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Steps To Becoming A Millionaire

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Steps To Becoming A Millionaire

Learn the vital steps to becoming a millionaire, and be clued up on the secret life habits of the wealthy.

Why do some people manage to get filthy rich? While others put in lots of effort and graft but have nothing to show for it?

Logically, it may seem some people are just lucky, and others are just not meant to have that kind of life. But this isn’t true; it is just a case of tapping into the correct habits and self-discipline to succeed.

So, the good news! It isn’t down to just pure luck; the rich are just aware of the following factors to succeed financially:

  • A positive state of mind.
  • Extremely high levels of self-discipline.
  • They avoid bad habits/ procrastination

Not having a fear of failure

In this article, we will look further into the discrete practices and success formulas applied by millionaires and the successful. 

Step 1 – Knowing where you stand financially

Even for some, this may seem a scary prospect. But this is imperative, especially for the next step, where you will need to draw up a financial plan.

If you are up to your eyeballs in debt, and your bank balance is always in the red, then this task may seem pointless to you – but it will still help you for the following reasons:

  • Be aware of your total debt amount; this will give you direction on getting it paid off.
  • Your bank account may have unnecessary direct debits – cancel these with immediate effect.
  • See if your income does cover your outgoings (If it doesn’t – see step 3).
  • Help Highlight any other financial problems
  • Even just doing this task will give you a new sense of confidence, as you are finally taking control (something the majority will overlook and act defeatist about – usually just working a job they don’t like, just to keep up with monthly outgoings).

It will tell you where you stand financially.

Step 2 – Make a Financial Plan

A Financial Plan can be more frightening than step 1 for most people. However, you can download an online financial calculator, which can do all the hard work for you. A program like My Money Platform will do all your financial calculations for you. For example: It has the capabilities to calculate the age you retire and how much money you would have. All you need to do is read through your statements and make a list of all your assets and liabilities.

Step 3 – Reduce your debt

If you have numerous obligations (liabilities), then look to cut them. A debt consolidation loan is a good way to turn multiple debts into one payment, enabling you to reduce interest. Increase your income The reduce seem obvious, but even if you are full time employed, there’s still plenty of options to get stuck into a new project. E.x. publish that book you wanted to write, or setting up your own online business. If you follow a craft that means something to you, then it should inspire you to make extra income. 

Step 4 – Make wise investments

Use your money wise, with the goal of making returns. Have you got the best interest savings account? Even Current accounts now offer interest, maybe shop around to see if you can get a better deal.

The Stock Market

For the more adventurous, learn about investments and see if there’s a chance of a lucrative return. Don’t risk all of your savings – to minimize any potential risk to your lifestyle, only use 10% – 20% of your savings.

If you are not a keen investor, there are still plenty of other options:

  • Pension schemes which float on the general exchange market (no knowledge required).
  • Investment funds.
  • Invest in the property market.
  • Invest in business.

There are lots of ways you can be creative. 

Step 5 – Save to the max for your pension fund

Invest in a private pension scheme, if you work for an employer, then you should automatically be enrolled into one (ask your HR department if you are not aware, as they should at the very least have information).

Always aim to save big rather than small, an online finance calculator will help – as it will automatically calculate to the detail of what you spend a month.

To round it off…

If you can master all of these steps, then you will be sure to retire a very wealthy person. Setting up an online business is challenging, but with good self-discipline and a positive state of mind, then you should be able to conquer this.

To help with motivation you can:

  • Exercise and eat healthily.
  • Listen to success coaches like Anthony Robbins.
  • Practice yoga and meditation.
  • Take up art.
  • Set yourself goals – don’t be hard on yourself, make your first few goals easily obtainable, to build up confidence.

 

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