How to Become a Millionaire – 16 Dos and Don’ts

It’s no longer “Who Wants to Be a Millionaire” but how to become a millionaire. You don’t have to be a contestant on a game show, win the lottery, or receive a windfall from a relative.

Four Money Mindsets Used by Millionaires

1. Use Time to Your Advantage Most people look for concrete paths to becoming a millionaire. But the essential ingredient to becoming a millionaire is intangible. It’s time.

2. Create Financial Goals Millionaires develop written financial plans that serve as roadmaps to reach their destination. These plans allow them to make financial decisions based on their goals.

3. Millionaires Increase Earnings There are a few ways to go about increasing your earnings on your path to becoming a millionaire. The fact is that most millionaires have full-time jobs.

4. Millionaires Also Decrease Their Spending

This behavior—spend less, save more—is how to become a millionaire. It’s counterintuitive to our traditional thoughts. The people who don’t look like millionaires are the ones who frequently are millionaires. It’s the adage of the “millionaire next door.”

Five Ways to Invest Like a Millionaire

1. Millionaires Do Simple Stock Investing The stock market is one of the most common methods for people to become millionaires. One investing strategy is simple to describe. Invest a regular percentage of every paycheck into a low-cost index fund.

2. Millionaire Investors Leverage Time

Next, let’s discuss the long-term aspect of stock investing. Many people see the most expensive stocks—like Tesla—and think it’s typical for stocks to grow by 10x in five years.

3. Regular Investment, Regular Frequency Is the Path To Millionaire Status That’s why many experts suggest the average person invest using a regular frequency and a uniform amount.

4. Millionaires Invest in What They Know Cryptocurrency has undoubtedly created many millionaires (and even some billionaires). Whereas stocks return an average of 10% per year, Bitcoin has grown by 196% per year since its invention in 2008.

5. Millionaires Invest in Themselves While a smaller percentage, another path for millionaires is to “invest in themselves” via starting a business. Most business owners will tell you how this is a high-stress, high-risk, high-reward path.

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