The Easiest Way To Become A Millionaire
We're sure that at one point or another you have dreamed of becoming a millionaire. Whether those fantasies have come in the form of winning big in the lottery, discovering you have a rich family benefactor or becoming the next TikTok sensation, you might find that those dreams rarely turn into reality. But that doesn't mean you have to give up hope. In fact, there are more practical ways of earning those big bucks that don't involve you waging on a hope and a prayer.
Although there are plenty of paths to take that may lead you down the road to your first million dollars — such as becoming successful in the arts or climbing the corporate ladder to get a lick of the brass ring — there are other avenues where you can let your money make the money for you. If you're serious about reaching that million-dollar goal and are part of the working class then it helps to first adopt a more frugal approach to your daily living so that you're not drowning in unnecessary expenses or debt.
Unlike the good debt that you take on when you invest in a home or even yourself in the form of student loan costs as you upgrade your education, bad debts such as credit card expenses on multiple vacations and needless shopping trips may be holding you back from your financial end goal. So let's look at the simplest way for you to become a millionaire.
Let your money work for you
One of the keys to being able to easily reach the million-dollar mark is to adopt a practice that allows you to save and invest. At first, the thought of investing and acquiring the discipline needed to try to save money may cause most people to balk and waver from making the most out of their earnings. However, by incorporating some simple financial saving strategies and investing wisely, you can start a sure clear path to funding for your future goals.
According to Tom Corley — who conducted a study entitled "Rich Habits" that interviewed and followed the daily rituals of both wealthy and poor people — he found that when started early, following a "savers-investors" strategy can be the easiest way to accumulate major net worth. This process can be easily embraced with a little financial know-how and sticktoitiveness. By simply cutting down on needless expenses and limiting your daily cost of living, you could set aside some extra money to put toward savings and investing.
He noted that just shy of 22% of the wealthy people he interviewed made their first million with this type of strategy, and did so by the time they reached their mid-30s, according to CNBC. By tucking away 20% of your earnings into a high-interest savings account and pairing that with an investment portfolio that'll make you money without burning you on extra fees, this can have you reaching your first million-dollar finishing line sooner than you may have thought possible.