Did you know that anybody can become a millionaire? You’re skeptical, ok, but did you know anyone, even young people, can achieve financial independence? It’s true. More and more Americans have become millionaires. As a matter of fact, almost 9 million Americans have a net worth over $1 million dollars (and that’s not including their residence).

And becoming a millionaire, even in a recession, is especially easier the younger you are. Even teens can learn how to achieve extraordinary wealth, easily becoming millionaires in record time, if they know how from an early age. All they need to get started is these seven little secrets. If you are a young person, go for it. If you are older, you always have time to implement these secrets, but it’s most important to teach your teen. We learned them the hard way. Let’s make sure they learn this while they are young and have time to amass great wealth.

Secret 1: Most millionaires, 75% in fact, are self-made millionaires who inherited little or none of their wealth. They aren’t celebrities. They are business owners, auctioneers, plumbers, teachers, junkyard owners, architects, and ordinary people who are doing what they enjoy. Most were B or C students who just learned what to do with money.

Secret 2: Most millionaires have a number one quality in common: integrity. They are honest. They are the people you want to work with or do business with. Honesty truly does pay off.

Secret 3: Making money does take money, but not a lot. For example, $2000 a year invested in mutual funds at 10% grows to $1,000,000 given time. That’s $170 invested per month. The stock market even in recession has averaged a 10% gain in any ten year period since the Great Depression. It’s a great time to buy in a recession because prices are down. You know, buy low, sell high. Compound interest is truly the 8th wonder of the world as Einstein said. Your teen may be a B or C student but can still be a genius by always putting a little aside each month.

Secret 4: Learn to invest: it’s easier than you think. Vanguard has an online course you or your teen can take. There’s the “Money Camp” for kids. How about sending your kid or teen to one of their camps? Once you or your teen have money to invest, read and educate yourself. Also, choose a financial adviser who wants to teach you.

Secret 5: Have a financial checklist to live by for you and your teen.

• Invest early and always
• Budget your money
• Have an emergency fund of 3-6 months
• Go to college debt-free (don’t laugh, it’s possible!)
• Plan for purchases and pay cash
• Avoid credit and debt (most millionaires never carried any significant debt before becoming millionaires)
• Get insurance - health, life, and disability

It’s a millionaire checklist.

Secret 6: Live on a budget and plan for purchases. Buy with cash. Most millionaires never carried much debt, even before they became millionaires. Do it yourself and teach you teen how to budget. Have a purpose and goal for your money. For example, say you want a million dollars in investments. So you need to save this much per month to invest. Having a budget like companies do enables you to have enough to invest.

Secret 7: Don’t kill the Golden Goose. Teach your teen not to touch their investments even to buy a house or anything. Don’t touch it until it’s a million or more. Maybe at 50, you can retire and live off the principal. The million left untouched can support a person for many years. If it grows at 10%, you can live off 6%, and reinvest 4% of the interest to cover cost of living increases. If you or your teen is budgeting and planning, it’s a no-brainer.

The Secret of the Secrets

Here’s the big secret. They really aren’t secrets. They are just old pieces of wisdom we sometimes forget. Or tidbits of information that are not widely publicized because we want it all now.

The beauty of living our financial life by these secrets is that we are having it all now. And teaching it to our teens is the best gift we can give them. Let’s teach them to do what they love, live a life of integrity, plan for purchase like millionaires do, all the while accumulating incredible amounts of wealth, millions, in fact. It’s not a secret anymore.

Anyone can become a millionaire.