How to Become a Millionaire – 16 Dos and Don’ts

It’s no longer “Who Wants to Be a Millionaire” but how to become a millionaire. Just follow the 16 Do’s and Don’t in this article, and you’ll be on the road to becoming a millionaire.

Four Money Mindsets Used by Millionaires

1. Use Time to Your Advantage

The essential ingredient to becoming a millionaire is intangible. It’s time. The majority of millionaires utilize the compounding nature of time, where growth builds on itself over time.

2. Create Financial Goals

Millionaires develop written financial plans that serve as roadmaps to reach their destination. These plans allow them to make financial decisions based on their goals.

3. Millionaires Increase Earnings

Increased earnings can be invested and grow into future millionaire wealth. A simple rule of thumb is that a dollar invested today will grow into $10 in 30 years.

4. Millionaires Also Decrease Their Spending

This behavior—spend less, save more—is how to become a millionaire. It’s counterintuitive to our traditional thoughts. The people who don’t look like millionaires are the ones who frequently are millionaires.

Five Ways to Invest Like a Millionaire

Let’s take a look at the most common path to Millionaire Road. 1. Millionaires Do Simple Stock Investing 2. Millionaire Investors Leverage Time 3. Regular Investment, Regular Frequency Is the Path To Millionaire Status 4. Millionaires Invest in What They Know 5. Millionaires Invest in Themselves

Four Personality Traits of a Millionaire

Millionaires and other successful people tend to share similar personality traits. Authors Chris Hogan and Tom Corley identified the following characteristics the millionaires share. 1. Millionaires Seek Feedback and Have Mentors 2. Millionaires Persevere 3. Millionaires Are Consistent 4. Millionaires Are Conscientious

Three Things Millionaires Don’t Do

On your journey to becoming a millionaire, it’s important to avoid some behaviors, or you’ll sink your efforts. 1.Don’t Accrue Dumb Debt 2. Don’t Make Rushed Decisions 3. Don’t Be Stagnant

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