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How To Become A Millionaire

How to become a millionaire as quick as possible? this is the question from your side, and I have the exact answer with 7 steps to become a millionaire as soon as you start following these steps, in just one or two years of following this plan, you will hit your first million...
Updated on:

May 21, 2019

at: / Edited by: Umer Idrisi
How To Become A Millionaire
Before earning my first million rupees, I was curious that how millionaires react, how do they dress, how actually it feels to be a millionaire.

And after getting my first million, I got to know that its the best feeling in the world.

Yes, it is.

No doubts that people will start giving you more respect than they were doing before and your voice becomes more powerful than ever before.

Some may think that I am talking more than the reality, but really, in Pakistan and India its what you will feel.

However, the term millionaire is also the known word for a rich person in every area of the world. Especially in the US and UK, you have to be a millionaire in Dollars or Pounds and that's when you will enjoy these luxurious areas of the world where rich people can have more fun.

So, in spite of all these life-changing days in the life of a millionaire, I am here with a few tips that can help you become a millionaire this year.

Let's read them:

1. Create Multiple Income Sources

How To Become A Millionaire

Having just one income source is critical, as now the days of having a job and living a beautiful life are gone.

You have to be a person who can manage multiple businesses or at-least side businesses. You should create multiple sources to generate more money on a monthly basis.

For this simple thing, you don't have to buy a taxi, you don't need to do a part-time job, you even don't need to work under a boss. All you have to do is start hustling.

Yes, that's a way out to create some new sources of income and start walking on the road that is heading towards millionaire mindsets.

What you should actually do? read some examples here:
  • Become a freelancer
  • Sell handmade items
  • Start a blog or vlog
  • Become a virtual assistant
These are some of the coolest and focused ways to add more money to your salary. You can even make more than your 9to5 job as these are some of the ways people are utilizing to earn thousands of dollars monthly.

However, here our concern is to create multiple or at least one more source of income for you. The craziest benefit of this 2nd source will be: you can save the money earned with this 2nd job and lets the journey of becoming a millionaire begins.

2. Get Rid of Debt

How To Become A Millionaire

The debt is the worst enemy of your dreams to become a millionaire, it will never let you achieve your goals. In the second step, you have to get rid of debts.

There are some key takeaways:

  • Don't get leased items
  • Use a debit-card not a credit-card
  • Don't buy things on buy now pay later schemes
  • Avoid borrowing money from anyone

If you are a student and have to pay your student loan, try to cover that gap by doing a side job and in first turn pay this loan.

Mortgage or a vehicle loan is also an enemy of yours to become a millionaire, so avoid getting any loan or applying in a scheme.

Instead, force yourself to live on what you have and get yourself agreed on how you are living, dream about becoming a millionaire, don't get your hard earned money go into other's pockets.

3. Create A Plan

How To Become A Millionaire

I am assuming that you are out of debt, and you have 2/3 extra income sources rather than your 9to5 job or main business.

Its time to create a written financial plan and walk towards your becoming a millionaire journey. Your plan should cover every step which you have to take and a great plan starts with:
  • Money Saving Ideas
  • Spending Limits (budget)
  • Invest
  • Repeat
This is the one and only financial plan to become a millionaire in a year, 10 years or two decades. It all depends on how you make use of this plan and how well you are earning or how much you are saving and how low you are spending.

4. Start Saving Money

How To Become A Millionaire
As planned, you have to save money as much as you can or even can't. You have to take control of your daily spendings and strict yourself to buy things that really matter.

Some experts say that you should save at least 10% of your monthly income, I recommend you to save at least 40% of your monthly income.

Why?

Because now you have more than one income source and the rest sources shouldn't contribute to your routine life.

You should save all the money from those side-jobs and the 40% margin is do-able. You can do it easily by opening a savings account and transfer all that earned money to this account on a monthly basis.

Make sure your savings account is giving you high rates and not in the scheme of any loss.

5. Make A Budget

How To Become A Millionaire

I am not talking about living below your means or letting people taunt on you that you are a person who is poor by his heart.

All I am saying is be a decent person and spend wisely, make a budget (monthly spending plan) and be strict to that.

There will be some circumstances that you may face and you will have to get out of your budget, for that moments, you can use your savings (the extra you have gained on your savings account).

Don't spend from your actual money, use the insurance plan and be smart by paying for unexpected moments from the money that you earned on your savings account.

How to make a monthly budget?

  • Count your monthly utility bills
  • Write about what you can spend on occasions
  • Add grocery and serving items with their costs
  • Count fuel and daily extra spendings
At the final line, calculate all of the costs and get an estimate of how much you are spending on a monthly basis.

Now cut unnecessary expenses and make a tight budget that can save you extra bucks each week. This is the way to live under a budget and still look professional, decent and normal.

6. Do Some Investments

How To Become A Millionaire

Your relatives and maybe your friends too will ask you not to invest your money. They will say that your hard earned money will go with your investments.

But, actually, if you are doing it the right way with expert advice and after reviewing the thing you are investing in, you will be able to even double your money.

Mutual funds can be a good option for making reliable investments and you can also get in touch with your bank account, they will help you invest your money safely.

You can also buy shares of good companies (it's a risky game) but you can do it if you can wait and good at watching the market.

The fool-proof and highly trusted way to invest your money is buying gold, yes, this is the very much safer way to invest and have longterm plans to double your money.

If you can buy enough gold, you can easily become a millionaire in some years. As this metal is precious and the prices of gold never fell down (in terms of years).

However, investing in real estate is the 2nd best way to safely invest your money and double it in just one year, as real estate investing is another trusted investment which is considered by most of the investors in the whole world.

7. Repeat

How To Become A Millionaire

If you ask me how to achieve your big financial goals and utilize the compounding method for your money, you should repeat your financial plan on a yearly basis.

Obviously, you have to be strict to that plan month-by-month, the "repeat" word here is used for making a more strict budget, saving more, investing more and of course earning more with gradually adding more income sources are improving side-businesses.

This repeated process will have you covered with your millionaire journey and help you to achieve "the millionaire" title as soon as you do all the stuff.

Believe me or not, the king of investing "Warren Buffet" has been following a plan and that was actually a plan of budgeting, saving, reducing spendings and investing more.

So, this is the way to become a billionaire and its the same way to touch your first million.

If you have any questions, let me know in the comments-form right below.

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