It is not bad to admit your desire of becoming a millionaire to help your family and yourself. Everyone dreams of being able to buy whatever they want without checking the price tag. Hard-working people also look forward to the day when they can wake up without thinking of how to make money.
This wish tends to intensify when you get a taste of luxury at least once in this lifetime. You cannot sleep at night without thinking of what life’s like as a wealthy person. You want to keep on buying lottery tickets or strive to get a promotion, hoping that either will take you a step closer to becoming a millionaire.
Although no one will judge you for having this desire, you should remember that doing is better than dreaming. Some individuals are born with money – that is true – but many did not grow up in a lavish home or even went to Ivy League schools. They used to be regular citizens like you, to be honest. The only difference perhaps is that these folks did not do the following things that can prevent you from being wealthy.
1. Saving Up To Save
It is easy to remember our parents from childhood telling us to spend a little portion of our daily school allowance so that we can buy whatever we want even if it’s not Christmas. However, when the kids become adults and should various responsibilities, most of us tend to forget this ideology and keep the hard-earned dollars stagnant in the bank.
The reason why it’s not advisable to save up merely for saving is that the value of money lessens over time. You need to use it to be able to multiply it. Otherwise, it will be hard to obtain your millions.
2. Showing Off
A typical millennial receives their paycheck, goes to the mall, and exits it with expensive products. They look rich, yes, but that’s nothing but a facade. More often than not, they are only left with a small budget for food, housing, and transportation.
This habitual buying of wants – not needs – is what you should avoid if you are set to make your first million. Don’t worry if a colleague has flashier possessions than you do. It’s wiser to think of your future instead of showing off at present.
3. Taking Loans For Basic Reasons
Infomercials from banks are excellent at encouraging people to take out a loan to buy their dream car or house. The requirements and terms they set seem reasonable as well. Thus, many people grab the opportunity, thinking that it’s the answer to their problems.
The reality, however, is that this idea does not fly if your goal is to have seven figures – or more – in your bank account. That is especially true once you agree to pay a loan within 15 years or so since it then comes with a high-interest rate. The only time that it’s acceptable to borrow cash from any source is when you want to use the money for business and other investments.
4. Not Working Enough
We have seen employees of various ranks vacate their workplace and go home straight after their eight-hour duty is over. Some go out for drinks with colleagues while complaining about their exhausting day.
The thing is, there are also folks who hardly act in that manner. They sometimes stay in the office until midnight to finish projects or proposals that will allow them to expand their wealth. If that’s not possible, they bring their work at home.
Between the two types of employees mentioned above, the latter represents the individuals who are more likely to turn into a millionaire than anyone else. Not only do they avoid spending on unnecessary things, but they also try to be productive even during their free time.
5. Lacking Investments
Money is an essential commodity that never sleeps, yet yours may run out at the blink of your eye if you do not think of investing it. You see, making investments give you the chance to increase your funds regardless if you are lounging at the house or on a family vacation. You won’t have to work for money anymore since it will work for you.
Considering it will be your first time to fund something, you may start with buying stocks or shares in various companies. You can open a business too or look for new inventions to support.
The key to becoming a millionaire is within reach once you learn to avoid the things discussed above. We know that some of them may be far from what your parents used to tell you. However, you ought to believe that keeping your money stagnant in the bank is not always the solution.
Stay away from shortcuts, remember your roots, and always keep your hopes and intelligence up. Good luck!