Monday, January 30, 2006

Odds of becoming a millionaire

If you own a small business, you're already more likely to reach millionaire status than most, according to USA Today analyst Danny Sheridan. He calculated these odds on ways to become a millionaire:
  • Inheriting it: 12 million to 1
  • Winning the lottery: 12 million to 1
  • Playing the slots at the casino: 6 million to 1
  • Winning in a game show on TV: 4 million to 1
  • Saving $800 per month for 30 years: 1.2 million to 1
  • Owning a dotcom that goes public: 10,000 to 1 (well, these odds were calculated in August 2000)
  • Owning a small business: 1,000 to 1

What I like is the fact that when you own a business, you can actually increase the odds (if you are trained in business and work hard at fine-tuning your operations).

Source: Rich Kid Smart Kid, by Robert Kiyosaki