Does being a millionaire seem so impossible for you to reach? Well, that is not true! If you start to make smart financial decisions now, you will eventually be a part of the millionaires club later in your life. Yet, we need to know that we are now living in an era wherein simply saving money won’t promise you a better future. What we need to do now is to use a combination of methods that will not only let us save money but methods that will also help us earn from interests.
Now, we will be discussing the key factors to consider if you want to be a millionaire in your 30’s.
1. Save to invest
Always remember, save to invest, and not save to save. Start to search for ways to get started creating a range of investments. You may think that saving cash in your account is a smart approach but it isn’t. What you are doing is have your money sitting there unproductively; it is not gaining any interest. Well, saving money in a savings account is a good start, but it is not enough.
2. Have a clear goal and establish a specific plan
In making money, you need to set your goals and then visualize it with a specific plan on how to reach that goal. The money will not go to pop out in front of you, you have to work at it; bear this in mind. You have to commit yourself to attain the wealth that you dreamed of. It takes knowledge, a lot of effort, courage, and focus, and this will only be possible if you have a clear vision together with your precise goals. “The number one reason most people don’t get what they want is that they don’t know what they want. Rich people are totally clear that they want wealth,” said T. Harv Eker, a self-made millionaire.
3. Educate yourself
Listen to relevant podcasts while you are driving, spend at least 30 minutes a day reading or find a brilliant mentor. To be a master in this field is not the only thing that you need to do, but you should also be a well-rounded person that is capable of talking and sharing thought about any subject whether it is sports related, political or financial.
4. Think big
Encourage yourself to go for more than a million. There is no shortage of money in this world but only a shortage of people thinking big enough.
5. Manage your accounts
Having more than one credit card or bank accounts is not only confusing, it will also get in the way on your goal of becoming a millionaire. Expanding your income streams is great and so your outgoing streams should always be kept simple. When you have multiple credit cards, it means you have to attend to different due dates along with different monthly or yearly fees and these multiple outgoing streams will push you to shell out more money than you intend.