Many people believe that — while it’d certainly be nice — they’ll never become millionaires. That it’s an utterly unattainable dream.
The truth is, hitting the $1 million mark is more attainable today than ever — and more important. That’s because, in order to live comfortably in retirement through your eighties, many people will need a nest egg of at least $1 million. “A general rule of thumb is that you need to save $1 million for every $40,000 of annual income you need to replace at retirement, not including Social Security, pension income or any other retirement income,” says David Fernandez, CFP, of Wealth Engineering in Scottsdale, Ariz.
Fortunately, there are a lot of ways to do it. While doing research for my book, The Eventual Millionaire, I interviewed more than 100 millionaires who came from all walks of life and made their first million in dozens of different ways, from starting their own businesses to investing in the stock market or real estate. And, those aren’t the only paths to becoming a millionaire, either: Others hit the mark by simply living below their means and saving portions of each paycheck.
Before you can make a million, though, you need to get past the mystique and the myths surrounding it. Ahead, six common myths about millionaires debunked.