How can I become a millionaire ?
Many people feel that becoming a millionaire is next to impossible. However, if you’re planning to spend your retirement without financial burden, you can start becoming a millionaire today. Although becoming a millionaire does not happen overnight, it is a possibility as long you make tiny steps to reach a huge goal.
An important step to become a millionaire is to find ways to save money. People who plan ahead usually achieve their financial goals because they practice wise spending. Analyze your daily spending habits and determine which small expenses you can do without. For instance, do you spend a 5-dollar coffee at Starbucks when you can make your own coffee at home? Do you eat in fine dining restaurants when you could create that same meal in the comfort of your home? If you actually spend time thinking of these little expenses and avoid them as much as possible, you’ll see an extra $10 to $75 per day.
Once you have some extra cash monthly, you should start investing to make your one-million goal possible. Whether you choose to invest the money in mutual funds, stocks or other investment opportunities, make sure you are knowledgeable enough not to lose your savings.
The problem with saving money is people don’t make it a habit. If you usually forget making a 5-dollar daily, you can have your bank do this for you. Most banks allow you to apply for several accounts, assign one that you won’t use. You can also link an IRA to your bank account so the bank could make the transfers automatic each month, so you’ll be sure not to miss your 30-day savings.
While $5 a day may seem little today, be aware that after 40 years of $150 monthly deposits with 10% interest, it could pile up to $1,000,000 and you can easily retire. Remember that the more you can put into your savings and investments, the earlier you can retire as a millionaire.
