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The Top 10 Steps to Becoming a Millionaire
There is perhaps no more important decision than to take charge of your own financial
future. We live in a world of opportunity, and yet most Americans are buried in credit
card and other debt. We are surrounded by people who are getting rich, but most of us are
running in place. If you can read this, you are literate, have a computer, you are part of
the "wired generation". You can become as financially independent as you wish to
be. Here are the Top 10 keys to your financial success:
- Decide to be financially successful.
This is different than wishing, hoping, wanting or even desiring to be rich.
Make a commitment that this is going to happen! Financial independence is not an
accident or matter of luck, and it usually requires some inconvenience. Have you
decided to achieve this goal?
- Understand how money works.
Most of never studied finance or investing in school. Most of were never even taught
to balance a checkbook! To master anything, you have to understand it.
Read. Study what successful people do. Take classes.
- Master your relationship with money.
Some of us spend for excitement, to show off, to prove we can. Some of us are
addicted to spending, and some of us are just careless about it. Whatever your
relationship with money, understand it and develop a relationship of respect, appreciation
and gratitude. Use your money, rather than allowing it to run your life.
- Set specific goals. They should
be challenging, but not unbelievable, just out of reach but not out of sight.
Challenge yourself to be out of debt by a specific date. Make a commitment to saving
an exact amount each month.
- Develop a budget. A budget is a
set of dreams and aspirations. It's how you really, really want to use money to
benefit your family and run your life. Budget to buy the things you really want, and
to eliminate the "impulses", the toys that waste too much of our income. A
budget is a map to your destination. Have one and use it!
- Reduce spending. Yes, this
comes after making a budget, because when you begin getting control of your money (rather
than the other way around) you have powerful new reasons to reduce expenses. Most
self-made millionaires live far below their means! You should to.
- Begin investing. Most of us
spend or speculate. Both are roads to disaster! Invest in things you
understand. Invest cautiously, wisely, and regularly. The objective is not to
"make a killing", but to get rich over time. Know and obey the distinction
between gambling, and putting your money to work for you.
- Increase assets. Most people
try to increase their income, and that's a mistake. Making more money means paying
more taxes. It takes time and hard work. And, when wealth arrives in the form
of cash, it's easier to spend. Millionaires buy stocks and buildings, they invest in
assets that will make them rich and that are hard to spend on a whim!
- Reduce taxes. Most Americans
pay more in taxes than for food, clothing and shelter combined! It is your largest
expense! The poor and middle class don't realize how much they pay because it's
deducted from their pay check. The wealthy know there are legal and appropriate ways
to shelter income, to invest in socially-responsible ways, and that the tax code
encourages this. Learn the tax laws and use them for your benefit! (Yes, it's
the most boring reading you'll ever do, and worth it!)
- Use your wealth wisely. Someone
once said, "The reason most of us aren't rich is that we'd spend it all on
ourselves." Give. Share. Help others. When you use money to
make a difference, to have a positive impact, you get the chance to do more. Being
greedy and selfish will not draw money to you. Investing in your community, will!
To begin your education about money and becoming a
millionaire, I highly recommend several books on the subject. Two of the best are:
"The Millionaire Next Door" by Thomas Stanley and William Danko, and "Rich
Dad, Poor Dad" by Robert Kiyosaki and Sharon Lechter.
Phil, Mary, and the Staff at
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© Copyright 2003 by Philip E. Humbert. All Rights Reserved.
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