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

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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.

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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

Content Marketing Expert

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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