How to become a millionare

in finance •  10 months ago  (edited)

8 Tips to become a millionare

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https://www.entrepreneur.com/article/288452

-Develop a written financial plan. ( I need to update my financial
plan to become a millionaire by the time I'm 52)

Writing a financial plan forces you to take action.

Focus on what matters most and don't worry about the past.

The purpose for me wanting to be a millionare is not so I can have a fancy
far or impress people and waste money. I want to be a millionare so I can
have the opportunity to enjoy the freedom of life. I want to wake up in the
morning and do something that im passionate about.

Some of those things include creating a basbetball league for youn players,
being a full time stock trader, take 3 months out of the year and travel ,
open a technology training center for inner city kids.

-Focus on increasing your income

Working on this platform steemit is one way that I'm working on to
increasing my income.

-Take advantage of uncle SAMs generosity

The power of compound intrest.

Some of the best returns and growth I have been able to generate over the
past 20 years have been from the money that I have invested and not touched.

I use something called acorns to store away spare change. That hos grown to
over $1,200 at the present moment. This is my emergency fund. Acorns rounds
up your spare change and stores that money in an investing account. The
account owner can choose to low risk, medium risk, or high risk, and see
forecast on how much money you can grow and save your money over 20 or 30
years.

Start investing with Acorns today! Get $5 when you use my invite link: https://acorns.com/invite/MFYEQ8

I have a deferred comp account through my job as a state worker and that is
what I use as a true retirement account. I have to increase my contribution
to max out.I learned from a friend that 3-5 years of maxing out your
contribution to you retirement account compounds so fast. Getting to
$100,000 in a 401K or other investment account can be achieved in 3-4 years.

A ten percent return on 100,000 is $10,000 that's $833 a month. That's very
doable and possible.

-Increase your streams of income

  1.   Stock trading ($300) a month
    
  2.   Steemit income ($60) a month
    
  3.   Uber driving ($120) a month
    
  4.   Other income ($300) a month
    

Total ($780)

I would like to increase this to $2000 in extra income per month

-Automate your savings

You can use a program like acorns to do this

-Upgrage your skills and knowledge
I'm working on this by taking networking courses through work.

-Live below your means and lay off credit

I have rules of frugality that I use to keep spending down, and
consume less. I have no credit cards and only use cash.

-Associate with millionaires

I know one maybe two people who are millionaires. I think you realize
something when you associate with someone who is a millionaire, they tend to
be more frugal than people who are not. I do need to meet more millionaires.

https://www.entrepreneur.com/article/288452

Start investing with Acorns today! Get $5 when you use my invite link: https://acorns.com/invite/MFYEQ8

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If u have financial diciplene then u should always use credit card. You make extra cashback and they add up quick

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My philosophy is to use my money and be disciplined with the use of it. Your philosophy might be different and that's ok. its very true that if you use someone else's money you have to be disciplined. In using your own money you have to be disciplined as well. One way to financial ruin is by accumulating too much dept.
How much dept is too much dept?

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I don't have any debt. When i make a bug purchase from credit card, i transfer tht much to credit card right away and make 1% on it.

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Hey Panda, have you looked a @Haejin ? his last post he holds on to 99% of the curation reward. You have any idea on how he is able to do that?
$24 of that is his own vote but Im trying to figure out how he gets the rest.

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If you look at his last post he upvoted his last post and he has a vote value of $24.00 he always gets a value of between $70.00 to $80.00 per post.

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I know that Im switching topics off of credit card dept but Im really trying to use this platform to get a decent return on what Im investing.
The finance talk always seems to get your attention, and I can only dive into these topics on the weekends because of work.

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Now that I have your attention how can we start to get returns like Haijin????

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Ranchorelaxo is a whale account (most likely his own) that upvotes his posts right away so he keeps majority of rewards. Thats the strat i used to use using bots but having a whale acct obviously works better.

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Its very difficult to keep the majority of the payout 90% or more if the voting bits take there sweet time up voting your posts. Thats the most important barrier to being successful using bid bots.

hajin has figured this out.

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He is just manipulating the system. He holds both the accounts and just upvotes second acct with first one.

What are the options available to you in your 401K that makes you so sure you will average 10%? Do you have a particular strategy you follow.

I have heard of acorns (doesn't help 401k) but I think its a great idea to build up to a nut that you can really invest with.

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I started my 401 K in 2014 in 2015 my return was 25%. 2016 - 2018 my return has averaged out to 20%. This plan is on autopilot but I am realistic about history and the ups and downs of the market. I'm using 10% as a general point of reference it could be a little less 7% or 8%. But over the course of 5 years I dont thinks its unrealistic to get a return of 10%, I dont think that is too far fetched.

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10% puts you in S&P500 territory before expenses. That makes it real but still a tough goal to beat. 3/4 of professional money managers don't beat the S&P. The reason behind that is that people love to make money but they hate losing it way more. That leads to diversification and ultimately to accepting less than the 10% in return for lower volatility. The more money people have at risk in their 401K, the more this appeals to them. Each 401K differs but most only offer a conservative portfolio in the first place. Some also offer only ones they get a kick back from. By the way you can see how your 401K plan compares to others at https://www.brightscope.com/

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My 401 k is with prudential. With the recent bull market returns from investment accounts have been inflated. The law of averages and the inevitable bear market will cool down this hot market. Thank you for the information i will check out the link.

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