To become a millionaire we must have a variety of ways to attain that dream. To become one we must be able to have tenacity and focus of concentration and attain that dream no matter what the consequences may be. To be rich we must be able to delay our instant gratification by making the habit of savings in the bank and earn interest income and be able to wait for a decade or two so that the cash saved could be used for investment in stocks, time deposits and bonds. To become rich we must be frugal and buy only what is needed. We must earn more than what we spend and if possible never lose money. We must also invest our money in mutual funds as it is one of the safest form of investment. We must treat our money as our servants and money becomes only our servant if we can harnest income from them. We must also have passive income, this is an income which we earn even if we sleep at night. Passive Income refers to money invested in stocks, bonds, time deposits and savings deposits because they earn income whether they be interest, stock or cash dividend and we have not exerted efforts in earning it except time.
