** 4 steps to become a millionaire! ** . . At the start of his career, Virender Sehwag was asked on completing a blazing century: "What distinguishes you from Sachin Tendulkar?" . He simply smiled and retorted smartly: "Our bank balance!" . . His play and popularity have ensured that, today, his bank balance has considerably gained. But he is not alone in this league. . . A number of cricketers, film stars and pop singers hit the million mark before the age of 25. So have many young entrepreneurs, software programmers, stockbrokers and even fitness instructors. . . What makes these people even more remarkable is that they did not receive a sizeable inheritance or have a famous lineage to fall back on. . . . They had a dream, believed in it and worked hard at it. . . But while Azim Premji-style mega wealth may be elusive, becoming a millionaire is well within the reach of those who start young and develop the right habits. . 1. Don't run from shares . There's a huge difference between the gains (and losses) you can make by investing in the stock market compared to your returns from bank fixed deposits. . In stocks, you can make unbelievable money -- it is not uncommon for people to have doubled their money in the last one year. . Compare this with an FD which will only fetch you around 5% to 7% per annum. . When you put your money in a bank deposit, you loan the money to a bank for a fixed return (rate of interest) and a fixed tenure (number of months or years). At the end, you get back your original amount and you are paid interest on the same. . When you invest in stocks, you do not invest in the market (despite what you think). You invest in the equity shares of a company. That makes you a shareholder or part-owner in the company. . The good news is that since you own part of the assets of the company, you are entitled to a share in the profits those assets generate. . On the flip side, you could lose heavily. You may have to sell your shares when the market is very low or you may have invested in a company that is incurring losses and whose share price keeps falling. . You can avoid this in a number of ways. . i. Invest smartly (easier said than done). Invest in companies that are solid and respected and here to stay. Don't just invest in a company because your best friends' girlfriend's father did so. . ii. Invest in a diversified equity mutual fund (these funds invest in shares of various companies of different industries), that has consistently been providing returns. . iii. Invest with a time frame of three to five years. Because even if the markets dip, you don't have to sell your shares. You can stay invested and sell when the market picks up. . Also, over time, prices of shares rise as the company performs. Hence, you need a long term view. . iv. Though money begets money, refrain from any sort of gambling. The odds and the initial money made may lure you, but bear in mind: at the end of the day, the house always wins. . 2. Save, if you're not brave . If you know zilch about the stock markets, or think your knowledge base does not warrant any sort of investment, start saving. . Got a bonus? Got a gift? Social life dipped and you have surplus cash? Don't spend it. Open a fixed deposit with your bank. . This advice is not restricted to sudden windfalls. Make savings a habit. View it like a bill that has to be paid. This way, a recurring deposit helps. Open one with your bank or post office. . Money, much like people, enjoys company and can grow rapidly in numbers. . Let's say you have Rs 10,000 which you put in a recurring deposit. That means every month you agree to put in Rs 1,000. If you are getting a return of 7% per annum, at the end of one year, you will have Rs 23,080. . And the Rs 1,000 would not have made a huge dent in your lifestyle, right? . You can even do so with your mutual fund. Every month, invest a small amount in your fund. . Don't fret. It