9 Basic Steps That are Guaranteed to Make You a Millionaire

They say that a million bucks really isn’t what it used to be… well it’s still a lot of freaking money – so they should shut up. And you should do everything you can to get yourself a million bucks.

Here are 9 steps that are guaranteed to make you a millionaire:

Step 1: Be patient, it’s going to take a while (like 30 years probably)

Someone has to win the lottery, so why not me right? While it’s possible to become a millionaire overnight, it’s not very likely. In fact, it’s so unlikely that we can firmly say that it’s not going to happen to you. So while you wait for your numbers to finally come in, you should remember to be patient and follow the rest of these steps.

Step 2: Spend less money than you earn

Sounds simple right? Unfortunately, it’s often easier said than done. However, you can’t save a million bucks if you are spending all your money each month.

Step 3: Pay off your credit cards

While it’s certainly important to establish good credit, carrying credit card debt is one of the best ways to not become a millionaire. Pay down your credit cards each month. Seriously.

Step 4: Set up automatic transfers

A lot of people think that becoming a millionaire requires them to be constantly thinking about how to manage their money, but that couldn’t be further from the truth.

For most of us, the path to becoming a millionaire is a lot less for Gordon Gekko’s “greed is good” and a lot more Ron Popeil’s “Set it and forget it!”

 

Step 5: Start as early as possible

The real secret here is that it takes time to become a millionaire. And the earlier you start, the more time you are giving your money to compound.

Step 6: Make sure to have an emergency fund

Shit happens, as the saying goes.

Having an emergency fund with sufficient reserves will allow you to navigate what life throws at you and still meet your million-dollar goal.

You can read more about emergency funds here [backlink].

 

Step 7: Avoid taking on debt

Some debt is unavoidable. And sometimes, debt can even be a good thing. For example, it’s unlikely you will be able to buy a house without a mortgage. That being said, you should avoid borrowing money for other kinds of purchases. Don’t rack up debt buying stuff you don’t really need.

Step 8: (speaking of which) Don’t buy things you don’t need

A big part of becoming a millionaire is that you will need to sacrifice. That means not getting a new car every few years. It means not compulsively ordering online things just because Amazon Prime is really awesome.

Step 9: Learn about money and investing

Don’t just count on your financial advisor to get it right. Do your own research. Learn about money and investing. At a minimum this will allow you to be a well-informed customer of financial products and services. But hopefully you will learn that with enough work, you can take the reigns of your own financial future.