Do you want to have USD100,000 or even USD1 million? Many of us dream of being a millionaire. How did they become so rich? Can I follow what they have done and become rich too?
The good news is, yes you can! Many millionaires do not come from rich families. They were from poor or middle class families. Some had to work as young as 4 years old to help the family out. Some had the privilege to work only after graduation.
There is one thing which all millionaires have done to get rich – save (here are tips to save more). Millionaires are focused on saving money for the following reasons:
They had learnt the power of investing from their parents or superiors at work (see Point 4 of this article). This is a good reason why you must have friends who are older and wiser than you.
Money is needed in any form of investment. The different types of investments include gold, stock, bond, currency, property, business, franchise, licensing, education and more.
Find out how these forms of investment work and the amount of money you need. Start saving money for an investment in 2020.
Read more about the importance of investing in Point 1 of this article.
#2 Start a business
Starting any business requires money. You will need to have savings to tide you through the initial months or even years before you start turning in a profit. You may even need to hire an employee to help you.
Running a business of your own is one of the fastest ways to earn money. You are able to earn more as long as your business grows.
Point 4 of this article explains this well.
As you continue to save, you may want to save more so that you can start another business. If your second business is also successful, you are on your way to become a millionaire very soon!
#3 Capture opportunities
Were there moments you saw an empty space which you could turn it into a retail shop or food stall? Have you been offered to study overseas and you rejected it due to not having enough savings? :((
Opportunities require money. Opportunities come and go. The right opportunities may reappear after a long time. Some may never reappear.
Selling used cars is good business now. This window of opportunity will not last long as more locals are able to afford new cars.
It takes a lot of discipline to save in the beginning. When you have a sizable amount of savings, you can start investing, start a business and capture opportunities that come your way.
This is how you can improve your life and your family’s. How much more will you save each month?