~Misconception No.8 -- Millionaires Earn A Million Dollars A Year~

OK, yhen--I admit it. My system is dull when compared to  that guy with that smirk on his face.
OK, yhen--I admit it. My system is dull when compared to that guy with that smirk on his face. | Source
"This HUB don't apply to me!"
"This HUB don't apply to me!" | Source

No.8 -- Millionaires Earn A Million Dollars A Year

Anyone who believes that millionaires earn a million dollars a year probably hasn't thought much about it. More often a million dollars has been accumulated over many years. Incomes of $50,000 to $100,000 a year are very often earned over a long period of time. As the years roll by and the assets become larger, the whole thing gains momentum and grows, much like a snowball rolling down a hill.

Learning to "Save" is often Critical.

Anyone who can save money can become reasonably wealthy in time. As money piles up over the years, the investments eventually will create more income than the job or business that created it. Owners of small businesses are accumulating fortunes every day by doing nothing more than operating their enterprises. Rather than spending everything on consumer goods, wealth is accumulated by purchasing goods which do not depreciate in value, such as real estate, art, antiques, gemstones, stocks, and bonds.

Sometimes, becoming a Millionaire is not a Spectacular Endeaver.

Occasionally we hear about a phenomenal athlete or talented movie star who receives a million dollar contract. For each one of these, there are very likely hundreds of others we'll never hear about who accumulate just as much wealth in a less spectacular manner. Let's face it; it's just plain dull to hear about someone who became rich over a fifteen to twenty year period with some system that puttered along very efficiently year after year.

What does this mean for you?

It means that you do not necessarily need to create the next Face book or Apple. Operating most any business in an efficient manner will result in million dollar accounts at retirement. You can begin your voyage begining at this very moment.

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This article taken from "Born to be Rich," a book written in 1987 and currently updated and now available in print and downloads worldwide. View MIsconception #1 or start at the begining of "Born to be Rich" with a langorous trip down the Mississip'.

Visit other business Hubs begining here.


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Comments 6 comments

christopheranton profile image

christopheranton 4 years ago from Gillingham Kent. United Kingdom

A lot of people with property they bought years ago are millionaires by virtue of the value of that property.

They may not be able to afford to pay for their dinner, but they are still millionaires.


Reynold Jay profile image

Reynold Jay 4 years ago from Saginaw, Michigan Author

And I'd bet that you could have been one of them had you chosen to do so. I suspect you have chosen another path...


Lisas-thoughts101 profile image

Lisas-thoughts101 4 years ago from Northeast Texas

I think more people need to read this hub. I don't think enough people realize how important saving and investing is, anymore. Also, though, in this economy, it is hard to have the extra money to invest or save.

Take care,

Lisa


Reynold Jay profile image

Reynold Jay 4 years ago from Saginaw, Michigan Author

Hi Lisa, I bet you are a saver--and that really is the secret to finacial success. I read something in the paper a minute ago. It that no one can save a million dollars. They simply save a hundered dollars over and over. It made sense to me. RJ


Siddharth Kapoor 5 months ago

That was a great read. Well-researched. Thanks Reynold.


Reynold Jay profile image

Reynold Jay 5 months ago from Saginaw, Michigan Author

Nice to hear from you, Sidharth. Thank you!

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