Entrepreneurship

6 Tips to Become a Millionaire in 2019

become a millionaire

One of the essential ingredients required to become a millionaire is perseverance. Almost every self-made millionaire in the world will tell you they had to get back up and dust themselves off after many failures. If you want something passionately enough, it's yours for the taking. You just need a plan to get there.

6 Tips to Become a Millionaire in 2019
1. Create a Plan

Creating a plan seems like an obvious starting point, but it's something many aspiring entrepreneurs fail to spend time on. A financial plan is essential because it forces you to take action; it helps you create a to-do list of goals you need to achieve to achieve millionaire status. You need to work out what you can afford to invest in your venture, how much you need to survive and ensure you have enough left over for those inevitable life curveballs and business expenses that can jump out on you with little warning.

2. Raise your Income

Develop a plan to increase the number of revenue streams you have coming in every month. Develop your side hustle, and work on raising your income month on month.

3. Be Money Smart

Assign a financial advisor to help you grow your finances. A traditional or Roth IRA will help put your money to work for you. Live below your means. Rent or buy a modest home and lease an affordable car until you have enough disposable income to buy whatever you want.

4. Start Saving

Set up an automatic transfer to move 10% of your monthly earnings to savings before you even have a chance to see it and spend it.

5. Invest in Self-Development

Use your commute and spare time wisely. Invest an hour a day in reading or listening to podcasts as you drive around. Eat up all of the knowledge you can get. Knowledge is power.

6. Mingle with Millionaires

Upgrade your social circle and mingle with millionaires. Exposing yourself to successful people helps grow your thinking skills and can help you turbo your network and your assets. We become the people we associate with the most.

Do you plan on becoming a millionaire this year? Tweet me @lorenridinger.