I know most people have a dream of becoming a millionaire in their lifetime. Some were born millionaires, some achieve it early in life, some in retirement, some never. For those of us who were not born one and aspire to be one early in life so we can enjoy it longer and even into retirement, what can we do to move further along the journey to the millionaire status?
Below you will find some of the strategies I’ve found during my research.
1. Believe You Deserve It.
Sometimes we put millionaires on a pedestal, we look at them like they are super humans with a special blessing, talent or luck from the universe that we do not possess. The truth however is that we all have the potential in us to be a millionaire. The first step on that journey is to know for certain that we have what it takes, it is possible, it is achievable and with hard work, determination and the right opportunities it will happen and we deserve to have this great wealth.
If you believe in your heart that you don’t deserve something you may not strive to achieve it. You self sabotage and don’t pursue the opportunities that will help you achieve that goal even if they are right in front of you. Even if someone writes you a check for a million dollars you will still feel deep in your heart that you are not worthy of having it.
2. Get More Knowledge By Reading.
Nobody was born with all the knowledge and wisdom in the world. All the financial wisdom we need is here on earth in the form of books, videos, podcasts, articles, etc. In fact, knowledge is never lost, it evolves and gets broken down more and more so that we can understand it and put them to good use.
All the millionaires and billionaires we hear about today spent a lot of time gaining more knowledge to put into practice in their different enterprise. Just like an apprentice has to learn a trade, you have to learn how to treat money, how to grow money and how to multiply it. It is an endless cycle of leaning because money and knowledge keep evolving that you have to keep on top of it to know what’s new and beneficial at every point in time.
The strategies that worked in the 1800s probably won’t work any more in the 2020s so you have to keep up with your knowledge. The best way to gather this widsom is to learn from those who have thread this journey in the past and succeeded. Thank God they are not stingy with their knowledge so you can read their books and other available resources. Perhaps when you become a millionaire yourself you can add to this wealth of knowledge by writing your own books.
3. Be Frugal And Save.
The saying that tiny drops make a might ocean comes to mind here. Living frugally and saving more will get you closer to your goal of becoming a millionaire. Another $500 save towards your goal is better than $0 saved. Sticking to a budget and living within the stipulated budget are very key to creating an abundance of money that can then be saved in many interest or profit yielding ways. Saved monies can be invested in the stock market, in starting a small business, in high interest yielding accounts, etc. This may seem like a slow approach but it is still a step in the right direction.
4. Have Multiple Sources of Income.
This one is hard and will probably be the most challenging because you have to think carefully about what is profitable or not. A lot of millionaires talk about ventures they succeeded at but don’t talk so much about the number of ventures they failed at and how devastating it was to lose money.
As much as there are so many sources of income out there as an aspiring millionaire, you need to do your due diligence to make sure the ones you invest your time, money and resources in will be profitable and not lose the monies you saved up.
That being said, no venture, no success so don’t let fear keep you from seizing important business opportunities that may be available out there.
5. Be Careful With Debt.
Debt is like a two-edged sword that can either make or break you on your journey to becoming a millionaire. Good debts such as equipment leasing, mortgages on real estate etc can be used to generate income which will yield profit while paying off the debt while bad debts are a liability which can derail your efforts.
The wisdom here is to thread carefully, put good debts to good use and stay away from bad debts. Either way, make sure you pay off all debts on time so that you can avoid unnecessary interest charges, foreclosures, collections, repossessions and any other negative repercussions from mismanaging debt.
6. Get Professional Advice.
If and when the money from all your ventures start rolling in, it is very important that you invest in the professionals that can handle your money for you while you focus on making more.
You will need to right accountants and financial advisors to help you with your taxes and investments respectively. These people have the job of helping you save money on potential tax pitfalls. They are usually also more knowledgeable about the current financial trends and can advise you better on how to grow your money better than you would on your own.
