So you want to be a millionaire in 5 years? It’s possible, but you must pay the price. Money is not accumulated by accident so you can’t expect to just become a millionaire by luck. If you’re determined to be a millionaire in 5 years, you must be deliberate and disciplined and strategic. It will not be easy, but you can do it if you really want to.
That being said, here are five things to start doing today so you can be a millionaire in 5 years:
1. Set goals
The only thing that will keep you from spending anyhow and losing your money is setting concrete financial goals. It’s only a definite goal that will make you stay at home when everyone else is out clubbing. Set some clear financial goals and state clearly how much you will need to achieve them and how long it will take. A goal will give you an aim so you can channel your time, energy and resources effectively.
2. Save 30% of your income
If you want to be a millionaire in 5 years, you must save like your life depends on it. Save 15% of your income to be untouchable and another 15% to use for investments. Most people would have more money to their names if they could only save more.
3. Invest wisely
Piling money in a bank account for five years can make you a millionaire, but a more effective method is to make some of that money work for you by investing it. Visit an investment expert and ask for schemes you can be part of that will give you increased revenue.
4. Start a business
Don’t just start any business, look for a problem and then find a solution. The greatest and most profitable businesses are those who solve problems and meet needs. If you can provide solutions to a bulk of people, all things being equal, you can be a millionaire in 5 years.
5. Be friends with millionaires
If you’re serious about becoming a millionaire in five years, then you must surround yourself with other millionaires. Your life is a reflection of the five people you spend the most time with. If you’re a wise person, spending time with millionaires will teach you a thing or two and you’ll become like them.
Which one of these things are you already doing? Share with us below.
Before you go, here are 5 habits of the world’s richest people to copy in 2018.