Becoming a millionaire is definitely within reach of those who start young and develop the right habits. Unless you're lucky enough to receive a sizable inheritance, you'll need to navigate your own route to prosperity.
And anyone, at any age, can develop the traits that increase wealth and decrease debt.
In this article, BEBEAKINBOADE.COM presents to 10 steps to becoming a millionaire.
SET GOALS AND VISUALIZE ACHIEVING THEM
Saying you want to be wealthy isn't good enough. You need to have a clear goal and then a specific plan for how to achieve that goal. Good preparation is an absolute necessity when it comes to endeavors as big as becoming a millionaire. Money won't just appear, you have to work at it.
Rich people choose to commit to attaining wealth. It takes focus, courage, knowledge, and a lot of effort.
SAVE AND INVEST
The end result of your financial plan should be systematic investment. Get in the habit of saving money. Make it a point to save at least half of every pay raise. However, the only reason to save money is to invest it. Put your saved money into secured, untouchable accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to increase income.
FOCUS ON EARNING
In today's economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that. Start following the money, and it will force you to control revenue and see opportunities.
DEVELOP MULTIPLE STREAMS OF INCOME
One way to earn more is to increase your streams of income.
These additional streams include real-estate rentals, stock market investments, and part-ownership in a side business.
The more income streams you can create in life, the more secure will your financial house be.
DON’T SHOW OFF-SHOW UP
Don't be a walking billboard for overpriced designer clothes, shoes, sunglasses or jewelry. Don't allow your house or car payments to be budget-busters.
Be known for your work ethic, not the trinkets that you buy; live below your means.
INVEST IN YOURSELF
Read at least 30 minutes a day, listen to relevant tapes 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.
Many modern-day successful and wealthy people are voracious readers.
START YOUR OWN BUSINESS
Studies reveal that two-thirds of the millionaires are self-employed, with 75% of them entrepreneurs, and the remainder professionals, such as doctors and accountants.Entrepreneurs create most of the wealth in the country.
TAKE CARE OF YOUR HEALTH
Making money and making good decisions that create more money in your life require that you are in good shape. Keep fit, eat well, and take good care of your body. It is your health that will provide you with the energy and resources needed to keep going on the commitment to becoming a millionaire.
To become a millionaire, you have to be prepared to make decisions that won't always succeed but if the risks aren't taken, then the potential for success won't be realized either.
Success requires an ability to keep getting up after failures. There will be plenty of failures as you try to find the best ways to make a million or more.
GET PROFESSIONAL ADVICE
A good financial planner can help you fill your portfolio with the right investments and dump the wrong ones. You don't need to relinquish control, but you do need to form a good working relationship with someone who has expertise in this complicated area.
If you can't afford to have a financial planner manage your money, many of them will review your portfolio and make recommendations for a one-time fee.