While growing up, we were all taught to learn and look up to the well-established and wealthy rich individuals, and their enviable lifestyle. However, people do not realize that this is a false-fully attained “celebrity” image in our mind. Because we use to live off our allowance of $250/month, becoming a millionaire does seem pretty unreachable, so many of us give up this dream subconsciously and succumb to thoughts like “maybe I’ll be a millionaire in my next life”.
Well, its not that difficult becoming a millionaire and you don’t really have to wait till your next life to be one. Here are 10 handy tips to help you get there (if you keep to it).
1. Follow the money.
In our current volatile economic environment, it is unlikely to be able to save your way to a million bucks. The first step one should take is to focus on earning more income and repeating it year by year. By following the money, it instinctively forces you to spot better business opportunities and take control of your revenue.
2. Show up instead of showing off.
Be responsible and take pride and be known for having good work ethics, and not the luxury items that you buy.
3. Start saving to invest, not just for the sake of saving
The most important reason wealthy people save, is to invest the money. You can do so by starting a secured (untouchable) account, and strive to not use that money under ANY circumstances. This will grow your money forcefully, ie. Tip #1.
4. Try to not undertake debts that do not offer returns.
It is vital to understand that one should never use or undertake debt that will not make you money. Debt should only be used as leverage for investments, or to increase your cash flow. (Is your car getting you in debt? Can you really afford that car? Find out HERE on Investformations very own FREE calculator.)
5. Money is a jealous lover.
Who doesn’t yearn for financial freedom? To make it happen and be a millionaire, and stay as one, you have to make money a priority. If you ignore money, likewise, it will ignore you.
6. Money needs no rest.
Money has no worries about time or schedules, and it moves towards people with good work ethics. Never hope to be the luckiest person, but instead, strive to outwork everyone.
7. Poor makes no sense.
Do not have any thoughts on the note that being poor is all right. Its not. As quoted from Bill Gates, “If you are born poor, it’s not your mistake. But if you die poor, it is your mistake.”
8. Find a wealthy mentor.
The general population is born in the middle class or lower. Hence, we tend to limit our thoughts and ideas to these groups. To make it big, you need to find a millionaire mentor and learn from them, consult them. Very often, wealthy people are indeed very generous with their knowledge.
9. Let your money do the hard work for you.
Investing is the key to being wealthy, and you should reap more returns from investments than your work.
10. Aim high.
The biggest mistake anyone can make is to not aim high enough. People often underestimate themselves and think that they should be. Aim for the moon, and you’ll fall among the stars.