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How To
Become A Millionaire Even If You Only Earn A Minimum Wage
If you are an employee,
you may have the mindset that you can never become a millionaire unless
you are a boss, having a team of workers to work for you and making big
bucks like moneymaking machine. However, this is not true, in fact,
according to a self-made millionaire, it is possible for you, even if
you make a minimum wage to be a millionaire.
According to him, if you save 10% of your income every month throughout
your working lifetime, and make investment that bring at least 10% of
returns annually, of course if you can get a higher return, it would be
great!
Whatever investment vehicles you choose, make sure it gives you 10% of
returns or higher. You will become a millionaire by the time you retire.
Provided you start young and continue saving and investing along the
years.
For example, with a monthly investment of $100 with 10% returns for 45
years, you will become a millionaire. To achieve your millionaire goal
in 38 years, you may double up your monthly investment to $200 with the
same yield. If you have an investment vehicle that gives you 15% returns
with a monthly investment of $200, you may become a millionaire in 28
years.
If you would like to be a millionaire in shorter years, diversify your
investment portfolio into different yield, from 10% to 20% or even
higher. ALTERNATIVELY, you may increase your investment capital OR you
can combine both of these methods (higher returns and higher capital),
that would speed up your dream to become a millionaire.
If you cannot save 10% or higher of your income, you may consider to
reduce the rate to a level you are comfortable with. The rule of thumb
is TO PAY YOURSELF FIRST. Yes! This is what I learn from millionaires
and wealth creation programs. Even if you have tons of bills to pay, set
aside at least 1%, if not higher of your take-home income for saving /
investment fund first. Otherwise, if you spend all your money in bill
paying, you are telling yourself that the bill companies are more
important than you are!
As you become comfortable with living on 99 %, increase your saving up
to 2% of your income, then 3%, 5% , 10% or even 50 %. As you save more,
your savings and investment also start to grow. Nevertheless, if you are
afraid that the money that you have saved may be used for emergency fund
or other purposes later, then you can split the money for saving under 2
accounts, one is for a emergency fund (3—6 months of your living
expenses) and the other one is for investment only. At first, the amount
that you invest may seem very little, but it pays off over the years.
I totally understand that it is not easy to save money especially when
you live in a material society nowadays. However, if you can practice
frugality overtime, it will help you building your wealth.
You may think that millionaires do not really care about little money,
but this is not true. Even Bill Gates, the world richest man cared about
how much he pays for parking fee. There was a time where Gates and his
friend went to Hilton Hotel for a meeting, as they were late and could
not find a place for parking. Thus, his friend suggested parking the car
at the VIP parking lot, which cost $12, Gates disagreed despite the
friend offered to pay the fee. And eventually they parked the car
elsewhere with a cheaper rate.
To Gates, a man that has contributed large amount of money on charity,
$12 is very little, yet he ensures himself practiced frugality every
moment and maximizes the benefits of every single penny he spend.
Another case, have you ever asked for discount when you visit Starbucks
coffee house, maybe not! Right? A millionaire told me that he always
asks for discount whenever he visits Starbucks, and he got it! Many of
us may think that asking for discount is ridiculous and it may bruise
your ego if you get rejected or even make the request, especially in
such a “high-quality coffee house”, but if a millionaire can do that,
why not you? !!
Always remember a dollar saved is a dollar earned, whenever you buy
something, it is wise to ask yourself: Do I really need this or I just
want it! In addition, if the one dollar can bring you a higher return,
go for it!
LeeMen Cheong. is an inspirer who share the Teachings Of Wealth Creation
By Millionaires / Billionaires with the world. She has been committed to
personal growth and wealth creation for the past few years by learning
from the world-class millionaires/ billionaires; To Discover The Secrets
Of How To Be A Young Millionaire, Get Your FREE DOWNLOAD Of Her
Million-Dollar Interview Report with A Millionaire At Age 26, VISIT
http://www.FastSuccessTips.com NOW!!
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