Who Wants To Be A Millionaire?
The answer to the question, who wants to be a millionaire, is typically going to be MOST PEOPLE.
So the real question is “who can be a millionaire”? In other words, who can actually do what it takes to turn themselves into a millionaire?
According to The National Survey of Millionaires, conducted by The Ramsey Institute where 10,000 millionaires participated, 79% of all millionaires in America are first generation rich.
That means 79% inherited none of their money. So 4 out of 5 millionaires got their money the old fashioned way – they earned it!
Click the video below for more information about How to Change Your Money Mindset
So what can you do to take your place among the millionaires and become one of the 79%?
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Here are 5 things you can do that will ensure, over time, that you will likely have over one million dollars of net worth.
If I’m half wrong, you will have $500,000, which is no slouch, and if I’m 75% wrong, at least you will have $225,000!
1. Max Out Your Retirement Contribution At Your Job
I don’t care if you work at McDonald’s, Target, or Taco Bell. I don’t care if you are greeter at Wal-Mart. Start contributing immediately. Money NEEDS time to grow. This one is vital!
Invest an additional 5% of your gross salary into growth mutual funds or index funds.
2. Buy a House In a Prime Location On a 15 year note
Real estate is a tremendous builder of wealth. Don’t let this pass you up. It doesn’t matter if you are 21 years old or 50 years old, do this. And whatever you do, don’t fall for the 30 yr mortgage trick!
Click HERE to check out why a 15 year mortgage beats a 30 year mortgage
3. Pay Off Debt
Pay off all of your debt, and, other than your primary resident, NEVER borrow anything else. Buy everything cash. If you can’t buy it cash, don’t buy it. period. Not a popular way of thinking nowadays, but it works!
This one is a tough, and it’s one that I have struggled with. I know it’s difficult, but it’s important. You can’t borrow your way to wealth. It doesn’t work.
If you want to be a millionaire, you have to get a handle on your debt.
Click the video below for How to Change Your Money Mindset
4. Live Below Your Means
Budget, save up for larger purchases, stop keeping up with the Jones’s, and shop conscientiously with wisdom.
Live a simpler life, downsize, don’t go on every major vacation, don’t go to every big concert, don’t buy the biggest car, don’t spend money like there is no tomorrow, and have DISCIPLINE!
Be frugal and adjust your lifestyle to match your money and your money goals. Don’t live a champagne life on a Keystone beer income.
Living above your means will kill your wealth! Everyone likes to focus on the Income and few people realize that you have to focus more on the expenses.
5. Give And Help Others
Whether it’s tithing to your church, giving money or clothes to a homeless shelter, or giving money to help needy families, giving is a major part of getting.
Be a blessing to other people and you will be blessed. Serve and help other people get what they want.
Give to the causes you believe in the most. No one has ever gone broke from giving!
I’m just a regular guy, but I realize becoming wealthy is not complicated, its not mysterious, and it’s not for only a certain group of privileged people. You can do it!
The answer to the question “who wants to be a millionaire”, is everyone. The answer to “who can be a millionaire”, is also everyone!
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ABOUT THE AUTHOR
Eric is the founder of Smart Money Bro, a blog about empowering people and discussing practical ways ordinary people can be extraordinary with their money. He only writes about things that he has done, and that actually work.
He’s made mistakes and has turned his financial future around and is now in the position to help others do what he’s done. Read More