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"Anything is fair game. Personally, I'm interested in learning about self employed millionaires. Know any? "

If you were to inquire around your hometown, probably the people who own the franchises such as McDonald's, KFC, Subway, Kinko's, TruValue Hardware etc. are, or are on their way to being millionaires (determined by net worth). In my town, I can also point out real estate developers, established chiropractors and dentists. Doctors are not as well-heeled as they once were and tend to have lots of student loans, and high expenses right out of the gate. Small businesses such as publishing and printing, asset management (financial and real estate) firms, waste handling firms (recession proof also), and the auto salvage business are candidates for millionairedom in my region.

Most of the self-made millionaires in my region have pedestrian, unromantic, unexciting businesses that are not by any means glamorous but require day to day attention to detail, customer service, and often involve doing what no one else wants to do but is a necessary cog in the smooth workings of the local economy. Very few people in America are millionaires because of saving their 20% of their monthly paycheck and stashing it in their 401(k). Most people in American do not have the nerves or the family backing to take the financial risk of being self-employed or starting or taking over a business. But sometimes, being fired or downsized can be the impetus to bigger and better opportunities because there is no place to go but up!

The downside to being a millionaire on paper is that most of one's assets are tied up in the business which is usually tricky to sell and gives the greatest return when leveraged. So cash or near-cash is usually not that great a portion of the balance sheet. The cash is used to pay off working capital, acquire new assets or refurbish etc. Anyone I know who has tried to spend his cash intended for working capital has ended up working 80 hour weeks because he/she can't afford staff or efficient equipment.

This readers of this board should look around their home towns and report back to the readers here regarding the millionaire types in their own backyards. (Balance sheet millionaires, not high income types) What do you think?
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