Help a Reader – Becoming a Millionaire

by Ron Haynes

I recently received this email i reference to my review of Millionaire By Thirty.

I just read through this book, I’ve now read 10 “millionaire” books and I am (25 yrs) making less than $50K, I have no savings, and I live at home (after living in a rental that was foreclosed upon!)…I’m willing to try anything but every time I read one of these books I seem to make the authors “millionaires” and myself just $30 poorer. I’ve gotten a few ideas from this book, but common, a lot of this stuff I knew already thanks to “rich dad, poor dad”. Is there a book that exists that shows “real people” how to make “real money” at this point I think I’m giving up on the “millionaire” quest and just looking to be able to provide for myself and my future family… :?:

What would you advise this reader to do? Any suggestions?

About the author

Ron Haynes has written 1000 articles on The Wisdom Journal.

The founder and editor of The Wisdom Journal in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a Human Resources and Management consultant, helping companies know how employees will behave in varying situations and what motivates them to action, assisting firms in identifying top talent, and coaching managers and employees on how to better communicate and make the workplace MUCH more enjoyable. If you'd like help in these areas, contact Ron using the contact form at the top of this page or at 870-761-7881.

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There are essentially three choices:

1. regular savings into low cost investment vehicles (auto pay recommended) and wait for the effect of time and compound returns to take effect. This could take decades and is still subject to a number of uncertainties

2. a higher risk strategy. There are many out there: high concentration stick picking, commodities, leveraged real estate, start or buy a business etc. Higher return comes with higher risk

3. write a best selling book on how to get rich quick. Looking at some of the rubbish out there, no talent is needed for this approach.


My advice is to get some goals, make an action plan and do it. It’s as simple and as difficult as that. The last part is the difficult bit (which is why I’m not a millionaire).

We make all sorts of excuses not to do what it takes. It takes a firm resolution to take the risks, get up after the falls and keep moving forward toward your goal. Try to be truly honest with yourself in what’s stopping you and work around or through it.

“I want to be a millionaire” is a pretty tough goal. It needs to be broken down to smaller goals. Perhaps “Have $5,000 in savings by December 31″ is more reasonable. Then you can build on it.

My guess is that’s nothing the reader hasn’t already seen in the books he’s bought.

Thrifty Femme

1. Check with your local library before buying more books.

2. You are only 25. You still have the age and compound interest advantages to help achieve your goal of becoming a millionaire, so keep your chin up!

3. Think about your expenses. Are there expenses you can reduce to reallocate money into a high yield savings account, a Roth IRA, and/or a 401k? If you have high interest debt you need to work out a plan to eliminate it. Dinkytown has lots of free calculators to help get started.

4. How long have you been at your current job? Are you in a position to upgrade your income by making a lateral move to another company? If you are not in that position, think about what you can do to get in that position.

5. Set some Specific Manageable Attainable Realistic Timely goals. “I want to be a millionaire.” is not a SMART goal, but “I want to be a millionaire by the time I retire in 40 years.” is. Make the second one your primary goal, but like Journeyer said also create smaller interim goals that support your main goal.

This should give you some things to think about. Good luck!

Andy Wood

What I don’t see in the brief email is anything with reference to a life vision or career passion. Something has to get you out of the bed every morning beyond making a buck (or a million of ‘em).

There are many great resources out there for learning to capture our calling or our genius. One of my favorites is “What Color is Your Parachute” (updated annually) by Richard Bolles. This is much more than a job hunt book; it’s a book about discovering one’s gifts and talents.

An old adage says something like, “Find your passion, and the money will follow.” I wonder if he has the cart before the horse.

Adam - Natural, Personal Finance

I have three suggestions:
1) Start investing in an index fund using dollar cost averaging using a broker such as and realize that this WILL make you a millionaire (given enough time).
2) If your employer offers a 401k / 403b or an employee stock purchase program, take advantage of them right now.
3) Keep a journal for about a month of possible side business ideas. Don’t worry about how realistic they are or if you have the expertise to do them. The point is to go for quantity and to get them down in writing. You will notice patterns developping and you will probably get excited about a few of them. Then research these ideas as much as possible and find one that works for you.

Jeff@My Super-Charged Life

Ron – My recommendations to your reader are as follows:

1. Check out Dave Ramsey’s book The Total Money Makeover from your local library and read it.

2. Realize there is no way to get rich quick. Accept that slow and steady wins the race.

3. Start following the baby steps in Dave’s book. Live below your means, invest wisely, and wait. These steps will almost guarantee that you will achieve your goal.

If you do these things, you will likely be a millionaire in the next 20 to 25 years. This may seem like a long time given that you are 25, but trust me it will be here before you know it. If you do not follow this advice, you’ll kick yourself in your 40s.

Good luck!


1. DO NOT GIVE UP!!! You are young!
2. Make the most of your time “living at home”… save and invest….invest …invest.
3. Remember while money is a necessity of life…it is NOT the be all and end all!!

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