how to be a millionaire
How to be a millionaire
Being a millionaire is an achievable target regardless of your current financial status and social status. It all depends on your attitude, focus and goals. Most of the people tend to exclude themselves from this topic for they think starting out to be a millionaire requires high financial status, which is absolutely not the case.
It has been estimated that 70% of the world billionaires and millionaires started out from humble beginnings, which gives fare ground and inspiration to anyone who wants to be millionaire.
Once you get in your right armor of focus, right attitude and goals, no matter what financial or business mistakes you make long the way you will always arrive to your destination. To help you start out your journey to become a millionaire I have outlined five tips on how to be a millionaire.
Evaluate your current financial status
It is important to know your current stand, so take time to put everything on paper. Check your current income, keep track of your expenditure and look for loop holes best you can save. This will help you come up with a financial plan which will aid in executing your major goal
Increase your current income.
You are not likely to reach your target by cutting on cost and expenditure only. Come up with ways you can grow on you income, either look for opportunities with your current employer may be promotion up for grabs or a new position in the company. You can also consider side hustle. There are a number of side hustles you can totally go for, i.e
- Start as an affiliate marketer (what is affiliate marketing)
- Start a blogging site
- Be freelancer
- Start on Forex trading, and the list continues there so many side hustles you can come up with, all depends with which one you’re comfortable with.
3. Be an entrepreneur
Millionaires have been known to run businesses, brands, companies and etc. in fact most of them have more than two. I tend to give entrepreneurship my own definition as cocktail of passion, set of ideas, focus and ambition executed together to form a business. Therefore I encourage you to embrace your business ideas and execute them as fast as possible.
Related (how to be a good entrepreneur).
Once you have kept your income in check you need to come up with a plan or strategy on how you distribute your earning to all your living cost and personal expenses and most importantly saving.
Saving is a habit that must be cultured and made a routine. But do not save just for the sake of saving, same money for a “rainy day” but so you can invest later.
5. Avoid dept that doesn’t pay
This is the best way to become a millionaire, don’t take loans that will not pay you. Millionaires take loans to invest and increase their cash flow. Avoid borrowing loans for luxury goods.
It is also advised that you treat your credit card as a way out of an emergency rather than for luxury most of the people tend to use their credit cards for shopping and etc. So I encourage you to use your earnings for shopping this method will make you think twice about buying things you simply don’t need.
6. In conclusion
Being a millionaire has never been rocket science it all requires dreams that are transformed into goals, for goals are dreams with a deadline.