Best Ways To Become A Millionaire That Are Totally Practical 2020
Becoming a millionaire is the dream and goal of many people. In fact, it is not so far from your reach like you may think. You don’t need to be born with a silver spoon in your mouth, win a lottery, or do any abnormal challenge to become a millionaire.
Believe it or not, there are various practical ways to achieve this goal. Easy as they may sound, not everyone can accomplish them. First, I’d like to advise you to be mentally prepared with a serious attitude if you are determined by your millionaire dream. Now, let’s find out the 9 top-notch ways to become a millionaire!
9 Ways To Become A Millionaire
Develop Your Mindset
Do you know that mindset is the difference between millionaires and ordinary people? Think big and bigger, never stop learning, develop personal growth, become goal-oriented – that’s what every millionaire is likely to tell you. Do not just focus on increasing your money, invest in yourself and you will indeed gain the best returns.
First things first, you need to be clear about the question, “Why do I want to be a millionaire?”
Your “why” will be the inspiration and motivation that guides you throughout your efforts. Of course, there are no true or false answers, and your answer will not be the same as anyone else’s.
Another advice from millionaires is you should try to get rich slow, instead of searching for ways to get rich quick. Besides setting the big goal, you should know what you need to do now and in later years to achieve it – the more specific, the better. And one more important thing, keep believing in yourself that your dream will soon come true.
Focus On Your Career Path
Apparently, all self-made millionaires have a successful career that gives them a way to earn a large sum of money. By reaching higher stages in your career, your monthly salary will increase in accordance with your expertise.
Aside from that, you can greatly benefit from your successful career: professional relationships with influential people, promoted personal growth, better vision, and mindset – all the factors that are useful and necessary for your million-dollar dream.
One top-notch quote to keep in mind for career advancement is “work smarter, not harder.” Instead of spending hours working on your tasks, you should understand how to allocate your time efficiently. Moreover, it is necessary to learn how to enhance your productivity with the help of technology today.
Be Financially Savvy
“Don’t run behind money, let it chase you” – that’s what every inspirational millionaire will tell you. It is of great importance for a millionaire to be financially savvy.
There are countless sources in which you can learn about money and finance, such as books, courses, websites. Remember, don’t cram the knowledge like taking an exam; try to get to the bottoms of the problems and apply them in real-life cases.
Financially savvy people know how to control their spending by properly recognizing their wants and needs. They never waste money just to make people impressed. In fact, many millionaires and billionaires in the world also live below their means, although their net worth is undoubtedly enormous.
Automate Your Savings
Saving money sounds pretty simple, but you still have a long way to go. It is not just about cutting unnecessary expenses or living on a tight budget. Believe it or not, what financial experts will advise you for an efficient money-saving method is to automate your savings.
Making automatic savings generally means that the recurring deposits are automatically transferred from a checking account into the linked saving/investment account. To put it simply, you put your savings on autopilot since funds are automatically deposited on a periodic basis.
Besides building up your money, automating savings have an immense impact on your spending habits. It prevents unnecessary purchases on impulse because the money of your checking account is limited by the automatic fund transfer. Last but not least, automatic savings are an ideal way to help you pay off debts and personal loan faster.
Increase Your Incomes
Believe it or not, the majority of self-made millionaires have at least two streams of income. The most evident benefit of having multiple streams of income is earning extra money to reach millionaire status faster. In addition to that, diversification is another significant utility.
According to Tucker Hughes – a self-made millionaire at the age of 22 years old, instead of being a master in one field, you should try to equip yourself with well-rounded knowledge.
It is not only around money and finance but also cultures, political, sports, and so on. Moreover, having well-rounded knowledge also gives you more opportunities to choose high-paying side jobs.
In addition to your primary full-time job, there is a variety of sources for generating passive incomes. For example, you can try developing an online shop, making intellectual property (Youtube videos, ebooks, scripts, designs), renting rooms/houses, doing freelance works.
Make Investments
Saving money is great, but in order to take a closer step to your financial freedom goal, you need to think bigger. Keeping your money safely in the bank account is not a smart financial move; instead, you should try to increase it by start investing wisely.
It may be confusing for you at first: what to invest, how to invest smartly, how much money to invest, and possible risks. It is highly advisable that you spend time educating yourself on this field to grasp the ideas of the stock market and how to invest wisely.
Once you have the necessary knowledge, try practicing with a small amount of money to get a hands-on experience. Index funds are an excellent example of a low-risk investment that you should think about.
Also, you should consider hiring a financial advisor or a certified financial planner. He/she will help you create detailed financial plans and goals, as well as show you how to earn better rates of return on your investments. If things get more complicated, the instruction from an advisor will guide you through the ups and downs and give you better knowledge for future investments.
Investing In Real Estates
There are many attractive fields that give you high returns on investments; the real estate market is one outstanding example. This competitive industry can account for a huge portion of your investment portfolio.
Compared to stocks or bonds, the real estate market tend to offer impressively higher returns. On top of that, real estate investment comes with other financial benefits: stable cash flow, passive income, tax deductions.
Rental income is a popular way that real estate investors make use of their properties. Rents are susceptible to increase over time, leading to higher cash flow. What’s more, real estate values are prone to rising over the years due to the effect of inflation. Eventually, you will earn enormous profit from selling your property when the right time comes.
Reach Out To Ideal Mentors/Partners
Have you ever heard of the quote, “In most cases, your net worth mirrors the level of your closest friends?”
Developing partnerships is another important step to go ahead. With the support and advice from the mastermind group, where people share the same objectives with you, you can reach your goal faster.
This type of peer-to-peer mentoring is not only about network expansion, but it is also able to widen your horizon. Everyone has their unique skills and experiences, so do your group members. On top of that, surrounding yourself with motivated and successful people gives you more incentives to stretch beyond your limits.
Mentorships are also worth considering as a millionaire mentor will be an excellent role model for you to pursue. Adopting his/her success habits can be seen as an effective way to develop your well-being. Additionally, a supportive mentor is the one who can see your hidden talents and abilities, and he/she will help you to bring them out.
Having a mentor-mentee relationship with an influential person also offers you a wide range of opportunities from the industry’s inner circles.
Keep Your Positive Attitude
“The road to success is paved with failures.” There are times when you lose your money in vain. I know, it is so discouraging that you just want to beat yourself up. However, bear in mind such negativity will lead you nowhere.
Just like you, millionaires or billionaires also make mistakes at least once in their life. They try their best to fix the problems and keep moving on towards the goal. Hence, instead of whining over your loss, you should know how to stand up to your challenge and create your personal success. In order to do it, don’t forget to learn from your past mistakes to steer clear of future ones.
Final Thoughts
Being wealthy is the dream of almost everyone in this world. To make it come true, you must turn it into a goal and try to pursue it at your best.
With our recommended ways to become a millionaire, Self Help Skills hope that you can get the hang of what you need to do now and later to achieve your goal. Don’t ever forget that the key to success greatly depends on your efforts and willpower. The process may be challenging or even intimidating that you just want to give up. Trust me; hard work does pay off!
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