Are you looking for steps to become a millionaire? If so, then this article is for you. I am not a millionaire, but here I will quote the millionaires, whom I am following and that can help you also to become a millionaire.
Everyone wants to be a millionaire, but everyone does not achieve it. Is it that difficult to get to become a millionaire? Not only should you think like one but also behave like a millionaire. You need to learn how to build the habits of millionaires. Those habits become a lifestyle and the lifestyle in turn brings about the result that you want.
Dean Graziosi, an American author said, “Successful people live by a different set of rules and success habits and they don’t conform or accept mediocrity.”
Although it appears too challenging, becoming a millionaire isn’t an impossible task for anyone to do. Irrespective of your background or present financial status, the question is how you can become a millionaire?
1- Create a financial plan.
According to self-made millionaire T Harv Ecker, author of the secrets of the millionaire mind, “The number one reason most people don’t get what they want is that they don’t know what they want.”
It’s not enough to just say that you want to be a millionaire you need to plan for it and that includes creating a financial plan or document, that highlights all the necessary steps that you intend to take to achieve your goal.
Stuart Welch, a certified financial planner said, “The written plan forces you to do something, calculate what you need to earn and how to invest.”
The plan isn’t just the goal, it’s the whole thing. If you don’t have a goal and a plan you’ll never be able to achieve your goals, because with tough goals comes tough measures that require preparation.
2- Find ways to increase your income
If you genuinely want to become a millionaire, then you should be thinking of ways to increase your income, not because you want to have more money to buy all the fancy things or save enough to earn your rent, but because you need money to get money.
Grant Cardone, who went from being broken in debt at the age of 21 to becoming a self-made millionaire by 30, said “In today’s economic environment you cannot save your way to millionaire status, the first step is to focus on increasing your income in increments and repeating that.”
The more money you make the higher your savings get and the more money you can invest, so as much as possible, find possible ways to increase your income streams.
Thomas Crawley studied the lives of self-made millionaires for five years and discovered that 65 percent of self-made millionaires had three streams, 45 percent had four streams and 29 had five or more streams.
Crawley explained that the streams of income seem to be the magic number for the self-made millionaires, the more income streams you can create in life, the more secure your financial house will be. One income stream can barely provide enough to take care of your bills and daily expenditures which is why it is crucial to increase your income streams.
3- Spend less than you earn
Millionaires are frugal, they don’t even spend their money, otherwise they wouldn’t have achieved their financial goal. It’s as simple as it sounds. Spend less money than you earn if you want to become wealthy. Only buy the things that you need not the things you want.
When you spend your money buying all the fancy things that catch your attention instead of buying only the important things that you need, you’ll run into debt sooner or later.
The implication of this is that not only have you failed to save some money, but you have also incurred debt in the process. So, you have no reserve, yet you owe people. How will you get rich?
4- Learn how to save
Benjamin Franklin, one of the founding fathers of the United States said, “If you would be wealthy, think of saving as well as getting, you have so many reasons to save including saving for retirement emergency sake and investment”
You can’t get rich if you live from paycheck to paycheck. Building a saving culture will allow you to put your money to good use. You can make money work for you as soon as you save enough to invest. Start a business, create an emergency fund and keep some for retirement
5- Start investing
Once you have successfully saved some money, the next thing you should consider is an investment.
Grant Cardon said, “the only reason to save money is to invest it, put your saved money into secured sacred untouchable accounts. Never use this account for anything not even an emergency.”
There is one major difference between the rich and poor people. When it comes to saving, poor people save money so that if the worst happens, they’ll have something to fall back on. Rich folks on the other hand safe to invest. They save money so that they can multiply what they have and make more money, which is why they are never broke instead of being fearful of the future, they take hold of it.
6- Don’t stop developing yourself
Millionaires do not only invest their money in assets but also in themselves. They understand that their wealth can only grow to the extent that they do. As Henry David Theroux, an American philosopher rightly said, “You cannot dream yourself into a character, you must hammer and forge yourself one.”
When you develop yourself, you’ll learn more about your career, industry, investment, financial goals and plans etc. The wiser you get in this subject, the better you can make confident decisions that can lead to wealth.
7. Associate yourself with millionaires
Steve Siebold, the self-made millionaire and author of how rich people think said, “In most cases your net worth mirrors your closest friend’s level exposure to people who are more successful than you are, has the potential to expand your thinking and catapult your income.”
We become like the people we associate with and that’s why winners are attracted to winners. You can’t associate with poor people and expect to be rich. No, you’ll begin to think like them sooner or later and as long as you think like them your reality will follow.
To become a millionaire you have to think like one. To think like a millionaire, you have to be friends with one.
8- Start any business
You don’t necessarily need to start a full-time business to make some extra cash. You could consult for people in your field, you can start a blog, podcast or vlog. Think of something that you’re incredibly talented at doing.
Offer an excellent service at an overwhelming amount and watch people begin to patronize your business. That way you’ll be making more money without the need for a huge capital or resources to start the business
9- Learn to take hold of opportunities
Rich people recognize opportunities from afar and take hold of it as soon as they can, which is why they take the front position in most sectors or fields. Look around you what do people want most, what will they pay any amount of money to get as long as it is valuable to them.
When you find out that one thing, grab the opportunity that you have to provide a solution to that problem. That’s how rich people think and behave.
10- Get a good mentor
A mentor is someone who has successfully arrived at the destination that you are pursuing, so they can lead you there faster and effectively helping you minimize errors. You want to become a millionaire, look for a millionaire mentor.
You want to become the best businessman in your country, make the current best businessman your mentor. That’s pretty much how it works they’ll guide you and give you tips to help you achieve your goals.
11- Expand your network
Do you know that your network of friends can determine whether you will be successful or not. Look at it this way, if you have a network of influential people making money wouldn’t be that much of a problem especially if you offer valuable services of products to them.
12- Take risks
No one achieved their dreams by sitting in their comfort zones. They all had to take risks. For instance, investing your money is a form of risk that no one is willing to take. Millionaires however, understand the importance of taking risks which is why they are much more successful.
13. Focus on your net worth
Becoming a millionaire isn’t a day’s job, neither is it an overnight success. It takes time and effort, which is why you have to focus on your long-term goal which in this case should be increasing your net worth. One of the benefits of focusing and increasing your net worth is that you can easily retire early and enjoy a beautiful life with your family.
Now that you know steps to become a millionaire, I hope you will become a millionaire soon. If you want your friends and family also to be millionaire, then do share this post with them. ?