Almost everyone wants to be a millionaire, right? And we know that it is not impossible to go from rags to riches and become wealthy, no matter what circumstances you were born into. We see inspirational stories on TV all the time that give us all hope that maybe, some day, we can consider ourselves to be a millionaire. But the real question is- How do they do it?!
Before we get started with the list, keep in mind that the definition of being a a millionaire is just having a million dollars. And in order for the average person to do that, it will require a huge lifestyle change, and it may actually force you to live like an impoverished monk. During the course of this article, ask yourself if you really need a million dollars, or if there is something else entirely that you’re craving.
20. Start Saving in Your 20’s
The sooner you start saving for retirement, the better. If you are still in your 20’s, there is a good chance you can save a million dollars by the time you retire. If you start working full-time when you’re 20 years old, and you save $25,000 per year until you’re 60 years old, that’s a million dollars. And that doesn’t take into account any interest you may accrue. Sounds simple enough, right?
However, this is far easier said than done. After the Recession, many people in their 20’s might be surviving on less than $20,000 a year, and they can’t give it all away to savings. Most people in their 20’s are either still in college, struggling with student loan debt, or they don’t make enough money to save. No matter how much money you make, you should make an effort to put money aside for the future, no matter how much or how little you can afford to save.