People want to be millionaires or at least live like they are. However, most millionaires live ordinary modest lives and may be living next door. If you truly want to be a millionaire you have to think and budget like one. Here are 8 tips to help you become a millionaire.
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1. Save your money and invest wisely.
Wealthy people save on average 20% to 50% of their monthly income. They max out their retirement plan(s).
2. Be smart with your money.
Don’t try to keep up with the Jones. Wealthy people don’t spend their money on extravagant purchases or haphazardly.
3. Own modest reliable cars.
Don’t purchase or lease a new car. Wealthy individuals pay cash and avoid taking loans on depreciating assets.
4. Goals, goals and more goals.
Start small then, work your way up to more substantial goals. It will get easier. The vast majority of wealthy individuals set goals.
5. Steer clear of consumer debt.
If you can’t afford to pay cash then, you don’t need it. Wealthy people don’t use credit cards to finance their lifestyle.
6. Set aside an emergency fund.
Set aside a buffer in case of an emergency. Wealthy individuals have 3 to 6-months worth of expenses in the event of an emergency.
7. Plan ahead for larger purchases.
Saving and planning for larger purchases helps avoid consumer debt. Wealthy people plan ahead.
8. Monitor, track and budget.
We all need to budget and track our spending. Wealthy people are no different. They know where their money is going and budget accordingly.