Millionaire in 10 Years!?

Posted by Kris | Sunday, May 18, 2008 | | 0 comments »

Lately, I was in a few discussion on what it takes to be a self made millionaire. My superiors thinks that in my career field it will take around 10 years to be an millionaire. And i even heard from my colleagues that an old senior took his our early retirement after 10 years of working and living thriftily. And an millionaire told me that is possible to reach my 1st million in 5 years if i joined the sales & marketing world.

From my perspective, i believe that a millionaire is defined as someone who has 1 million in assets that can be liquidated to hard cold cash in a instant if needed. This of course excludes debts like unfinished house mortgages , car which if we take into calculation could easily make a average joe a millionaire but reality living in heavy debt.

For my field, in my honest opinion, it is not possible to become an millionaire in 10 years unless he/she took some good money home from investing (like profiting from the bubble burst in 2000 or buying low during Sept 11 and selling it 6 years later during the bull market) or participating in some real estate investment/speculation which is quite rampant in KL & Penang.

So what is your 2 cent opinion on what it takes to be a millionaire in 10 years?? Robbing an bank is not a good answer. :P