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Become a Millionaire

Dream big, or go home!
This is one of the quotes many people live by at the start of their careers. This is why people believe that they will only achieve what they dream about. This isn’t entirely wrong, to be honest. Yes, becoming a millionaire is possible for anyone reading, learning, experimenting, and growing. No, you can’t become a millionaire overnight.

Many millionaires started from scratch and even wrote books on how to become millionaires. The trick is to be consistent in what you do without losing focus, and discipline, or by making smart choices.

There are a few things to consider and steps to follow before you can become a millionaire or even a billionaire. In this blog, you will read what took us hours to research and confirm. These steps are the ones that many millionaires followed. The information was collected from thousands of millionaires, so the points can be worth something.

Fun fact:

There are 62.5 million millionaires in the world as of now.

What do you think?
Can you make the list?

Two Other Cool Fun Facts:

  • Only 20 percent of the millionaires currently got rich after inheriting their wealth.
  • It means 80 percent of millionaires have generated millions in dollars through hard work and continuous commitment to success and themselves.

Did you also know that many of these millionaires went bankrupt during their struggle? But they did not give up, and finally, they reached their millionaire position in the world.

Here are a few things to consider if you are looking to grow financially and become a millionaire:

Stay No to Debt, Always:

This may seem like a very simple task or goal, but almost everyone needs to understand the importance of having financial stability in their lives. Getting money from someone else and using it to improve your lifestyle will NOT make you a millionaire.

The majority of millionaires have understood and accepted the fact that once you are taking money for yourself, it indirectly means that the money you could have saved is now going to pay back the loan or debt every month because of the previous loans you took for whatever reasons.

So, putting it simply, see debt as quicksand that is engulfing your financial dreams fast. Thus, every time you go out and buy something on credit or by taking out a loan, you are basically deepening the hole where you yourself are standing. It means getting out of it will become harder and harder.

The logic behind this reason is that the money you have to take out of your income streams every month could be something that you were investing in for your future by investing it or utilizing it smartly. Instead, you just give it away to pay back the loan. And it is not just the principal amount, there is an interest rate as well, causing a lot of cash to fall out of your hand.

So, instead of sending that interest amount to the lenders, save it and put it toward your future short-term or long-term goals!
To make this point even stronger, know that, according to research, 9 out of 10 millionaires never considered taking out a loan for any reason whatsoever.

Then, more than 70 percent of millionaires shared that they never let their credit cards have a higher balance than zero.
The point that we are trying to explain here is that the millionaires of today have always tried to ignore and avoid debt. And this is an excellent thing.

But, have you already taken a loan for your studies? Are you already in debt because of your credit card usage?

You still have hope. It may take a little while longer but if you stop taking any more loans and start working on it strategically and paying it back, then you can also become part of the race to become a millionaire in the future.

Be Early At the Party; Don’t Be Late

You know about Compound Interest, right?

Then this point will be pretty straightforward to understand.

Become a millionaire, but start early. Don’t wait up. Start saving today.

As soon as you are debt-free, or better if you decide not to go for loans, this is the time. This is it. No tomorrow. No next week/month/year. It is today.

Start Saving Today:

To give you a perspective, let’s say that you started saving at an early age, say 25, and every month $300 went straight into your savings.

Now, two things will happen:

First, by the age of 57 and with an interest rate of 11 percent, you will be a millionaire.

Age is just a number. Don’t think that if you are already 60 you won’t be able to be a millionaire as there is no time. Because, that dear friends, is such a wrong assumption on your part.

Warren Buffet became one of the richest people (investors) alive today at the age of 64. He started in his 60’s. And within a few years, he has not one but multiple investment opportunities, multiple companies, and so on.

So, what is your excuse?

This also means that you also need to bring your A-game everywhere. Practice makes perfect, obviously. This is why starting early will help you in gaining the perfect experience, skills, and knowledge that you need to become a millionaire sooner rather than later.

Making Saving Your No.1 Priority

We have seen people who start by committing themselves to saving 15% every month to change the percentage by lowering it every time they need it more on something.

This is not how to win.

This is how you give excuses.

So, never ever change your decision.

You have to save 15%. Not 10 and not 5. It is 15%. Making the number constant in the beginning and then increasing it monthly or yearly is how you will succeed.

You can invest in it.

You can start a savings account, just like a 401k, a tax-advantaged retirement account.

It’s for your own future.

Data claims that people became millionaires in the US just by investing 15% for 20 years or so. In general, almost all millionaires who didn’t inherit yet succeeded by saving at the very least 10% of their income. Every month. This is true for more than 70% of existing millionaires.

From the age of 37 till the age of 51, there are higher chances of becoming a self-made millionaire. It’s all the more reason to start early and fiercely.

Don’t Just Save The Same Numbers

Okay, so we talked about saving 15 percent every month.

We discussed why starting early is essential and you should definitely go for it.

But the one thing that will help is don’t get stuck. The percentage can be the same. But the number that percentage represents does not have to be the same throughout.

So, GROW professionally, financially, and personally. Upskill yourself. Make sure that you are growing. Today you are an intern, tomorrow you will be a manager, and the day after that you will be the director and a millionaire.

The point is, to increase your income and once you start working on it, you will be driving towards your goals faster. The direction remains the same, the only difference is the speed.

Increase your speed to Success.

Tips to do so:

  1. Learn a better skill
  2. Opt for better opportunities as soon as you find them
  3. Switch when it suits you better
  4. Start a side hustle
  5. Control your own destiny
  6. Be humble in living

The other points are self-explanatory but for the last one, here it goes:
You don’t have to spend more to live a good life.

Try streaming services like Netflix instead of cable.

Buy a bundle insurance instead of a separate one for your home, car, and so on.

Try experimenting with cooking. Instead of going out every time to eat, try home-cooked meals and save a lot of money.

How many monthly subscriptions do you have that you actually use? Did you read the last month’s issue of the magazine? Did you go to the gym today? How many streaming music subscriptions do you have?

These are some of the irrelevant and unnecessary expenses that you can easily avoid and save money on. You can easily get less expensive options.

In addition to all the previous points, there is just one more addition to this part:

Social media, influencers, and TV ads, but mostly social media like TikTok and Instagram, are some of the ways you are easily sucked into buying stuff you don’t need for needs you don’t have with the money you should have saved.

Hence, don’t let these tactics fool you, and always ask yourself, what if I don’t have this item, or what if I don’t buy this service?

Are you following this point? Don’t spend where you don’t have to. Your will is your partner. Use its power to succeed and accomplish your goals.

Comparison culture, influencer madness, and tricky marketing are not something that you should fall prey to. Not now, not tomorrow, not ever. These tactics are used by businesses to let us believe that we need something that, in reality, we do not.

Instead of obsessing over what you don’t have, try and focus on stuff that really matters, like matters a lot like your family and friends, your religion, your career goals, the legacy you’ll leave your children, and so on. Those will bring you much greater joy than a brand-new car or a destination vacation ever could.

Building Partnerships. A Social Circle that Can Guide You Properly

One of the double-digit millionaires and later billionaires, Cardone, always advocates collaboration. Collaboration should be the focus, not the competition. And because of this attitude, the next best and only road should lead you to find good people, good partners, and good work groups.

You can never make a double-digit millionaire dollar alone. You need a team, a system, and a bloody great partnership.
The social network will grow, the following will grow, and you will start teaming up with equally motivated people, or maybe even people who are far in front of you in the game. So, team up!

It is definitely a difficult process. Finding the right group of people willing to live a broke life in order to have a future where spending money makes them more money, for instance by investing and so on.

A double-digit millionaire. But it is worth it. And once you achieve creating your own brand, your personal brand, then you start building your brand’s credibility. This is how you increase your social circle — the right one.

Tell your story, and then build another one, the story of your life where you are content and succeeding. The one where you are proud and the one where every piece of the puzzle is coming to its right place.

There are plenty of millionaires who have written down the secrets behind their success. they have published books and ebooks, they have given interviews to big magazines, they have become part of the best of the best list, 30 under 30 list, and so much more.

There are multimillionaire people in the world whom you will recognize by a personal brand rather than by their company name.

Grow with Discipline and Hard Work

One millionaire wrote that success is more focused. So, if you are not focused, if your thoughts are cluttered, or if there is chaos in your mind, then it will be difficult to create value for yourself.

This requires hard work and discipline. It requires you to trust the process. You have to get back up after every fall.
Start with decluttering your thoughts.

By doing this repeatedly, the tasks themselves will likely become second nature and easier to complete.

Professionals can Help: Take it the First Chance You Get

Why do we call some people professionals?

Because they have put in the hours and increased their knowledge in a relevant area. Then they have practiced and practiced to apply their knowledge in the real world.

This is when they become professionals, and this is why their suggestions and assistance are worth a lot of money.

Whether you are going to a dentist for cavity removal or a marriage counselor, these are professionals in their respective fields. You will not let anyone but a qualified dentist get near your teeth, right?

So, when it comes to something just as important, i.e. your retirement funds or your future, professionals with the right expertise are who you will look for right?

So, taking assistance from an investment professional is one of the smartest decisions you can make for yourself and your finances.

Did you know?

68% of millionaires worked with a financial advisor to achieve their net worth.

Now, do you understand?

Becoming a millionaire tycoon is never going to be the journey of a single person. The person walking on that road needs assistance at specific points from specific professionals.

In case you are not sure where to begin, contact us for a FREE CONSULTATION, and let’s take it from there. The consultation will be given by a serial entrepreneur who has learned a lot and is ready to share his secrets and knowledge with others.

Is a lavish lifestyle normal for millionaires?

Let’s be honest here, you may have seen movie stars, the cream, spending their weekends in cafes, wearing flip flops, and holding a coffee cup. This is what most millionaires look like. They don’t drive lavish cars or wear $3,000 worth of t-shirts.

They drive Honda — at least 31% of them. And this is how they live. An ordinary life with an extraordinary bank balance.

In some very simple words, managing money is more important for millionaires than keeping up with the latest fashion trends or checking out luxury cars.

Passion is great, Money is Greater

If you find a job that fulfills your passion, do it. But, if you find another opportunity where you get higher pay, greater tax breaks for your business, etc., then that is where you should step towards.

Why?

You can follow your dreams and passion later, but you can’t get the money in your old age as you can at your young.

And trust us, you will start enjoying and even loving the things that bring you more money and wealth. This is a long game, and you should never settle for less anyway.

Think Big! Your Thoughts, Your Goals, and Your Life’s Mission

The truth is, you need to think big to make it big. If you keep thinking small, afraid of the unknown, then becoming a millionaire may not be the right goal for you.

So, start big, or even bigger.

Almost all millionaires, tycoons, billionaires, big names, wealthy people, and so on have thought big, and taken even bigger steps to reach the point where they are today.

Dream bigger, always.

Go All In

Reaching your goal number 1 or successfully becoming a millionaire should never be your end goal. This is the most important point.
Once you reach this goal, remember that becoming a millionaire will not let you stay relaxed, all ready for your retirement. You need to focus on the next big thing. Now add the rule of earning enough that you are able to save as much as you pay in taxes and live on the remaining money for your daily usage.

This is absolutely NOT easy. But once you start following this formula, and start earning enough to do so in the first place, you are already on the road towards financial freedom.

Concluding Remarks!

To successfully become a millionaire is just the beginning. So, do not stop here. This is not the point where you can sit back and relax. This is not the place where you can be free to enjoy a lifelong vacation without thinking about money or income anymore.

The path to millionaire status is not an easy one to take, but with the help of the stated steps and ideas, with clarity and practicality, you can reach there sooner rather than later.

Your journey must begin by thinking of any kind of small or big debt as the enemy of wealth accumulation. By steering clear of unnecessary loans and credit card debt, you can redirect your resources toward building a solid financial foundation. And this is the end game, isn’t it?

This involves:

Following the principle of early savings

  • Leveraging the power of compound interest to turn modest contributions into substantial wealth over time
    Committing to regular savings, ideally around 15% of income, as it establishes the cornerstone of financial security.
  • This disciplined approach, coupled with astute investment choices, sets the stage for eventual millionaire status.

In addition, people who are serious about becoming millionaires are encouraged to focus on income growth strategies, such as skill development, seizing opportunities, and pursuing side hustles, to accelerate their journey to financial independence.

However, the pursuit of wealth is tempered by a weak and materialistic mindset, where value is prioritized over extravagance. So, when simplicity is the priority, modesty is the lifestyle, and unnecessary expenses are avoided, this is when you can increase your savings and create a portfolio of profitable investments that will lead to a perfect retirement plan.

Moreover, strategic networking should be emphasized as a means to promote growth and open doors to new opportunities. Building a supportive social circle and seeking collaboration over competition are essential components of this approach.

Ultimately, achieving millionaire status requires unwavering dedication, resilience, and a willingness to learn from failures. By maintaining focus, continuously seeking growth opportunities, and seeking professional guidance when necessary, individuals can embark on the journey toward financial freedom and join the ranks of the millionaires.

There are still a lot of things to do, investments to make, and roads to take. Many millionaires have shared that once they started their journey, it was not easy or fast, but in the end, it was all worth it.

This article provides general guidelines about topics related to money. Your situation may be unique. If you have any questions, please contact us.