by William Bond

Created on: December 15, 2010

Yes, you can do it. Becoming a millionaire is possible today, but it requires time, and a good, strong personal financial plan, and your ability to manage it, from the good financial years to the more difficult  years, such as the financial crisis, housing crisis, unemployment crisis and the recession. Success is never easy.  Successful  people find way to make their financial plans work, some needed to be changed, and when savings became more difficult, the unemployed found ways to get a job, and get the income need to succeed. 

Others found that they owed more money than their house was worth in equity.  Other reached out to credit cards, and personal loans to survive the recession.  Needless to say, there is a need to set a solid financial plan, and work it hard until  you reach the million dollar level in net worth. 

How can you become a millionaire?

Make yourself a personal financial plan, on how much you want to save each week, how much you determine you will save for your retirement in you 40l(k) plan, and begin setting up career goals to continually get raises and promotions at work, and become a lifelong learner so if you need a new  career to become a millionaire you will have the money and motivation to do it. 

Avoid getting into debt, this is what keeps many people from reaching the millionaire level, their monthly debt repayment programs is too difficult on their budget, and they fall behind their goals.  You monitor your progress every six months, and review your budget  monthly, and make the necessary changes to become the first millionaire in your family. What factors determine how  future millionaires succeed?

They pay themselves first.

Before paying their monthly bills, the future millionaire put money aside each week in into the high interest savings account, since the money is deposited into the bank from the employer each week,  put $50-$l00, and see this grow over the years, and never take money out of the account.  If you need money for something else, such as a car expense,  set up an emergency fund, for repairs, roof repairs, and dental and medical care needed but not covered by medical insurance.  Pay yourself at work with retirement opportunities.

Your 40l(k) plans

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