Top 10 Tips On (actually) Becoming a Millionaire
Millionaire! It has a sweet sound to it. If you are reading this post, you must have thought or plan of becoming a millionaire in next 5 years or so. A great news is that it has never been this easy to become a millionaire in the history. Captain Sparklez, started off as a Youtuber, then expanding his channel offerings into detailed gaming instructions. Now he is worth over USD $8 million.
No matter where you are and your age, you can still become a millionaire if you follow these tips proven to be used by various successful entrepreneurs and businessmen.
1. Seek Money
Certain industries are extremely volatile than the other. You are going to see some industries growing while others have reached their maturity. The industries which are in high demand are most likely to attract a large amount of economy towards themselves.
Grant Cardone, author and owner of Cardone Real Estate, shares “the first step is to increase your income in increments and then repeating the process.”
2. Start your own business
No one becomes a millionaire doing a 9-5 job. You can become a millionaire with a lot of patience and career growth climbing up the corporate ladder in a regular job. However, that takes time and is rather slower. Most of the millionaires are self-made.
In the book in 1996,”The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,” states that more than two-third of the millionaires are self-employed and about 75% of them entrepreneurs.
3. Diversify sources of income
Author Thomas Corley discovered that majority of the millionaires have multiple streams of income. About 65% of them have three streams of income and 45% had four streams of income. It can be a side-business, part-time job or investments.
Having multiple streams of income not just help grow your chances of becoming a millionaire but also prevent you from being negatively affected if one of your businesses or source of earnings is making losses.
4. Spend less, Save more!
Securing an initial payout towards the road to millionaire and spending them on lucrative things can be very tempting. NO! Please don’t do that. It can be very tempting to have that small party ‘which won’t make much of a difference in the long run‘. Don’t fall into that!
5. Invest a part of your savings
The main reason to save money is to invest it. Always keep at least a third of your earnings to invest into something. Don’t use these investments for anything, until absolutely necessary. This will force you to continue to increase your income.
6. Have mentors
Having mentors can help in a lot of ways. There is a rather large crowd who fall into the category of self-made millionaires. You have to study them, learn and follow their foot-steps. They are going to be your guiding light in tough times and how to play smartly.
Most of us who might not have the clearest of ideas of as to how to handle everything that is dropped before us. A mentor can help us overcome these unpredictive scenarios.
7. Don’t aim for a Million
Grand Cardone writes in his article that there is no shortage of money on this planet, only a shortage of people thinking big enough. Aim for a bigger goal in life. When you aim for a bigger goal, you are going to stretch as much, which increase the chances of you becoming successful even more.
8. Develop new skills
Tucker Huges notes “Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously. You don’t just need to be a master in your field, you need to be a well-rounded genius capable of talking about any subject whether it is financial, political or sports-related. Consume knowledge like air and put your pursuit of learning above all else.” He became a millionaire at the age of 22.
9. Set Long term & short term goals
A secret ingredient to massive success is setting realistic goals. Matt Mayberry says in his post “But, for me, nothing has changed my life more than learning how to set goals and then working hard to attain them.”
10. Develop Positive Habits
Habits are what makes us or break us. A lot of people have realised the importance of having habits and how they shape us. Creating new habits or breaking old ones takes time and conscious effort. Cultivating a habit is like sowing a seed into the ground in the hope of having to ripen its fruits one day.