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ISSUE 65 | SEPTEMBER / OCTOBER 2023

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THIS IS HOW YOU’LL BECOME A MILLIONAIRE

September 13, 2021 By Jolezya Adeyemo
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Millionaire status. Everyone wants it but what does it take to get there. Besides winning the lottery or being lucky enough to come into a large inheritance, there are some more realistic, albeit less exciting ways to hit millionaire status.

As a banker and personal finance educator for over nine years, I’ve frequently seen an interesting paradox of excuses among a mix of individuals who say they want to be millionaires but do not have the will power and courage to begin working towards that goal.

The students and twenty-somethings say they are too young and do not have a source of income. The middle-aged claim they have too many responsibilities and do not earn enough. The high inflation in Zambia has also become a very popular excuse. These two age groups will always promise themselves that they will work towards that goal once their income increases. The older folks, even the high-income earners will usually begin taking control of their finances because retirement is looming. However, they too assert that millionaire status is too far out. They believe they are too old and will settle for just a comfortable and minimalist retirement as the goal.

The truth is that millionaire status is simple but it’s not easy. Thousands upon thousands of average people have done it. Most of these are average earning individuals from small business owners, teachers, lecturers, nurses and so on. This is according to Thomas Stanley and William Danko’s study of “The Millionaire Next Door.”

These people followed a simple sequence of;

Financial goal setting with a long-term view of ten years or more
Hard work to earn and increase income

Consistent savings and investments

Frugal living or at least keeping monthly expenses below the incomes received

The younger an individual is, the easier the climb to millionaire status. On the flip side, the older an individual is, the more likely they are to have access to larger amounts of disposable income to save and invest. The difficult part is getting clear on the vision and beginning to consistently act.

Below is a simulation of what an individual would be saving and investing every month from their current age to retire a millionaire at 65 or even sooner.

Millionaire status. Everyone wants it but what does it take to get there. Besides winning the lottery or being lucky enough to come into a large inheritance, there are some more realistic, albeit less exciting ways to hit millionaire status.

As a banker and personal finance educator for over nine years, I’ve frequently seen an interesting paradox of excuses among a mix of individuals who say they want to be millionaires but do not have the will power and courage to begin working towards that goal.

The students and twenty-somethings say they are too young and do not have a source of income. The middle-aged claim they have too many responsibilities and do not earn enough. The high inflation in Zambia has also become a very popular excuse. These two age groups will always promise themselves that they will work towards that goal once their income increases. The older folks, even the high-income earners will usually begin taking control of their finances because retirement is looming. However, they too assert that millionaire status is too far out. They believe they are too old and will settle for just a comfortable and minimalist retirement as the goal.

The truth is that millionaire status is simple but it’s not easy. Thousands upon thousands of average people have done it. Most of these are average earning individuals from small business owners, teachers, lecturers, nurses and so on. This is according to Thomas Stanley and William Danko’s study of “The Millionaire Next Door.”

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Millionaire status. Everyone wants it but what does it take to get there. Besides winning the lottery or being lucky enough to come into a large inheritance, there are some more realistic, albeit less exciting ways to hit millionaire status.

As a banker and personal finance educator for over nine years, I’ve frequently seen an interesting paradox of excuses among a mix of individuals who say they want to be millionaires but do not have the will power and courage to begin working towards that goal.

The students and twenty-somethings say they are too young and do not have a source of income. The middle-aged claim they have too many responsibilities and do not earn enough. The high inflation in Zambia has also become a very popular excuse. These two age groups will always promise themselves that they will work towards that goal once their income increases. The older folks, even the high-income earners will usually begin taking control of their finances because retirement is looming. However, they too assert that millionaire status is too far out. They believe they are too old and will settle for just a comfortable and minimalist retirement as the goal.

The truth is that millionaire status is simple but it’s not easy. Thousands upon thousands of average people have done it. Most of these are average earning individuals from small business owners, teachers, lecturers, nurses and so on. This is according to Thomas Stanley and William Danko’s study of 

The students and twenty-somethings say they are too young and do not have a source of income. The middle-aged claim they have too many responsibilities and do not earn enough. The high inflation in Zambia has also become a very popular excuse. These two age groups will always promise themselves that they will work towards that goal once their income increases. The older folks, even the high-income earners will usually begin taking control of their finances because retirement is looming. However, they too assert that millionaire status is too far out. They believe they are too old and will settle for just a comfortable and minimalist retirement as the goal.

The students and twenty-somethings say they are too young and do not have a source of income. The middle-aged claim they have too many responsibilities and do not earn enough. The high inflation in Zambia has also become a very popular excuse. These two age groups will always promise themselves that they will work towards that goal once their income increases. The older folks, even the high-income earners will usually begin taking control of their finances because retirement is looming. However, they too assert that millionaire status is too far out. They believe they are too old and will settle for just a comfortable and minimalist retirement as the goal.

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