In an ideal world, we’d all love to be millionaires.
Even if you don’t necessarily insist on reaching millionaire-status, having enough money to no longer need to worry would be a dream come true.
A lot of times, the only thing keeping you from reaching financial freedom and enough money to never worry is just your money habits.
So, what better way to reach millionaire-status than to hear what tips the self-made millionaires have for growing your very own fortune!
If there was a clear-cut path to becoming a millionaire, everyone would be doing it.
Unfortunately, while becoming a millionaire isn’t quite that easy, there are some simple tips and tricks you can start incorporating into your daily life to get you there faster!
All of the tips mentioned below come from real self-made millionaires, so we can trust they have some idea what they’re talking about.
1. Increase your monthly savings amount.
Now it shouldn’t seem too surprising that in order to accumulate wealth and reach millionaire-status, you’d have to save money.
The average individual saves around 4% of their annual income.
4% is hardly anything, so trying to accumulate wealth by saving only that much means you’ll likely never reach millionaire-status.
Self-made millionaires who made their money by saving (rather than starting a business, being promoted, etc.) save 20% or more of their net pay every year.
Try and start putting 20% of every paycheck aside for savings, either in a savings or retirement account, or putting it back into investing (or a combination of both!).
I think you’ll be surprised by how quickly your personal wealth starts to build up, especially if you’re investing as well.
2. Avoid debt.
Now this one probably seems obvious, but seriously, avoid going into debt.
It can be all-too-easy in our age of swiping a piece of plastic for every single thing our heart desires to lose track of things and go into debt.
While some debt may be unavoidable, such as student loans, avoiding debt as best you can is paramount to accumulating wealth and reaching financial freedom.
If you’re currently in debt, make it your top money priority to pay it off.
Take a hard look at your budget and find areas to cut—be relentless. No more eating out or non-essential purchases until that debt is gone.
3. Automate your finances.
This is an incredibly easy thing to do and can make your life so much easier, especially when it comes to accumulating wealth.
Automating your finances takes all of the decision-making out of your money.
Decide ahead of time on your monthly budget, automate your finances accordingly, and don’t deviate from it.
Automating your finances means you won’t have to worry about paying your bills on time, or saving the same amount every month.
It can also save you money, since you won’t be incurring any late fees or overage charges.
Automating your finances also makes it much easier for you to stick to a budget since it’s already spelled out and happening automatically.
You’ll also be less likely to splurge on something the second your paycheck hits your account because the money will already be dispersed accordingly.
4. Be patient.
I know this may not be the gem of millionaire wisdom you were hoping for, but it’s one of the most important tips you can remember.
Becoming a millionaire, or even simply accumulating wealth, does not happen overnight.
As nice as that might be, it’s not realistic, and getting dissuaded by how long it takes will only hurt you in the end.
Whenever you feel yourself getting impatient with having to cut back and stick to such strict budgeting, remember that nothing worth having comes easily.
If being a millionaire was quick and easy, everyone would be doing it.
So, be patient, remember that good things take time, and hang in there. If you’re in desperate need of motivation/ inspiration, read up on some of the most well-known millionaires.
I think you’ll find that even supposed “overnight successes” were often many years in the making.
Sometimes, becoming a millionaire can be as easy as knowing what to do and what not to do.
With easy tips like these, becoming a millionaire (or accumulating personal wealth in general) has never been easier.
If you can be patient and disciplined, you’ll be rewarded beyond your wildest dreams.
In addition to these simple everyday tips, stay tuned to the next “Unlock Your Secret” article for the more unusual daily habits these millionaires swear by!