Fastest way to become a Millionaire on 10K/month savings?

Question

What is the fastest way to become a Millionaire? If I can save $10,000/month. I'm not very good investing and I want the safe way but big return.

If I just keep saving on the monthly basis through the bank with maximum of 3.50% APR it will take me 7 years to earn my first million. according to: http://moneycentral.msn.com/Investor/calcs/n_savapp/main.asp Then I have to pay tax. ;-(

What is the best way? Please make the answers it simple. Not to complicated math formula. Thank you.

Answer 1

The Fastest -and also the easiest- way to become a Millionaire today is joining a  reputable Network marketing company, Direct Sales, with a viral, proven, marketing System. Period. This is where  a new generation of millionaires has being created.  Ordinary people are becoming Millionaires in RECORD time, just by following simple systems in network marketing, especially using simple systems on the internet

You don't even have to spend all your savings.

Now, Choose Wisely. There are many good systems but only 1 or 2 that might fit you well. Finding a good mentor will definitely help

If you haven't read the Book "Why We Want You to be Rich", by Donald Trump and Robert Kiyosaki, I recommend you read it now. Trump and Kiyosaki explain the power of Netwok Marketing very well, and how it is one of the top 5 industries in the world

Answer 2

LPTC.OB Trading at $0.74 Per Share  http://www.sxcpro.com

Answer 3

Look for aggressive mutual funds, like value funds at Vanguard and Fidelity. Look for fund managers that have 25% or more yearly returns. Even though history doesn't always mean profitability it is a good indicator of investment style.

Also check MMAs, ETFs, try going to a wealth management company.

Answer 4

Start a stock portfolio. To become a millionaire fast you will have to put in some effort, not just money. You will have to study the market and invest in a portfolio which will give you more returns in shorter period.

Answer 5

With that kind of money, you really need professional financial advice to maximize your return in accordance with your tolerance for risk.  A professional advisor will also be able to help steer you towards appropriate investments that may minimize the tax consequences.

But if you want a simple and free (for what it's worth) answer, I would invest in a Vanguard Tax Managed Mutual Fund.  It's a fund that invests with an eye towards minimizing tax consequences.

Another option would be to invest in municipal bonds, which also have tax advantages and usually a bit better of rate of return.

Update:  Hire a "fee only" financial advisor.  Free ones make commissions off of selling investment products, and may be selling you products good for them and not for you.  I'm linking to one that has a weekly radio show.  I tend to agree with his advice most of the time, so he might be worth checking out.  You might also want to ask other wealthy people if you know any, who they use.

Answer 6

My plan would be something like...20% in HTE, 20% in PWE ( both put money in your account every month ) then about 30% in a good Latin America mutual fund...( Brazil sitting on oil..but running their whole country on grass !!)  Then get into CGMFX and/or FAIRX... two funds with different approaches one heavy into Warren Buffet...the other a snappy, young investor ( about 70) named Heebner who really has a handle on these changing markets.

( Buffet"s got to be 70 something, too.   So why does everyone figure Obama is the guy...and McCain's too old?)

Answer 7

There is no safe way to become a millionaire with $10,000 per month that is fast. You will have to risk money to make money fast. Otherwise, take the safe route and use your bank! Safe and fast don't go together 99% of the time in life, ESPECIALLY in investing.

If you can live with losing some or all of your money but the chance to get big money fast, invest. If you would rather keep all of it plus interest and wait years to get big money, put it in the bank. If you do invest, do not buy or let your broker buy penny stocks for you - choose companies that are winners and, more importantly, will be winners for years to come (ex: google, apple, ultra petroleum, visa, mastercard, spw, and so on). Good luck.

Answer 8

Check this out, best site ever…I already made like $15200 out of it in less than a month…not a scam!

http://www.ez20nowdollars.info

Answer 9

If I had that kind of money I would invest in Vanguard or Fidelity Funds.  Just search for funds with good track record of 10 years or more preferably.  The longer the track record the better indication the fund can make you money. Don't put it on a CD or savings account. Inflation is higher then that so by the time you get interest and pay taxes you lose money.  Invest in funds that have 10% return or higher.  Dont put everything in the same fund, diversify.  Have no more than 7 funds in your portfolio.  75-80% stock and 20-25% International.  For example:

Small/Mid Cap 25%

Large Cap 50%

Emerging Markets 10%

International 15%

Investing = 5 years or more.  Anything under that is just called savings and you can do that in a bank.

Oh and one last thing... Dont panic and sell.  Be patient.  If your account loses money... relax.  Remember you are in for the long run.  The longer you wait the better.

Good luck!