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Become A Millionaire In 3 Months

“You’re going to become a millionaire in three months” — imagine the looks on the people around you when you tell them this… and then imagine how it made them feel, and yourself. If this thought alone makes you feel great and inspires you to do something about it — read on.

Every day someone tells me they want to make a million dollars. They say things like “I’m going to get rich,” or, “Once I get on TV, my business will really take off.” The truth is that it’s never been harder to become a millionaire. With all of the bad advice out there, most people simply won’t do what it takes to get there. In this article, I’ll show you the exact steps needed to become a millionaire in three months…maybe even less.

Save until it hurts

I was once a poor college student, so just landing a job with any consistent salary made me feel rich. But I continued living like a student for years even after my first full-time job. It took a lot of willpower and discipline to save as much as I did.

I didn’t make excuses as to why I needed nice clothes or a new car. I shared a tiny studio with a friend for two years to keep my living costs low. That allowed me to max out my 401(k) on a modest salary and also save another 20% of my 401(k) cash flow.

Try to save at least 20% of your after tax income every year, no matter what. Remember, if you’re not in pain from the amount of money you’re saving each month, you’re not saving enough.

Consider both aggressive and conservative strategies

Investing in an S&P 500 index fund is fine, but if you want to get rich fast, I recommend making more high-risk bets. You can land bigger wins for a small portion of your portfolio.

Don’t go crazy and blow all your money away, but be willing to experiment with aggressive investment strategies. Like I said, when you’re young, you have very little to lose.

When I was 22, I only had about $4,000 to my name. Regardless, I invested 80% of my money in one stock and got a 5,000% return. Part of it was luck. But I did my research, took a big risk and it paid off.

Live like you’re poorer than you actually are

The richer you become, the more frugal and low-key you should be. Too many young people waste money on things they don’t need — simply to show off to their friends or on social media.

There’s no shame in being young and poor. Drive a cheap car. Live in a modest home. Don’t eat out every day. Don’t buy clothes you don’t need (thanks to Mark Zuckerberg and Steve Jobs, wearing the same thing every day is cool). And then be the unassuming millionaire next door.

Once I became a millionaire, I purchased a six-year-old car and drove it for the next 10 years. After that, I leased a Honda Fit and drove it for three years. I still wear the same casual athletic clothes I wore in my 20s.

Build a strong support network

To get ahead, you’ve got to build as many allies as possible. Being a hard worker isn’t enough. You have to talk to people, show an interest in them and get them to like you.

Once you have someone with significant power on your side, your entire career will advance much faster. I always made it a point to take a colleague out for coffee at least once a week. Building deep relationships helped me get promoted to vice president at 27.

 Keep track of your progress

The amount of money you save is more important than the amount you earn. I know tons of people who made millions and then ended up broke a few years later because they had no idea where their money went.

Take advantage of free financial tools online. Track your cash flow, analyze your investment portfolio, calculate your financial needs in retirement — just stay on top of your finances.

I’ve been using a free online wealth management tool since 2012. By diligently tracking my net worth, I’ve been able to optimize my wealth to the fullest.

Learn from your mistakes and move on.

Everyone makes them. I do, you do, we all do.

And believe me, I’ve made some pitiful mistakes.

Would you get suckered into two multi-level companies that go nowhere? Would you throw $8,000 into an online business venture only to lose it all? Those are just a couple of several investment mistakes I’ve made with my money.

Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or to circumstances.

The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?

Some people, when faced with their own inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.

It’s important to remember that . . . .

Only those who are asleep make no mistakes. – Ingvar Kamprad, Founder of IKEA

So, take the simple step to fess up and move on. Yes, it’s simpler than you think – especially once you have practice.  If you are still in the middle of a debt mistake one of the best things you can do is to stop paying interest by transferring your balance over to a 0% APR credit card.  This will free you up to hammer down on that debt instead of paying big interest payments.

Millionaires don’t give up because of a few silly mistakes. They press on toward the goal.

Learn to budget – or at least get help doing so.

You know that I hate budgeting. Thankfully, my wife budgets like a pro.

Here’s a tip from one of the financial greats (a millionaire, to say the least):

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett, CEO of Berkshire Hathaway

If you don’t budget, I promise you’ll lose money to overspending.

Want to make yourself sick? Count up how much you’re spending on eating out, clothing, gadgets, and other delights and write it down. Then, start budgeting. After a year, look at how much you’re spending and compare with your initial count.

Yikes. Try not to lose your lunch.

A hugely important part of budgeting is ensuring you’re spending less than you’re making. And the only way to do that friends, is to track everything.

If you’re not a spreadsheets-kind-of-person, that’s okay. Just make sure you have some help.

Don’t believe discouraging people.

As soon as you accept that you’re not going to become a millionaire, you probably won’t – you’ll settle for the ordinary.

Your beliefs about your future matter a whole lot, and will – in part – help determine your future.

After all, your beliefs affect your actions, and your actions affect your outcomes.

When you listen to discouraging people, you’re letting them accomplish their goal – to drag you down and ensure you don’t surpass their success. No good.

Instead, I suggest you prove them wrong – but be humble about it. Your results will speak louder than your words, I promise you.

I just love it when people say I can’t do it, there’s nothing that makes me feel better because all my life, people have said that I wasn’t going to make it. – Ted Turner, Founder of CNN

Develop a written financial plan.

One of the main reasons why someone can never become a millionaire is that they haven’t written a financial plan. Developing a financial plan forces you to take action, instead of just talk. It also guides you in making the right decisions in order to achieve all of your dreams and goals.

Financial planner Scott D. Hedgcock said that, “When planning for a more secure future there are two inputs that are indispensable: how much money you have and how much money you spend.

“The basic point I want to stress about these two inputs is that they are absolutely fundamental to all financial planning regardless of how large either of them is,” Hedgcock said.

“In my experience, the biggest difference between those on the right path vs. those on the wrong path was the amount of time and effort they put into devising a plan for their finances.” But taking the time to create a plan and see it through “is the one thing all financially successful people have in common.”

Hedgcock added that, “The success experienced by those who do this occurs regardless of their relative wealth. Likewise, the failure of those who do not follow a plan is unrelated to their wealth.”

When creating a financial plan:

  • Focus on what matters most and don’t obsess over the past.
  • Focus on what you control by listing your known expenses first in your budget, and with the income left over, list the discretionary categories.
  • Focus on your future by anticipating how much your future self will need to survive.

Conclusion

It is very possible for you to become a millionaire! There are people everyday who are working hard to become one. The amount that you have will depend on the kind of work that you are willing to take.

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