Skip to main content

The road to the first million dollars

  • Author:
  • Updated date:

Mr zino Engineer graduated from the University of Batna 2, my hobby is writing, researching, and working online

who wants to be a millionaire

who wants to be a millionaire

If you want to turn your balance into a number of 7 digits, these tips from the world's rich people who amassed their wealth at a young age and on their own will help you to do so. Although we won't guarantee that it will make you a millionaire, at least it will bring you financial success that you wouldn't have dreamed of.
How to become a millionaire:11 steps to getting rich at a young age
If you're true to your ambition, and willing to do whatever it takes to achieve your dream of getting rich, these are 11 steps that will jump you from bankruptcy to wealth:

1. Focus on increasing your income
"Within the current economic environment you can't just save on your income to become a millionaire," wrote Grant Cardon, who went from being bankrupt and heavily indebted at the age of 21 to a self-made millionaire at the age of 30, and continued, "The first step is to focus on increasing your income in batches and repeating it over and over again." "My income was $3,000 a month, and nine years later it became $20,000 a month."

In general, making more money is easy to say and hard to implement, but most people have multiple options to achieve this goal, such as discovering ways to earn extra income, engaging in some high-paying jobs, or starting to take the first steps on the road to becoming an entrepreneurial class that earns up to $170,000 per month.

how-a-millionaire-earns-money-tips-you-can-be-a-millionaire


2. Create multiple sources of income
In his five-year study of self-made millionaires, Jim Thomas Corley found that most of them relied on multiple sources of income, with 65% relying on 3 sources, 45% on 4 sources, and 29% on 5 or more sources.
Additional sources of income can include investing in real estate, investing in stocks, small businesses, or buying additional business ownership in partnership with one or more other people.
Do you want to know how to become a self-made millionaire? "It seems that having three tributaries of income is the magic number for a person to become a self-made millionaire, as I found out in my study of self-made wealthy people, but providing more sources of income makes your financial situation safer.

how-a-millionaire-earns-money-tips-you-can-be-a-millionaire

3. Save money to invest, not just to save
"The only reason you should save money is to invest it. Start by putting your money in insured accounts and don't spend it. Don't use these accounts for anything, not even for emergencies, and this will force you to continue with the first tip (increasing income).
A person's salary will increase throughout their career, of course, and therefore a person should increase the amount of money they save over time, and the most difficult stage to become a millionaire lies in deciding to invest part of the income in a long-term investment, because that has the magic effect of achieving high returns.
The golden key to always putting aside and saving money is to automate this process. This way, you won't be able to see the money you're saving to invest, and you'll learn how to live without it.

Scroll to Continue

4. Sublimation instead of boasting
Young people are the group that spends the most money and spend the most frequently at shops and malls. Unfortunately, the majority of them devote a very important part of their income to buying clothes, accessories and other things they do not need.
How to become a millionaire when you spend everything you earn? The problem is that without savings one cannot become rich or financially free, and one's whole life will remain the same: well-being and spending at the beginning of the month, a financial crisis and problems at the end.
Don't buy expensive things just to boast that you're in a comfortable financial position. Self-made rich people are well aware of the value of money, so they don't buy fancy clothes, beautiful cars and luxury homes, until they make sure that there are huge projects behind them that generate a lot of money and make them not feel those big expenses. As long as you are young and have not yet reached this stage, try to draw your attention to how to make more money and reinvest your profits.

5. b Change your financial mindset
"Getting rich starts the way you think, and what you believe in making money," says millionaire Steve Siebold, adding, "The secret to wealth has always been constant: the way of thinking.
While most people believe that access to wealth is beyond their control, the rich believe that making money is intrinsically internal.
RELATED: Secrets of the Millionaire's Mind – Mastering the Game of Getting Rich
6. Invest in yourself
"The safest investment I've made is investing in myself," Hughes says, adding, "Read at least 30 minutes a day, listen to the radio while driving, and eagerly look for someone to guide you; it's not enough to be superior in your field, you have to gather from every flower orchard and be able to talk about any topic whether financial, political, or mathematical, in short, consume knowledge like the air you breathe, and put your quest for learning above all.
Many of the wealthy and successful modern-day readers are voracious readers; for example, Warren Buffett devotes 80% of his work day to reading.
7. Get rid of your fixed salary
The rich are usually self-employed and they are the ones who determine the size of their salary, as Siebold says: "We cannot deny that there are successful people globally who fight around the clock to get paid, but this is the slowest way to prosperity, although the safest, but the greatest of wealth know that self-employment is the fastest path to wealth.
So, while the world's wealthy elite continues to open businesses and build wealth, ordinary people continue to accept fixed salaries and miss out on the opportunity to accumulate large fortunes.
Almost all people guarantee themselves a life of financial inactivity by continuing a job with a modest salary and an annual wage that only sparingly rises," says Siebold.

8. Set goals and imagine how to achieve them.
If you want to make more money or even want to become a millionaire, you have to set a clear goal and then you have to make a specific plan for how to achieve that goal; money won't come out of nowhere, you have to strive to get it.
The rich are always committed to the path of wealth, and in this endeavor they rely on focus, courage, knowledge, and a lot of effort, as the self-made millionaire Harf Ecker emphasizes: "The first reason why people don't achieve their goals is because they can't know what they want in the first place.

9. Spend your time with people who share your vision.
Andrew Carnegie, who started from scratch before becoming the richest man in the United States, owes all the credit for his wealth to one thing: the collective mind. The idea here is to surround yourself with talented people who share your vision, because grouping several intelligent and creative minds will result in better things than just one mind.
In addition, we transform to become just like the people we accompany, which is why rich people usually tend to befriend each other.
In most cases, your net worth reflects the level of your closest friends," says Sebold, adding: "Openness to people who outperform you is a success that broadens your thinking horizon and doubles your income.

10. I'm trying to earn $10 million, not just $1 million.

The biggest financial mistake I made was that I didn't think of ideas big enough, Cardon wrote, adding, I encourage you to strive for more than a million dollars. There's no shortage of money on this planet. The shortage only happens to people who don't think big enough.

11. Be decisive.
Tucker Hughes, who became a millionaire when he turned 22, advises avoiding the confusion of not making decisive decisions. Hughes believes that there is a limited amount of daily attention, so it is advisable to provide mental effort for crucial decisions, and to automate the rest of the routine decisions.
For example, Hughes advises automating daily decisions such as choosing work clothes and the type of breakfast food, so as not to make a mental effort at the expense of other important decisions, which can lead to distractions and poor attention.
You know how to become a millionaire and, most likely, you realize that you can actually become financially independent. You should only pursue your ambition and not think that wealth is a privilege given only to lucky people. You also have the right to be rich if you are willing to bring great value to others. Ask yourself, why aren't I that lucky guy? And raise the bar on your goals.


© 2022 mr zino

Related Articles