Every once in a while a person can become an instant millionaire by taking luck. They can inherit a bunch of dough, make a product that will then win popularity contests, or hit the lotto. Even for most of us, becoming a millionaire is hard work. It takes time, discipline and a little patience.
But for those determined to retire child and retire wealthy, it can be. And becoming a millionaire doesn’t require high income. While that can help, wealth building is the ability to manage your money well.
Here are some tips to get you started today:
1. Reduce consumption and increase investment.
2. Create and maintain a budget.
3. Increase your financial IQ.
4. Make contributions to investment vehicles on a regular basis.
5. Start a part-time business to increase revenue and take advantage of tax writing.
6. Surround yourself with like -minded people who believe in and support your goals.
7. Find good CPAs and other reliable advisors.
8. Set short and long term goals.
9. Make a commitment to be a millionaire.
10. Start now. Time is your friend when it comes to investing.
Making your first million dollars is the hardest, but it never comes if you don’t take action. Continue to increase your financial literacy by subscribing and visiting financial websites, but don’t go into “analysis paralysis” mode. While information on websites, magazines and new TV-related programs can be very valuable, the recipe for making money is actually very simple. It’s just a matter of knowing the basics and how to apply them.