Millionaire – a title you may have never had a vision you could ever present yourself. It’s a title that plenty of us would love to have. Maybe being a millionaire is a lot of excitement. Try to envision all the excellent things you could achieve in the world. Imagine if you could become a millionaire. How perfect would it be to have the money you need to live the lifestyle you have always wanted?
You can dream of the possibility and believe you can become one. It could be a lot simpler than you imagine. Believe it or not, becoming a millionaire is a goal that can be achieved.
Follow these precious pieces of advice and eventually you will become a millionaire.
Try to Develop a Written Financial Plan
Developing a financial plan forces you to take action, instead of just talking. It will also serve as a guide in making the right decisions in order to achieve all of your dreams and goals.
According to Financial Planner Scott D. Hedgcock, “When planning for a more secure future there are two inputs that are indispensable: how much money you have and how much money you spend.”
“The basic point I want to stress about these two inputs is that they are absolutely fundamental to all financial planning regardless of how large either of them is,” he continued.
“In my experience, the biggest difference between those on the right path vs. those on the wrong path was the amount of time and effort they put into devising a plan for their finances.” When you take the time to create a plan and see it through, “is the one thing all financially successful people have in common.”
Hedgcock also says, “The success experienced by those who do this occurs regardless of their relative wealth. Likewise, the failure of those who do not follow a plan is unrelated to their wealth.”
When creating a financial plan, consider the focus on what matters most and don’t obsess over the past. Another thing is to focus what you can control by listing your known expenses first in your budget, and then with the income leftover you should list the optional categories. Lastly, focus on your future by anticipating how much your future self will need to survive.
Work Smarter and Harder than Your Competition
Try to classify your competition if they are hardworking enough. Start by working smarter to produce effective income.
Work harder than others are willing. In that way you can easily get the promotions and become the office linchpins.
In most cases people working failed because they weren’t willing to put in the hard work required. If you are not afraid of hard work your boss would feel better about what you’re doing for them and promotions and increase in salary is not too far.
Focus On Increasing Your Income
Grant Cardone says, “In today’s economic environment you cannot save your way to millionaire status.” Cardone went from being broke and in debt at the age of 21 to becoming a self-made millionaire by 30.
According to him, “The first step is to focus on increasing your income in increments and repeating that.”
“My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money and it will force you to control revenue and see opportunities.”
Luckily, there are several options to boost your revenue, like investing in high “return of investment” businesses and side hustling.
Gain Knowledge from Your Mistakes along the Way and Move on
Every person makes mistakes. Some would lose huge amount on business venture. Sometimes it’s difficult to accept your own mistakes. Your first reaction is to blame it to others or to circumstances. The very best way forward is to admit your mistakes. And in the end you are willing to get up and move on.
Millionaires don’t surrender because of a few ridiculous faults. On the other hand, they go forward.
Augment Your Income and Initiate Investing
Millionaires persistently become millionaires, and stay millionaires, because they invest.
You need to believe that investing doesn’t have to be complicated and that if more people had an easier way to do so, they would. They only have three decisions to make: how much money to invest, how often you want to invest it, and how you want your asset allocation to look between stocks and bonds.
Just start somewhere. It’s OK if you don’t have a lot of money to invest right away. Start investing a few bucks. Also, once you start investing, don’t abandon the ship. The stock market has its ups and downs. Just ride the wave and think long-term.
“The best way I know to become a millionaire is to put the power of compound interest on your side. By giving your money more time to compound and keeping your rate of return as high as possible, you greatly increase your chances of reaching a seven-figure net worth,” writes Brian Feroldi on The Motley Fool.
“Of course, earning a high return is easier said than done, as many factors to create that return are outside of your control. However, all investors do have control over two huge factors that can put a serious drag on long-term returns: investment costs and taxes. If you want to become a millionaire, focus on keeping both as low as possible.”
Feroldi goes on to write that if you have “a 401(k) or 403(b) through work, then any money you contribute to the account can grow tax-deferred, allowing your money to compound more quickly.” He also suggests opening up a traditional or Roth IRA, because they “keep Uncle Sam away from your money, either now or later.
You should use a broker or brokerage firm “that charges very little per trade — and not to trade too frequently.”
“If you want to become a millionaire, you need all the help you can get,” he says. “Making sure your investment fees and tax bill are as low as possible will go a long way toward helping you achieve your goal.”
Author Thomas Corley discovered that 65 percent of self-made millionaires had three streams, 45 percent had four streams, and 29 percent had five or more streams. This could include starting a side-business, working part-time, investments, and renting everything from your home to your car to household items.
