Is it possible to become a MILLIONAIRE in today’s economy? Yes.
How many millionaires are there in America? Over 10 Million as of 2011.
Becoming one isn’t as easy as WAVING your Magic WAND though. Unless you’re like Donald Trump and inherited your millions.
What does it really take to build millionaire status? Follow these 10 Tips and watch your money grow!!
The Millionaire Next Door Author Thomas J Stanley says most millionaires don’t live in BIG, ostentatious homes or drive the latest car. Maybe they look like my husband Dave and I – we live in a simple paid off home, drive paid off rather boring cars and take 6 weeks of vacation a year and have almost no debt.
J Money, of Budgets R Sexy blog says: “Most of us will earn millions of dollars over the course of our lives, but it’s how much we *stash aside* that counts.”
Here are J Money’s TOP STRATEGIES to become a Millionaire and/or Create greater Financial Freedom:
- Max out SEP IRA every year. $11,000+ (or whatever you’re legally allowed to in your business)
- Max out Roth IRA @ $5,500 (and continue upping it as the limits increase) And, if that feels too out of reach, it’s better to START small than not at all. Pick one of these and get it done today.
- Set up an automatic transfer of $50/mo into savings.
- Set up an automatic transfer of $100/mo into investments.
- Increase your savings by 1% each month for a year.
- Try a “no spend” month (BOOM – automatic savings!)
- Increase your 401(k) contributions by 5% right now (you’ll notice it, but not as much as you think)
- Sell your extra car/clothes/TV/guitar/anything that can be converted to $$$ (My step-son, Eric and his wife Laurie, who are raising their grandchildren (bless them - had a yard sale and made $900.00.)
- Get a roommate/move back in with your parents! While J Money might think the parent option this would work – his wife didn’t agree. I’m with her!!
- Imagine & Visualize how you FEEL living in financial FREEDOM!! This is such an important part of creating health, wealth & happiness!! Have fun and stay FOCUSED!
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Certified Money & Business Coach, Professional Speaker & author, Lynn Telford-Sahl, writes the PowerUP Your Money Blog for women in sales and small business.