There's a lot of brief information people tell you about how to become a millionaire. I'm going to go in-depth and talk about the real ways you can become one.
1. Creating the right mindset
Think of your mindset as a voice. You can say anything you want. If you spread positivity then your vibe is only positive, but if you only say bad things then bad things are more likely to happen. If you continue to say good things about yourself then you're going to believe it and vice versa. Creating the right mindset is crucial to having the life you want.
2. Start saving early
When I say start saving early, I don't mean saving a few paychecks or birthday cards here and there. Save at least 80% of wha
tever income you get. For the remaining 20% of your income, you can spend it on whatever you please, such as paying your phone bill, buying new clothes, etc. Over the course of a few years, months even, you should start seeing it all pile up in your savings account (open one up if you don't have one already).
3: Avoid unnecessary spending
Overspending will cause a major decline in your budget. Only spend money on things that you absolutely need. Spending money on only necessities will decrease your expenses which will cause you to gain more than you spend with giving yourself a budget is a great way to save up and buy into stocks or invest. Now investing is always a gamble, that's why it's good to do your research beforehand.
4. Get a credit card
Credit cards are a great way to build credit. Debit cards are basically used as cash, they're a great way to spend money but if they get stolen then everything that was in your account is gone, with no way to get it back. With credit cards you can borrow money from the bank, then pay it back in about a month. You have to pay it back every time you spend money or else you could go into debt. With credit cards you can gain credit which means banks are more likely to approve your credit ap
plications. You'll get cash back, be better prepared for the future, and it's cheaper to borrow money. It's extremely important to use credit cards wisely, misuse could lead to serious trouble.
Someone who I found interesting and learned a lot about is Graham Stephan. He's a real estate agent who is quite popular on YouTube. He shares how he became a millionaire by the age 26. When asked how to do this on CNBC’s show _, he said that “you don’t need to skimp on every purchase,” and that “you don’t need to work 12 hours a day.” Instead, he says that “you do need to think outs
ide the box. … What works for me won’t necessarily work for everyone. I don’t think there’s a one-size-fit
s-all approach, but you do need to think creatively and do something differently than what most people are doing.” It's important to find out what works best for you. Making real money is something that takes hard work but putting in enough time and effort can make it happen.