How Not To Become A Millionaire

By Tisa Silver | April 22, 2010 AAA
How Not To Become A Millionaire

These products claim to hold the key to riches, but reaching this high net worth is not so easy. Books, workshops, seminars and other products tend not to work, as successful ideas typically rely on ingenuity and uniqueness - elements that are lost when taught to thousands of people at a time. Here are five ways to become a millionaire that aren't likely to work. (Making this dream come true takes work, but it's well worth the effort. Find out how in 10 Steps To Retire A Millionaire.)
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  • Overnight Winnings
    The fastest way to a change of fortune is to win a sweepstakes or lottery. On the plus side, for as little as a dollar you are granted a chance at the jackpot. However, this method leaves everything up to chance, and the chances aren't that great. According to Multi-State Lottery Association, the odds of winning the Powerball grand prize jackpot are roughly one in 195 million. So while the payout is massive, the chances are slim. (Don't assume all prizes are free; many come with enough costs to render them worthless. Find out more, in Winning The Jackpot: Dream Or Financial Nightmare?)

  • Read Yourself Rich
    Books can provide good and potentially profitable information for a relatively low cost. That low cost makes the product easily accessible to many people. If the methods are guaranteed to produce millions, one must wonder why the author would make them available to so many in exchange for so little. Unless the author received a hefty advance, he or she does not stand to gain much by selling books.

  • Seminars and Workshops
    These events may offer their participants a greater sense of exclusivity, as opposed to literature, since they require people to attend in person and often pay registration fees. Even though seminars and workshops require their attendants to make a greater investment of time and money in order to gain access to information, they can still attract large crowds. Seminars vary in size, frequency, content and cost. Still, since the information is available to all who attend, people should not expect to make millions. (Kick back and learn something new! The books in 10 Books Worth Investing In are 10 reads worth adding to your collection.)

  • Software
    Plenty of infomercials offer trading software packages that will do the work for you. Software is based on past information and assumptions, and in the world of investing, conditions change quickly. Any software purchased will need updated information to reflect market conditions. The updates may or may not be free, but they are necessary for the performance of the software. If the updates come at a cost, the costs will usually eat away at any potential returns. (With a little discipline and the help of some powerful savings vehicles, anyone can hit this mark. Find out how, in How Much To Save To Become A Millionaire.)

  • Subscriptions
    Subscriptions require you to pay a constant fee in exchange for access to publications. As the subscriber, you are required to bear a constant expense. Becoming a millionaire often involves creating multiple streams of income, not accumulating multiple expenditures.

Who Can You Follow?
So, which of these products should you buy? It depends on what your goals are, but a great place to begin is to find out more about the seller.

If the seller is a millionaire, that is a good start. From there, find out how the seller made his millions. If the seller actually used the methods or products he is selling in order to make the money, then the ideas may be worth entertaining. But, if he made millions from selling the product or through other means, you may want to dig deeper or reconsider buying the products.

Saving, not Spending
Buying things will not make you a millionaire, unless you buy things with potential to grow in value. Each of the highlighted products can supply motivation and information which may prove valuable, but none will automatically make you a millionaire. They may provide a good start, however, becoming a millionaire requires more than gathering information - it requires action.

The kind of action will depend on your goal, your timeframe and the level of risk you are comfortable taking in order to make the millions. (Becoming a millionaire is not as hard as you might think - it just takes time. Find out more in 6 Simple Steps To $1 Million.)

Don't miss what's happening this week in the financial world. Check out Water Cooler Finance: Buffett's Bank Fraud And Financial Eruptions.

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