Becoming a millionaire may not be as difficult as you think. If you can wrap your head around the fact that you are not going to “Get Rich Quick”, well about 99.9% of us won’t, you are on your way to retiring a millionaire.
Becoming a millionaire takes time and financial awareness. Investopedia has a great piece which lays out 6 Simple Steps to $1 Million.
- Stop Senseless spending – If you do not need it, don’t buy it. That money can be saved and used to build wealth. If you build wealth now you can buy whatever you want later.
- Fund Retirement Plans ASAP – Are you putting away in a retirement account? No, then start now.
- Improve Tax Awareness – Many very good tax deductions are available to those that seek them. These savings add up to amazing amounts over all the years of your life.
- Own Your Home - There is no gain in renting a home. And now with house prices bottoming out it is a great time to buy and build equity.
- Avoid Luxury Wheels – Depreciation, that is all I really need to say. If you avoid a huge car payment now, invest that money instead you’ll be able to pay cash for whatever car you want once your a millionaire.
- The Bottom Line - Saving is how you reach the 7 figure mark. Start early and start now.
I love how Investopedia concludes this article, they say, “Spend wisely and save diligently, your million-dollar dreams are well within reach.”