How to become a millionaire
Many people dream of becoming a millionaire, but not many try to achieve this specific goal. In a world where the first billion is the new goal for the rich, it is quite possible for the average person to become a millionaire. To do this, you need to have rational thinking, conduct effective management and periodically take calculated risks.
Preparing for Success
Set specific goals for yourself. Good preparation is absolutely essential in things like becoming a millionaire. It all starts with setting a specific, moderate goal that you will persevere towards.
Perhaps you want to become a millionaire before a certain age, such as before 30.
Or your first goal will be getting rid of debt in two years.
Break down one big goal into several small, achievable goals. For example, if you want to have a growing business in a year, start by building a business model within the first month.
Get a good education. Although there are a number of examples of millionaires and billionaires who did not complete a college education, statistics show a link between education and wealth. The higher your level of education, the more opportunities are open to you and the higher the chance that you will become a millionaire.
Watch your health. To make money and make the right decisions to make more money, you need to be in good shape. Look after your figure, eat well and watch your body. It is your health that provides you with the energy and resources you need to achieve your goal.
Be tenacious. To be successful, you must be able to rise from failure. When you are trying to make a million, you will have many obstacles in your way. It’s not about a guaranteed average salary or that you have to run errands for your boss every day. To become a millionaire, you must be willing to make decisions that will not always be successful, but if you do not take risks, you will not be able to achieve potential success.
Assess how confident you are. If you are not very confident in your abilities, it’s time to stop doubting yourself. High self-esteem and self-confidence are very important to achieve your goals. But don’t let that slow you down. Fake it until you believe it yourself – the more you act confident, the sooner it will become part of who you are.
Read the advice of those who have achieved it. Learn from the success of others, but don’t delay too much in the planning and preparation phase. The main thing is to act. Take some time to read about the success of other millionaires. The following are recommended readings:
Stanley Thomas “Your Millionaire Neighbor” (2004) and “Stop Acting Rich. Start living like a real millionaire ”(2009).
Alexander Green “The Gone Fishin’ Portfolio”.
Find a mentor who has walked this path and ask for advice. Surround yourself with successful millionaires. They can be found in several places, there is even a closed Internet club where a millionaire mentor will personally tell you how to make money in a certain area.
Stop spending money and start saving. This is a key element in order to become a millionaire. Either you will have money and savings, or you will spend them. You can’t get both first and second if you aspire to become a millionaire. Most millionaires (with net assets ranging from 1 to 10 million) live fairly modest and low-cost lives, without any excessive spending. These include:
Live modestly. As practice shows, you should not pay more than a third of your monthly salary for rent.
Buy quality clothes, but do not pay a ridiculous price for it. A suit for 30 thousand rubles will be enough for you.
Wear inexpensive watches, jewelry, and other accessories.
Drive a reliable, but inexpensive car of a regular brand.
Avoid buying prestige and luxury brands.
Stop comparing yourself to others and don’t chase recognition through wasteful spending.
Check out the economy. If you are used to spending credit card savings and not saving, at some point in your life you will find that becoming a millionaire will be incredibly difficult. To get started, open a savings account at the bank solely to save extra money and replenish the account regularly.