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How can I become a millionaire?

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asked Aug 18, 2015 in Finance by blueskies (57,070 points)
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It may seem impossible, but you actually can become a millionaire if you set your mind to it and work hard. The following tips will put you on the right path.

 

1. Establish a budget. How much you make really isn't as important as how much you save. Live within your means. Don't buy a fancy house with a huge mortgage. Purchase a sensible car. There's nothing wrong with treating yourself every now and then, but do so sparingly. Put away any money that you save so you aren't tempted to spend it.

 

2. Invest. Make sure you have a diversified portfolio. You do not only want your money in real estate, for example.

 

3. Avoid credit cards. If you do use them, pay off the balance within a reasonable time frame (1-2 months).

 

4. Work with a financial planner. He or she can guide you and help you with your investment strategy.

 

5. Become your own boss. Most wealth is built through business.

 

References: 

 

http://genxfinance.com/the-top-5-ways-to-become-a-millionaire/

 

http://www.bankrate.com/finance/investing/how-to-become-a-millionaire-in-7-easy-hah-steps-1.aspx

answered Aug 19, 2015 by Unckelli (50,310 points)
selected Aug 25, 2015 by blueskies
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If you would like to become a millionaire, the best thing to do is work on becoming an entrepreneur. There are a lot of people who have started something simple, such as a small business that turned into such a success overnight.

 

Spend money on investments instead of allowing your money to just sit in a bank account. [1] Of course, if you are going to invest in anything, make sure to do your research beforehand. You want that original investment to help you earn even more than what you originally spent.

 

Anyone can create a business. However, it is the amount of time you spend on it that truly determines whether or not you will have success. If you are self-motivated and have a great work ethic, there is a chance that you could become a millionaire in the future, even if it takes several years to make it happen.

 

If you’re looking for a bit of inspiration, there are several teenagers who have managed to become millionaires after creating apps and websites that received a lot of attention. In fact, Ashley Quall is a teenage millionaire who earned her money after creating the website, WhateverLife.com.[2] When the site was originally created, it offered MySpace graphics that people could use on their own pages to show off their personality. Of course, MySpace is much different now, but the site still remains. Instead of offering a bunch of graphics, it’s become more of a blog centered on all things teen!

 

References:

http://www.entrepreneur.com/article/234454

 

http://www.inc.com/ss/6-richest-teen-entrepreneurs

 

http://whateverlife.com

answered Aug 19, 2015 by AmyLynn (20,980 points)

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