Strategies of Millionaires

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( — August, 8, 2013) Phoneix, AZ– Ever wonder how people become millionaires? You may have tried various ways of building your wealth, but have come out short. Luckily there is no one set path you have to take in order to become a millionaire, but many ways to become one.

If you want to become a millionaire when you retire than the following will give you an idea on what you have to do:

If you started investing at 25 $300 a month and your portfolio grows at around 7% a year, you will reach a million dollars by 65. If however you put off investing until your 35 (which is still young) you will have to invest $775 a month in order to becoming a millionaire at 65.

If however you want to become a millionaire long before you retire, than below are a few ways to become a millionaire:

Be an expert in something: If you are an expert in a certain field (such as anthropology, computer science, electrical engineering, etc.) you can command big bucks.  Keep in mind however that the more money you earn, the more you want to spend. Saving is key in any self-made millionaire’s playbook. You can lose money just as fast as you earned it.

Save early on, earn more later: This is probably the advice everyone has heard if they want to come out ahead. Like the retirement example, investing is crucial in building one’s wealth, but you will have to invest more if you want to become a millionaire before you retire. Either learn the ins and outs of investing on your own, like one self-made millionaire, Mike Dillard, did or talk to a financial planner/advisor.

Open a business: Most millionaires became millionaires by starting their own business. This takes time, money, and energy so be prepared to make sacrfices. Also, remember to sell/offer a product/service that you are passionate about. It’ll make work feel less like “work”.   

Have a millionaire mindset: This isn’t technically a “way” to becoming a millionaire, but if you don’t have the mindset of one than you won’t succeed in becoming one. Read up on various ones from Warren Buffet to Mike Dillard.

The above ways to become a millionaire aren’t the only ones out there. Hopefully it got you thinking and got your motivation going. It may take you awhile to achieve, but it is not impossible.