ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to become a millionaire! - Create financial security in middle age.i

Updated on January 22, 2013

Starting Over

Finances and financial stability is likely something that we all hope for. However, for one reason or another many people find themselves in middle age having to start again. A divorce, an illness, unemployment or a business investment going down can mean years of hard work and savings are all for nought.

Whilst the old addage that money does not buy happiness is true, money does and can buy choices that lead to a less stressful and more comfortable life style.

A few years ago I attended a workshop and the question "what if money really does grow on trees" was asked - seriously! The participants had some really brilliant ideas about how each of them could raise and save $100,000 and turn it into $1million within five to fifteen years.

The first common theme that ran throughout the workshop was perseverance and, in the words of Winston Churchill, "never never never give up." Doing what you love came a close second followed by doing what you love and make money doing it.

Some will say do what you love and the money will follow, in my experience whilst doing what you love is very rewarding, money does not necessarily follow. If we change the statement to do what you love and make money - then, I believe, money will follow.

Here are the nuts and bolts of how anyone can change their financial fortunes starting with a mindset that making money is not wrong and certainly not the root of all evil.

1) Create a worksheet for the month and write down every single penny or cent that you spend.

2) At the end of the month identify all the sundry expenses that you have incurred and see if any of them can be deleted from your monthly expenses and put instead into a savings account.

3) Transfer between 5 and 10% of your monthyl/bi-weekly/weekly income into a savings account and use the amont that is left for your monthly budget.

4) Deposit GST/HST (in Canada) and tax rebates into a savings account and do not include them in your monthly budget.

5) Decide how much you want to save as a total in five, ten, fifteen, twenty and twenty five years time. Without accounting for interest or investments divide that amount over a monthly average. For example: If you are 50 and want to create $100,000 in savings by age 60 you will need to save $833.33 per month. $833.33 is not an unrealistic amount to earn as a second income if you consider writing for hub pages (see link below), selling a product such as avon, taking a second job or a.n.other home based business.

6) Do not include this money as part of your income. This money is future income.

7) Ideas to generate additional income:

  • Renting out a room or rooms in your house
  • Re-Selling online at garage or car boot sales
  • Writing online for hub pages or setting up an on line store
  • Selling Avon or a product that you like and are interested in - if you are good at selling and enjoy it.
  • Become an "expert" in your field and offer training, consultations or workshops in your community
  • Set up a webinar series and sell it on-line
  • Take a second part time job in the evening or weekends
  • Give up your second car or first car if public transit is good in your area
  • Move to a cheaper rental if that works for your family
  • Negotiate a cheaper interest rate on your mortgage and pay it off earlier by making bi-weekly payments
  • Reduce your grocery bill by $50 per month
  • Quit the lattes and buy a really good coffee-maker at home and take with you
  • Cook from scratch
  • Pay hydro and other bills on time and on a set monthly payment plan
  • Do not use credit cards or pay them off as you use them
  • Save airmiles for treats and travel

8) Re-consider your relationship with money. You deserve to be comfortable - figure out what that looks like for you and go for it.

9) Do not consider winning the lottery as a healthy pension plan!

"They" say that money attracts money - save your first 100K and the second is sure to follow because you will be creating good and healthy financial habits that will ensure your dollars and cents or pounds and pennies are secure.

Happy Savings!

"Here's how I think of my money -- as soldiers -- I send them out to war everyday. I want them to take prisoners and come home, so there's more of them." Kevin O'Leary


    0 of 8192 characters used
    Post Comment
    • Lizam1 profile imageAUTHOR


      6 years ago from Scotland

      Thanks takerecess. It is very satisfying to watch the dollars grow when you have a set goal in mind.

    • takerecess profile image


      6 years ago from USA

      I really liked your formula for setting goals to get the money you want. It's so much easier for me to have the strength to save money when I can work toward a goal and watch myself get closer.

    • Lizam1 profile imageAUTHOR


      6 years ago from Scotland

      Thanks dwachira - happy savings!

    • dwachira profile image

      [ Danson Wachira ] 

      6 years ago from Nairobi, Kenya

      These are great saving and budget tips, i look forward reading more of these from you, thanks.

    • Lizam1 profile imageAUTHOR


      6 years ago from Scotland

      Thank you. It can take a while but once we get it I believe that a positive relationship with money will reap rewards.

    • lin8t profile image


      6 years ago from United Kingdom

      Great hub, I agree that you should do what you love and make money. Money is an important part of our lives and this is one of the reasons I've been working on my relationship with money. Thanks for posting, voted up

    • Lizam1 profile imageAUTHOR


      6 years ago from Scotland

      Thanks Karen. I have been doing what I loved for many years and am still broke so time for a re-think!

    • Karen Hellier profile image

      Karen Hellier 

      6 years ago from Georgia

      This was a really thought provoking hub which I am sure will save some of us a lot of money if we take your ideas seriously. I also agree with you about doing what you love and the money following doesn't always work out!Voted up!


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)