7 Steps to Becoming a Millionaire
Here is this quick advice for putting yourself on a path toward a seven figure net worth
spend less then you make
With help from those who advise people already at or over the million mark, i have come up with these 7 steps
to becoming wealthy
1 Develop a Written Financial Plan
you need to come up with a workable plan and put it on paper
Calculate what you need to earn and how to invest
2 Save save save
get in the habit of saving money . build an emergency fund in a money market account so you dont have to rair the
Rest of your savings and investments when an unexpected major expense arises.
make a point of saving at least half of every raise
3 Live Below Your Means
don't be a walking billboard for overpriced designer clothes , shoes or jewelry
and don't allow your house or car payments to be budget busters
4 Lay off The Credit
Some people say that if you can eat it or wear it don't put on your credit card. that's good advice , but take it further .
try not to put anything on your cards that's you can not pay off on two or three months
you need only one or two credit cards . if you have a fistful , pay them off , remember,debt holds you back
5 Make Your Money Work for You
Open an account with a mutual company that has no load funds and low expense ratios.
build a diverse portfolio , and you can reasonably expect to earn 8 percent to 10
percent annually on you investments over the long haul
6 Start You Own Business
entreprenrurs create most of the countrys wealth . most millionaires in the making
8 out of 10 earned or increased their assets on their own. that holds true for actual
millionaires as well.
7 Get Professional Advice
A good financial planner can help you fill your portfolio with the right investments
and dump the wrong ones.
maybe finding the right adviser could tip the scales toward the 7 figure milestone.
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