CNBC's Million Dollar Portfolio Challenge

CNBC has just started another million dollar portfolio challenge. This has been a huge hit for CNBC.com in its past contests, so they decided to come back with another contest despite the terrible current conditions of the stock market.

First things first, if you aren't registered for CNBC.com you must do so. It only takes a couple of minutes to register so it really isn't that big of a deal. You select a username to be known as in the market contest as well.

Understand the contest time period. The Million Dollar Portfolio Challenge began November 17th and will end on February 9th. You can signup anytime during this period, but the sooner you signup the better your chances of winning.

Understand the rules of the contest. You are given 1 million CNBC bucks, fictional money, to trade stocks and ETF's. You are allowed to create up to five separate portfolios to compete in this contest. There are weekly winners for the first ten weeks and then those ten weekly winners will face off for the overall top prize. The overall top prize in this contest is $500,000.

Take some risks! How should you go about trying to win this Million Dollar Challenge on CNBC.com? You have to understand that this is not at all like a normal stock portfolio, rather it is a short term game. You won't win this game if you don't take big risks. Remember you are playing with fictional money, so you can afford to do that.

To win the cash you must move fast! You must keep up with this portfolio constantly if you wish to be a weekly or overall winner. The market is moving faster than ever now, and you must be able to trade and make huge profits in the short run to come out on top.

Tips & Warnings

• Signup soon to make your chances better.
• Trade in stocks that are low priced stocks and ones that are extremely volatile.
• Don't use a typical buy and hold strategy or you won't win this contest.

By ehow.com

How to Make a Million Dollars

Make a Million Dollars

Making a million dollars is pretty easy if you start early. However, even if you are starting late, you can see what you need to do to have a million dollars by the time you are 65 years old. Assuming your savings are earning 8% annually, if you follow these tips you'll be on your way to becoming a millionaire! Do more than recommended to become a multi-millionaire! This is assuming you haven't started saving yet. If you already have, you are ahead of the game!

STARTING AT AGE 25.
*Save $286 per month (you don't even have to make a lot of money to be able to save that much! I bet you can afford to save even more than that!)
*Contribute enough to your 401(k) plan to get your company's match. If your work doesn't offer a 401(k), start your own IRA.
*Pay off any high interest debt so you can start saving for a house.
*Set up an emergency fund. You should have at least 3 months worth of your take home pay in an accessible savings account that pays at least 4% interest.
*Invest your money in stocks, if the market is down, that is good since you are a long term investor.
If you are starting this young or younger, you have a great advantage because time is on your side!
*The more you invest at a young age, the better off you will be later on, even if you have to contribute less later on due to life circumstances, you will still be better off than someone who saves more per month, every month who is starting older.

When your are 35...
*You need to save $671 a month
*Try to save 15% of your income and if one parents stays home with kids, open a spousal IRA.
*Invest in a 529 college savings plan if you have children.

When you are 45...
*You need to save $1,698 a month
*Contribute up to $15,500 to a 401(k) or other workplace retirement plan this year or $5000 into an IRA.
*Keep your focus on retirement savings. Your kids can get financial aid and loans...you don't get that for retirement.

For more information please view WWW.QUICK-INVESTMENT.COM

How to make a million dollars

Just having a million dollars in the bank doesn't make you a millionaire if you owe a million dollars. You need to make your NET WORTH add up to a million dollars. You can calculate your net worth by subtracting your assets from your liabilities. This is what you need to work on. Limiting your debt while increasing your salary will help you become a millionaire.

In order to become (and stay) a millionaire you are going to need to live a frugal lifestyle. This means living at or below your means. Also many millionaire weren't always at the top. They had to work to get there. Many millionaires are self-employed and self-motivators.

You need to plan and research your investments. Careful planing and a long term approach will get you on your way to financial freedom.

If you save and invest money every month, you will become a millionaire at some point. All you need to do is let the power of compounding(-- earning interest upon the interest) work for you. The more you save and the more you invest, the more compounding will work for you.

You need to know your current net worth. Once you calculate your current net worth, set up long term financial goals. Figure out when you would like to make a million dollars and how much you will need to save each month to achieve your goals.

Once you figure out your goals and how much you need to save each month, you now need to determine how you intend to make this money. Maybe you can start your own business or maybe you can work for someone else. Whatever you choose, make sure you stick to your financial goals.

One of your first priorities is to set up an emergency fund. This is usually a few months worth of your income.

The best way to manage your financial goals is to set up a budget, pay off ALL debt, start saving as early as possible and take advantage of your companies 401(k) plan.

With careful planing, a long term approach and no debt you can become a millionaire in no time!

For more information please view WWW.QUICK-INVESTMENT.COM