Its not just the title of a game show, it can be your reality.
How do you ask? Read on and find out.
Becoming a millionaire is a feasible goal to have and can be achieved. The process to becoming a millionaire has been consistent over the years. These might differ for some of you but following these steps could lead to your first million. It might not happen overnight, but consistency is key.
Let’s get started:
Have a written Financial Plan
‘Failing to plan is like planning to fail’. Developing a financial plan forces you to act, instead of just talking. It will guide you in the right direction and keep you on track to reach your goal. Give your money a job and don’t shy away from the plan.
Take advantage of different investments
The best way to become a millionaire is to take advantage of compound interest and by investing cleverly. See a Financial Planner for this as investing could be very daunting, and you could lose a lot if not done properly. If you want to become a millionaire, you will need all the help you can get. Take advantage of the tax benefits within some investments. The key is to remain invested for as long as possible as most investments only start seeing good growth in the longer term. Always compare fees as even a 0.5% could make a huge difference in the long term of your investment.
Have multiple streams of income
There are many ways of doing this. Once again, the key to becoming a millionaire is not only investing your money but your time as well. Most self-made millionaire have at least 3 streams of income. Turn what you like into a means of income.
Start SAVING!
If you want to become a millionaire, you have to get into the habit of saving. Being an investment or an RA, just start and be consistent in doing so. The later you start the more you have to save monthly. So, start NOW!
Upgrade your skills and knowledge.
Always try to be better and more knowledgeable than the day before. Read at least 30 minutes per day and be able to talk about any subject. Knowing a little of everything is sometimes better than being the master of just one subject. With technology the way it is, it’s easy obtaining knowledge.
Stay away from debt and live below your means
Start taking control of your finances and know where your money is going. Set up a detailed budget and follow it religiously. Make sure all your money has a job to do by
setting up a zero-sum budget
To recap:
- Becoming a millionaire will not happen overnight.
- Be consistent in what you do day in and day out
- Invest and get into the habit of saving
- Become better than you were yesterday
- Live frugally and stay away from debt
