I came across this neat article I found on
Yahoo and I wanted to share it with you.
In the article, Murray Newlands, discusses the
20 things needed to become the next Millionaire.
Here’s everything you need to know in
order to make your first million.
While you may be looking to make your first million
off of your business alone, the fact of the matter is
that becoming a millionaire
does not just come about by raking in profits
from your business. It arises from the decisions that you
make in your day-to-day life as well.
There are more millionaires than ever nowadays,
and it’s not because the financial market
is good; in fact, it is pretty common knowledge
that the economy has definitely seen better days, and the people
able to find success in it know how to act accordingly.
To become the next millionaire, you will need to blend
business practices with responsible financial decisions in
order to both maximize profits and squirrel away
some cash for the winter. Even though this is easier
said than done, the things that you have to do to become
the next millionaire are theoretically fairly easy.
Even though one of the reasons people strive to become millionaires is to be able to afford
the things that they want to do, living in a house far too big for your needs or shelling
out on a vehicle more luxurious than you require is going to set you back in your goals.
This is saving money and accruing wealth 101, but even
old advice can be good advice, and such is the case with this.
And the quicker you can pay them off, the better! This will enable you to
search for a job that you love and will therefore be more conducive to putting you closer to your goals.
It may be really tempting to up your quality of living or your lifestyle expectations as
you begin accruing more money and assets to make you into a millionaire,
but you will not reach your goal by taking some out of the pot.
You cannot spend what you do not have, so having these set up with your
bank is going to help you save money better than many other tactics will.
Having a good credit score is always a strong financial situation to be in,
but making sure that you can afford what you are spending is even better
when you are trying to become a millionaire.
The quicker you start saving, the better.
If you begin saving in your twenties or thirties, you will be able to take advantage of
compounding interest and put yourself in a better position without having to do much extra work.
When you are working for a wholesome goal instead
of a ploy to satisfy material urges, your goals will come to you faster and easier.
Having a bit of money on the side separate from your
millionaire fund will keep you on a steady track toward that goal; after all,
you never know when a financial emergency will rear its ugly head.
Even if you have income coming in every month, if you have any sort of debt,
you need to be deducting that from your gain–if it comes out negative,
you are not financially free, and will not be able to achieve your
millionaire dreams yet. In order to be the next millionaire,
you have to make sure that your debts are all paid.
If you keep putting in the effort, it will be easier to
make amends after a financial mishap.
Not only will it add to your savings that much faster,
but also if you stay busy you will have no time to
spend the money that you are trying to save.
Most modest savings plans do not end up panning
out as the people who made them would have liked.
Having a vision larger than what you can currently
deliver will actually be the best way to ensure that you meet your goal.
Keep up to date on what you need to know to manage your money,
and realize that without good management, it will never grow
or mature into what you would like it to be.
Working in a field you enjoy will be one of the fastest
routes to financial freedom and success, as you will
spend more time at work and excel at it, putting you
in a better position for promotions and pay increases.
This will keep you satisfied and will help you achieve
financial success with your goals.
Simply saving and hoping that it will come to you will
never be good enough. You will only receive what you earn.
Without furthering your education or professional
development, there will be nothing to set you apart from others,
and no reason for your employer to aid you in your goals.
Having property on hand is always going to be a good asset,
as there are always buyers for property and property values are
beginning to climb again, healing from the collapse in 2008.
Being versatile will lead you quickest to the solutions for your problems.
There’s certainly no surefire way to becoming a millionaire.
After all, if there was, everyone would be making millions.
However, if you manage to blend the right business practices with solid
personal finance skills, there’s no telling where you’ll end up.
Follow these 20 guidelines, and you, too, can become the next millionaire.
Sulondia “Sue-Ham” Hammond : Author, Marketer, Blogger, Coach
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