Stages of Money in the Life of a Millionaire
Today, I am very excited to write about this topic. I was so excited about this topic that I wrote this article within less than two hours.
Tell me how do you feel when you hear the word millionaire? Whenever I hear the word millionaire then I become excited. I feel and strongly believe that this is what we all must strive to achieve in our life to be financially free.
If you ask in simple words, how much a simple millionaire owns in India?
Since it is calculated in dollars, in India a millionaire means a person who owns assets (including cash) worth more than 7 crores. In the USA it will be around $9,35,853.80 in the current rate. In this article, we are going to see what are the steps which can make us the next millionaire. So, let’s get started.
Make Decent Money From Single Source Of Income
As per the report, 78% of millionaire had zero background in terms of any big financial backup. This means they all started from stage zero. This also means you have the ability like them to start from zero and become the next millionaire.
Since many of us are working in the day to day job, so currently we have one source of income. My only advice is to work hard, get some promotions and try to increase your income. Before you start making a decent income you have to start thinking and behave like a millionaire. So, making money from a single source is the first step for you to grow.
Start Saving As Early As Possible
Now in the second stage, you have to learn to save as much as possible. A rich mentality person spends and saves his income in an entirely different way. As per popular belief, many think we need to save at least 10% of what we earn.
Since time has changed I believe you need to save at least 15% to 20% in a month. This is another secret which will help you to become a wealthy person in future. There is so much power when you save your income. The golden rule is to learn to start paying yourself first and start saving.
Investing Money In The Right Options
In the third stage, you have to learn and master the art of investing. This is one secret technique which will help you to become richer. This method is not taught either in school, home, colleges or even in a job. So, if you want to become financially free in a few years then without fail, start investing your money.
Now if you ask where should we invest? In simple words, here you have to learn the difference between assets and liabilities. Liabilities are those itineraries which will drain your money and on the other hand, assets are those through which you will make more money.
Building Multiple Sources Of Income
In the next step, you have to start building multiple sources of income. If you want to become rich and wealthy then never depend upon one source of income ever. It is said an average millionaire has seven sources of income. So, what will be your methods through which you will generate multiple incomes?
For example, start investing some of your saving in stock, mutual funds, post office schemes, gold and if you have huge saving then purchase one apartment and give it on rent. Before you invest, take some online course, get a mentor and learn under him without fail. Sometimes you will lose, sometimes you will gain but eventually, you will start learning. Without proper knowledge, investments are difficult for many. There are many ways through which you can build multi-sources of income.
Maintaining Continous Source Of Income
Since you have developed multiple sources of income now you have to learn how to maintain them. Always think both from short and long term perspective. Don’t try to build many short term income streams. Always try to have a proper balance between them and try to build more sources of income which can give you returns for many years.
So, are you excited to become a millionaire? Well, if you work hard, create your system or business and start solving some big problems then chances are you can be the next millionaire. In today’s time with the rapid changes in technology, you can start your own business by sitting in front of your laptop. You can start investing by using your mobile. Remember, it takes time and effort to build a system. There is no get rich quick scheme and you need knowledge and a burning desire to become wealthy.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Vikram Brahma