The New Millionaires
The internet economy has been good for many Americans. A new study shows 3.5 million American households are estimated to be worth at least one million dollars. Let us introduce you to one such millionaire.
Aired on: June 19, 2000
Despite his recent troubles, Microsoft founder Bill Gates is still the world''s richest man. But let''s face it, you don''t have to be a billionaire to be wealthy. Being a millionaire is still a pretty nice thing, and we''ve got more millionaires than ever before. A recent study shows 3.5 million American households are worth at least a million dollars or more, 10 times as many as 25 years ago. In the year 2005, that number is expected to rise to 5.6 million households.
Linda Bradford Raschke is one of those millionaires. Raschke is a professional short-term trader who lives in Wellington, Florida..and, no she''s not just a day trader.
"I''m a professional trader and all professional traders I know make trades that last from 5 minutes to two hours..but I also hold longer positions."
Linda has done extremely well over the past decade by utilizing technical analysis of the market. She''s made seven figures in each of the past seven years. So, she''s a millionaire several times over, but she says that magic word millionaire isn''t quite what it used to be.
"If I retired now and had just a million dollars, it would afford me a modest lifestyle, but I''ve got to make it last for a while, so I don''t think it goes as far."
Linda''s lifestyle is better than modest these days. She''s got a beautiful home on 4 1/2 acres, and a barn which stables four horses and a pony. But her life revolves around her work, maybe a little too much.
"The problem is the office is right next to the home, so I tend to spend 18 hours in the office every day."
This kind of work isn''t for everyone. It takes a lot of experience and market savvy to make a good living if you''re a trader. Raschke suggests those who are looking to get into trading should take it slow.
"Approach it as a hobby first. If you approach something as a hobby, a lot of your natural love for it will make you more successful." |
