Taking from the Black Hedge Fund Group.
11 Things You Can Do To Help You Become a Millionaire
The average young black millionaire has 7 streams of income.
Today, there are more millionaires than ever and while over 50% of millionaires are entrepreneurs, there is still another route to becoming a millionaire if you don’t want to be an entrepreneur.
This route may be slower and requires more patience, but theoretically very achievable and easy to do. If you are willing to sacrifice your wants now and develop the uncommon skill of self-discipline, you can be that next millionaire.
There is no surefire way to becoming a millionaire, but certainly the 11 things talked about in this article can help you achieve your goal. Here are 11 things you can do to make the goal of becoming a millionaire obtainable.
1) Forget the Things You Want and Buy the Things You Need
When you are able to control the urge to buy everything that you want, you are able to save more in order to invest in a retirement account, real estate, stocks, or bonds. The more you are able to save, the more you are able to have your money work for you. What is meant by this statement is that millionaires have their money work for them by investing it in cash-producing assets. The more money you are able to put in cash producing assets, the harder your money will work to make you more money. Constantly splurging your entire paycheck on the things that you want will surely push back your dreams of becoming a millionaire. Most millionaires don’t live lavishly until they have enough money from cash-producing assets to support their spending habits. If you always give in to your momentary and buy that too big, lavish house, or luxurious car, you are far off from your road to riches.
2) Always Spend Less Than You Earn
Spend less than you earn to be able to put more money into saving accounts, retirement accounts, and potential investments. You do not want to go out and spend your entire paycheck. You will eventually start living paycheck to paycheck and believe it or not many people do, expect the rich.
3) Exercise Patience
Patience is a good virtue to have because just about everything worth having in life requires some amount of patience. Patience is the biggest part of becoming a millionaire because it will take time to acquire enough cash-producing assets to support your lifestyle, unless you were born into wealth or left an inheritance. Most people are not born wealthy, so they have to save their own money, but once you set a realistic time on how long it will take to reach your goal, you make it a lot harder for yourself to give up. You must also learn not to become a victim to materialistic things, which requires discipline, and doing this for a long period of time requires patience.
4) Use Time to Your Advantage
The earlier you start saving money, the better. A lot of the most successful and richest people in the world started early, because they had the privilege of knowing what they wanted to do and be early in their life. This allowed them to start to save and invest early (Warren Buffett), start that business early (Bill Gates), using time to their advantage. Start saving now and don’t wait because each day you don’t save could push your dreams back further.
5) Realize That Money Does Not Buy Happiness
Money buys materialistic things, money does not buy happiness. Materialistic things give short term satisfaction. Find something that gives you long-term happiness and you will find just how easy it is to save money, because you will begin to realize that the momentary satisfaction that come from materialistic things does not compare to true happiness.
6) Have an Emergency Fund
Having an emergency fund will allow you to have money for unexpected occurrences, so you will never have to tap into your savings or investments for anything. Realize that life happens, so you must be prepared for it. Have an emergency fund.
7) Invest In Yourself
This is probably one of the most important things on this list. You must constantly invest in your personal happiness, professional skills, and knowledge. This will set you apart when applying for a job, or even when starting a business because if you are not willing to invest in yourself, why should someone else? When you invest in yourself and read books, you improve your creativity, which will help you to figure out more ways to produce income. Producing more income will allow you to save more and put those extra savings in cash-producing assets.
8) Pay Yourself First
When you get that paycheck, always put money into your savings, retirement account, or investments first and then pay off debts. Remember, when you put more money into paying debts, you are helping someone else build their dream faster. If you pay yourself first, you build your own dream faster. Whose dream is more important? You must ask yourself this.
9) Have A Vision
Having a vision of what you want your future to be like will allow you to have more patience. When you know what you want your life to be like and replay this vision in mind every day, your body begins to naturally work harder to make that vision a reality. Whatever needs to be done to make that vision come true begins to happen, whether it is through patience or overcoming fear. Never be afraid to dream big, you can never have too much ambition. These dreams only give you fuel to work harder and be more patient.
10) Get another Job
When you get a second job, you can easily produce more income and begin to save more money. Also, having another job will have less time to be tempted to spend the money you are earning.
11) Find More Money - The average millionaire has 7 streams of income
In today’s age, there are more ways than ever to make money with the internet and all. You have to be creative in this process and this can come from investing in yourself and your knowledge. There are literally tons of ways to make money.
The Take Away:
Any road you decide to take to becoming a millionaire is a road that takes hard work and patience. Here is a re-cap of the things you can do that can make the road to becoming a millionaire easier:
Forget the things you want and buy the things you need
Spends less than you earn
Exercise patience
Use time to your advantage and start as early as possible
Find something that gives you true long-term happiness and know that materialistic things can’t give you that. This makes it easier to save
Have an emergency fund
Invest in yourself
Pay yourself first
Have a dream or vision
Get another job
Find another source of income, in fact, find several sources of residual and passive income.
c. 2015, The Black Hedge Fund Group
