How to become a millionaire? Everyone wants that for sure, but how does that happen?
We will discuss here several ideas that may lead you to becoming a millionaire … Let’s start
In the beginning, we must know that the word millionaire refers to every person who has a million of his country’s currency, provided that it provides him with prosperity, and it can also be used for a person who owns several millions.
Reaching out to become a millionaire is neither easy nor difficult, as it is easy to avoid, which you can reach, but after some time has passed.
In order to facilitate the matter, we will proceed in several steps
If you want to be a millionaire, you must learn to save, yes, saving, as all experts have pointed out, saving is the first way to reach the goal.
Steps for your path to becoming a millionaire
2- Reducing expenses
3- Divide the income into several sections (primary banks – secondary expenses)
4- Developing a plan to improve income
5- Work as an investor
The first step is saving, and the easiest way to save is to divide the salary or income on all your needs, then what is left to save, then look at the basic expenses
How much is enough to eat per day, then I add up the days to give you a monthly product
Example: 10 dollars a day for eating in 30 days = 300 dollars
When your income is 1000 dollars, so the remaining 700 dollars
Minor expenses are gifts, clothes and coffee shop seating
You can save all the secondary expenses that we will not prevent (simple, symbolic gifts, low-price – buying one piece of clothing – sitting at the coffee shop one or two days a month)
There are those who say I have a lot more expenses, a car loan, a home loan, a trip loan, etc.
Here you should stop for a moment when we initially agreed that we will march towards the goal by saving and spending on the basics only
Meaning, is the car I need now or is public transportation sufficient? Do we buy a big house or live in a small house? Do we travel or postpone trips?
My dear, this austerity will not last with us until the end, but that is the beginning until you have capital
The first warning that you should not rely on capital from loans is this is the biggest trick in the beginning of your path
The capital must be free from you and belong to you
So saving in expenses will help you to avoid loan risk and failed business experiences
Income Improvement Plan
An income improvement plan is an important focus and a great starting point
Because it will be your biggest resource after saving in raising money
Let’s continue our example
A salary of $ 1000 – basic expenses $ 300 = $ 700 remaining minor expenses also $ 300
$ 700 – 300 = $ 400 to save
Assuming we apply that for 10 months, then 10 * 400 = 4000 dollars, meaning you can save 4000 dollars
This is a resource for savings and cost rationalization
As for the income improvement resource here, you work in another job, either next to the current job or replace it with the best income
It is preferable, according to my advice, that you continue with your job and choose an additional job to improve your income, bearing in mind that all of this is temporary.
Suppose the primary job gives you a salary of $ 1000, and the additional one gives you $ 600
If you save 400 dollars of the basic income and add to them 600 dollars additional new income, i.e. 400 + 600 = 1000 dollars per month
Let’s say that your plan is for 12 months, meaning that in a year you can save 12,000 dollars
This is also a first step for what we want
Some will ask if they find time for extra work or that they are overworked
Then you should think about a job that suits you
E-commerce, for example, or any profession that suits your circumstances
The most important thing is that your initial plan for the first year is not less than $ 12,000
It is subject to an increase in the plan for the first year
The second year is to think about the investor principle
It is an investment of your money and your savings
But the investment should be in the same approach
Safety reserve + security investment + security investment I do not know anything about + vigorous, insecure investment
I saved $ 12,000, which is divided as follows
50% safety reserve of $ 6000, that’s money we put in the bank
And the other 50% are divided as follows
50% is a security investment, 30% is a security investment that we do not know anything about, and 20% is a risk
$ 6000, $ 3000, security investment, $ 1800, security investment, we know nothing about, and $ 1200, risky investment
Safe investment is investment in which the risk ratio is zero, for example investing in the types of needs of people (food – transportation)
That is, to invest in anything that people need and is very necessary, food and transportation is a necessary thing for people
You sell meals from your home via social media, and in agreement with a delivery company or one of your neighbors, for example
Here, you will focus your efforts on the types of food desired and the timing of their work depends on you
You should leave here any two positions you chose in the last year
Here is a word, why, because you must memorize that judgment (the job may not make you poor, but we did not see a rich employee unless he was corrupt)
And if you are not able to make meals, you can work in delivering orders for a percentage
Considering that one meal has a gain of 5 dollars. If you only sell twenty meals, then you got 100 dollars if you improve yourself and sell 100 faces, so you get 500 dollars a day, or 15,000 a month.
You save $ 2,000 for business development and $ 1,000 for your personal expenses
If you save 12,000 dollars a month in 12 months = 144,000 dollars
We return to investment, security we do not know anything about, 1800 countries. You can buy handmade products from people with whom small business owners agree. You buy from them at wholesale prices and then display them on your website and deliver them to your clients through a shipping company and start in your city, then your town or within the country and then expand As needed
Here, you should choose cheap, useful, and desirable products
We assume that you will earn 5 dollars in one piece if your sales may reach a hundred pieces according to your ability as well. If you will also have 500 dollars a day, or 15,000 dollars a month, or 144,000 dollars annually
That is, in the second year you may have 288,000
The risk investment is to buy shares on the stock exchange for $ 1,200
We assume that you earned the equivalent of 12,000 dollars on the exchange
The total is 300,000 dollars annually
The third year here is the expansion of your activity and with the same prior division, but the diversification of projects gives you greater profitability, which means more income sources
Here, I can tell you that you can only become a millionaire in two and a half years
Then it kicks off ….
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