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Sure, when all is said and done, you can't be buried with the money you've made throughout your life, but that doesn't negate the fact that being obscenely rich is pretty freaking awesome—not that I'd know, but I'm just using my imagination here. In fact, I'd venture to say the dude who declared, "money can't buy you happiness" wasn't exactly making it rain at the club. The problem is, the idea of being a millionaire just seems so out of reach for some people. Of course, this has a lot to do with wage gaps and unemployment and all of that depressing, let's-not-talk-about-it sort of stuff, but coincidentally, it also has to do with the fact that thinking you'll never BE a millionaire is actually aiding in the prevention of BEING a millionaire. You know, it's the whole "I think therefore I am" thang.
According to Entrepreneur there are certain REALISTIC steps that can be taken in order to achieve your Daddy Warbucks dreams. I went ahead and hand picked the ones that actually made sense. I'm not exactly what you'd call a finance guru, but I know a good idea when I see one! Of course, I thought it best to kindly share them with ya'll. I figured I'd do a good deed before I join the snotty upper echelon of the world. You're welcome.
Start with $10 million
- "Start with $10 million" is actually a joke, and it reflects how our brains tend to trick us into doing the wrong thing when investing. The best way to circumvent our "inferior mental angels" is to learn about investing, create a plan and stick with it."
Turn your passion into a business
- "Passion alone won't make your first million. There's no substitute for luck and flexibility. 'Find something you are truly passionate about, become the authority and make a business out of it,' said Joseph Carbone, wealth advisor at Focus Planning Group. 'Not only will you be happy, but you probably will be very successful."
- "Getting rich can be a matter of mathematics. It's well documented that investing in the stock market over many years, reinvesting your dividends and letting that money grow and compound can make you a millionaire. But it's also a matter of knowing how much to invest, in what types of mutual funds and for how long."
- "Making your first million will often take longer than making your second,' said Daniel Zajac, certified financial planner and partner at Simone Zajac Wealth Management Group, and founder of the blog Finance and Flips Flops. 'Whether it's through building a business, or years and years of saving, the first million is often the hardest. Stay committed, stay patient and keep your eyes focused on the goal."
Invest in real estate
- "Paula Pant, owner of personal finance blog Afford Anything and resident of Atlanta, Ga., is building wealth with a real estate portfolio. Save enough to make a down payment on a rental property with a strong positive cash flow, she said. This means that after you pay the bills, there's money left over to go into your bank account"
Adjust your lifestyle
- Discard the myth that millionaires all spend with abandon and live high on the hog. In the book, Millionaire Next Door, award-winning authors Thomas J. Stanley and William D. Danko studied how individuals became rich, and their findings were surprising. 'Many people who live in expensive homes and drive luxury cars do not actually have much wealth,' they wrote. 'Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods."
Avoid a self-defeating mindset
"Wealth-building is as much a mindset as anything else, so it's important to make sure you eliminate beliefs that will work against you. If you want to make your first $1 million:
- Don't think anyone owes you a living.
- Don't expect something for nothing.
- Don't take on any consumer debt. If you don't have the cash to buy something, then you don't need it.
- Don't get distracted. If getting rich is your goal, persist through obstacles.
- Don't avoid education. Learn the skills to excel in your chosen pursuits.
- Don't be afraid to take on an extra side hustle.
- Don't keep up with the Joneses. They're neck-deep in debt.
- Don't forget others. Giving seems to beget reciprocity.
To read the full article, head HERE