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Resources » Articles/Knowledge Sharing » General »
How to become a Millionaire
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The path to wealth is not paved with infomercials. Those wee- hours Television
staples would have you believe that you will become "Fantasy Island" rich by placing tiny ads in the classified or by buying up, for no money down, distressed property and selling it for millions.
Unfortunately, the only thing you are likely to get from watching those infomercials is dark circles under your eyes from lack of sleep. If you actually go to the seminar or buy the tapes, you will probably have more debt.
Do you know the truth, unless you are lucky enough to receive a size able inheritance, you will need to navigate your own route to prosperity.Bill Gates style mega wealth may be elusive, but becoming a millionaire is definitely within reach of those who start young and develop
the right habits. And anyone, at any age can develop the traits that increase wealth and decrease
debt.
You can have money or you have stuff, but seldom do you have both early in life. Part of popular sayings is "Fake it until you make it". Debt holds people back. they buy liabilities and they make those payments forever. Spend less than you make, live a modest lifestyle and don't live up to every raise. Some people
have spent their prosperity for the next 10 years and they have done it on credit.
It is a matter of choices
We are not saying you decorate your home with plastic furnitures and dine on macaroni and cheese every
night. but do you really need to buy a car that is so expensive that you must stretch the payments out for five
or more years? Do you have to own a 50-inch wide screen HD ready TV right now?
Many people who choose wealth over "stuff" would not consider spending money on the "latest and greatest" because they
know their money can be put to better use elsewhere. Buying a liability would probably cause them stress because they would rather buy an asset, that is something that will appreciate over time and give them a return on their investment.
Some older people have a hard time spending their money, they have been savers all their lives and the thought of spending
$5000 or $10000 on a vacation is ridiculous; it doesn't matter that they worth $3 million. The reason is because they are
the last Depression generation and it's burned in their memory that they need to squirrel away money.
So, invest your money on assets that will appreciate with time and create wealth.
Olufemi
Nigeria
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