“How can I become a millionaire?”
It is a question that most people have asked themselves when they are tired of the hustle and bustle of low paying work, part-time jobs, or of working in general!
But how can you become a millionaire? Well, you don’t have to be a lottery winner to make it happen. With some hard work and dedication, you can spend your later years living the good life.
Step 1: Work Hard
How do you become a millionaire? It starts by working hard. While most of us think we work hard, and many do, it is your work ethic that will provide the foundation to your millions.
It doesn’t matter if you start at a minimum wage job or work in retail, do your best at that job, look for advancement opportunities, and try to work your way up. While you work, spruce up your resume and continue to look for new opportunities.
Consider a career in an office. Specifically, a position that every company needs and won’t be going away anytime soon, like an accountant or tax professional. When you are at that job, continue to look for advancement opportunities.
But I don’t have office skills!
If you don’t believe that you have the type of skills for that kind of work, then you can still become a millionaire through hard work. If you have to work two or three jobs, then do it. Consider freelance work or Uber driving on the side.
Chances are very thin that you will become a millionaire through the lottery or an inheritance. In most cases, it just comes from hard work. Without hard work, you will accomplish very little. Not only will you not become a millionaire, but you will find very little satisfaction in life in general.
How do you work your way up in a company?
You show up every day and give your all.
Don’t be like everyone else and call out sick on a whim just because you don’t like your job.
If you don’t like your job, work harder so you can get out of it.
Believe it or not, only 30% of millionaires make more than $100k per year. You can do this!
Step 2: Spend Carefully
While you are working hard, save as much money as you can. This is how people become millionaires.
It is important to create a budget, so you know what you can spend and what you should save. In order to save the most money, you should only spend on house bills and very little else. Also, don’t create new bills like those for cable subscriptions and gym memberships.
Instead, get basic cable and free streaming and work out at home.
Millionaires are frugal.
They find savings wherever they can. If they go on vacation, they go to price-friendly hotels. If they want to buy a new television, they wait until the price goes down.
This is how you should live as you strive to become wealthy in your early years. It won’t happen overnight, but if you stick to your guns for years to come, you will see the success you desire.
Try to save at least 50% of the money you bring home.
Step 3: Put Money in Smart Savings
The final step to becoming a millionaire is making smart decisions with the money you are saving.
Doing so could involve hiring a top-rated financial advisor to give you a plan, or it could involve doing some research online.
You have the choice of putting your money into a retirement account, buying stocks, or putting money in high-interest savings accounts.
Savings Accounts
When putting your money in savings, it is all about the interest rate. Adding your money in the savings that is tied to your checking account usually is not enough as you will only get you an interest rate of .05 at the most, which will only get you a few extra pennies.
Instead, try a savings account like that offered by Synchrony Bank, which offers checking accounts that are upwards of 1.70% with no minimum balance.
Retirement Accounts
No matter how much money you make, you will want to put some money away for when you retire. If you do not have a company 401k or a lot of money to put into any account, then consider a company like Acorns or Robinhood.
Both of these companies allow you to automatically transfer any dollar amount, even $5 into a savings account or retirement account. Acorns even takes the leftover pennies from transactions you make and automatically invests them.
Of course, if you want to save the most amount of money, then talk to a financial advisor and put 25% of your income in retirement.
Wrap Up and Final Notes
The point to all of this is that to become a millionaire, you don’t have to be a CEO or win the lottery. Instead, all you have to do is make intelligent money decisions and be smart with the money you save.
You don’t have to take it from me, listen to the other experts who know how to become a millionaire and have done it themselves.
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