Become a Millionaire – A 10 Year Goal
You need self-discipline to become a millionaire in 10 years. The best and assured way to achieve this is by investing your money in a safe and reliable savings account with high earnings rate. Mostly this turns out to be 12%. Therefore, if you can invest about $1000 a week, you can definitely earn more than a million dollars at the end of 10 years. In order to manage such a seemingly fantastic amount on a weekly basis, you need to follow some simple rules.
– Cut down on useless and avoidable expenses. This doesn’t mean that you must turn into a miser, but you must learn to manage your funds reasonably. Certain recurring expenses need to be identified and stopped or curtailed. If you spend more than or as much as you earn, there will definitely be nothing to save! It is sensible to spend wisely if you are earnestly making an effort to become a millionaire.
– Apart from a regular job that might not be high paying, you must learn to earn something extra in order to supplement your income. This can be done by making some wise small-time investments or by starting a home-based business that can be managed along with your full-time job. Everyone has humble beginnings in order to reach his goal to become a millionaire.
– If your spouse is also earning, then it is a wise decision to spend one income and keep the other one totally safe and untouched. This can be one of the sources from where you can get your weekly $1000 to invest into high-yield savings account, coupled with few other sources already mentioned above.
– If you have a house mortgage to pay off, then try to do it as early as possible. The earlier you get rid of your debt, the more savings you can make that will bring you closer to your dream to become a millionaire.
– Perseverance is the new age mantra that must be kept in mind at all times. You must stick to your plan until you reach your ultimate goal to become a millionaire in 10 years. A single false move can make you end up losing more than gaining.
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