Do you want to be a millionaire? Your answer is obviously yes; unless you are a billionaire, of course. Did you know that according to a report, there were approximately 15 million millionaires at the end of 2016?! Another study estimated the number to be about 35 million.
But whatever the digits may be, they aren’t affecting how much money you have in your bank account. What’s going to change that is the next few minutes, which you can either use to make a fortune or discard as a waste! Today, we bring you 10 simple tips you can follow to create wealth you never thought you would and live the life of your dreams.
#1. Follow Money
In today’s dynamic financial environment, it is nearly impossible to save a million dollars. The first thing for you to do is make sure that there are regular increments in your income. If you are making USD 5,000 a month today, you don’t want to be making the same amount the next year. Aim for a paycheck of at least USD 15,000 in the next five years.
(Image Courtesy: Mises Institute)
#2. Save and Invest
The only reason for you to be saving money should be to invest it. The surplus lying around in the bank isn’t going to do you any good. Look for a safe investment scheme so you can yield high benefits through low risk.
(Image Courtesy: SA Breaking News)
#3. Stop Showing Off
What most of us do is we take our first big paycheck and use it to buy a fancy car or a watch, which we don't need. This isn’t how wealth is created. Warren Buffet, worth upwards of USD 70 billion, is a man of simple tastes, who is still living in the house he bought in 1958. Take inspiration from him.
(Image Courtesy: The Onion)
#4. Use Debt to Earn
One common habit among wealthy people is that they borrow money only to make more from it, and what poor people do is they take loans to create the illusion of a luxurious lifestyle. Borrow money only when you can use it to create a source of income.
(Image Courtesy: Daily Telegraph)
#5. Hate Poverty
If you want to become a millionaire, stop being okay with how much money you earn or what you have in your account. A Scottish economist, Adam Smith once said, “The real tragedy of the poor is the poverty of their aspirations.”
(Image Courtesy: YouTube)
#6. Love Money
Your priority should be getting the balance in your account to 7 figures. Grant Cardone, an American sales trainer, and motivational speaker suggests you treat your money like a jealous lover. Ignore it and it, ignores you or leaves you for someone who makes it a priority.
(Image Courtesy: CNBC)
#7. Surround Yourself with Millionaires
If there was any truth of Jim Rohn’s words when he said, “You are the average of the five people you spend the most time with,” then you seriously need to change your acquaintances. Don’t limit your thinking to the lower and middle class that most of us are born into. At least, get a millionaire mentor.
(Image Courtesy: Benzinga)
#8. Improve Yourself
One thing that separates millionaires from the rest is that they are not merely masters in their field, but are well-rounded geniuses, who are well versed on all topics, be it in politics, sports or finance. Focus on improving your skills and knowledge through constant learning and practice.
(Image Courtesy: The ONE Thing)
#9. Work for it
Not everyone can become a millionaire and neither will you if you keep doing what everybody else is doing. Being the luckiest or the smartest person in the room may be out of your control, but if you try enough, you can certainly be the most hard-working one. The only way you will receive an appraisal or promotion is by working for it.
(Image Courtesy: VideoBlocks)
#10. Aim High
It’s exactly how we were told in school that if we aim for A grade, we will get a B. Don’t look for one million dollars, go for five, or maybe ten in 10 years and then maybe you will have something to flaunt at the end. The problem with most people is that they think big but not big enough.
(Image Courtesy: Kellie D'Andrea)
Tell us some tips to become a millionaire in 10 years that you can think of in the comments below.