By Barbara Eisner Bayer (TMF Venus)
February 22, 2000

It isn't about who wants to be a millionaire -- a better question would be who doesn't! After all, most people could retire quite comfortably with that friendly seven-figure amount in their portfolios. At the historical compounded S&P 500 return rate of 11%, a $1 million portfolio would earn you a yearly "salary" of more than $100,000, a pretty comfortable income by most standards.

What path, then, can an individual travel to ultimately conquer the mysteries of becoming a millionaire?

One way is to win it on the trendy ABC-TV game show hosted by Regis Philbin. It's impossible not to fantasize that you -- yes, you -- could possibly earn that million from a mere television appearance by answering multiple choice questions like, "Which of these are not associated with Rice Krispies? Snap, Crackle, Pop, or Belch?"

Before you grab that phone to begin the application process, consider this: According to the contestant rules, an estimated 240,000 players will participate in the first round game via telephone. Of those, only 6% will answer all three questions correctly. Thus begins the contestant's journey, which is so complicated, simply understanding the path can be enough to make you turn to other, more lucrative avenues to manifest your million.

And, if you're fortunate enough to become a studio contestant, you'll be cranking your brain apparatus (i.e., thinking) under intense pressure. Your adrenaline will race while butterflies perform synchronized swimming routines in your digestive tract and your palms become so sweaty they slip off the buttons. This may be the reason that only two people have ever won the grand prize, even though this type of game show is available in 10 countries. As much as I hate to burst your bubble, it's unlikely you'll be the one.

Another way is to marry a millionaire. The concept, pioneered by Marilyn Monroe in the 1953 film How to Marry a Millionaire, reached hysterical heights last month when FOX broadcast a special where an eligible multimillionaire bachelor chose a bride from among 50 willing and sadly needy contestants. Forget the joys of dating (and yes, it CAN be joyful), compatibility, finding an appropriate partner to share your life's journey; if your goal is to become a millionaire, marrying a stranger seems as good a way as any -- until the reports emerged that Mr. Perfect was accused of hitting and threatening to kill an ex-girlfriend. Somehow, working hard and investing Foolishly seems a much better alternative to riches than spending your life with a stranger whose dark side only becomes apparent after the honeymoon is over.

Then there's that old temptress, the lottery. Americans spend an average of more than $96 million on lotteries every day. Considering that the recent odds of winning the California Super Lotto were 1 in 18 million, it's unlikely that the winner will be you. I think the odds are better throwing a penny in Rome's Trevi Fountain and praying.

Finally, there's the old fashioned way -- to EARN it. Through conscientious saving and a solid investing plan, manifesting a million by yourself, FOR yourself, is a totally attainable goal. If you are a 20-year-old beginning investor and invest $2,000 per year through a tax-free Roth IRA, you will be a millionaire at age 57 (assuming an 11% average annual return). If you are a 30-year-old investor with a nest egg of $10,000 and save and invest $2,000 per year through a tax-free Roth IRA, you will be a millionaire at age 64. The more you can invest and save, the earlier your dream can come true. (Click here to see how far you have to go.)

Instead of chasing long odds, consider taking 20 measly bucks a week (c'mon, you can cut that much out of your fast food budget!) and investing it in the Foolish Four, or a Drip, or a couple of Rule Maker stocks -- or even an index fund. At a conservative rate of return of 13.6% (conservative, because that's what the market has earned on average since 1950, and we aim to do better), by the end of 38 years, you'd have a jackpot of $1,097,065.66. If you do better and earn an average of 20% per year, you hit the jackpot in just 28 years.

Then there's the Rule Breaker.

Temptations of easy riches seduce investors daily. Be it through television game shows, penny stock hype, lotteries, get-rich-quick schemes, or marriage, the price to be paid by falling for these come-ons can be more expensive than simply investing Foolishly and waiting. You might not experience the excitement that accompanies easy money, but you also won't experience the devastation that comes when today's easy money becomes tomorrow's loss.

The next time someone asks, "Who wants to be a millionaire?" proudly say, "me." If that person asks how you'll do it, answer, "Through investing Foolishly." And yes, that's your final answer.

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