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Jul 29, 2020 · The No BS Way to Become a Millionaire in 5, 10, or 15 Years. Here are ten steps you could follow to become a millionaire by growing your income, reducing your expenses, and building your network. By Lee Huffman. Edited by Becca Borawski Jenkins. Updated May 13, 2024.
- Set the Goal. Key takeaway: Set a goal of becoming a millionaire. This is the first and most crucial step. One of the first people who aimed to reverse engineer how to become a millionaire was Napoleon Hill.
- Build Your Human Capital. Key takeaway: Invest in yourself in a way that increases your future earning power. What you should be thinking about today is how you can go about building valuable skills and connections that allow you to maximize your earning power.
- Spend Less Than You Earn. Key takeaway: You’ll never become a millionaire if you’re constantly spending more than you earn. Decades after Napoleon Hill interviewed many of the world’s wealthiest individuals, Thomas J. Stanley and William D. Danko extended that research.
- Use Compound Interest to Grow Your Money Fast. Key takeaway: Compounding average returns over a long time period is the surest path to becoming a millionaire.
Sep 15, 2022 · How You Can Be a Millionaire. The first step to becoming a millionaire is to understand the power of compound returns. When you compare a modest rate of monthly savings with a $1 million goal, the ...
Mar 17, 2024 · 1. Set clear, achievable financial goals. The road to becoming a millionaire starts with a clear destination. Define tangible goals, whether it’s a specific revenue target for your business or a...
- Melissa Houston
- Start Saving Early. The best way to build your savings is to start early. Doing so allows you take advantage of the power of compounding over the years.
- Avoid Unnecessary Spending and Debt. Stop buying things you don't need, especially if you're putting the purchases on a high-interest credit card. Before you buy, ask yourself the following
- Save 15% of Your Income—or More. The personal savings rate is the percentage of income left over after people spend money and pay taxes. That rate for Americans on average was 3.4% in September 2023, according to the Bureau of Economic Analysis (BEA).
- Make More Money. Granted, this is easier said than done. If you don't make enough to stash 15% of your income, it will be difficult to become a millionaire.
Feb 26, 2024 · If you can start as early as possible, stay in the market through the highs and lows, invest monthly and diversify, you can be on your way to becoming a millionaire.
Jan 2, 2022 · Employee Stock Purchase Plans. 3. They play the long game. While we might feel eager to find ways to become self-made millionaires as soon as possible, Wesley Botto, a financial planner and ...
