Did you know there are 20 million millionaires in the United States? Around 30% of the millionaires are women. A millionaire is someone who has asset
Did you know there are 20 million millionaires in the United States? Around 30% of the millionaires are women. A millionaire is someone who has assets worth a million dollars or more. You don’t need to have a million dollars for you or your business to be deemed successful. However, for many entrepreneurs, like yourself, it’s an important goal. Since May 20th is National Be a Millionaire Day, here are seven ways you can make that dream a reality.
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Disclaimer: Always seek advice from financial professionals. The information in this blog post should not be taken as financial advice. The information in this blog post is just for informational purposes.
1. Change Your Mindset on Money
No, belief alone won’t put the money in your pockets but it will help keep you motivated. You’ve probably heard about the importance of having the right mindset before but it’s true! Start manifesting or believing that you’ll get to the million-dollar mark.
According to Consolidated Credit, “If you change your mindset about money, you tend to make better choices about how to overcome challenges. In this case, the power of positive thinking really does matter.”
Consolidated Credit also says that having a negative money mindset, hinders you from taking action. On the other hand, if you have a positive money mindset, “you’re more likely to be decisive and take the steps that you need to take to succeed.”
Wondering how to have a positive money mindset? It definitely takes practice. However seeing every financial problem you have as fixable, looking for opportunities, and seeing help is key.
2. Make a Plan
Without a concrete plan, a goal is just a dream or a wish. In order to make a plan, you have to be aware of your financial situation right now. Before you become a millionaire, you may have to consider:
- How much debt are you in?
- How much money are you bringing in regularly?
- What is the value of your current assets?
- How much money will you need to be a millionaire?
- How long will this take you based on your current situation?
- Can you improve your situation? How?
Using proper goal-setting techniques, you’ll be able to set small achievable and measurable goals. For example, one goal could be that you invest x amount every month or that you’d make an appointment with a financial advisor by a certain date.
In addition to that, it helps to have a visual representation of your goals. Vision boards are not just for the new year. Contrary to popular belief, vision boards can be made any time of year. So, make one for your financial goals.
3. Seek Financial Advice
There are experts out there that are trained to help you reach your financial goals. You can utilize the ones at the financial institutions you already do business with. Your bank has tons of financial products you can utilize such as high yield savings accounts, credit cards with no annual fee, mutual fund accounts and so much more. Here’s a tip, ask your bank about compounding interest and what it can do for you.
In addition to that, seek recommendations from your network. What’s working for others in your network? This isn’t a replacement for expert advice but it can give you ideas.
4. Work on Your Financial Literacy
Financial literacy is one of the ways you can become a millionaire. Of course, you’ll have to apply what you find out but it’s never a bad thing to be armed with knowledge.
Reading books about money can help you improve your financial literacy. We recommend adding these books to your Amazon cart ASAP:
- Get Good with Money: Ten Simple Steps to Becoming Financially Whole by Tiffany The Budgetnista Aliche
- We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth and Gaining Economic Power by Rachel Rodgers
- Pitching for Profit: The Bad Bitches’ Playbook to Convert Conversations into Currency by Precious L Williams
It’s also great to work on your financial literacy with podcasts and YouTube videos. You can even try out free courses from Clever Girl Finance (they also have a podcast).
Make sure you’re following She Boss Talk on YouTube for information on funding your business and other business-related content. Remember, a successful business can set you up to be a millionaire.
You’ll need to invest in yourself and your business.
Investing in yourself can mean upskilling so that you can charge more for your services and become better at your job. It can also mean investing in courses and coaching to be a better entrepreneur.
For example, you can invest in resources that can help you:
- Win grants so you scale your business and make more money.
- Market your business more efficiently.
- Get government contracts for your business
In addition to that, investing in stocks, bonds, and other investment vehicles is important in wealth building.
Also, don’t forget to invest in your retirement. Putting the maximum amount you’re allowed in your retirement accounts can help you not only be a millionaire but secure your future as you enter your golden years.
Finally, don’t be afraid to kick off your investment knowledge on your own. Investopedia is a great tool to know the basics. This can help you ask more informed questions and have a better understanding of the whole process.
6. Watch Your Expenses
Do you know how much money you’re spending per month? If you don’t, it’s a good idea to start tracking your expenses. There are many budgeting and expense trackers available. You can use a spreadsheet, an app, or good ole fashioned pen and paper.
If you get into a habit of recording all the money you earn and spend, you can have a better picture of your financial position. Next, look at where you can reduce your spending. We can’t possibly tell you where you should cut spending because that daily Starbucks may be what you look forward to every day.
However, here are some of our suggestions for reducing expenses:
- Set a budget for each type of expense. For example, you can say you’ll only spend a certain amount of money on dining out per month and stick to it.
- Make a realistic budget. If the budget is too restrictive, doesn’t allow you to have any fun, or is too hard to stick to you, chances are you won’t follow it. If you don’t follow it, you won’t reduce spending.
- Do an audit of your subscriptions. Are there any subscriptions you’re paying for but not actively using them? Are there any subscriptions you use occasionally but could pause in the meantime?
- Find free or cheap activities to do in your city.
- Learn to make your favorite meals so you don’t always have to order out.
- Share or split expenses with friends and family
Avoid Lifestyle Creep
Another thing to be wary of is lifestyle creep. Lifestyle creep is basically increases your expenses when your income goes up. Some of that is totally normal and natural. For example, let’s say you lived with roommates but always wanted your own place. You start making enough money and then you move out. Your rent is higher now and so your expenses go up. Spending more money on yourself doesn’t have to be negative.
On the other hand, lifestyle creep can look like spending more money on clothes, cars, and subscriptions you don’t necessarily need. It becomes a problem when you’re earning more money but still feel as if you’re not able to achieve your financial goals or living paycheck to paycheck. In order to prevent yourself from being swallowed by lifestyle creep, you can:
- Automate savings and investment
- Stick to your budget and make sure you monitor where your money is going
- Opt to not spend on luxury things that aren’t important to you.
7. Diversify Your Income
No amount of budgeting can make you a millionaire if you’re simply not earning enough.
Therefore, now is a good time to start developing multiple streams of income.
You can opt for active and passive income. Active income refers to money that you earn from completing specific tasks or tasks. An example of active income is the salary you earn from work or the money you get from driving Uber.
Passive income, on the other hand, is making money while you sleep. For example, selling digital products on a platform like Payhip or collecting money from a rental property can provide you with passive income.
Most successful entrepreneurs have a mixture of active and passive income. Find other ways of creating an income stream in your business or your personal life. Some ways we recommend are:
Becoming a social media content creator
There are so many ways you can get money from social media. Take YouTube for example. YouTube alone can provide you with multiple streams of income. For example, you can make money from the ads, and memberships.
In addition to that, you can secure brand deals, generate leads, sell affiliate products, and therefore have money coming in from social media. You can achieve three, four, five and yes even six figures with the power of social media even if you’re not an influencer. However, even if you are an entrepreneur, you can monetize your personal brand to bring in more revenue.
Selling digital products
Selling digital products can create passive income for you. Digital products can include:
- Online courses
- Webinars on demand
In order to pick which digital product to create, you can find out what solution your audience needs. Once you find out what that is, pick the best format or formats for the information. For example, it may be more suitable to record a masterclass and sell it. In addition to that, you can create a checklist or an eBook from the information from the masterclass.
Becoming an affiliate marketer
Did you know you can make money from being an affiliate marketer? An affiliate marketer earns money by advertising for another company. They advertise for the company via sponsored posts on social media, blog posts, and sending affiliate links via email or platforms.
The amount of money you make depends on the specific company that you are an affiliate for. The good news is, that you can be an affiliate for multiple companies. Not sure where to start, you can be an affiliate for:
We hope that these 7 ways to become a millionaire inspire you to go chase your dreams of becoming one. Remember, you don’t have to do everything at once. As a matter of fact, it will probably be overwhelming if you did. Set small achievable goals and you’ll be able to see some progress.
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