10 Keys To Becoming A Millionaire This Year
Change your mindset, implement lifestyle changes, accumulate cashflow
The number one obstacle that gets in the way of someone becoming a millionaire is the belief that becoming one is unattainable. With the right guidance and attitude, anyone is capable.
Once you have a millionaire mindset, you cannot lose the drive to attain what you know is rightfully yours. Get your head in the game, and prepare to be your own boss in this life. I’ve outlined some tips for success that have helped me through the years to get where I am. Follow these steps, and don’t lose sight of the end goal. You’re on your way to becoming a millionaire.
1. Assess Your Current Financial Status
To grow, you must first know where you are. You must get everything organized on paper and asses your current financial status. Physically writing it down, you will be able to see what needs to change to achieve your goal. Be honest in your assessment. Evaluate what you earn versus what you spend and create a financial plan that will guide your upcoming journey.
Write down the following:
- Full income
- How much you spend
- Where could you cut back and save?
- Create invoices to keep track moving forward
- Write down goals: financial and lifestyle
Don’t be discouraged if doing this makes you realize you aren’t satisfied with your income and current spending habits. That is the point of this exercise. You must face what is true to make positive changes. Nothing changes if everything stays the same.
2. Increase Your Current Income
Now that you have evaluated your current financial status, assessed where you could make cutbacks, and written down your goals, it’s time to brainstorm how you can achieve these goals based on your evaluations. You aren’t going to become a millionaire overnight, and while opting to eat in more nights a week will help, you will need to increase your current income to reach your goal of becoming a millionaire realistically.
Increasing your current income may seem daunting, or even out of reach, but that is not the millionaire mindset. Look at opportunities with your current employer. Is there a promotion up for grabs or a new position within your company that offers a higher income? Talk to your employer about your goals and pitch your stand out qualities.
3. Discover New Revenue Streams
Whether or not increasing your income is possible with your current employer, millionaires rarely have only one source of income. Most millionaires have more than two streams of revenue.
Think about what skills you have that could be used elsewhere. A second income doesn’t always come in the form of another full or even part-time job. Start small and brainstorm side jobs that generate more monthly money for you like freelancing, mentoring, consulting, lecturing, blog writing, renting a room on Airbnb, or opening an online store. Regardless of how much, any extra money a month is more than what you started with.
4. Start Saving
Once you’ve figured out how to bring in more income monthly, and you’ve organized how much is coming to you, it’s time to create a saving strategy. Think about splitting your income into three categories, living costs, personal expenses, and savings.
Your living costs are things you need to spend on each month like rent and groceries while personal expenses are things that you want to spend on like activities, eating out, and holidays. You need to create budgets for these and stick to them. Your savings should be split into two accounts, a retirement plan, and an emergency plan.
The best way to keep to your budgets and stay organized is to automate your finances. Establish how much you’re going to be saving each month and create direct deposits from your account into each savings account. Ideally, depending on how much you earn, aim to put 5 percent towards your emergency fund and 10 percent towards your retirement. With the remaining money in your account, deduct what you need for living expenses, and don’t overspend on your personal expenses. It will take some getting used to, but before you know it, this method will become routine.
5. Acquire New Skillsets
There is no shortage of skills to learn. Whether you want to learn more about your current job and position to become an expert in your field or learn something entirely new to bring to the table, knowledge enables you to stand out from the crowd. Additionally, being well-versed in broad topics allows you to talk to a range of professionals and make connections. You don’t have to take classes to learn and become a more well-rounded intellectual. Start devoting time to reading more books, listening to podcasts, attending conferences, and browsing the web for seminars. Not only does learning help you professionally, but it also helps keep your brain active and sharp. Millionaires are innovative, creative, thinkers. The more skills and facts you acquire, the more you have to offer.
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