Being a millionaire is not just a day job and it’s not something you can become overnight without having your mind set and goals outlined. Here are the few simple rules to becoming a millionaire:
- Do not spend more than you earn
This is very clear, getting richer every month is as simple as spending less than you make, and getting poorer is as simple as spending more than you make.
- Try to avoid debt as much as possible
Debt can hinder one from achieving things at the right time. Paying money to temporarily use other people’s money makes you poorer most especially when there is large interest involved.
- Try to invest in tangible things
Investment is a good thing and investing in the right thing can be life changing. When you invest in things that can bring in not only in large gains but also accumulated returns, it can also be a steady source of income at the long run.
- The aim is to be rich and not to look rich
There is a big difference between getting rich and trying to look rich. Most people who have lots of money don’t actually look it and they don’t even have to.
Most times, it’s people who make a living selling stuff to the rich people that do wear the expensive clothes and driving luxury cars.
However, divert your investable cash into cars, clothing and houses you can’t afford, will make you look rich and prevent you from actually becoming richer in future.
- Always take risk
Everyone need to take risk when it comes to money, love or life in general.
Taking in risk involved with money, means investing in things that reduce in value such as stocks. The riskier the investment, the higher the returns.
Moreover, always try to take calculated risk, as taking a measured amount of risk is necessary.
- Be responsible and never make your well-being someone’s else’s responsibility.
When it comes to money, don’t ever turn complete control to anyone. Although, getting advice from someone is a good idea, but your money is more important no matter how smart the adviser is. Even if you are not doing everything yourself, at least you should understand what is going on.
Anyone can learn to navigate their finances. That way, you won’t end up blaming someon else for your problems.
- Make good use of your time
Time isn’t money, money is time. Time is the one nonrenewable resource you have. Once your time is up, it’s up. Spend as much of your limited time as possible doing stuff you want to do, instead of working for other people doing stuff you have to do.
Other ways you can possibly get rich include:
- Inherit Money
- Marry someone that has money
- Own a successful business
- Exploit a unique talent