4 saving habits of millionaires
Posted by siteadmin on Thursday 2nd of February 2017.
There are no shortcuts or guarantees when it comes to achieving self-made millionaire status. That said, it can’t hurt to look at the habits of those who have managed to do just that to try and boost your own prospects. Many of our clients are millionaires, so here are our top tips which might just lead to you being worth seven figures in the future.
- Don’t rely on your savings – The current economic environment makes it very difficult to become wealthy through saving, so increasing your income is an obvious but good way to boost your net worth. Whilst increasing your main salary can also be a challenge, you might think about other ways to achieve this such as earning passive income through property rental, or taking on freelance or consultancy work on the side (just keep an eye on any tax repercussions).
- Invest, invest, invest – Instead of saving for a rainy day, put your savings into investments. If you choose investments and even accounts with some restricted access to your funds, not only will this ensure your investments pay off, but it will also help you to focus on increasing your income rather than relying on money you’ve put away.
- Change your mindset – Nobody has ever become a millionaire without believing that it’s something they themselves can both achieve and control. The best way to do this is to invest in yourself. Spending time educating yourself about both your business area and the financial world in general will help you to understand how to capitalise on opportunities and genuinely believe you can increase your net worth.
- Make plans and set goals – You’ll only boost your wealth if you actually plan out how you’re going to do it. Before you can make a plan, however, you need to decide what you’re aiming for. If you really do want to become a millionaire, then think big: if you have a certain figure you want to achieve, aiming higher will help ensure you reach it or even surpass it. But most millionaires will tell you it’s not about the money. It’s what the money can enable you to achieve in life. So first you should be to identify where personal fulfilment lies for you.
Let us know if you want help putting it all together.