by Marie Bywater

Created on: July 24, 2010   Last Updated: July 26, 2010

Have you ever dreamt of becoming a millionaire? I mean realistically speaking who hasn’t. Not many people succeed in the prestige millionaire status and all the glitz and glamour that go along with it.  However if you really want to become a millionaire there are a few things you can do to help you along and remember nothing ventured nothing gained.

Become a millionaire through the stock market

Yes it is very possible to become a millionaire by investing in the stock market.   However you will need some start up capital, some market know-how and lots of luck. But if you happen to find the next red hot penny share then you have the opportunity to make lots of cash.  In order to make one million dollars with £1000 you need to find a share that increases its value 1000 times. An example would be buying $1000 worth of stock priced at $0.20 per share giving you 5000 shares, which then upon fantastic news rises to $200 per share giving you 1 million dollars.  In fairness the chances of this are slim, but if you make tenfold on a few shares you can gradually build up your money.  Many shares do increase at least tenfold, so in the previous example this would mean 500 shares of $0.20 would now be worth $10000. If you took this $10 000 and invested it again and experienced another tenfold rise, you would have $100 000. Repeating the process once again would earn you the most sought after 1 million dollars. Conversely there is also the possibility of losing lots of money, but you need to speculate to accumulate.  This is without doubt the most risky way of becoming a millionaire, but it is also the quickest way.

Become a millionaire through real estate

Real estate is one of the better performing investments over a period of time.  This is generally because house prices do grow in value.  If you buy a $150 000 house, chances are in 5-10 years the house will be worth over $200 000. House prices are at an all time low, so now is the time for those wishing to make a million through real estate to purchase, and sit back and reap the rewards. Equity earned in a property can also be used to purchase a buy to let property.  Renting property is a good source of income and a good way to have someone else pay the mortgage for your property, which is hopefully growing in value. Investing sensibly in real estate for a decade or so is the way to become a millionaire. This is the most plausible way to become a millionaire.

Become a millionaire through saving in high interest accounts

In order to become a millionaire through saving in high interest bank accounts you need to have lots of capital to start off with and you would need to live a long time.  Savings accounts interest rates are at an all time low, so in order to make one million dollars from a tax free account you would need well hundreds of thousands and several years to invest. However if you use your savings interest to invest in the stock market your earnings can grow and help you to become a millionaire.

It is not impossible to become a millionaire and if you follow the above tips, you have a great chance of amassing a fortune. However, it is important to remember that it is virtually impossible to become a millionaire overnight.

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