I’m not a millionaire…YET! But, it’s something I’m actively working on and it’s something that is realistic for everyone. Anyone can become a millionaire. Sure, it may be harder for some people compared to others, but it’s possible for everyone. The earlier you start investing, whether it’s through retirement or not, the easier it will be to reach the million dollar mark. There are 8 steps that everyone can take to work towards millionaire status. Step 1: Affirm your million-dollar savings goal. Put out into the universe your intentions of becoming a millionaire! Step 2: Start reducing your negative “profit margin”. Get rid of any unnecessary or excess spending and use that money to save and invest. Step 3: Live a life of frugality. Frugal living doesn’t mean not spending on things that matter to you, it means saying no to things that don’t matter – or saying no to things that don’t help you reach that end goal. Step 4: Ask for a raise (or start making more money). Once you get your spending under control and have your investments set up, you can make more money to help you reach your millionaire goal faster. Step 5: Start investing. The earlier you start investing, the more you will have when you’re ready to take that money out. The power of compounding growth is unmatched! Step 6: Remember, your 401k is an investment. Your 401k or retirement plan is an investment vehicle! You can put all your effort into that plan to help you become a millionaire by the time you retire. Step 7: Change your circle of influence. Jim Rohn said “you are the average of the 5 people you hang around”. If you want to be a person who makes money moves, start hanging around other people who make money moves. If you want to be a millionaire, start hanging around millionaires – easier said than done, I know, but they are out there! Step 8: Stay consistent and be patient. Anything worth having is worth working for, so stay consistent and don’t give up until you reach millionaire status!
Here’s a glance at this episode:
- [03:39] If you want to become a millionaire, the first step is to affirm your million-dollar goal. Affirming this goal can happen in a variety of ways.
- [06:28] Increasing your profit margin over time is the goal. The more you have leftover after your bills are paid, the more you can save and invest to get to the million dollar milestone.
- [11:13] Investing is one of the best ways to reach a million dollars, especially if you’re getting a later start with your savings.
- [15:12] Leverage an online calculator to help you determine what you need to contribute towards retirement.