Steps to Hitting the Millionaire Status
A lot of people have millionaires in their countries based on their currency but in this post, I will be looking at how to become a millionaire and what it takes to be one. I will be using the USD as a benchmark since it is the world exchange currency. I will look into both the physical and the psychological aspect of becoming a millionaire, as both affect the race to becoming a millionaire.
Mindset
A lot of people have a mindset that they can’t be millionaires in US Dollars, this mindset sometimes are placed into the mind of the people by the environment they are, the government and many other factors. You see, the mind is the beginning of wealth creation. If a person does not have a decision to become a millionaire, then there is no way to be a millionaire.
Understand the Mathematics behind being a Millionaire
Being a millionaire means knowing the money mathematics. You need to understand how to double or triple incomes legitimately, you need to know how many years it will take to make a million, and you need to understand the law of compound interest. You need to understand the mathematics that will make you identify how much it will take to sell a few product before becoming a millionaire or how much it will take with an average interest in investment to make up a million.
You need to understand how to increase income.
The only way to grow and become a millionaire is to learn how to increase the income being generated. You need to be able to sell 1 product and make the product become 2 and then 4. This is what increasing income is about. The ability to increase your income is what makes you money. If it involves sales, then you have to sell more and so on. Increasing you income source is what makes you richer.
Saving and investing more while living cheap
Living cheap, saving money and investing money is a way to keep finance. Finance management is the best way to improve and grow wealth. Growing gradually and not spending excessively is one very impressive way to grow wealth. Do not spend the money you do not have, you should buy what you can afford not what you can buy. Affording in my own point means having the purchasing power to buy 6 unit of a product. If you cannot buy 6 Ferrari, then don’t buy one.
Invest in different places
Never put all your eggs in one basket as a disaster could crush everything. Also do not plant on one type of soil as not all will produce fruits. Investing in different places is something that a lot of people should be willing to do, the more you invest the more returns you will get. Make sure you get multiple source of income, never lose a stream of income no matter how little it is.
Conclusion
In other to join the league of millionaires either in USD or in your local currency, this steps will take you there. On a concluding note, it is easier to say this than doing it, doing this things require determination and repetition. The earlier you start, the better.
Becoming a millionaire isn't as easy as it is said, it requires determination and following the right procedures. You see, everything is organised and follow the same principle.
Life itself requires that we follow the right procedures if we have to enjoy the good sides.
It was helpful:-).
I am glad it was.
Hello, I totally agree with you, the main thing is to change the mentality and once you have achieved your goal you can keep it, because just as you get money you can lose it, only buy what you can afford, that should be a rule for everyone, but unfortunately people prefer to have luxuries and waste money than to save for a better future.
The sad reality is that people love to spend on luxury rather than invest, it is certainly an act of show off.
There are set backs assoociated with coming from a poor country sometimes, but that does not limit is from what we want to achieve. Setting a goal and working hard to achieve it makes a lot of amazing difference.
It is really not easy to grow when you are from a country that is not helping but we just need to try.
I love the concluding sentence: The earlier we begin, the better for us. We are blessed with knowledge but the utilization of the knowledge we obtain is how profitable the knowledge will be.