? Often people have a desire to be successful and they measure that success in monetary, net worth terms. Others want to experience financial freedom and enjoy real security that is not tied to a job or another’s whim. Still others want the flexibility and personal freedom that millions can provide.

The road you take has something to do with your answer to the question, “How bad do you want it?” If you crave security over all else, your answer is, “somewhat”. Hence, the best path for you as an aspiring millionaire is to work your full time job and invest in real estate, the stock market, or build an internet based business in the evenings and on weekends. This way you still have job security and a relatively sure means of paying the bills while you build your portfolio. If you really do want it bad but you have a family or others to support and you absolutely need the paycheck, then use all your free time to pursue one of these avenues. Learn as much as you can and quickly put it into practice. What makes the difference is not what you know, but what you do with what you know.

If you are an aspiring millionaire, you have a strong interest in finance and you are relatively young, consider investing banking. In general, for this option you need high education credentials. The salaries are high (and the taxes in New York City with state and federal will take ~50% of that) and the bonuses are even higher. You can leverage a start as an analyst or associate into work as a trader at a hedge fund or as a principal with a venture fund or private equity fund. If you aspire to multi-millions, aim to become a partner in one of these firms or leave and start your own firm.

If you want to build a strong, viable business that spins off significant cash to you as the owner or becomes a great target for another buyer which cashes you out upon sale, then your answer to “How bad do you want it?” must be, “Bad. Really bad.” If you really want it, whatever your true motivation(s), then that desire will help you overcome major issues. Like inner demons which can sabotage you on your road to millions. Or narrowly avoiding poverty or bankruptcy as you scramble to find enough customers, investors or others to pay the company’s bills. Or picking yourself up after one business failure, learning from the mistakes, and moving on to the next business venture. True entrepreneurship for aspiring millionaires is not for the faint of heart. It takes a higher risk profile…or such a true desire or need to pursue this path that all else be darned. These are not the self employed but the ones who end up employing tens, hundreds, thousands, tens of thousands.

The path for an aspiring millionaire has many forks. The fork you take depends on what you want, how strongly you want it, and what you are willing to risk to get it. The good news is, whatever your answer, there is a forked path named just for you.

Tiffany C. Wright, The Resourceful CEO, has made, lost, & made again a few fortunes. She now provides strategic & financial advisory services to small and medium businesses. Join the new, Internet revolution that's helping aspiring millionaires like you start their own dream business, create absolute financial freedom, and escape the rat race for good, faster than they ever thought possible. Learn how you can join the new class of "lifestyle entrepreneurs" and make a full-time Internet income, or even generate millions of dollars working online from any coffee shop, anywhere in the world.