(Newswire.net — September 24, 2018) — 25 years is a right amount of time to prepare the future stable and plan to get up the money making ladder such that you go from zero to millionaire. But you need to follow a right amount of strategy for that. If you don’t plan well, then there is no strength in your aspirations. Also, if you do not stick to the plan and continue, you plan to fail later. Hence if you aspire high, and want to go from rags to riches in the next 25 years, now is the time to make a concrete plan and start following it religiously.
Plan it right
The path to being a millionaire cannot be that simple, you need to work hard for it. You need to make a lot of plans for that. To start with it, why not exchange some words with people around you, whom you believe have been successful in wealth building. You need not find only millionaires for this. You can talk to any such person, whom you have seen perform this struggle in life to get from a simple position to a wealthy one. And they are outstanding figures to guide you well and give their valuable inputs in your plan.
Every person will have some downfalls, some achievements, and lots of experiences to share. If you talk to a few such people, you will learn a lot from their experiences, and know where people generally fall short, fall weak, make mistakes, etc., and where to hold the wealth, invest wisely, avoid spending, etc. These things you can best learn from experience. And if you learn from other’s experiences, you do a smart job.
Where to start?
You cannot just start building wealth right from day one without some necessary preparations. Before you make wealth, find out if you are into any debt or not. The most lingering financial problem in an average person’s life, which pulls one back from making savings and building wealth at all is debt. And if you are not an exception, then you also must be dealing with this in some way or the other. Debt in any form, whether a car mortgage, a home mortgage, or credit card dues, or any other personal loan, or payday loan, etc. is a debt. Till the time you owe anything to anyone, you cannot build wealth. Debts are slow money eaters, and they secretly or loudly eat away most of your hard earned money through life. Hence, the first step in wealth building should be debt closure. You must manage your debts, bring all together, and close them all.
How to close or manage debts swiftly?
You know that you cannot save a substantial amount of money, and neither can you invest till the time you clear off your dues. Yet you know that clearing your dues is not going to happen as a miracle. You are not going to gain some lottery fund to clear them off one day suddenly. Then what could be the best plan to solve this. Well, the best strategy in this is debt consolidation loan as suggested by helpful resources like https://www.nationaldebtrelief.com/. If you have debts and you are paying multiple debt EMIs to numerous creditors, and paying them at different rates of interest on different dates of the month, then you are already into a mess. To close all such EMIs of the month which contribute to dues, you can calculate how much you owe to all sources. And don’t forget late fines, penalties, pre-closure penalties for loans, etc. Calculate all and add on all to find out the sum which you need in hand to clear off all in one shot. And then apply for this amount as the debt consolidation loan.
You need a healthy credit score, a stable income, and a solid residence proof, and government-issued photo ID card to get through the process and get the loan. And once you get it, pay off all the debts you currently have. Now you have only one loan to pay, which is at a much lower interest rate than you were paying previously, and you have a long tenure to flexible pay little by little in easy monthly installments. Hence you can now plan to save, and later plan to invest too.
What is the next thing to do?
The next thing to plan is savings. Once the debt situation is under control, you will have to see that you save as much as you can. At least 20 to 30% of your earnings should go into savings to build a good fund. You also need to create an emergency fund. This fund can be formed using at least 10% of your earnings every month. The emergency fund will come to use in sudden crunches. While you save, you must also keep on investing chunks of saved money in systematic investment schemes which give high-value returns in a term.
Plan your business
Being on a fixed salary, or incentive or commission based job cannot help you build as much wealth that you see yourself as a millionaire after 25 years. For this to happen, you must invest in your own business. Here comes the use of some of your savings. Using some savings and business loans, you can start your own business. Only the role of an entrepreneur can give you that much earning, and the capacity to increase earnings more, so that you can steadily build wealth. However, that is still not enough. You must grow your earned money in several other ways. And that is why you need to invest.
Finally, the step towards being a millionaire by 25 years is to invest wisely. On the one hand, while you keep on growing money from your business, you must use the advice of a professional financial advisor and investment consultant to invest in lucrative schemes and plans and make more money. Soon you will see yourself touching that millionaire mark by the 25th year.