"Who Wants To Be A Millionaire?"

Do you want to be a millionaire? More than likely. Regis Philbin knew what he was doing with his new show. Talk about ratings! The fantasy of becoming rich is America's favorite pastime.

The Florida Lottery alone has generated billions of dollars from millionaire wanna-bees. Our capitalistic country provides us the unprecedented opportunity to actually become millionaires if we work hard and work smart. It does not have to be a fantasy. 

The Good News: There are over 5 million millionaires in the United States today. In 1980, there were only 700,000. That is an impressive statistic that should excite you. For the most part, these Americans are first generation millionaires who did not inherit their money. They made the American Dream a reality.

More Good News: It is available to you. Bill Gates started in his garage. Mrs. Fields started in her kitchen. A poor upbringing is no excuse if you set your goals high and work towards them. Andrew Carnegie, one of the wealthiest industrialist of all time, was raised in poverty. His legacy changed the world.

"Millionaire Next Door", by Thomas Stanley and William Danko, makes for interesting reading. It's a real eye-opener to learn that the typical American millionaire is not driving an imported car, wearing designer clothes, living in a $300,000 house or vacationing abroad. 

Quite the opposite is true. The average American millionaire drives used cars, shops for bargains, lives in a moderately priced home, raises his/her children to be educated and self-reliant, is a fastidious investor and lives below his/her means.

Looks can be deceiving. I've had many friends who belong to country clubs, own fast boats, buy the best of everything and live on credit. First impressions would make you believe they are wealthy. If they lost their jobs, however, they would barely be able to cover their bills for three months. That is the antithesis of freedom.

Appearances aside, the real scorecard for how you're doing in the money game is simply your net worth. It doesn't matter how much you make if there is nothing left to show for it. Your attitude towards money will determine your financial security, not how much you make.

Millionaires are made by saving, not spending. What some people mistake for the high cost of living is the cost of living high.

My husband and I have worked very hard and saved very smartly. Our motivator has not been a certain car, a certain house, or to impress others. It has been freedom. FREEDOM.

Our debt-laden nation faces real problems as "immediate gratification" has become the mantra of marketing. Visa wants you to imagine the possibilities. Don't be lured into the credit debt trap because it makes you a slave to bills. The pleasure of spending is short-lived when your statement arrives in your mailbox.

One of the most powerful forces of the universe is compounding interest. I believe that teaching children a productive attitude towards money will get them a lot farther in life than algebra or calculus, but that's another column in itself.

Pay yourself first. Once your money is put into your savings, forget about it and live as if you don't have it. Long term investing makes for financial security. The greatest risk is to not plan for your future.

Make savings a habit. It is all right to dream dreams. Take risks when the chance of return is the greatest. Some risks are worth taking so invest in your future, not Tommy Hilfiger. Wouldn't you like to be the millionaire next door? Start saving today!