So your ambition in life is to be a
millionaire before you turn 30! Fabulous.
It’s a great ambition. It is not
difficult, but it is not that easy either, as you might very well know. There
are many routes that people take to become a millionaire – betting on horses,
gambling, investing in real estate, winning a lottery, becoming an
entrepreneur. Some rely on luck while some work hard for it. Luck is fleeting,
rare, but hard work pays, hundred percent. So, how do you become a millionaire?
Here’s how:
Earnings from your
job.
Obviously you need a steady stream of
income to build your million. The more money you earn, the quicker the journey
to your milestone will be. But that doesn’t mean you can get there on a
Government salary. It has to be substantial.
Know your limits.
You have to know your limits. You
obviously cannot spend more than you make. That’s a financial suicide. If you
can’t afford to buy that Sedan, don’t. Buy a hatch. If you can’t afford to eat
at fancy restaurants, start cooking at home. If traveling by your vehicle is
expensive, switch to public transport. You don’t have to turn into a pauper,
just practice smart living. Quit getting magazines you don’t read; get rid of
the internet connection if you don’t use it that often. You use it at work
anyway. Switch to prepaid connection if you’re on a postpaid mobile plan. Get
rid of that credit card so you never get tempted into buying stuff on an
impulse. When you shop, shop in bulk. Quit buying the newest gadgets. Basically,
live a lifestyle that you can afford.
Save Money.
Just making money won’t suffice. You
need a savings plan. Don’t leave it for too late. The longer you save the more
money you will end up with. Don’t think of saving after you’ve paid all your
bills. Set aside a percentage of your salary every week or every month and put
that money into a separate account and refrain from getting an ATM card. That
way you will think twice before withdrawing money.
Make good investments.
Make sound investment decisions. Listen
to news, read the papers, talk to knowledgeable people and seek their advice on
investments. You can even seek services of an investment agency. Invest in a
diversified portfolio and be consistent. Maybe a systematic investment plan or
SIP. You can even look at mutual funds, stocks, shares etc. Make sure you have
the ability to take risks because you will win some and you will lose some. Buy
land or gold or flats if you have that kind of cash. It will appreciate over a
period of time and you can sell it off later to make a good profit.
Start your own
business.
You can turn into an entrepreneur even,
investing your money into growing your business. If the idea is good and you’re
a good manager, you will be able to make quite a bit of money. Always keep
looking at avenues to increase your income.
Your hobby could make
you rich.
(I love blogging so I guess it could help me earn money. Lol!)
If you have a hobby like stamp
collection or comic books collection (in mint condition), antiques or original
paintings, or any collector’s items. They could fetch a great amount if you
decide to auction them.
Get married.
By marrying a working woman, you not
only double your salary but also your savings.
Becoming a millionaire is not easy, or
else all of us would be one. It is tough. It needs planning and perseverance.
If you’re willing to put in hard work over a period of time, you will be
rewarded.
Credit: Yahoo Images
NOTE: Originally posted in MenXP.com
Note: Originally posted in MenXP.com
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