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How to Become a Millionaire in the Stock Market

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Part of the video series: Stock Market

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Summary: In order to become a millionaire in the stock market, a person needs money to start with, because the stock market is not like the lottery. Take time and patience to gain money in the stock market with help from a licensed financial planner in this free video on the stock market and investing.

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By William Rae
eHow Presenter

Contact: www.hbwfl.com

William Rae has been licensed in the insurance and financial fields for over 30 years. Rae currently runs HBW Florida, specializing in life and health insurance for small business...read more

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Video Transcript

"My name is Bill Rae. I'm with Alumni Financial Services. I've been in the business of the finance world for well over 20 years and your question is how to become a millionaire in the stock market. Well, that concerns me a little bit depending upon why you're really asking that question. First of all, to earn money or to become a millionaire, isn't like betting in the lottery where you throw a dollar down and hope and pray that something is going to happen. If you're going to invest in the stock market, and first of all, we're not going to give stock advice to you here, you need to talk to a licensed individual in your state about that. There are many products out there that will not risk your principal but if you're dealing with the stock market, do understand that with the stock market, there are good returns to be had but if you don't do your homework, you could lose everything. So to get back to the question how to become a millionaire in the stock market, well obviously you need some money to start with. Make sure that it's not the money you need to live on. Then I would urge you to do some reading. There are many good papers you can read on a daily basis to get an understanding of the language and you do need to understand that. As in any financial dealings, it's going to take time and patience. If you talk to any good stockbroker, they're more likely to tell you that it's better than you continue to put a certain amount in steadily rather than try and guess the market. My years of experience with this has told me this, the stock market will go up, the stock market will go down and sometimes it will move side to side and there is no magic pill that will tell you when that's going to happen. So you need to do your homework, be patient, be consistent and by all means work with licensed, seasoned professionals and seek outside counsel. My name is Bill Rae, I'm with Alumni Financial Services and as always, we're helping you build wealth."

eHow Article: How to Become a Millionaire in the Stock Market