I agree with the above comment, but there's much more to it than identifying a want and being hopeful. You've got to have vision and you've got to work for it, work MUCH harder than if you're doing a 8-5 career thing. Oh yeah, and be willing to take on huge risk.

Rachel,

I love how you talk about a desire that a lot of people have: become a millionaire. And no, you don't have to be an internet mogul or tech whiz to make it to millions either.

Based on the education I've recieved, and the case studies I've looked at, there are many ways to become wealthy, but similar principles...and yes, it is possible in your lifetime. The big factor is: the decisions you make with your time and your money.

First, you need to understand how money can be made. There are 3 types of income:
1. Earned
2. Passive and
3. Portfolio.
Earned comes from a job/commission/salary, passive comes from real estate/royalties/patents, and portfolio comes from stocks/bonds/mutual funds etc.

Step 1: Increase Income
Find ways to make more money, get a raise, or find a new job. This can also be done by not only looking at how much you make, but how much of it you KEEP...

Step 2: Decrease Tax Burden
Taxes are your largest lifetime expense; therefore, try to find ways to make more income while paying less in taxes (legally). This can only be done through a business of some kind, where you can take deductions or if you are paid on a 1099 tax form.

Step 3: Invest Your Money Wisely
When you increase your income, decrease your tax burden, and decrease your unnecessary expenses, you can focus on investing your money for maximum returns.

You can invest for either cash flow or capital gains. Your goal should be to get to the point where your passive income exceeds your expenses. This will give you the free time to work on investing your money to become a millionaire, since time freedom is the first thing you should shoot for in order to obtain great wealth.

Real world example: Take your skills from a regular job (where you are paying the most in taxes on earned income) and become a consultant if you can (starting an LLC and beginning to take business deductions to save on taxes). Then, keep your expenses low, and put money aside to invest. Invest in your education first, then decide where to place your money to accomplish your goals for wealth. You could put the money in stocks/options or accumulate it and invest in real estate (using a property manager so you don't have to actively manage the day-to-day operations). Once your real estate income (passive) exceeds your expenses, you can stop working.

NOTE: Really want to understand how the rich get richer? See what a Section 1031 tax-deferred exchange is. It is a section of the tax code that allows a real estate investor to roll capital gains from one investment into another without paying any taxes. Did you know that? This is the ultimate form of decreasing taxes...to 0%!

I hope this was a good primer to get you to understand HOW it is possible to become a millionaire in your life time. The goal is to build your passive income and pay less in taxes, it's that simple. What IS NOT simple is the education you need to obtain to get there.

I hope you'll check out my blog www.yourmoneymogul.com to learn more about how I'm helping members of Gen Y understand money enough so they can blaze their own trail to wealth!

I wish you the best of luck! Keep me informed on how your journey is going!

Andrew