What makes a millionaire? 5 decisions to bring you closer
Don’t we all want to be millionaires? To have that level of financial freedom and stability? Well, getting there may not be easy, but it can be done by anyone. This list contains five choices you can make today that will start getting you closer and closer to millionaire status.
Save, save, save
Perhaps you’ve heard the old saying, “a penny saved is a penny earned.” While a penny may not seem like much, the truth behind this time-weathered saying is as valid now as ever. Even pennies add up in time. One thing all millionaires-to-be should do is save money whenever possible.
Think and invest long-term
Millionaires are not made overnight (well, those that are born into it may be…), but are the result of long-term plans. Don’t just hide away those savings from the first tip, put them to work for you by investing. Returns on investments may not be staggeringly high, but they do grow into larger and larger sums.
Look for the 401(k) match
One long-term aspect to especially look for is a good 401k. Many employers will offer partial or complete matches to what you pay into your 401k. This means that every dollar you put into that retirement fund is actually worth double! It may not make you a millionaire today, but you’ll be closer tomorrow.
Multiply sources of income
Most people that become millionaires have more than a single source of income. Look at your life and think about other ways you could be bringing in money. Not necessarily by working a second job, either! Maybe you have a hobby or craft you could turn into a small side business? Everything helps!
Grow your network
The old phrase, “it’s not what you know, but who you know” is never truer than when trying to become a millionaire. If no-one knows what you can do, no-one is going to know to hire you to do anything. A solid network of professional contacts can lead to becoming a millionaire faster than you hoped possible.