Introduction

Every day nearly 25,000 people in the United States become newly minted millionaires. Wouldn't it be nice to be one of them? Come on, admit it. You'd love to wear the title "millionaire" or even "multimillionaire" so you can finally feel that life is good, financial stress is virtually nonexistent, and money is plentiful. Right?

Let me paint the complete picture: When you're a millionaire, you won't worry about how you're going to pay the rent or the mortgage. When you're a millionaire, bill collectors don't call and harass you. You don't feel like you're living from paycheck to paycheck. You're never declined for credit -- whether you're paying for dinner in a restaurant, applying for a new MasterCard, or seeking a home equity line. As a legitimate millionaire, you have more than enough income to pay your financial obligations -- and you pay them faithfully, on time. You're in control of your money, instead of it controlling you. Best of all, you have complete financial peace of mind; the kind of peace that comes with a seven-figure bank account and a healthy investment portfolio.

As a millionaire, you travel and vacation when and where you want -- without fretting over whether you can afford the trip. You smile when you see your kids playing in the backyard or heading off to school because you know that you've provided well for them and have assured your children of a solid financial future. Having plenty of money in your war chest feels nice.

It's no wonder the TV show 'Who Wants to Be a Millionaire?' was so popular. The question is, who doesn't want to be a millionaire?

Millionaire Households on the Rise

The great news is that becoming a millionaire isn't a pipe dream. It's within your reach -- it's attainable. There are currently unprecedented numbers of millionaires in the United States. According to TNS Financial Services, a market research and polling firm, there were 8.9 million of the 120 million households in the United States with a net worth of at least $1 million in 2005. That's 700,000 more million-dollar households in 2005 than in 2004.And in recent years, the numbers have been steadily rising. So becoming a millionaire isn't as hard to achieve as you might think. Looking at the statistics another way, 8.9 million wealthy households mean that:

• The average American has a 1 in 13 chance of becoming a millionaire.
• Each month, another 741,666 people become millionaires.
• Each week, 171,153 people become millionaires.
• Each day, 24,383 people become millionaires.

So why shouldn’t you be one of them?

The Millionaire Success Formula

Whatever your goals and dreams, rest assured that you can achieve them if you have the right regimen and practice good discipline. In this book, I introduce seven universal wealth principles that will guide you as you seek millionaire status. Together these principles make up the Millionaire Success Formula:

M -- Make a personal prosperity plan.

Develop a millionaire's budget, written goals, and a Financial Policy Statement. Establish a regimen for spending, saving, and investing and follow it diligently.

I -- Invest first, last, and always in your reputation.

Build perfect credit. Understand how having a stellar name is often better than having cash in the bank.

L -- Live like a lender, not a borrower.

Achieve zero debt. Decide to collect interest, not pay it, for the rest of your life.

L -- Leverage the power of property.

Ramp up with real estate. Use hard assets and other people's money to build riches.

I -- Increase your fortune with proven methods, not shortcuts.

Buy stocks, bonds, and alternative investments when prudent. Avoid fads, scams and Wall Street long shots.

O -- Overcome setbacks and minimize risks to your financial health.

Make insurance a top asset. Protect yourself against the Dreaded Ds: downsizing, divorce, disability, disease, death in the family, and disaster.

N -- Never forget the next generation.

Create wills, trusts, and personal and business succession plans. Establish a wealth legacy.

Excerpted from 'The Money Coach's Guide To Your First Million' by Lynnette Khalfani. Copyright© 2006 by Lynnette Khalfani. Permission granted by McGraw-Hill.