It’s Be a Millionaire Day – May 20
Remember Lord Byron? One of the best known British Romantic poets?
Well, he was the one who invented the word “millionaire” in 1916, when only a handful people could claim to be millionaires. Today, after the Industrial Revolution, there are more than 16 million millionaires (enough with the word already) across the world, most of them in China and the United States.
Many of us have imagined what it would be like to be a millionaire, and even dreamed of spending recklessly. I know I have. However, not many of us can identify with being a millionaire, and stay positive about reaching this milestone. But don’t let it get you down because you’re not there yet.
Think of reaching your “millionairehood” as motivation to start working towards something. Wake up every day with a goal in mind. In capitalism, it’s all about the choices you make. We decided to share with you some advice that we think might prove beneficial to your journey.
Although, do take this with a grain of salt. The last time the author of this article has seen a seven-figure number was back in maths class.
First and most obvious piece of advice – go purchase a lottery ticket and try your luck. Think of your favorite numbers, pick a random ticket, and keep your fingers crossed. Also, you could try out for Who Wants to Be a Millionaire.
Naturally, this rarely works out, but hey, someone must have become a millionaire this way. However, don’t get your hopes up, but keep on reading for other, more useful advice instead.
Second, think positive. Use visualization techniques to see yourself not worrying about bills, surrounded by luxury, buying stuff without even checking the prices… Imagine yourself in a pretty stone house at the seaside, surrounded by books, dogs, sitting at the fireplace while a storm rages outside.
Imagined it yet? Good, now get to work and make it a reality.
Third, review your financial plan and investment portfolio with a financial expert. Get some professional advice on how to make the best out of your income, and make your money work for you. Also, create a financial plan, because people usually take stuff in writing more seriously.
They force you to take action. Of course, you have to stick to it. Nothing’s going to come out of you merely putting stuff down on paper. This can be a life-changing decision, and the only thing holding you back is yourself – no external factor is going to be detrimental to your success (well, this is not true, since starting inequality is inherent to modern-day capitalism).
Ignore the parentheses, though. People who started out with less than you have made it. You can do it.
Fourth, think about your spending habits. Find ways to spend less and save more – there’s an obvious logic here. I’m not saying you should eat cereal day in and day out, but the latest car and a brand-name jacket are here to take your money without giving you any real happiness. The wealthiest people in the world are frugal. Of course, treat yourself from time to time, but don’t go overboard.
Whenever you feel like you’d just love to buy a new car or redo the kitchen, just think about how long it actually takes you to make that money. This mindset is a great detriment to impulsive spending. Also, pay off your credit cards. Credit cards are wonderful tools, but can prove a nightmare for the reckless spender – it is easy to go on a shopping spree, just take your credit card whenever you need it, and not really feel like you spent any money.
But, please, do be aware that this is money you will have to return eventually. Taking out your credit card every time you feel like eating a steak or purchasing yet another piece of clothing also means you’ll have less money for your savings accounts or various other investments. However, once you’ve decided on a bigger purchase, go for something that is not just a liability, but an asset that will make you money.
Let me give you a simple example. Imagine two people, both bought a house. First guy, let’s call him Luke, bought it, although he already had a place to live. Luke does nothing with the place, but spends money on taxes, utilities, and maintenance.
On the other hand, Sarah bought a house and is now subletting it. In time, she will earn back the money she had spent, plus, she will make more. This is now a smart investment.
Start a savings account. And if you already have one, check if it’s the best option or there is a way to increase your interest. Try to put at least 30% of your income there every month. There is an option that automates your saving.
It automatically withdraws a percentage of your salary and you don’t even have to think about it. Seeing numbers getting bigger on your account will motivate you to keep working on your goal. Also, avoid grabbing into your saving account thinking you’ll put it back eventually.
How about going back to school or learning some new skills? The business world always values avid learners. Make sure your CV is impressive – get another degree, read and learn and soak in knowledge, or take up a course.
How about learning a new language? Or take a course in business management? How do programming courses sound? Some of these are available online, and you can plan your schedule around them. However, attending courses at a school or another place of learning might be a good chance for you to meet other people, make business contacts, and exchange ideas.
Seventh, have you ever thought about starting your own business? Fun fact: two-thirds of millionaires are self-employed. Being an entrepreneur takes guts, but if you take your time in researching the market and make an effort to create a thorough, sound business plan, this might very well be your best option.
Find what you are passionate about and make it a business – this makes it more probable you’ll succeed. Expect it to be stressful and take up all your time when your first start. But once you get the ball rolling, being your own boss offers a lot of value – both in monetary and quality-of-life terms.
Finally, surround yourself with people who are more successful than you are. This advice follows the logic of you are who you’re with. And it makes perfect sense, as you can learn from people who are more successful. Also, being around them may serve as a great motivator.