How to become a millionaire – 5 steps to becoming wealthy small awesome tattoos

Not only do you need a source of income, but having a second income is a great idea as well. I don’t mean that you have to have an additional part-time job, but find a way to make a couple extra bucks on the weekends or a few nights during the week. This could be anything from freelance work to selling homemade goods on etsy. Making an extra hundred bucks every month could have a huge impact on your millionaire journey. It may not seem like a lot, but it can really add up every year.

How are we doing? My wife and I earn a decent living, but along the way, we made several lifestyle choices which reduced our income, including the decision for my wife to be a stay at home mom. I firmly believe we will still become millionaires – even in a one income household – and the reason I hold firm in this belief is that we follow the rest of the steps in this article.


Earn more than you spend

My belief is that you should focus on buying value on the things you enjoy, and you should focus on making big wins to reduce your expenses on non-essentials and things which don’t bring you joy. For example, in our family eating out is a treat. Best lower back tattoo designs we save a lot of money by not dining very often. But, when we do dine out we focus our efforts on nights where kids eat free. Not only do we save money this way, but if my son decides that tonight’s dinner choice is not high on his list of priorities, we didn’t waste money on a meal. This takes the financial tension out of any wasted food and allows my wife and I to enjoy the meal more.

You probably can’t demand a raise from your boss, but there are a few simple ways that you can essentially give yourself a raise. Simple cutting out some of your major expenses, like canceling your cable or going out to eat less can save you hundreds of dollars every year. If you save $200 every month, you’ll find yourself with $2,400 at the end of the year. Save some of your income

There is a simple fact that many people miss: you will never grow wealthy if you spend everything you earn. Regardless of how much money you earn, you need to put some aside in savings. Having a cash cushion is nice because it helps you prepare for unexpected expenses and helps you avoid debt. But there is another reason that saving money is important – because of taxes and other factors, money saved is worth more than money earned!

Another advantage of having some cash savings is the ability to use the money for investments or other large purchases when you come across a good deal. This could be a something like an investment, property, or just a good deal that saves you thousands of dollars on a major purchase. Take advantage of these principles and save money whenever possible.

Many of us are interested in becoming millionaires. However, that goal sometimes seems rather far away. You don’t have to be born rich, or inherit a fortune, to become a millionaire. If you have the right stuff, you can work your way into your millions. But it helps to know what traits often make a millionaire. Here are 5 traits that many millionaires have — and that you can develop: 1. Frugality

Not all millionaires are frugal. However, many of those who are self-made millionaires practice some form of frugality. Even billionaires like warren buffett have some frugal habits. Frugality is about look for ways to get the best value for your money. It doesn’t always mean getting the cheapest thing; it’s more about the best value. Awesome guy tattoo ideas it also means that you don’t waste your money on things that you don’t need or want. Practicing frugality can help you keep more of your money for the future. 2. Unique tattoo designs for guys willing to make wise investments

Most millionaires know that it takes money to make money. Millionaires understand the power of compound interest. The study out how to make wise investments. Whether it’s taking good care of themselves so that they aren’t spending money on health care later, investing in a good education ( not necessarily college, though), starting a business, or finding solid stocks to buy, millionaires study out what is likely to bring them a return. They make solid investments after considering the options. 3. Focus and discipline

If you want to be a millionaire, it helps to know what you want, and then have the discipline to go after it. When you set a goal, you focus on it and pursue it. This means that you don’t get sidetracked by less important matters. If you know that you need to set $1,000 a month aside in order to meet your millionaire goal within an allotted timeframe, you focus on that. You cut expenses or, better yet, look for ways to increase your income, so that you can meet your goal. Sometimes it’s not fun, but millionaires usually stick with it. 4. Optimism

You might find, when speaking with millionaires — especially self-made millionaires — that there is an element of optimism and joie de vivre. Many millionaires know that if things go wrong, it is possible to find the bright side, learn from mistakes, and move on. Additionally, many millionaires know how to enjoy life as well. Many successful and happy millionaires understand that there is more to life than just amassing wealth; sometimes you need to spend time with your family and friends, eat good food and relax a little. However, the ability to find a silver lining, and to have the persistence to try again, is one of the defining traits of a millionaire. 5. Willing to get their hands dirty

Sometimes, it takes a little elbow grease to get there. Or, if you are running a business, it might take some late nights. Millionaires are willing to work hard and do things for themselves when they need to. Millionaires are also willing to do what it takes, even if it means taking on an unpleasant job. A millionaire also knows that this includes taking responsibility for his or her financial destiny, refusing to blame others for misfortunes and finding ways to make sure income streams are diverse.

Earn money, spend less than you earn, save, invest, repeat the process. Embrace the millionaire mindset. After that, it’s just a matter of time. Even if it takes years or decades, the process really is that simple. Of course, it may not seem as easy as I laid it out here, but it really is. Remember, this is not an overnight get rich quick scheme. It takes time, planning, and a little luck along the way.

Get started. If you want to become a millionaire, you need to decide to do it and get started. Cool first tattoos for guys if you are not able to save money right now because of debt or other financial obligations, you should work on those issues first. A good place to start is with dave ramsey’s baby steps. This is a tried and true method for setting up an emergency fund, paying down debt, and beginning your investments. Once you have that started, you can begin your million dollar journey.

I have practiced the same debt elimination and savings techniques for years, and do so quite aggressively, though more conservatively than one of my best friends. I am 60% there in savings and my only debt is my mortgage payment. Arm sleeve tattoo ideas for guys my best friend in 23 years reached 130% of his goal to become a millionaire. He began with $3000 and was more aggressive in his investing than I have been. My point is, he made it…retired last year and is living off his retirement, social security and investments to the tune of $150,000 per year. He owns two homes, bought a boat and is traveling and enjoying his life to the fullest. My goal is to follow in his footsteps. All of this takes discipline and sacrifice, but believe me it can be done by anyone, so don’t think this is a bunch of bull…anyone can do it, but you MUST make saving a life time habit. Set short term savings goals and work hard to reach them. Once you reach a short term savings goal, set your next savings goal and continue to work hard to reach it. Then repeat, repeat, etc.

I couldn’t disagree more. The concept of systematic saving and hoping for a solid average return in the markets isn’t something that I believe in anymore. I’m 32, and have been investing in the markets since I was 18, under the assumption that if I set up automatic contributions throughout my life I would ultimately be “rich”. I started by maxing out my SEP-IRA and then by maxing my roth. I invest monthly in a range of products, again, all with the goal of cost averaging the market to my benefit over time. Fast forward 14 years from when I began, and I have accumulated less than $60k. My invested dollar amount exceeds my current total, as it did even at the recent market highs in 2007. In other words, investing for the long haul doesn’t work like it used to, particularly for my generation. The first decade of wage earning is the most important in terms of compounding interest, and we have just experienced a completely lost decade. The hopes for recovery to make up for that lost decade (14 yrs in my case) do not appear reasonable. David

All your advice works. I know because i have followed those steps since my early to mid-20s when, as a self-employed freelance journalist, i opened what was then called a keough account. Those were pre-cursors of today’s ira’s. I always socked the limit into those, and soon opened an ira, as well as a 401k and a roth when they became available. I also opened fidelity and later, vanguard, mutual fund accounts. I always saved more than i spent, probably at least half my pay, which was never higher than about $65k during all the years i worked in journalism. True, my friends always liked to joke that i was “cheap,” but who’s laughing now? I crossed the $1m line in late 04, quit full-time work at age 51 and do exactly as i please with myself today, which is mainly being a semi-pro musician, the career the i almost established when i was in college. Mercifully, i don’t have to live off it today. My main advice is to avoid credit-card debt. I am always astonished by how much people carry. Ive never carried any. My debts are always limited to mortgage and, at times, car loans. I could own fancier cars and houses, but i have never felt the need, unlike my cash rich, but investment-poor friends. I live off corporate junk bonds today, plus music and random freelancing. My goal is to get to about $1.5m, get 80 percennt out of today’s way too unstable stock market, and live off mostly fixed income investments. Way down the road, ill add social security, and a pension from the 25-years-plus i worked in newspapers. It can be done. The millionaire-next-door exists all around us.

This is my update, it’s been a couple years and I feel now is a good time for one! After my wife and I turned 30 in july I have been thinking about updating our story. We continue to prosper at what we do and have been pretty frugal since when we first posted. I finally got a raise and a promotion , which is just the start of our good luck. About two years ago we purchased land back home in PA even though we still have time left in boston. We got an amazing deal on 2.2 acres on a golf course that now appraises for $350,000. Since the last time we spoke we have paid down debt,we have paid off both cars, my wife’s medical loans and under grad degree, also purchased about $25,000 in gold and silver. We have about $55,000 in equity in our condo in boston and together we now have over $95,000 in 401k and roth accts. We are working extra hard at paying down the land loan so that we will have enough equity to build a 1.5 million dollar house ($300,000) needed or 20%. We also just signed with a private practice which is going to pay my wife and I a $50,000 signing bonus and over $250,000 before taxes a year, starting in 2014. Awesome simple tattoos for guys we make about $175,000 a year combined now but once my wife becomes partners at this practice she is expected to make over $750,000. So we are very lucky and well on our way! We our currently half way away to a million. Our plan is to become millionaires before we turn 35. Can we do it? Thank u ryan for your advice. Work hard, it doesn’t matter what you make… it matters what you are able to save!