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.
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.
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.
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.
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.
Let’s take a look at the most common path to Millionaire Road.1. Millionaires Do Simple Stock Investing2. Millionaire Investors Leverage Time3. Regular Investment, Regular Frequency Is the Path To Millionaire Status4. Millionaires Invest in What They Know5. Millionaires Invest in Themselves
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 Mentors2. Millionaires Persevere3. Millionaires Are Consistent4. Millionaires Are Conscientious
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 Debt2. Don’t Make Rushed Decisions3. Don’t Be Stagnant