5 Steps to be a Millionaire

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It’s a fact that most of us in this world thinks and even says others that they would become a millionaire one day. But some say it mockingly and the rest are serious. Well, only those, who are serious can really do it. Though, becoming is not everyone’s cup of tea. Still, it makes sense when you are fully determined. So, are you one of those optimistic persons but lack valuable and handy tips to nose ahead to fulfill your gutsy wish? Here are some high-yielding tips, which will undoubtedly help you to get into the millionaires’ club. Take a look.

1. Establish a Clear Goal

This is perhaps the first and foremost work you have to do for yourself and is the first step towards becoming a millionaire. This is because without a clear goal, you are like a bird without wings, which will land you nowhere. The big you set the goal, the big you get the result; provided you must stick to your goal till you achieve it whatever it may be. So, set a concrete and clear goal today and break it into more actionable smaller goals which will be accountable for the lavish life you are dreaming of.

2. Save, Save & Save

This is a simple yet a bold step to fulfill your ambitious dream of becoming a millionaire. Be careful with each penny you spend. Avoid spending on unnecessary things like expensive champagnes, coffee or other things, which eat up the major amount of your money earned. Learn to hoard at least 10% of your total earning. You will be astonished to see how much you have saved after the end of a 5 or 10 year including your interest money. Realize that you need money to make money and start living from today a frugal and economical life.

3. Wisely Invest Your Money

Investing money may frighten you, if you’re investing your hard earned money for the first time in your life. This is because, it might turnaround and you may face huge loss. Don’t ever think like that. It’s not gambling. Gambling is something far different than investing. Make your money work for you and helps in fulfilling your coveted dream of becoming a millionaire. So, start investing your money in a number of investment vehicle like stock market, bonds, mutual funds and in your own business etc. to make your money get doubled or something more than that.

4. Stay Out of Debt

This is a golden rule for making your millionaire dream true. Always stay out of debt because having debt will ruin your inner happiness and will gradually weaken your mental ability and confidence level. If you’re making debt to expand your business, to build up your home or to buy a car, then remember that your foremost duty is to save the exact monthly money accordingly to pay it off as soon as possible before it acts as an extra burden for you.

5. Earn Extra Income

If you are dreaming to be a millionaire, then you have to do more, earn more else your dream will be a dream for you forever. Invest your spare time in earning extra income that will contribute to your savings. This is because, after some years you will be able to start your own business with the saved money. This will add a further step to live your faded dream to become a millionaire. There are a lot of extra income sources you can choose according to your likeliness, which you absolutely love to do in the pastime.

Stick to these above tips strictly; you will see you are inching closer day by day towards your dream of becoming the millionaire.

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