Just having a million dollars in the bank doesn't make you a millionaire if you owe a million dollars. You need to make your NET WORTH add up to a million dollars. You can calculate your net worth by subtracting your assets from your liabilities. This is what you need to work on. Limiting your debt while increasing your salary will help you become a millionaire.
In order to become (and stay) a millionaire you are going to need to live a frugal lifestyle. This means living at or below your means. Also many millionaire weren't always at the top. They had to work to get there. Many millionaires are self-employed and self-motivators.
You need to plan and research your investments. Careful planing and a long term approach will get you on your way to financial freedom.
If you save and invest money every month, you will become a millionaire at some point. All you need to do is let the power of compounding(-- earning interest upon the interest) work for you. The more you save and the more you invest, the more compounding will work for you.
You need to know your current net worth. Once you calculate your current net worth, set up long term financial goals. Figure out when you would like to make a million dollars and how much you will need to save each month to achieve your goals.
Once you figure out your goals and how much you need to save each month, you now need to determine how you intend to make this money. Maybe you can start your own business or maybe you can work for someone else. Whatever you choose, make sure you stick to your financial goals.
One of your first priorities is to set up an emergency fund. This is usually a few months worth of your income.
The best way to manage your financial goals is to set up a budget, pay off ALL debt, start saving as early as possible and take advantage of your companies 401(k) plan.
With careful planing, a long term approach and no debt you can become a millionaire in no time!
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