Ignoring Untailored Popular Advice & Executing 3 Actions
How Can I Become A Millionaire?
This is a question I’ve pondered a lot throughout a lot of my young life. With education, exposure, and income, the path became more clear.
Read also: How to get rich in your spare time (read this now)
Tip 1: Get Into Real Estate —
One of the biggest tips to elevate your wealth is to get into real estate. However, real estate isn’t for everyone. Maybe your credit is effed up, you don’t have the capital, or you don’t want to manage properties.
The list of “why I can’t” or “why I won’t” get into real estate goes on and on. But you can go a different route, such as the REITs (crowdfunding for properties) route. It’s simple, easy, accessible, and smart.
Tip 2: Own Your Own Business —
This is the ultimate way to go; still, some people don’t have the capital, interest, gumption, or drive to go this route, and that’s okay.
Side hustling or investing in other people’s businesses are still very viable options. You don’t need a business license or be “Official” to make extra money on the side.
So, where does that leave you? Maybe you’re passionate about working in tech, medicine, education, government, retail, and you genuinely enjoy your job; yet, you realize your job is limiting your income. Have no fret; you can still reach millionaire status via a traditional job without slaving away for 40+ years.
The best tips don’t work for everyone.
Side note: I know someone who completed a degree in computer science but chose to work in retail. They started from the bottom as a retail associate and are now in a senior leadership position.
Other Questions I Pondered On the Millionaire Path
Do I need to get into real estate to become a millionaire?
Do I need to own a business to become a millionaire?
Do I need to make 6 figures to become a millionaire?
Is winning the lottery my best shot at becoming a millionaire outside of saving 40+ years for retirement?
Will I have to slave away at a traditional job for 40+ years to save enough money to retire at millionaire status?
3 Actions To Become A Millionaire B4 Retirement
The answer to all of these questions is: No.
Though, I have learned that earning more money does help you save at a significantly accelerated rate.
Secondly, scaling your income won’t make a shred of impact on your net worth if you don’t keep your cost of living low.
Third, there is no easy way to become a millionaire without investing — unless you win the lottery, a lawsuit, an inheritance, or something along these lines.
1. I Started Earning 6 Figures After College
I got really lucky, but then again, did I? Since I was 14 years old, I was earning a fluctuating rate of $40-$200/hour for my entrepreneurial work, which skewed my reality of income; the earnings I made at such a young age made it hard for me to work long-term for average pay. Hence, I couldn’t stay working at Chick-Fil-A and Victoria’s Secret for long, but I appreciate the opportunities; they humbled me and gave me a great deal of experience in the retail and fast food industries.
You can do a lot with average pay, but you can do a lot more with above-average pay; this is something I quickly learned as I scaled my income AND kept my cost of living low.
2. Scope Creep = Lifestyle Creep
If you’ve worked in any corporate setting, you might have heard of the phrase scope creep, a project management term that refers to continuous or uncontrolled growth in a project’s scope at any point after the project begins.
The same thing happens with our lifestyles.
As you get more income, it only makes sense that you live better. I mean, you worked hard to get where you are, so why not splurge and live it out to the max as you see millions of people (seeking your approval) display on their social media pages? But this usually doesn’t end well for the masses of people who opt-in to this lifestyle and can’t afford it.
The most salient action you can take to create wealth and start on the millionaire path is to live below your means. Live simply. Live money conscientiously. Live with discipline. And don’t live paycheck to paycheck. If you spend less than you earn each month, you’re automatically increasing your net worth every month.
Read also: 5 signs you are in the path to a better self ( very instructive)
3. I Started Investing When I Was 14 Years Old
Despite my parents not being so prudent with their money, they were prudent enough to set me up for financial success by introducing me to a financial advisor at Edward Jones.
I wish I took investing more seriously at a younger age and invested more of my limited resources; however, I’m still proud of myself for investing at such an early age and never permitting the habit to exit my life.
But there is one thing you can never get back, and that is time; this is why it is important to start investing early and never stop.
In addition to avoiding lifestyle creep and consistently scaling your income, investing is how you will become a millionaire. It’s the one sure way you can reap great rewards and create wealth that grows on its own without you having to trade your time for money.
Recap: The 3 Things You Can Do
Avoid scope creep, aka lifestyle creep.
Scale your income to invest more money over time, which will lead you to become a millionaire quicker.
— Destiny S. Harris
CONTRIBUTED BY Destiny S. Harris
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