How to Become a Millionaire

Nobody can become a millionaire overnight unless you win the lottery, of course, it is so difficult. However, that which is easily gained can be easily lost. You can date a millionaire on the engineer dating site, but, would you want to become a millionaire? There are some tips about how to become a millionaire.

• Save, save, save

Sometimes it is a hardest thing about saving money. It can be difficult to figure out simple ways to save money and how to use your savings to pursue your financial goals. This step-by-step guide to money-saving habits can help you develop a realistic savings plan.

1.       Record your expenses

The first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, newspaper you buy. Ideally, you can account for every penny. Once you have your data, organize the numbers by categories, and total each amount.

2.       Make a budget

Once you have an idea of how you spend in a month, you can begin to organize your recorded expenses into a workable budget. Your budget should outline how your expenses measure up to your income—so you can plan spending and limit overspending.

3.       Plan on saving money

Now that you’ve made a budget, create a savings category within it. Try to put away 10–15 percent of your income as savings.

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• Develop a written financial plan

One of the main reasons why someone

can never become a millionaire is they haven’t written a financial plan. Developing a financial plan forces you to take action instead of just talk. It also guides you in making the right decisions in order to achieve all of your goals.

Financial planner Scott D. Hedgcock says that “when planning for a more secure future there are two inputs that are indispensable:”

He says “The basic point I want to stress about these two inputs is that they are absolutely fundamental to all financial planning regardless of how large either of them is,”

So it is important to develop a written financial plan.

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• Create a financial plan

Grant Cardone who went from being broke and in debt at the age of 21 to becoming a self-made millionaire by 30 writes "In today's economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that.”

• Upgrade your skills non-stop

As the saying goes, “Live and learn”. Tucker Hughes who became a millionaire at just the age of 22 writes, “You don't just need to be a master in your field, you need to be a well-rounded genius capable of talking about any subject whether it is financial, political or sports-related. Consume knowledge like air and put your pursuit of learning above all else."

Maybe you will become one of the millionaire singles in the near future if you do these tips.