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Welcome to the website of www.multimillionaire.be
Lets make you a millionaire ! .
The millionaire's mind
The first step in becoming a millionaire is embracing your financial individuality.
Stop giving in to peer pressure. Instead, use your money to pursue happiness as you define it. Your friends' idea of a great holiday may be to stay in a five-star hotel, order room-service dinners, and go home broke. Instead, have the courage to choose a more modest place - a family-run bed and breakfast, for example - that meets your genuine needs and leaves you with enough money to pay your bills the following month.
Second, the financial security that comes from having a million pounds in the bank must be truly important to you. If it is, you'll achieve it! I'm thinking of a close friend whose top priority, through all the years I've known him, has been to earn as much as he can and to save systematically. Today he's very close to reaching the million-pound goal - despite having earned a modest income through most of his career.
And third, you must love money - not the things that money can buy, but money itself. Maybe this sounds disgusting, but it's true. Everyone I know who has achieved millionaire status has made accumulating money their leading goal in life, the one thing they would never compromise. This doesn't mean they were misers or penny pinchers - none of them were. But they sought good value when spending money; they thought before they bought; and they exerted self-control in the face of financial temptation - all because, at the end of the day, they really cared about having money in the bank
The not-so-secret steps to saving your million
If you fit the personality description I just offered, you have a very good chance of becoming a millionaire. Now it's just a matter of following these not-so-secret steps to make it happen:
1. Determine the age at which you want to reach your goal
Be realistic. Retiring at 45 is unlikely if you work for someone else rather than own a successful business. Give yourself a well-considered timeline, not one that will prove frustrating or too difficult to achieve.
2. Get time to work in your favour
The sooner you begin contributing to both non-taxable (eg ISAs) and taxable accounts (eg regular savings account), the faster your money will begin to grow.
Over time, even small contributions can grow to become a large nest egg. Invest at least some of your money in the stock market or in a conservative mix of shares and bonds, with the twin goals of capital growth and preservation of capital.
As a result, your money should grow faster than it would in a traditional savings account.
1. Keep your eyes peeled for better ways to do your job. Streamline a procedure, shave costs, create a new profit center, become an expert on a specific topic, volunteer for a company committee -- anything that will make you stand out as a prime candidate for a promotion or a pay boost.
2. Don't be afraid to negotiate. In a study of master's degree graduates from her university, Carnegie Mellon economics professor Linda Babcock found that those who negotiated their first salary boosted their pay by 7.4% compared with those who didn't bargain.
3. Get your ducks in a row and your numbers on paper. If possible, quantify how much your efforts add to the company's bottom line. If that's not feasible, spotlight your value with comparable salaries for workers in your position from a Web site, such as Salary.com, or from a professional association.
Talk back: Do you hope to be a millionaire?
4. Plot your strategy when it's time to move on. Create a professional-looking page on MySpace that tells prospective employers why you're an exceptional candidate, recommends John Challenger of the outplacement firm Challenger, Gray & Christmas. And don't neglect more conventional networking: Join a professional association or show up at school reunions toting business cards.
Milk your benefits
5. Contribute as much as you can to your 401(k) and other tax-deferred retirement plans. You'll not only build a bigger nest egg, but you'll also cut your tax bill. In the 25% federal tax bracket, every $1,000 you contribute to a 401(k) trims your taxes by $250. And you'll save on state income taxes, too.
6. Flex your tax-saving muscle. Contribute pretax dollars to a flexible spending account to pay for dependent care or out-of-pocket medical expenses. If you set aside $1,500 per year and you're in the 25% bracket, avoiding federal income and Social Security taxes means Uncle Sam will subsidize almost $500 of your expenses.
More from MSN Money and Kiplinger's
Your magic number for retirement
When to convert to a Roth IRA
Boomers' big inheritance: Is it enough?
Spend your money in the right order
5 ways to ease retirement worries
Kiplinger's Baby Boomer Retirement Center
7. Review your tax withholding. If you're expecting a refund this spring, you're having too much tax withheld from your paycheck -- and making an interest-free loan to Uncle Sam. That's no way to become a millionaire. Put more money in your pocket by using Kiplinger's withholding calculator and then filling out a new Form W-4.
8. Stash savings in a Roth IRA if you're eligible. Withdrawals in retirement, including decades of compounded earnings, will be tax-free. This year, income-eligibility limits for a Roth increase to $114,000 for individuals and $166,000 for married couples.
Invest like crazy
9. Don't delay. The quicker you get a jump on putting money aside, the easier it will be to stuff a seven-figure cushion. If you start at age 25, for example, investing $286 per month will get you $1 million by age 65, assuming you earn 8% annually.
10. Invest automatically, either through your employer's retirement plan or by setting up a regular deposit to a mutual fund or broker. You'll never miss the money, and you'll avoid two big mistakes: buying too much when stock prices are high and not buying at all when prices fall.
11. Watch for fund fees. The more you pay, the tougher it is to earn an above-average return. The typical hedge fund, for example, takes 20% of any gains, a huge hurdle to overcome. A better bet: no-load mutual funds with expense ratios of 1% or less. If you trade individual stocks, watch those commissions.
12. Keep it simple. Be wary of get-rich-quick schemes or sales pitches for complex investments, such as oil-and-gas partnerships, that trade on the millionaire cachet to lure investors into buying high-fee products they don't understand. Most millionaire households accumulate their wealth over the long term by sticking to a regular investing plan in a balanced portfolio.
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