Thursday, July 21, 2011

Becoming a millionaire is not so hard, it just takes 2 simple steps

1. Spend less than you make.

  Savers do not spend above – or even up to- what they earn.
In fact, they spend much less. Surprisingly, the folks that are wealthy (not just earning a good income) do not get into status objects and luxury items.

2. Save for a long period of time.

  You need to save. Save a good amount for a long time and do it consistently. Wealth accumulators save. It’s simple, but not easy. It’s easier to spend money on clothes, cars, homes, and other things. I’m not saying you should never spend money on fun items. If you want to accumulate wealth, you need to get a savings plan in place now!! Start saving 10% of your income and try to get up to 20% as quickly as possible.  Even if you don’t reach your goal, you will have saved, and you’ll be happy you did!

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