Welcome to Part 1 of our 3-Part series on the strategies you can use to become a millionaire.
Though the title of "Millionaire" might seem out of reach, it doesn't have to be. The methods we will discuss in our series are methods anyone can practice as long as diligence and savvy are involved.
Let's begin with the first three tactics on the infographic.
1. Focus on earning
Saving money is important, but it's not as important as earning money. The more money you earn, the more you can save.
Many people have options they didn't know existed because they never looked. If you think you're stuck at a dead-end, low-paying job for the rest of your life, then you haven't engaged in introspection.
Consider your talents and your time. You can find a side-job or a secondary profession to increase your active income. If you also have the resources, you can earn passive income through investments which will keep a continuous flow of money going into your bank account.
2. Develop multiple streams of income
Most millionaires have multiple sources of income. This is because they see opportunities and take them or also have many skills that can be leveraged for profit.
You don't have to be wealthy to make investments. If you see opportunities in the stock market, in real estate, or in local businesses that need funding, you should consider investing a portion of your money in those ventures as they have the potential of returning profit.
3. Save to invest, don't save to save
You don't always have to invest in stocks, buildings, or businesses to secure revenue. Invest your surplus money in a 401(k) or IRAs to build a net of wealth, so you'll have income when you're no longer working.
Creating and contributing to your own retirement accounts is one of the simplest ways to invest in a stable future for yourself.
This concludes Part 1 of our series. Do you already employ some or all of these three strategies we discussed? Let us know what you do by commenting on this post.