4 quick tips to becoming a Millionaire

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(Newswire.net — August, 2, 2013) Phoneix, AZ– Ever wonder how one becomes a millionaire? Believe it or not most don’t become one based on pure luck (of course that does happen), but follow certain steps to become a millionaire. Fortunately these steps have proven to help the everyday worker come out ahead financially. Below are some steps the millionaires have followed:

Live off one paycheck: This step is for those who are living in a two-income household. Learning to budget your money to where you are using only one paycheck for expenses will let you be able to save your other source of income. Building a safety net with you or your spouse’s paycheck is a smart move especially if one of you loses your job. Having a two-income household reduced to one won’t hurt you as much because you have learned to live off of one.

Invest in growing assets: If you interviewed over a hundred millionaires over probably 95% of them will say investing is the smartest way to build your wealth. Where they invest their money ranges from real estate to precious metals. If you are interested in learning about investing check out a self-made millionaire, Mike Dillard, and his group of experts at theelevationgroup.com.

Become self-employed: Around two-thirds of millionaires are self-employed, but the percentage of self-employed Americans is less than 20%. However make sure you are prepared if you want to start working for yourself. The usual hours of the self-employed are around 45-55 hours per week, but that can easily go over.   

Don’t live above your means: For most Americans, living above their means is the reason they are struggling today. When housing prices were up and credit limits increasing many Americans started buying things they wouldn’t be able to pay back. Since 2008 many have lost their jobs and homes with a bleak outlook on their financial future. Bottom line we all want to live the good life, but if anything from the 2008 crash told us, don’t overdo it.

In summary: Anyone is capable of becoming a millionaire just keep track of your money and stick to the plan you have set for yourself. Also talk to a professional to help you decide on your financial future.