The Path to Make a Million Dollars
So you want to make a million dollars? Who doesn’t! A million dollars isn’t quite what it use to be, but it is still a common goal that many shoot for. Unless you invent something like the next Facebook or YouTube, your path to make a million dollars will certainly start with how you manage your finances and your lifestyle.
Want vs. Need – Avoid wasting money on things that you don’t need. Before you buy your next latte at that fancy coffee shop, stop and think about how much money you spend on these drinks. Now, consider how much more you could add to your high interest online savings account or investments over the next year if you cut back on them. Start to look at things this way if you really want to build up the savings. There are many things we take for granted that are nothing but luxuries, that we could easily do without. Weigh out your priorities, and trim back what you don’t need. Essentially, live below your means. There is a huge difference in looking like a million dollars and having a million dollars. A lot of people you see with the huge houses and expensive cars are overwhelmed with debt.
Get out of debt and stay out of debt – You won’t have much to save if you are spending all of your money on high interest rate credit cards. Every month that you carry a balance on a credit card, you a costing yourself more money than you actually needed to spend, in the form of interest. Pay of credit card debt, and get ride of the cards you have that you don’t need. By limiting your use of credit cards that allow you to spend money that you don’t physically have on hand will only help to ensures that you don’t rack up more debt. Read more on dealing with debt.
Build Multiples Sources of Income – It is easier now than ever to make more money with side hustles and a lot of them don’t require you to leave your house. Things like posting videos on Youtube can be an easy way to create a secondary source of income that can again help you to build your savings and/or investments for the future.
Investing – Investing isn’t just for people like Warren Buffett. You can invest even if you don’t have millions or even thousands to put into the market. Read more about investing.
The path to make a million dollars usually has nothing to do with luck. It takes patience, smart savings and investments… but most of all a millionaire mindset.