5 BIG goals in your life

Updated: 5/18/08
TNS reported that millionaire houldholds in US raised to record-breaking level of 9.9 million.

Posted: 6/9/07
Source: Amanda Gengler, Josh Hyatt, and Penelope Wang of money.com

Become a millionaire

About 9.3 million U.S. households (out of 114 million households) have a net worth of at least $1 million, excluding primary residence.

However, it's not as hard to become a millionaire as you might think.

1. Start early and make saving automatic
2. Make full use of any tax benefits for your savings
3. Invest in stock markets - the long-term rate of return for stocks is ~9%.
However, 46% of millionaire households also own real estate as investment.
4. Boost your earning power
Most (32%) wealth of millionaires comes from job earnings.
5. Don't stop saving, keep going even after you hit the $1,000,000 mark.


Own your dream home (i.e. 2nd home)

1. Save the estimated monthly payment
2. Tap your primary home
3. Take advantage of the buyer's market
4. Go in with family and friends


Send your kid to Harvard (or any really expensive school)

Try to save a third of the bill; the rest should come from financial aids, student loans, and your future incomes.

1. Start to save now
72% of parents think their kids could get merit aid - but only 28% of kids actually do.
2. Save in a 529
3. Plan for financial aid
4. It really doesn't have to be Harvard!
Success in life has more to do with overall ambition than where you go to school.


Retire early

1. Save, save, save
2. Live less than large - saving has to be your first priority.
3. Be aggressive with your portfolio
4. Bank your extra income
5. Design a post-retirement career


Launch your own business
Starting a company is hard. But if you succeed, you're on your way to financial independence.

1. Write a business plan
2. Go sell something
3. Look for smarter advisers
4. Warn your family
It will take you three years make a profit.
5. Expect the unexpected