Money actually is not everything. When talking about the definition of success, money might play little importance. Success has a different definition. Success is making those that believed in you look brilliant. This article will talk about what should you do to increase your chances of becoming a millionaire. Making money in life and become a millionaire is very easy. There are mathematical laws that govern how the money will work for you over time, reaping greater and greater rewards. These laws are laid out in detail in the book, “The Working Life Of A Dollar.”
The 7 Easy Steps to Become a Millionaire
– Write down your present monthly income and expenses. Next, see where you might be wasting money on foolish items. Where can you cut expenses and use that money for your future? Plan a monthly budget, and stick to it.
– Get out of debt. Just as money compounds interest going up, it also drains money out of your pocket when you pay out interest. Only make purchases on your credit cards when you have the cash in hand to cover the cost. If you have a habit of overspending every month, cut your cards up!
– Always pay yourself first. A minimum of 10% of your monthly income should be reserved for your future. The more you can pay yourself, the quicker your financial goals will be met.
– Give a portion of your earnings to help others less fortunate. Just as the mathematical laws governing the compounding of interest are unbreakable, this is a Spiritual law that is unbreakable. You must be willing to freely give before you can rightfully expect something to come back to you.
– Pick a proven investment vehicle to place your money. The easiest investment is to pick a top performing diversified domestic growth mutual fund. Your fund should have averaged a rate of return of at least 20% over the last 3 to 5 years.
Spend $1.00 and pick up a copy of the Investor’s Business Daily newspaper. Every day they publish a mutual funds table. Only choose a fund that is A rated or better.
– Invest monthly into this fund and reinvest all dividends. Many people do not have the discipline to save money every month. If this is the case, choose the option to have money automatically deducted from your paycheck or checking account.
– Don’t panic. Understand there are business cycles and market cycles. Bear markets typically last from 9 months to 2 years. Buy as many shares of your fund as possible during Bear markets.
Big returns are always made by sitting through several market cycles. To get these returns you must have the patience and belief to sit tight and add to your holdings during down market cycles. That’s it! Simple and easy to do. Now all you have to do is get started.
Culled from Articles Factory | Steps to Become a Millionaire