You want to become a millionaire and retire as fast as possible from your current life?
You want to be able to be financially free and do whatever you want? You are tired to be your Boss “slave” and work hard from 0700 to 1700 and you want to escape the daily grind?
Did you know that it’s possible to achieve that goal in the next 5 to 15 years, a relatively short amount of time, if you are disciplined enough.
However, let me be honest it will be quite challenging and not a walk in the park.
Indeed, except if you are lucky, getting into the multi-millionaire select club is rarely done in a day or two.
You will need dedication and hard work.
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Prepare the Battleground to Become a Millionaire
Do you Know your Net Worth?
Seriously, do you?
If you want to become a millionaire, you need to know what is your net worth. Otherwise, you will not be able to know if you are growing your worth or not.
As I explain here your absolutely need to be able to track your financial numbers, it’s the best way to know if you are going in the right direction and if your worth is growing.
And, if you are not, you will not be able to take action and rectify the shot to put you back on track.
As such, knowing what action to take, you will be able to:
- Increase your income;
- Increase your savings;
- Eliminate your debt; and
- Increase your investment capacity.
For the purpose of tracking your net worth and other financial numbers, there are numerous application/spreadsheet out there.
Personal Capital (US of A) and Wealthica (Canada) are two great application that are easy and free to use.
But, you could also develop your own! You just need to keep everything as up to date as possible.
Again, you can get some very good and complimentary information here to help you refine your plan.
Cut the Elephant Rope.
There is a “parabole” that I have heard a while ago.
An elephant prevented from running away by a simple rope tied to one of his leg.
The elephant is conditioned to believe that it can never break free from that rope since it’s youth.
We are like the elephant, kept to believe that we can’t set ourselves free from debt since we are youngling.
You need to cut your rope and break free! We are conditioned to believe that debt is necessary and that we can’t escape from it. Although, being completely free from debt is very hard and unlikely, you need to kill your debt as much as possible otherwise it will be hard for you to become a millionaire.
Otherwise, it will taint your every move and your every financial decision:
- How much to put in your retirement plan;
- How much you need to survive;
- If you can plan a vacation; and
- How much to invest.
By cutting this proverbial elephant rope, you will have much more impact on your own financial life and your ability to become a millionaire.
As such, you will be able to put more money on the table toward your financial freedom.
How to Kill your Debt.
There are several ways to cut this Elephant Rope.
The first step is, simply, to stop spending and save more.
Once that is done, you need to increase your monthly payments. And, you have several ways to make some extra money, or get some nice cashback from when you do need to spend. Another good solution is to negotiate for debt relief, consolidate your debt or as a last resort find a lower interest loan to refinance your debt.
Did you know that by paying less of your debt each month, let’s say with a standard payment plan, you actually lose a lot more money than by paying a little more each month?
As an example if you have a loan, any type of loan, of 10000$ with a 6% annual interest rate the actual interest costs will vary greatly based on your monthly payment:
- 100$/month will amount to 3897.57$ of interest.
- 200$/month will amount to 1536.00$ of interest, saving you a whopping 2361.57$.
What could you do with all that money? Save more, Invest more, make more! As such, if you can, it’s always a good idea to pay more each month when there is an interest rate.
Plan of Attack: Income Stream as a force multiplier.
The Multiplication of Stream of Income.
The more you have, the better you will be.
It’s a fact.
This is a point that you need to get nailed into your brain if you ever want to become a millionaire. Multiple source of income not only provides more money, but it also provide some safety, specially if you live on passive income sources.
As such, if one of them fails or becomes weaker, you still have some other streams to keep you afloat.
Here are some good ideas to multiply your income streams:
- Set up new passive income stream;
- Easy ways to make money in your spare time;
- Let your car work for you;
- Get Money back on each of your purchases;
Invest your money
There is no way I can’t stress it too much: Investment is key in any successful financial freedom plan.
Don’t try to target lucky stocks that might go very high very fast, specially if you don’t understand the complete picture. You should start by getting some good financial knowledge:
- List of book to increase your financial savyness;
- Investment 101;
- Basic Investment terms;
- Dividend Growth Investment Strategy.
Once you understand the basics of investment and the basics of the market, you will be good to go! It doesn’t matter if you start small, something like Acorn or Mylo or full in like Swell Investment the earlier you start, the more time your investment will have to compound and the earlier you can become a millionaire.
Build your own online business
If you want to be your own boss and get out of the daily grind, this is what you need to focus on.
Indeed, there is a very high potential for making some really interesting amount of money. Also, you can consider that has a form of investment.
However, you need to be honest with yourself, this will, for most people, not be a walk in the park. As such, you will need to put money and time on your dream online business to make it work.
Also, remember that it’s not a certainty that you will succeed, many people don’t have the courage/determination/patience to hold the fort until it’s successful.
Identifying the Product To Sell
But, by selling something online, either a physical product, your knowledge or skill, or even someone else’s products as an affiliate, you might be able to achieve sky high income in a few years. Doing so online gives you a much wider reach then a stone and mortar location. You can follow these simple steps to identify what you will be selling
- Know your audience and what they need;
- Identify what is your sellable product, not necessarily a physical product;
- Promote your product everywhere;
- Drive traffic through your sell funnel; and
- Convert traffic to sales.
Also, if you want more information on affiliate marketing, look at this guide.
If you can do that, you’re in business!
Endless Possibilities
Let’s do some maths… If you have a good product, let’s say a small course, that you sell for 100$. If you can sell that to 100 persons per month you are making? 10 000$ per month or 120K $ a year! Not bad at all to be honest and a good start on the way to become a millionaire.
Also, having a blog is a great sales vector for your product.
Conclusion
All in all, it’s possible to reach the famed first million dollars in net worth quite early in your life. However, you will need discipline and a purpose. Remember, you need to set up the battleground for it to work. As such, you need to be able to track what you are worth and you need to cut the debts! Once that is done, or maybe at the same time, you need to increase your income in a variety of manners. The important is that you keep your focus.
Don’t forget: Keep the Dream alive!
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