6 Powerful Tips To Become A Millionaire

By BankBazaar | October 7, 2017

Want to become a millionaire? Read on to find out how you can become a millionaire from nothing.

6 Powerful Tip To Become A Millionaire

Don’t we all wish to be in the league of millionaires someday? Live a life of opulence and all things rich and fancy. But what do we do about it? Nothing much. We give the thought some free airtime in our head and then push it aside to some forgetful corner of our mind. But it doesn’t take away from the fact that you still would like to become a millionaire.

“People are born millionaires, I can’t get there. Not in this lifetime,” you think. But then, don’t we have enough and more stories of self-made millionaires? Say, Warren Buffet, Bill Gates, Jeff Bezos to name a few. How did they do it? These people came from humble backgrounds and paved their own way to the million- dollar club by sheer force of will, determination and a lot of smarts.

Here are some tips to become a millionaire. Read them and follow them. You never know, you could be the next millionaire starring on the cover page of business magazines.

Additional Reading: 7 Unconventional Ways To Make Money
  1. It All Begins With A Thought

Saints, scientists, psychologists and almost all successful people agree with this idea. Much of what you achieve in your life starts with a thought. If you want to become a millionaire then you first have to deliberately think about becoming one. Deliberate thinking is key here. There is little chance of a passing thought manifesting into something tangible. But when you consciously think about a goal or an aim, you will be able to chart a path to it.

So, if you want to become a millionaire, start thinking about becoming one deliberately. With all your mental energies focused on your aim, you are sure to get there.

Additional Reading: 30 Interesting Financial Quotes
  1. Map Your Goals

Once you are clear about your life goals, the next step is to map them. You won’t become a millionaire overnight. You’ll have to take many baby steps in that direction.

The journey to becoming a millionaire (unless you hit a jackpot) is like taking a long-haul flight. It can get uncomfortable and exhausting. Setting small goals will keep you from losing focus. Moreover, each small milestone achieved will act as positive reinforcement and encourage you to keep working towards your goals.

You can always draw a map and mark it with milestones. Being able to represent your goal in a tangible form will help you filter out the clutter. Sometimes just writing down your goals can offer you amazing clarity on how to go about achieving them.

If you keep your vision sharp on your goal there is no stopping you.

Additional Reading: Why People Fail In Financial Planning Despite Having Goals
  1. Controlled Spending

When we see millionaires spending wads of cash on all kinds of creature comforts, we get tempted to do so too. But let’s not forget that millionaires can afford those luxuries, while some of us are still struggling to pay our Credit Card bills.

Millionaires can afford luxuries and they got there by adopting some wise spending habits. In fact, some of the richest people in the world today still spend thoughtfully. Enough has been written about Warren Buffet’s careful management of money. In spite of a world of resources at his disposal, the master investor lives a simple life. According to Investopedia, he lives in the same house that he bought in 1958 for $31,500 and draws a base salary of just $100,000 a year in spite of being worth billions.

You don’t have to be Buffet, but if you want to become a millionaire you have to learn to curb your spending. There are things we need and then there are things we want. Learn to differentiate between the two and you’ll find your bank accounts getting fatter.

Impulsive spending is the biggest enemy to getting rich. If you learn to control it, rest assured, you are halfway to getting rich. Mastery over your spending urges will also help you stay rich once you get there.

Sure, you’ve heard of stories where the rich squandered away all their money on swanky cars and chartered planes and then quickly slipped into poverty? They are true and you definitely don’t want your name on that list.

So, be careful with your spending!

Additional Reading: Financial Planning Ideas To Make Your Money Grow
  1. Make Smart Investments

Making the right investments is a sure-shot way of becoming rich.

Most of us have been told the virtues of saving while growing up. But savings are only to help you in an emergency. They are not a tool for wealth creation. Where savings help you in difficult times, investments grow your wealth.

Additional Reading: Don’t Just Save, Invest

Start making smart investments if you are eyeing that million-dollar club. Smart investments entail investing in different options rather than one. For example, you can invest in Equity Mutual Funds as they offer high returns (but are also high-risk). To even out the risk, you can invest another portion of your money in a Fixed Deposit.

If you want to get rich, start investing now!

Additional Reading: Different Types of Asset Classes
  1. Curb wastage

Many of us waste food, discard pieces of good clothing and quickly give up old technology for new without sparing a thought.

Want to be a millionaire? Learn to live within your means. Learn to fix things, be it your smartphone or your life problems.

If you learn to live within your means, you’ll find that you’ll waste less and retain more of what you think is junk.  You can eat out at fancy restaurants every day and wear designer labels to look like a millionaire, but his journey will be short-lived. Soon you’ll slip into poverty under the burden of debt. To be a real millionaire, learn to live within your means. Soon all the luxury of the world will be within your means.

  1. Don’t Stop; Keep Going

The journey to becoming a millionaire won’t be an easy one, but it’s not an elusive unicorn either. If you keep at it, you’ll get there sooner than you think. You might find shorter routes but they might not be right or sustainable. So, be careful and think twice before you do anything.

Some people did get rich because they played the real estate market right or placed all their bets on that one right stock, but those are exceptions. If you are planning to take a risk, make sure your plans don’t breach the legal framework. Also have a plan B ready in case things don’t work out as expected.

Additional Reading: 5 Crazy Investment Ideas Bollywood Accidently Taught Us

Lastly, don’t stop learning. The day you stop learning, your growth will stall. Go out and explore things and get out of your comfort zone. You learn the most from experiences that are tough. Always challenge yourself. If you feel something is beyond your level of expertise, make an attempt at tackling it, at least. Join courses, read, talk to people. There are endless ways to learn.

There are much more things that millionaires do. But the ones we’ve mentioned should be good to start off with. Try to be resourceful and the rest will follow. No matter what you do, keep savings and investments at the top of your mind.

Mutual Funds are a big hit with investors. Why not invest in one. Click on the button below to make an investment online in just a few minutes.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

Leave a Reply

Your email address will not be published. Required fields are marked *