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HOW TO BE A MILLIONAIRE IN 10 YEARS:
ONE: You NEED to save as much money as possible.
As simple as it might be to say: without this part, the ENTIRE plan fails…and, when it comes to increasing your net worth, at the end of the day…it doesn’t matter how much you make…but instead, how much of that you’re able to save.
TWO: You ALSO need to make a lot of money.
Working ANY job that pays based on RESULTS or individual TASKS…your income will SKYROCKET, because NOW - hours no longer make a difference. Personally, I think sales are one of the most under-rated careers out there, because it often serves as a stepping to earning a higher income, while teaching you everything you need to know about time management, customer service, and efficiency….not to mention, it could also provide funding for just about anything else you want to do, later.
THREE: Realistically, you’ll also have to invest your money.
As an example, just consider this: If you SAVE your way to $1,000,000 in 10 years…you’ll have to put away $273, every single day - or, $8333 per month - to make that a reality. BUT…if you just INVEST that money, instead….you can get there with “just” $158 per day, or $4750 per month, while averaging an 8% return…or, in other words…you need substantially less if you’re consistently putting your money to work.
THE PRACTICAL STEPS:
First, cut back as many expenses as much as you possibly can.
Figure out the BARE MINIMUM that you need to survive, with some discretionary spending thrown in every now and then…and, from that point on- anything you make above that amount will be automatically invested.
Second, determine how you can make more money.
Perhaps look into switching careers, learning a trade, starting a side hustle, or starting a low-overhead business from home. The fact is, this isn’t going to be possible if you earn under $50,000 per year…but, the GOOD NEWS is that there are PLENTY of ways to make extra money, if you’re willing to put in the time.
Third, once you have enough money saved up - I would highly recommend you reduce, or even eliminate your entire housing cost by investing in a multi-family property.
This is where you buy a multi-family home, like a duplex, triplex, or fourplex, then live in one of the units and rent the others out. Typically, when done right, those other units will cover the entire cost of owning the building - and all of a sudden, you’ve got a free place to stay, while allowing you more money left over to re-invest.
And fourth, you can keep repeating that process every 2-3 years.
For example, banks allow you to get a low interest rate loan, as a primary residence, with up to 4 units - as long as you intend on living there for a year. That means, you can buy a cash flowing property - move in one of the units…wait for another one to come along…buy that, rent out the previous unit…and start the process over again, while gaining equity and cashflow at the exact same time.
At the end of the day, building up a $1 million dollar net worth is all about numbers - and, even though your spending tends to be the EASIEST to control and point you in the right direction - your income is the speed at which you’ll hit your target.
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