It’s Not Too Late To Be A Millionaire
When you think about becoming a millionaire, are these part of your wishlist?
- Luxury Cars
- Private Jet
- Lavish House
- Upscale Lifestyle
Think again! If these are part of your wishlist, you will burn those dollars faster than you earned them.
Becoming a millionaire is easier than it sounds. The process of becoming one has been consistent over the years. You need skills that are free to acquire — Commitment & Persistence.
Did you know that there are 47 million Millionaires on this little planet? They have wealth equivalent to half of the human population.
Becoming one is no cakewalk, but it is possible and within your reach. Here are 7 essential habits that will help you get a step closer to earning the title of a Millionaire.
Invest Early
Start saving and investing early, even if it means saving $10 or $100 every month. No investment is too small; these small amounts will eventually add up to a significant value.
I started late; I did not come from a financially educated family and never knew the power of compounding. Instead of investing whatever little I had, I waited for promotions, salary hikes, and bonuses. Eventually, I never invested anything. Looking back at the lost opportunity — I have lost millions.
It’s never too late. Start today. If you can, invest 30% of your income in a diversified portfolio and budget the rest for your expenses.
Be Frugal
You may be impressed by the luxury celebrities show off on Instagram that fill you up with envy and a desire to own those riches. That is precisely how you will not become a millionaire or a billionaire.
Have you seen Warren Buffet, Elon Musk, Mark Zuckerberg, or Jeff Bezos show off their luxuries? Jeff used to drive a Honda when he was worth $3 billion, and Mr. Buffet drives a $28,000 car and is worth $80 billion.
Have you ever used the sentence “Keep the change” just because you were in a hurry or wanted to impress people around you? Those changes you gave up were worth hours you have spent behind a desk doing a job you hate. Every penny counts.
Successful individuals know their worth and utilize it to achieve their dreams. Money makes money. Learn from these talented individuals and walk in their footsteps.
Avoid Credit Card Expenses
Credit cards are the worst line of credit you can ever have. It not only has the highest rate of interest, but it also creates a vicious cycle of expenditure and defaults.
I, my family, and many of my friends have been through that. Some are still stuck in that vicious cycle. Live within your means; if you do not have the cash to purchase something, save enough to buy it later.
I am not advising against owning a credit card, it helps you boost your credit rating, and if used wisely, it comes with a plethora of cashback and rewards. Be cautious when you use it and always pay the dues in full.
Never Stop Learning
Warren Buffet reads 500 pages a day and his close friend Bill Gates reads 50 books a year, along with hundreds of pages of newspapers and financial reports. I am not suggesting that you read 50 books a year. Instead, my advice to you is to start reading.
Self-made millionaires take time to study financial news, trends, and insights every day to become an expert in their field of work. You can learn anything for free on the internet. It would be best if you spent the time to search for the content. Google & YouTube has made your job a lot easier.
Let Go Off Of Meaningless Entertainment
Have you realized how many times, you swipe your screen down to refresh and view new content on social media? This is psychological candy created by tech giants; new content is a reward you get to swipe down and get hooked to the screen for another 30 minutes. Stop scrolling through an endless loop of social media. Instagram, Facebook, TikToks of the world does not have any real-life value addition.
Instead of bingeing on movies and TV series, watch documentaries of individuals who made history, changed the present, and the future. Learn from their experiences.
Time is the only commodity that money cannot buy. Billionaire or not, we all get 24 hours each day. How we utilize it defines what we make of ourselves.
Do Not Take ‘No’ For An Answer
There hasn’t been a single success story where the idea was not criticized by friends, families, or strangers. Ariana Huffington created The Huffington Post, a media website which critics said was “un-survivable”, today it is one of the most prominent media websites.
The key to success is to believe in yourself, your idea, and to never take ‘No’ for an answer. Not even from yourself.
Daily Habits
For over six years, I used to work till 3 am and got up at 10 am. I never realized that unknowingly I was making an unhealthy choice. By the time I woke up, the world had spent 5 hours making important decisions about their lives and finances. It took me months to change my sleep cycle, and I still struggle with getting up on time. But irrespective of the time I sleep, I try to get up early.
Billionaires are no different; they get up early in the morning. Twitter CEO, Jack Dorsey, wakes up at 5 am to meditate; Richard Branson gets up at 7 am to workout and read financial newspapers.
Getting up early gives these billionaires enough time to exercise, read, meditate, and spend some personal time before the market opens for business. Getting up early in the morning allows the mind to focus, generate new ideas, and give yourself a headstart compared to others who don’t.
What time did you get up today? If your answer is even a minute later than 6 am, it’s time to make some lifestyle changes.
It all comes down to a healthy discipline and understanding how you can use money as a tool and not use it as a barter system to exchange for things you do not need to impress people who do not matter.
While this article will not make you a millionaire, it will give you a few tips to help you get started.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Consult a financial professional before making any significant financial decisions.
