Imagine waking up one morning with a million in your bank account and your dream car parked outside. Feels good doesn’t it? Well, in this article we’re going to break down how to go from Poor to Millionaire in 6 Steps.
1. Make Becoming A Millionaire A Priority
One of the best ways to achieve your goals in the shortest amount of time is to focus most of your attention on one. So, if you want to become a millionaire, spend most of your time on making it a reality.
By spending more time on your goal, you begin to feed it. More opportunities to make your goal a reality will present themselves. You’re also going to be more willing to take advantage of the opportunities.
At a certain point, it’s going to feel like the goal you are pursuing is also pursuing you. Through your time, energy, and money dedicated to your goal, it’s bound to manifest in your life. It also increases your chances significantly of you achieving your goal.
2. Know Your Numbers
Know your target numbers. Specifically, how much money you want to spend per year, how much money you want to invest per year, how much money you want to have liquid, and your networth.
Without knowing these numbers, how do you know what to strive for? Many people have this goal of becoming a millionaire but there are different types of millionaires.
Do you want a million dollar networth? A million dollars in the bank? Or a million dollars per year in income? Decide on what a millionaire means to you, that’s one of the first steps.
Also, you should know how much money you want to spend per year. This number can help tell you how money you should shoot to make and how much money you have leftover to invest.
Be generous and honest with yourself, if you want a fancy lifestyle put dollar amounts to it. Just remember you’re going to have to focus on increasing your income which brings us to my next point.
3. Increase Your Income And The Amount of Money You Invest
Part of the millionaire equation is the amount of income you make and the amount of money you invest. To become a millionaire quicker, you need to increase your income significantly.
This also doesn’t mean spending every dollar you make from the increase on liabilities. This will only slow down your goal of becoming a millionaire. Instead, you want to use the extra income and invest it in a way to earn more income for you.
You may have to temporary cut back on your spending to have more money to invest. Remember, this is only a temporary situation, once you have multiple income streams built from different assets you can increase your spending to more than it was before.
4. Focus on High Income Skills
In order to increase your income, focus on gaining high income skills. Having a high income skill allows you to generate cash on demand.
One of the best skills you can have is the skill of marketing. Businesses will always need marketing to bring in new leads that can be converted to customers. If you can master this skill and communicate it to other businesses, you can get paid thousands of dollars per month from one business.
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5. Manage Your Own Money
As your income continues to increase through the steps above, you may be tempted to invest your money in the stock market. Now, investing in the stock market is an ok wealth building strategy but I wouldn’t recommend relying on it or just giving your money to other people to manage.
You’ll do better focusing your time, energy, and investing your money in other assets such as businesses and real estate. It is proven time and time again that the largest portion of millionaires became millionaires through business and real estate.
You can invest in stocks, just don’t count on it to create large amounts of wealth for you. Instead, focus on high income skills and creating or buying other assets that can create real wealth.
6. Think and Live Abundantly
I’ve never been a fan of saving every penny and living like a hermit. I believe you can live good and build as much wealth as you want.
It all comes down to your mindset. Now, I’m not saying spend every dollar you make, it would be Impossible to become wealthy if you did that. However, I am saying that you can live good and build large amounts of wealth at the same time.
For example, I wanted to purchase a nice car right after I graduated college. Instead of going out getting a top of the line car, I found a car that was nice and still affordable. The best apart about it is I chose to create an asset first that could cover the car note and the car insurance and still have money left over.
Now, once the car is paid off, I’ll still have that asset that produces income. Once again, you can live good and build wealth at the same time.
Thanks for reading Poor to Millionaire in 6 Steps. If you’re interested in starting your own business and building lifelong wealth, download our free guide: 25 Six Figure Businesses You Can Start Today.