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A guide to becoming a millionaire

Every day, people all over the world dream of becoming a millionaire. For most of them a dream is all it will ever be, but with more millionaires and even billionaires being coined every year, this isn't the way it has to be. Below is a short overview of what it takes to change the dream into a reality.

Attitude

The most important part of becoming a millionaire is having a millionaire mindset. This involves four things: a proper attitude about money, knowledge about how money works, a well-defined plan, and the discipline to stick to it. It may sound cliché, but in life, you are what you decide you to be. Understanding that there are countless opportunities around us every day is the first important step. Anyone who spends their life worried about where the money will come from will always have to worry about it.

Knowledge

Knowing the tax laws in your state, province, or country, the business and liability issues, and the major economic forces at work are all vital. If you don´t have the time or inclination to study these things yourself, make sure to get a financial planner, and possibly a lawyer, to help you. They will be worth the investment.

A plan

With the exception of lottery winners, anyone who becomes a millionaire did so by having a plan. You can´t expect to get rich by accident. This doesn't refer to any nebulous idea that a yet to-be-defined big break in the future will help you to achieve your goal. It means actually sitting down and planning your future for the next year, five years, and even the next ten or twenty. You will probably adjust it as you go, but actually writing out the plan is what's important.

Disipline

No matter how good your plan is, it won't do you any good unless you have the discipline to stick to it. This doesn't mean "never spend any money on enjoying your life". If that were necessary, what would be the point of being a millionaire in the first place? It means continuing to work at growing your assets, even once you have reached a level of comfort. It means only investing in solid opportunities, not giving in to the urge to gamble on high risk, get-rich-quick schemes. It means constantly analysing your financial situation, being honest about what is an asset and what is an expense, and making the necessary changes. In conclusion It may not always be easy, but for a person willing to do the work and sacrifice short-term pleasure for long term gains, the goal of being a millionaire is definitely attainable.

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