The Exact Things to Become a Millionaire

No matter where you are in your profession from the following category.

· Employed

· Self-employed

· Business Owner

· Investor

And no matter how little or medium amount of money you have, you can become a millionaire by following these steps.

These are not random tips, rather, it’s a proper system, including a serial process.

You can achieve anything by finding the right system and following the right process.

So here is the system with which you will become a millionaire.

Why you want to be a millionaire

At the first, ask yourself that why you want to become a millionaire. Because when you are clear in mind, you will perform the best. Without a purpose, you get nowhere and can’t achieve your goal.

Your reason could be one of the following.

· Financial Security

· Debt freedom

· Financial freedom

· Following passion

· Contribution to society

· Luxury lifestyle

Millionaire’s Math

Before you go to read the logical steps, first check this mathematical blueprint of how can you become a millionaire.

Strongly Believe That You Can Become a Millionaire

Your life is a direct reflection of your beliefs. No matter what you do, but if you don’t believe, you will struggle more and even will not get there. So you need to believe that you can become a millionaire.

Use Law of Attraction in Your Favor

You may think that what’s the role of the “Law of Attraction” in this scenario. Well, this law plays a vital role in everything, even in this case as well.

So when you believe you can become a millionaire, then you attract all things which can take you to that level.

Networking with Millionaires

The secret to achieving any goal in life is to surround yourself with those people who have achieved that same goal. So in this case, you need to network and surround yourself with self-made millionaires.

Develop the Millionaire Mindset

Mindset is the perspective to see all the things, incidents, events, and environment around you. You need to develop a growth mindset.

You can further explore that what is a millionaire mindset”.

Financial Literacy

Financial literacy is the language of money. It’s about acquiring the knowledge of the following things.

Money Language

Money language includes the following things.

· Basics of money management

· Budgeting

· Saving

· Paying off Debt (If you have)

· Invest

· Protect

Active and Passive Income

Active income means you only get paid while working actively.

Passive income means you get paid even you are not working.

To become a Millionaire, it’s one of the most important thing to understand that it’s very hard to become a millionaire with active income. You need to create passive source/sources of income to be rich.

For example:

· Your own property that pays you rent.

· Or a business that works on almost an automated process. And you don’t have to involve, mostly.

· It can be stocks that pay you dividends.

Types of Expenses

You need to understand that there are 3 types of expenses we all have in life.

· Necessities

· Facilities

· Luxuries

The 1st type is “Necessities”, which we can’t compromise. It’s our basic motive to earn money to have food, shelter, clothes, healthcare, and other survival things.

The 2nd type is “Facilities”, which enhances our lifestyle. It also saves our time and energy. So we should spend on facilities which are important.

The 3rd type is “Luxuries”, which we should avoid for becoming rich. Because it drains our wallet. It resists growing our wealth.

More Assets than Liabilities

An “asset” is something that makes money for you. And “liability” is something that takes money from you.

So becoming rich, you need to create more assets that pay you more than your expenses and liabilities. It will ultimately grow your wealth.

Value of Irreversible resources

The most crucial part of financial literacy is to understand the worth of your irreversible resources, which are “Time, Energy, and Health”.

If you are trading your time, energy, and health for money. Then Alas! it’s an alarming indicator you will end broke. Because you can rebuild money, but you can’t rebuild time, energy, and health.

You can make more money if you have time, but you can’t buy time with money.

NOTE: This concept is also the core element of active and passive income.

Get a Financial Consultant

After getting basic financial literacy, you need a financial consultant who will now guide you about the most suitable “Financial plan” for you to achieve your “millionaire status”. Because now you are financially literate, so you can understand and negotiate things better than before.

Track your spending like a Bank Statement

It’s important to track every transaction you do as the bank does.

It will give you an overview that where your money is going.

Tips

· You can easily record your transactions if you are paying online or through your card.

· If you are paying cash, then you can note the transaction in your smartphone’s notes immediately.

· Make a daily routine, in the morning or evening, to note all transactions of the day in a bank statement format.

Increase Your Income

Obviously, there’s no need to mention that you need to increase your income. But it's part of the process. So there are 2 things to do to increase your income.

1. Improve Your Skills, Career, and Expertise

You need to improve your skills if you are not much skilled. It will ultimately improve your career. And the more you involve and learn in your career with interest, your area of expertise will get stronger. This will make you capable to become rich.

2. Multiple Sources of Income

Make multiple sources of income. Because if your one stream of income gets affected, so you have the backup.

This increases your financial security to be secure from being broke and increases your wealth. Also, it will open the door to more opportunities for you.

Save, Emergency Fund, Pay off Debt, and Invest

Now, as you are following all the above steps, your income will grow definitely. So it’s time to save your money as per your financial plan.

The important thing to understand is that saving is not for just saving, this is to use your saved money to do something. And what will you do with your savings…

You will:

· create an emergency fund of 3–6 months for unpredictable situations

· Then Pay off your debt (if you have) according to your “financial plan”.

· And now is the time to make smart investments.

Invest

· Invest to upgrade your knowledge and skills. It’s very important for your success and wealth because getting rich is one thing. Staying rich is another thing which is more important than the first one.

· Consult with an investment professional and make a proper “investment plan”.

Conclusion

You can achieve anything by finding the right system and following the right process. And when you got the right system and process, then just trust the process and go for it.

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