How to become a self-made millionaire

How to become a self-made millionaire

If you dream about being a millionaire, the best thing you can do is pay attention to those who made it and try to learn how they made it.

There are a lot of millionaires out there and not all of them made their fortune the same way: some inherited a large sum of money, some others did something spectacular and some of them… they just have a useful set of habits that they consistently practice. 

If you are not in any of the first two groups, then you might want to have a look at these habits and practice them yourself:

1-    Pay yourself before you pay your bills

Every single time you get your paycheck, save at least 10% of it. This way, you will have no other option than to adjust your expenses to whatever you have left and not the other way around. 

Another good habit is whenever you get a raise, save 100% of that extra money you receive.

2-    Don’t be a big spender

Most millionaires aren’t. Building wealth is more related to having a moderate lifestyle, being an aggressive investor and having discipline over time. You don’t need to spend a lot of money on something you could get for less in just about the same condition. 

3-    Set goals

Having a financial goal will help you determine which steps to follow and it will also help you set realistic expectations as to how and when you will get there.

4-    Get a mentor

Find someone who has already accomplished that goal and ask for advice. It will make things a lot easier. It will also help you build a network and put yourself out there. You never know where the next step is.

5-    Avoid wasting time

Do something productive with your time. Keep a balance between the time you spend building your wealth and having your hobbies. But try not to spend hours and hours watching TV or scrolling on your Instagram. Try to use that time to do something productive instead.

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