Become A Millionaire With These Steps
We’re all curious as to how people become millionaires but once you get one million its typical of one to get their next million as well. Some inherit their wealth from a trust fund or as a gift but some earn their way through their life. If you’re curious as to how some people got their million, we’ve compiled some ways you can become a millionaire with these steps. Although a million seems like a lot, you’ll soon realise a million could mean in different ways. A million in assets, a million in cash or liquidity, a million in equity or shares. Let’s see how you can earn your first million today!
First of all, if you’re starting from nothing, that’s fine too. Starting from zero is a whole lot better than starting with debt. If you are starting from debt, we’ll advise you to change your way of life. Make a dollar-by-dollar budget and keep track of your spending like a hawk. You should penny pinch yourself to get yourself out of debt. All debt is not fine including credit card debt, student loan debt and car loan. You don’t need a new car because cars depreciate in value over time. The moment you purchase a car, that car has already gone down in value. We’ll advise you to get a decent used car and use that to travel if you need one. Going into debt to have a good-looking car is not a good idea.
Once you’ve paid off your debt you can start saving your money. Save as much as 30-50% of your income if its possible and store 5-10% away in an emergency fund. If you’re thinking about getting a bigger apartment to rent or to stay, we’ll advise you to stop thinking about aesthetics and start making proper decisions. However, if you would like to buy an apartment to rent out, that’s a good idea. You can get a loan at an Islamic bank, as they have a lower interest rate compared to a commercial bank. You can also rent any of the rooms you’re not using to your friends or others so that their portion of the rent covers some cost for yourself as well.
After investing in property, you should open a broker Malaysia account and start exchanging funds. Exchanging currencies should be able to earn you a pretty penny if you know what you’re doing. But if you don’t you can go to a bank that offers financial exchange currency like Maybank to invest for a short or long term. But if a bank is doing it for you, you need a large sum of money to begin with. You’ll need around RM250,000 in Maybank to invest in FOREX. That’s a lot of money for an investment. They guarantee no losses and some returns so it should be a good price to pay.
Now that you’ve lived below your means and penny pinched to avoid debt as well as invested in properties or funds to grow your net worth, you’re on the right track to becoming a millionaire. It does take a lot of work and it is a lot more than what the average person does but if you want to be a millionaire, you’re no average person.
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