For many, the idea of being a millionaire seems ridiculous, but for a select few it is just a question of direction, attitude, and time. Here are six ways to make your journey to financial independence faster.
Ever heard the expression, “don’t put all your eggs in one basket!” We all know what that means, but how many sources of income do you have right now? Are all your eggs in one basket? Millionaires always have more than one form of revenue. It’s how millionaires become billionaires. That same process applies to you on your way to the two-comma club. Start a small business on top of your job that can expand if proving fruitful. Make it your goal to expand until you have enough to hire someone to do the work for you. Once that is stable, time to multiply.
Save, save, save
Another great way to get your hands on more money is to save money. This is done by lowering your monthly expenses. Turn off lights when you don’t need them, stop the water to soap during showers or hand-washing. Stop buying prepackaged products and stick to fresh produce that is sold by weight. Clamp down on frivolous buying of things you really don’t need. Budget your entire month and give yourself an allowance that cannot be broken.
Learn, learn, learn
Take what you already know and build upon it. Take courses to expand your knowledge and skills. Warren Buffett is said to read for around six hours per day and has done for the better part of two decades. He’s a billionaire who started with nothing, so perhaps he knows something about it. Try multitasking to better use your time. Audio books and podcasts while traveling or exercising. Trade concert and cinema tickets with conference tickets.
Open your eyes
There are opportunities all around us every day. Remember, an opportunity is a public need that is not being satisfied. In a city with no public transportation, a taxi dispatch company and a bicycle shop would work well. Most people don’t see opportunities, even when they hit them in the face. Others see it but spend time and effort explaining why it wouldn’t work. Those few with the right mindset see the need and find a way to satisfy it in a way others couldn’t.
Loans might seem like a shortcut, but actually they are troublemakers in disguise. Borrow twenty thousand to update your old car and end up working hard for something you already have. Live within your means, keep your old car until the doors and wheels fall off. Remember, when you borrow twenty thousand, you throw ten thousand on a fire. Next time you think of getting a loan, imagine watching that stack of bills burning and think twice.
Network with the right people
Imagine being stuck in a hole one mile below ground with only a ladder and a bunch of ledges. The people stuck with you are divided into three. There are those who don’t want to leave, those who will escape, and those looking for a free ride. Those not looking to leave will tell you to stay, that it’s a fool’s mission, and the first time you fall they will give you a big demotivating “told you so!” If you associate yourself with the free-riders, you will be climbing the ladder with dead weight clinging to your belt. Very few escape with such hindrances. If you run with others climbing the ladder, you will be motivated, stronger, and from time to time you’ll find a helping hand reaching down to you.
Follow these rules and add “right time right place” in the mix and you rise to millionaire status is guaranteed.