Becoming A Millionaire

In order to get what you want, you must first decide what you want. Most people really foul up at this crucial first step because they simply can't see how it is possible to get what they want, so they don't let themselves "want it". Most people don't really plan to fail, they just fail to plan!

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The way you think about money will determine how much of it you accumulate more than any other factors. Your attitude towards money affects your emotion and your motivation. If you are serious about becoming wealthy, you will want to know the five main ways that fortunes are made in the US. Generally, there are five ways of becoming a millionaire.

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Number one and top of the list is self-owned businesses. It is entrepreneurship of all kinds, including real estate. 74% of self-made millionaires in the US come from self-owned businesses. A great majority of wealthy people started businesses and built them from ground up such as people like Bill Gates, Steve Case, Larry Ellison, Ross Perot and many more.

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The second major source of self-made millionaires in the US are senior executives. 10% of self-made millionaires are men and women who have joinned large corporations and worked with these corporations for many years. They rose to positions of seniority, were paid extremely well, given stock options and profit sharings. As a result of holding on to their money, they became millionaires.

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The third group comes from doctors, lawyers and other professionals. Men and women who become very very good at what they do and rise to the top of their professions and are eventually paid very very well. The top 5% in every field earns 10-20 times as much as the average person in that same field. This group makes out 10% of millionaires in the US.

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Sales people or sales consultants make up the fourth group of millionaires. They never started their own businesses. They never went to college or university to get professional degrees. They just became very good sales people for their products or services and were paid very good money. The secret was that they then invested the money and held on to it. Forming 10% of US self-made millionaires, they understood the principal of investment and "holding on to they money". Many of us are just too quick in spending away our hard earned money.

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99% of self-made millionaires come from these four categories; self-owned businesses (74%), senior executive positions (10%), doctors, lawyers and other professionals (10%), sales people and sales consultants (5%). The final 1% of self-made millionaires are made up of people in all other areas like inventions, sports, authorship of books, singers and actors, lottery winners and inheritances.

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I can't sing, I can't act. Neither can I write a good top seller book. I am not great at sports and definitely no luck with lottery. And my parents don't have a few million bucks left for me. So, I am definitely not in that 1% category. If I ever get to become a millionaire, I think I will emerge from the 10% of sales people and sales consultants. I can sell concepts and ideas, either my own or borrowed and repackaged from someone else.

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Smart people don't work for people. Smart people hire smarter people to work for them! And remember, people don't plan to fail, they just fail to plan! All the best in 2009!