Who wants to be a millionaire?
Everyone, I would hope. I believe that millionaire status is achievable for anyone. It does not happen overnight. However, consistent efforts can get you there if this is your goal.
There is an easy way and a hard way that I would like to talk about.
The Easy Way
The good news is that anyone can be a millionaire. The bad news, it takes time. I don’t mean weeks or months. I am talking years.
If you work diligently and earn a modest income of $50, 000/year for example. And, you are able to aggressively save and invest 50%. Assuming a 10% return on your money, you will be a millionaire in 17 years.
Not bad for someone making $50, 000/ year and investing half of that. However, the reality is the average person does save half of their income. Depending on where you live, taxes can take half of your hard earned income.
You should not lose hope. It is still possible.
As long as you:
This formula is simply a guideline. It does not consider that life always has a way of throwing a wrench in your plans. When this happens, you need to be prepared.
By investing $500/month at a 10% return, you will be a millionaire in 30 years.
In the meantime, stay committed to investing and you will eventually enjoy that sexy compound interest.
The Hard Way
The hard part about the easy way is waiting. But, remember that time is your biggest asset.
Using the same formula of a 10% return on your money, investing $10, 000/month means you can be a millionaire in 6-7 years.
The average person does not even make enough to put aside $10,000 a month.
After studying a few millionaires, I have noticed a few things.
They learn a particular skill
Whether it is stocks, investing, marketing, writing, etc., they learn as much as they can about a particular industry.
They leverage that skill for money
The next step is to get paid for that skill. After all, that is the reason you learn a skill right?
They leverage that money for time
This could mean hiring someone, paying for a service, etc.
Time is our biggest asset. Remember, you can always make money and but you can not make time.
They use their time wisely
With the extra time on your hands, you can anything you want whenever you want. Most millionaires spend this time on things that matter such as family, themselves, or their business.
The cycle repeats because the secret to success is continuous learning.
Anyone can be a millionaire. The time frame in which you can become a millionaire is entirely up to you.
The hard way of becoming a millionaire requires a lot of discipline. While there are many ways of becoming a millionaire, the steps I have given are common among many millionaires.
So ask yourself, when will you be a millionaire?