Thursday, September 28, 2006

Who Wantes to be a Millionare?

Liz Pulliam Weston explained in her article So You Want to be a Millionare , how the average American can make seven figures without even going on reality t.v. She was once like everyone else, grumbling over her morning coffee about how she would pay the monthly bills, when she decided to mess around with her personal finance computer software. She simply fiddled around with the numbers, told the software to update the account balances, and watched seven figures appear before her eyes. Mrs. Weston loves the fact that the experience of becoming a millionare was so "mundane". She did not even have to win the lottery, score big in the stock market, inherit a large amount of cash, or appear on a reality show. But she did have to practice the following key elements: making financial security a priority, spending less than she earned, saving and investing regularly, paying down her debt, owning a home, and maximizing her income. So follow these easy rules and maybe you too can become a self-made millionare and join the ninetieth percentile as far as United States' incomes go.

What do you think of Liz Pulliam Weston's plan for easily becoming a millionare? Is it realistic? If everyone listened to her advice, how would this affect America's economy?

1 comment:

yangdi said...

I think the suggested plan may help some people become millionaires, but I still find some questions about the plan. First, it may affect the market more or less if many people really do follow the suggestion. As we know, a free market needs both supply and demand, if a lot of people hold money back in their savings, the situation of surplus would happen, which means inefficiency. Then, what will happen? The price of many goods will rise and therefore people have to pay more for living. So whether the plan can work for a long time is still unknown. In addition, I don’t know how many people will follow the plan. I heard some reports said that people who possess less than a million feel happy if they earn more money; on the contrary, people who possess more than a million feel unhappy if they earn more money. Why? Perhaps to those millionaires, earning more money may means less spare time and less rest.