7 Easiest Ways of Becoming a Millionaire

 

In life, there are rules and procedures that determine if you're destined for greatness.

Financial discipline is the base strategy for becoming a millionaire. Such discipline should be preceded with a consistent approach guided by both your level of income and spending habits.

Just get into the habit of saving, stay out of debt and invest wisely.

To be a millionaire is not only about earning a lot of money, but it is about designing a concrete financial plan and sticking to it.

How you can become a millionaire

1. Live below your means: Spend less than what you earn. You should strive to live below your revenue standard to pave the way for saving any extra money you get and this will ultimately broaden your investment avenue. 

2. Increase your income, not your expenses: Your income should supersede your expenses by far so that you have additional funds for savings and investments. 

Income - Expenses = Savings + Investment

3. Build multiple income streams: For you to become a millionaire, you should have various revenue channels. 

4. Own rental properties: Invest in buying fixed assets such as land and establish rental apartments. You can start with a single plot and grow exponentially into having a chain of rental houses. This will significantly boost your revenue stream.

5. Build an online business: The advent of  the internet has turned the world into a global village. It's prudent to grow your virtual network and have a broader clientele. Market your business and put it on google map, so that clients can be physically directed to your business.

6. Invest in the money market funds (MMFs): MMFs offer higher interest rates as compared to SACCOS. Interest rates play a pivotal role to investors in shaping their investment decisions. Fund holdings in MMFs can be quickly converted into cash and therefore suitable to sustain the frequent needs of an investor, while reserving the access of funds meant for development in a less liquid account such as Fixed Deposit and Bank Saving Accounts.

7. Invest in the stock market consistently: Buy shares from reputable companies and build a long-term investment strategy.

Bottom-line Strategy

Master how to make money, manage money and grow money.