Statistics show that there are approximately 36 million people in the world who are millionaires. Mostly, it’s entrepreneurs who aren’t afraid to take a chance and at times, they end up making it big. While becoming a millionaire isn’t something that happens overnight, it still can be achieved if you dare to dream but are happy to put the work in too.
You need to work hard, keep your eye on the prize and make it a point to diligently put these prudent practices into habit to see real time results.
1. Learning to live below your means
Do you really need to purchase that outrageously expensive house? Do you honestly need to add another Rolex to your collection? While items that inflate your status can be desirable, it doesn’t mean that you’ve got to have it all. Some Richie Riches also vouch that they are better off living below their means in order to add to their wealth and make it last. If you really do wish to be a millionaire, you’ve got to live by the ‘If you’ve got it, DON’T flaunt it’ motto.
Maybe you’ll hit the jackpot and end up having more money than you ever imagined. But that doesn’t necessarily mean that some expensive lifestyle changes have to be in order either. Sure, go ahead and get a few nice things, but don’t introduce ridiculously expensive alterations into the way you live.
2. Put a stop to expenses that are uncalled for
There are several behaviours that you can adopt to put a stop on all the superfluous expenses that are just going to expand over time. Create a monthly budget so that you can keep close tabs on the whereabouts of your money and how and what you spend it on. When you do this, you will come to realise that you don’t really need that cable connection that includes every channel you don’t even have the time to flit through in the first place! You can take a step back or cut the cord completely and opt for alternatives like Netflix or Amazon.
Merely keeping tabs on all your expenses will do wonders for your savings, not to mention you will be able to buy bigger and better assets that will only grow over time.
3. Rent out your possessions or better yet, sell them off!
Do you have a spare room that’s overflowing with junk you have absolutely no use for? Do you have an extra guestroom or office space that you can rent out? You can make money online by selling away items that you no longer use through eBay or Amazon; or you can go down the traditional road and host a yard sale or a closet party.
Rent bedrooms on Airbnb and have some extra cash on the side. When you’re not using them, you can rent out almost everything from office and parking spaces, to tools and your car as well.
Better than the items just sitting around collecting dust, you can rent out your possessions or sell them away for some quick buck.
4. Get a gig on the side
There are two obvious monetary incentives that you will gain from a side gig. Firstly, it will bring in extra income that you can use to pay off debts, save or invest. Secondly, if you are occupied with a side gig then you will have fairly less time on your hands to spend the money you make.
For instance, if you take on some freelance work with your full time job or maybe bartend on the weekends, the chances of you going out and blowing all of it on shopping or eating out are fairly bleak. There are various jobs that you can take up to earn an extra £500 because every little helps.
Needless to say, you will secure your family’s future with all the money that you will eventually make. If you become a millionaire, your bequest will pass on to your children and other beneficiaries. So start making preparations for it by using a free Will template to ensure that your legacy continues.
With these tips, connect the dots and figure out a way to expand and grow your resources. Have faith in yourself to make it happen and over time, you will become a millionaire yourself!