Who Wants To Be A Millionaire?

Let me tell you who the Millionaires are. There are basically five ways people become a Millionaire in America - a first generation Millionaire.

Unless your last name is Gates, Walton, Rockefeller, Kennedy, Hilton or something like that or if you don't have a trust fund that has you set up for the rest of your life just because you were born, you've got to do something to make it happen.

If you're serious about becoming wealthy, the number one way to become wealthy in America is by building your own business - 74% of self-made Millionaires in America - first generation Millionaires - did it in some way through their own businesses.

To eventually make you a Millionaire, your business must solve a small problem for a big bunch of people or a large problem for fewer people. The best business ideas are usually at one of these two extremes.

For instance, you could start out buying a single family home, fixing it up and renting it out for a small positive cash flow each month. In the current Real Estate market, that is not hard to do.

You have succeeded in solving a housing problem for one family. Over several years, that home will likely increase in value (if for no other reason than to keep up with inflation) and you could sell it someday for double what you paid for it, or more.

Now, instead of being content with one rental, you could make it your goal to buy and rent more homes and duplexes, maybe a four-unit. When you get that figured out, you could sell some of them for a down payment on a 50 unit apartment building - small problem, more people. You can see the pattern.

You can even combine the two extremes. By allowing other investors to get involved in your projects to avoid getting their hands dirty with the day to day details of finding, buying and managing Real Estate, you are solving a large problem for a few of them, while solving a small problem for a big bunch of renters.

So, the ultimate goal is to make your business a problem solver for as many people as possible. Money is the measure of your success and that money properly invested will be the foundation for setting up those trust funds for your children and your children's children, as well.

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Financial Planning, Retirement Planning, Investmenting & Insurance.