A lot of us, that are in our early 20s or even mid and late 20s wants to become millionaires without having a structured plan to be, but just hoping. It’s good to hope but it’s better to plan and figure out how to achieve your millionaire dream. In this post, I want to share 8 advice, on how you could become a millionaire in your life.
1. Develop a written financial plan.
One of the main reasons why many people can never become a millionaire is because they haven’t written a financial plan Developing a financial plan forces you to take action, instead of talking. It also guides you in making the right decisions to achieve all of your dream and goals.
2. Focus on increasing your income.
“In today’s economic environment you cannot save your way to millionaire status,” writes Grant Cardone,
who went from being broke and in debt at the age of 21 to becoming a self-made millionaire by 30. “The first step is to focus on increasing your income in increments and repeating that. You have several options to boost your revenue, like investing in high ROI businesses and side hustling.
3. Increase your streams of income.
There is no one self-made millionaires that have one main stream on income. Every successful millionaires has another streams of income. Develop several streams of income and stick to them returning more income, to build your network. Build side hustling business, along with your main job or business. Be unsatisfied and get hungry for more.
4. Automate Your Savings.
If you want to become a millionaire, then you absolutely need to get into the habit of saving by contributing to your 401(k), Roth or traditional IRA, and an emergency fund that’s been places in a money market However, the way to make this happen is by automating your savings This will automatically withdraw a percentage of your salary and place it into your contributions without you seeing it. It’s suggested that you should put 10 percent towards investments 5 percent towards savings.
5. Upgrade your skills and knowledge.
“Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously.” writes Tucker Hughes, who became a millionaire at just the age of 22.
“You don’t just 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”
6. Live below your means and lay-off the credit.
It’s widely know that the wealthiest people in the world are frugal. They don’t spend excessively on designer and luxury items. They use coupons. And, they’re known for living below their means by purchasing modest homes and vehicles.
7. Associate with millionaires.
“In most cases, your net worth mirrors the level of your closest friends,”
Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income, we become more like the people we associate with, and that’s why winners are attracted to winners.