Friday, March 31, 2006

How to become a millionaire ?

In US, households with a net worth of at least $1 million, excluding primary residences, rose 8% to a record high 8.9 million, according to a recent survey. How to get this rich ? Old tricks:

1) 46% of those surveyed own investment real estate, like a second home or rental properties;
2) 70% owned stocks and bonds, and 68% owned mutual funds;
3) 19% owned in whole or part a professional practice or privately held business;
4) median age of the head of millionaire households is 58, and 45% are retired - wealth is the result of long-term wealth accumulation.

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