Thursday, December 20, 2007

Becoming Millionaire

Every one loves money. Many a person dreams about becoming a millionaire. The thought of having lot of money gives pleasure. Americans are obsessed with becoming millionaires. Do a search on and you will find over 1,370 books with "Millionaire" in the title. Take a look at some of the most popular television shows over the past few years: Survivor (competing for $1 million), Who Wants to Be a Millionaire, Joe Millionaire and Deal or No Deal ($1 million prize). How many lotteries have a one million dollar prize?
It may not be as hard as you think. For example, a 30-year old making $50,000 a year (plus 3% raises each year), saving 10% of their income with a 10% return each year could expect to hit millionaire status at age 59. If they work until the traditional retirement age of 65, they will have over two million dollars saved up.
10% may sound like an aggressive amount of saving, but it could be a combination of employee contributions to a 401k plus company match.


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