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Finance

How to Become a Millionaire

How to Become a Millionaire

David Joseph Schwartz says, “Think little goals and expect little achievements. Think big goals and win big success.”

Every morning I wake up and see bulk of people, running chaotically, to earn bread for themselves and their family. The global financial status has increased from 3.5% in 2017 to 3.6% till date[i]. Still, there is an imbalance in the economies of different countries throughout the world. Where countries like Qatar, Luxembourg, Singapore, Brunei, rank among the richest countries in the world, Africa, on the other hand, is the poorest[ii].

 It is your mindset that leads you to success. The richer countries have richer ideas to success. They have owned productive strategies, which in turn, have added to their economies. Same goes with the individuals. Who doesn’t want to earn millions and swim in luxuries? It is just a gap of mindset which makes one a millionaire, and the other turn to rags.

It takes a lot to travel from rags to riches. Bill Gates, the founder of the world’s largest software business, was a college dropout. His unique strategies and immense brainstorming added him to the list of the richest men in the world.

If your current strategies are not working, you need to change your mindset for achieving your goals. As per my opinion, one must follow the following tips which might help him achieve his aim.

Know your full income- Pen down  the amount you earn versus the amount you spend, in order to have a clear understanding of your current financial status. This is a step towards making positive changes. If you aren’t satisfied with your income and spending habits, it’s time to work on it.[iii]

Work out on how you are going to achieve your lifestyle goals– You can never become a millionaire by cutting down your daily expenses, but by looking for ways to increase your current income. Look for better opportunities. Move to jobs that offer you higher income. To regularly generate more money, consider a side hustle.

Think of more than one revenue system- You can convert your passion into profession. Start freelancing, offer guest lecturers or tutions, rent your house or a spare room at home, start an online business, create hand-made stuff and exhibit it, etc. All this helps you earn extra income.

Make investments– It is necessary to save money for retirements and emergencies. Split your money between personal expenses and living costs. The remaining money can be deposited in the savings account. Once you have estimated your savings, create direct debits from current accounts to your savings account. This will also avoid any unnecessary expenditures.

Become less extravagant– You need to cut down unnecessary expenses in the initial stages of your earnings. If you want to become a millionaire, avoid branded and lavish lifestyles. This will add more to your savings account, and investments of course. Credit card is one such expenditure people make to acquire a lavish look. This imposes debts at all costs. Avoid this to save more.

Focus on more productive matters– Whenever you have spare time focus on more productive matters. Think of innovative ideas and methods of implementation. Don’t deviate from your goal. Analyse the strategies that can earn your more. The spare time does not always run devils in your mind. It is all about your mindset.

It’s not what you know, but who know- Surround yourself with successful minds. A fertile mind is the most positive being. Start building networks with people that have ways to pull you closer to success. Linkedin is the best way to create networks with your industry icons nowadays. Connect with people you look up to, talk to them, plan a meet, attend their webinars. This will help you inculcate productive ideas and ways to implement them.

Attain a healthy lifestyle- “All work and no play makes Jack a dull boy.” A sound mind resides in a healthy body. You can only focus on your goals when you have a healthy mind. Meditate daily to increase your concentration power. Eat healthy, live healthy. No health, no wealth. Working the entire day might earn you money, but will definitely retard your brain and health.

It is very important to attain the right attitude and have proper guidance to achieve your goals. Frame a mindset which helps you grow, eventually your income will grow. It is absolutely fine to make mistakes, but you need to have a structure towards your goal. A focused mind can never stay back.

[i]https://www.imf.org/en/Publications/WEO/Issues/2017/07/07/world-economic-outlook-update-july-2017

[ii]https://www.cheatsheet.com/culture/the-richest-and-poorest-countries-in-the-world.html/

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