It's Time to Think and Apply

Part 1:

Last week we talked about how to become a millionaire.  There were four (4) aspects that were involved with becoming a millionaire:
                                                              -  time
                                                              -  rate of return
                                                              -  inflation
                                                              -  education.

Please explain how each affects your chances of becoming a millionaire.

Part 2:

What are the three phases of life?

When does each phase begin and end?

Feel free to use TimeMaps if needed