Not yet registered? Create a OverBlog!

Create my blog

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.

Same category articles Business development

How to start a retail business?

How to start a retail business?

Many people have the dream of starting their own business and a clothing business remains to be popular with many. Starting a retail business can be a daunting thing, especially if you don't know where to start. Here are the first steps to starting your own business in retail.
Bankruptcy laws explained

Bankruptcy laws explained

Bankruptcy is not pleasant to go through, but sometimes it’s necessary, especially if a person doesn’t see any way to overcome their financial situation. Bankruptcy helps people to obtain financial freedom again once they have lost it, but it is not without consequences. The bankruptcy rules are simple and standard for people to follow, if they are planning on filing bankruptcy.
All about CIO magazine

All about CIO magazine

Technology and business go hand in hand. Information technology news is important to chief information officers as well as chief technical officers. There are numerous magazines and websites that offer information related to business and IT. However, the CIO magazine has retained its number one position since years. Read further to know more about this business and IT magazine, which also has information on project management.
How to write a business plan for beginners

How to write a business plan for beginners

Writing a business plan is one of the most critical phases in starting a business. A business plan serves as a guide on how will the business operate and how will it succeed despite tremendous competition. The article shows how to write a business plan for beginners. The following are five of the most important parts that a business plan must contain.