Do You Qualify to be a Millionaire?

HERE'S WHAT YOU MAY NEED:

1. You must have self esteem and believe in yourself and your ability to succeed. Visualization - see yourself as a millionaire now.

2. You must be a well informed investor. Self-study books, tapes and financial sites/blogs.

3. Have boundaries: setting limits on making big investment bets and not taking on too much risk or overweighting a (temporary) hot investment theme or sector.

4. Set your own sense of reality.

5. Know your needs and wants and goals. Write them down & monitor your progress.

6. Invest and live in moderation. It means living below your means on your way to becoming a millionaire and saving regularly. No reason to take big risks and buying expensive toys.

Would you like to be rich? Money Central says that getting rich is easier than you think.

Here is the single most important thing you will ever hear about investing: Getting rich is simple. Why aren't your wealthy?

And here is the second most important thing you will ever hear about investing: You have no excuse not to do it.

Only three ingredients are needed: income, discipline and time.

Here's how it works: Say you start with nothing, invest $500 (of your income) a month (a healthy discipline), and let your money ride (over time) in diversified investments. Long term, the stock market returns at least 10% annually. Assuming a 10% return, you’d have $102,000 after 10 years, $380,000 after 20 years, and $1.1 million in 30 years.

Yes, saving a bit over a long time is a sure way to growing your nest egg. Why? Because of the power of compounding.

The piece goes on to explain this:
Compounding is the reinvestment of the interest you receive from the money you set aside.
“Compounding," Albert Einstein said, "is mankind’s greatest invention because it allows for the reliable, systematic accumulation of wealth.” Einstein was a smart man. But you hardly have to be a genius to make this concept work for you.

NOW READ Albert Einstein was right..... for a look at real estate compounding.