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Want To Be A Millionaire? You Should Add These 10 Things To Your Bucket List

Want To Be A Millionaire? You Should Add These 10 Things To Your Bucket List

So you want to know how to become a millionaire, eh? With that kind of money, you’ll have the freedom everyone in the world desires. You’ll no longer have to work a job you hate just to pay the bills, or be forced to spend 8 or more hours a day sitting in an office cubicle – or in any other restraining setting. Here are 10 things you should turn into habits for making your first million dollars:

1. Start Generating Multiple Streams of Income

The wealthy are not dependant on any one source of income. They have multiple streams of revenue coming in, be that through a business they own, a property they invested in, or a blog they run. You must learn how to increase your revenue through multiple sources.

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2. Learn to Be More Frugal

Millionaires didn’t get to where they are by frivolously spending money on stupid things. You need to learn how to keep money in the bank. That doesn’t mean you aren’t going to spend it – oh no, it means you’ll spend a great deal of it. However, instead of buying a new car, clothes, or electronics, you’ll spend it on assets with a high return on invstment (ROI). Speaking on investing…

3. Save to Invest, Not Simply to Save

A millionaire’s worth is not merely the sum of cash in the bank plus the value of the things he owns. Yes, these things factor in. However, much of their worth comes from their assets; the businesses or items they own that make them money. Most millionaire’s are not savers – they are investors.

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Money sitting in the bank pays a pitiful amount of interest that will never amount to anything unless you have an incredibly high sum of it; and even then, investing it would still make you more money. With depreciation of the value of the dollar every year, you must invest money in order to gain from it.

4. Speaking of Investing – Invest in Yourself

Investing in assets outside of yourself is great – but bad things can happen. Your building can burn down, your supplier can quit, you could get sued. Once you’re out of assets, you lose. But what if you’ve invested in your own mind? If you’ve learned how to build a business yourself, rather than simply buying an existing one, that knowledge stays with you even if you lose the business. Buy more books, go to more seminars, watch more webinars, take an online course. Never stop learning.

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5. Stop Working to Make Someone Else Rich

Every day you go to work for a paycheck on Fridays (or whichever day). In the meantime, the owners of the business you’re working for are making bank. Stop making them all the money and start building a business of your own.

6. Set Goals and Review Them Daily

The biggest, most well-known and under-utilized secret of how to become a millionaire (or accomplish anything, for that matter) is writing goals down. Physically write them down on paper – but don’t stop there. You must review your progress daily, and make sure you’re on track every single day.

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7. Be Wary of Who You Befriend

They say your sum can be guessed as the average of the 10 closest people in your life. Whether that’s true or not, the company you keep definitely affects you a great deal. If you want to become a millionaire, you need to start hanging around people who know how to make money.

8. Learn the Language of Money

How can you ever expect to own a lot of money if you don’t know how to speak it’s language? Take an online accounting course or even buy some books. Take a free accounting course on Coursera.

9. Start Reading More

Leaders are readers. Warren Buffett reads 8 hours a day. He runs a book club with Bill Gates. If you need a place to start, check out Tai Lopez’s book list – I’ve read half of them and they’re amazing.

10. Think Big

Screw $1 million – shoot for $10 million. Have you ever heard the saying, “Shoot for the moon – even if you miss you’ll land among the stars”? It’s true. Set stretch goals and SMART goals.

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Bill Widmer

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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