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How to Become a Millionaire. So you want to be a millionaire, huh? Awesome! But is it realistic? Don’t you need a high-paying job or a winning lottery ticket? Well, we’ve got good news for you. You can become a millionaire—and it has nothing to do with your family’s money—or lack of it—or where you got your degree. It has everything to do with you. Here are the 8 Tips for Becoming a Millionaire.. It turns out that most millionaires share similar habits and principles. And that means you can start building those same habits and following those same principles starting today so you can become a millionaire yourself someday! Here’s the list of million-dollar habits: 1. Stay Away From Debt. 2. Invest Early and Consistently. 3. Make Savings a Priority. 4. Increase Your Income to Reach Your Goal Faster. 5. Cut Unnecessary Expenses. 6. Keep Your Millionaire Goal Front and Center. 7. Work With an Investing Professional. 8. Put Your Plan on Repeat. If you follow in their footsteps, you’ll be on your way to becoming a millionaire too! Are you ready??? 1. Stay Away From Debt. There’s this idea floating around our culture that you have to take big risks to become wealthy. People think you have to take out business loans and open up lines of credit to get ahead, and they justify it by calling it “leverage”—which is just a fancy word for borrowing money and getting into debt. The bottom line is this: If you want to become a millionaire, avoid debt at all costs. The only “good debt” is no debt! 2. Invest Early and Consistently. The earlier you start investing, the more likely you are to become a millionaire. It’s that simple (thanks, compound interest)! If you start putting away $300 a month beginning at age 25, assuming an 11% rate of return, you could be a millionaire by age 57. If you kept on investing and retire 10 years later, you’d be sitting pretty on a $3.2 million nest egg. And that’s just $300 a month! So, start investing the minute you’re debt-free (it’s okay if you’ve still got a mortgage) 3. Make Savings a Priority. If you’ve already started investing (Baby Step 4), way to go! When it comes to saving for retirement, the goal is to save 15% of your income into tax-advantaged retirement accounts like a 401(k) and Roth IRA. Not 5%. Not 10%. Fifteen percent! Why? Because if you want to become a millionaire, how much money you invest is just as important as the actual act of investing. 4. Increase Your Income to Reach Your Goal Faster. You don’t need a huge salary to become a millionaire. After all, one-third of all millionaires never made a six-figure salary in a single working year! But if you want to reach millionaire status a little bit faster, then the best way to do that is to boost your income. The more money you make, the more you can invest! So what are you waiting for? If you know you need to raise your income, go out there and do something about it! 5. Cut Unnecessary Expenses. As you work toward becoming a millionaire, make sure you’re spending your money on purpose—and with a purpose. More than 9 out of 10 millionaires say they live on less than they make and stick to the budgets they create each month. And get this: We found that 93% of millionaires still use coupons when they shop! So despite what you might have seen on some television show or heard on cable news, the average millionaire lives a modest life. They don’t waste their money on junk and things they can’t afford. 6. Keep Your Millionaire Goal Front and Center. The steps to becoming a millionaire are the opposite of how most people act, which means you’ll see friends and family going places, doing things, and buying stuff. And if you spend too much time focusing on what they’re doing, you could be in big trouble with your own money. Instead of obsessing over what you don’t have, focus on stuff that really matters —family and friends, your church, your career goals, the legacy you’ll leave your children. Those will bring you much greater joy than a brand-new car or a destination vacation ever could. 7. Work With an Investment Professional. Here’s a question for you: If you needed to have heart surgery, would you try to operate on yourself? Of course not. That would be dumb! You’d look for the best heart surgeon you could find. And when it comes to something as important as your retirement future, wouldn’t you want to work with someone who knows what they’re doing? Working with an investment professional is one of the smartest things you can do for your money. 8. Put Your Plan on Repeat. To become a millionaire, you need to let time and compound interest work their magic. It’s a beautiful thing. And if you want to hit your big financial goals, you have to stay focused on the tiny details over the long haul. Note; This channel does not provide financial advice It is intended for informational purposes only.