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How to Make a Million Dollars

Watch more How to Manage Your Money videos: Subscribe to Howcast's YouTube Channel - Learn how to make a million dollars with these tips. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Get an education Get an education; 80 percent of millionaires are college graduates: 18 percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent PhDs. Step 2: Start a company Start a company. 2/3 of U.S. millionaires are self-employed. The business doesn't have to be big, flashy, or innovative to make a million dollars; it just needs to be profitable. Step 3: Be a landlord Purchase a modest home -- one that costs no more than twice your taxable income. Consider taking in roommates so they can help pay off the mortgage. Scoop up other bargain homes to lease to people whose rents will pay off the homes for you. Tip Learn how to do home repairs so you don't have to pay others to do them. Step 4: Live below your means Live below your means -- way below. Lots of people have managed to become millionaires on a modest income -- some have even done it earning not much more than minimum wage. It just takes a strict budget and the discipline to stick with it. Step 5: Invest Carefully invest at least 15 percent of your taxable income in publicly traded stocks and mutual funds, and reinvest whatever profit or dividends those investments earn. The same goes for your business: Plow profits back into your business so you can hopefully earn even more money. Step 6: Stay the course Realize that slow and steady wins the race: Almost anyone can make a million dollars if they're committed to a long-term plan. Did You Know? Americans of Russian ancestry have the highest concentration of millionaire households in the United States.
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