How to Be a Millionaire

Yeah, yeah, a million dollars ain’t what it used to be. But it’s more than 90%+ of all U.S. households have. So who wouldn’t want to be a millionaire?
I am writing this article after information I learnt from researching what millionaires around the world have done.

The essential points are:

1.Your priority should always be financial security.
2.Spend less than you earn.
3.Committed and consistent savings and investment
4.Pay off your debt as quickly as possible.
5.Own a home.

Good, simple, basic, effective tips.I’ll come back to these in a minute, but let’s first review a few other tidbits of information:

It is essential to have a business plan and set yourself achievable short and long term goals.

This will ensure that you don’t lose your way and lose sight of what you are aiming towards by overspending or buckling under anxiety when external forces such as the market turn against you.

You can learn a lot from those who grew up in REALLY hard times such as the Great Depression who didn’t know any other way of life than being poor, who knew how to scrounge and saving was of the highest priority. Importance should be placed on “paying ourselves first”. With that I mean you should look to save at least 10-20% of your gross pay, each and every pay. Credit cards should only be there for emergencies and you can get yourself into big debt by carrying credit card debt.

Again, automated investing plans really help. We invest regardless of whether the market is up, down or sideways. I invest no matter what position the market is in. This is because I have learnt that a solid, well-rounded investment portfolio will win over any other investment in the long run, even if we have to go through some bumpy periods along the way.

Keeping your housing expenses to 25% of your gross pay, for example, will help ensure you’ve got enough left over to fund your other goals and have some fun once in awhile.

Owning a home has always been the dream of people in countries such as the US, Britain and Australia.Among the richest 10% of households, 96.9% are homeowners, compared with 69.1% of all households.

Obviously it is going to be a lot easier to achieve you goals and have money left over to enjoy and use for fun if your salary/income is continually rising.So things that I have done to aid this is to commence my own home based business, invest in my education by reading and researching and am continually looking at ways to improve myself and keep abreast of new opportunities that present themselves. In today’s ever-changing economy, you have to be ready to learn new skills and take new directions.

Finally, and maybe most importantly: My husband and I don’t live just for tomorrow. We put importance not both our long term goals and focus but also live life to the fullest each and every day. What use would it be to us to have a million dollars in the bank but not be able to enjoy our lives and spend time with people whom are important to us. My closing statement would be that we, as a family certainly enjoy and appreciate the financial rewards that we earn, but we also know that there is so much more to life than just money and money certainly doesn’t buy happiness.

For any more information or for a look at our home based business then please visit me at http://www.karlievalentine.com

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