1. Buy the things you need rather than the things you want.
Even though one of the reasons people strive to become millionaires is to be able to afford the things that they want to do, living in a house far too big for your needs or shelling out on a vehicle more luxurious than you require is going to set you back in your goals.
2. Spend less than you earn.
This is saving money and accruing wealth 101, but even old advice can be good advice, and such is the case with this.
3. Make sure that you can pay off the things that you buy.
And the quicker you can pay them off, the better! This will enable you to search for a job that you love and will therefore be more conducive to putting you closer to your goals.
4. Exercise patience.
It may be really tempting to up your quality of living or your lifestyle expectations as you begin accruing more money and assets to make you into a millionaire, but you will not reach your goal by taking some out of the pot.
5. Utilize automatic paycheck deductions.
You cannot spend what you do not have, so having these set up with your bank is going to help you save money better than many other tactics will.
6. Pay off your credit cards every month.
Having a good credit score is always a strong financial situation to be in, but making sure that you can afford what you are spending is even better when you are trying to become a millionaire.
7. Use time to your advantage.
The quicker you start saving, the better. If you begin saving in your twenties or thirties, you will be able to take advantage of compounding interest and put yourself in a better position without having to do much extra work.
8. Realize that money doesn’t buy happiness.
When you are working for a wholesome goal instead of a ploy to satisfy material urges, your goals will come to you faster and easier.
9. Realize that ‘life happens.’
Having a bit of money on the side separate from your millionaire fund will keep you on a steady track toward that goal; after all, you never know when a financial emergency will rear its ugly head.
10. Focus on being debt-free.
Even if you have income coming in every month, if you have any sort of debt, you need to be deducting that from your gain — if it comes out negative, you are not financially free, and will not be able to achieve your millionaire dreams yet. In order to be the next millionaire, you have to make sure that your debts are all paid.
11. Work hard and diligently.
If you keep putting in the effort, it will be easier to make amends after a financial mishap.