You’ll Need: * A bank account * Finical Discipline * The book- “The Middle-Class Millionaire: The Rise of the New Rich and How They Are Changing America.”
The first step to finical security is to know where you stand finically. Facing this is not easy, so be honest and emotionally prepared. By doing this, you should see a finical pattern. Turn this into a positive. Where do you like to spend money? Do you like to buy stocks ? Do you like material possessions? If so, turn your expenditures into a business. If shopping is your niche, start a small online boutique, store or Ebay business. The key is to find your passion and work it consistently everyday. However, do NOT quit your day job until you can live off your business comfortably. You are more likely to make money by perusing your passion, not the latest fads.
Once you’ve found your niche, read “The Middle-Class Millionaire: The Rise of the New Rich and How They Are Changing America”. Knowledge is power. Moreover, once you’ve discovered how you are going to make your first million, be sure to make your product and/or service unique. That is- make it stand out. If you are focusing on a boutique, what are you going to do to set your’s apart from the competition? This simple thought will make or break your business.
Learn how to bargain- NEVER pay full-price for a service or product from a vendor. Gain a reputation as a negotiator, and you will get what you ask for. Buy higher end and charge a premium for your product and/or service. You can always mark them down latter.
f investing is your forte, stock trading during these difficult finical times may be better suited for you than starting a business. One hot stock is energy. Clean, green energy will boom. Also, look for stocks that deal with infrastructure and engineering. We, as a country, are about to undergo one of the biggest infrastructure rebuilding process in American history. One finical expert suggests that new millionaires will be made during this rebuilding period. Like the millionaires of the 1920-1940’s, many were acquired by the rise and fall of the stock market . Lets face it, stocks are cheap. Buy them now and watch your portfolio grow over the next 10-15 years.
Whatever you do, DO NOT take your money out of your 401K. Keep contributing. In fact, contribute twice as much! Like the stock market, your earnings will grow once the market turns. Again, work this consistently, everyday. The Stock Market is emotionally driven. Do not make the mistake of selling or pulling your 401K because of your emotional state.
This next method of becoming a millionaire was taught to me by my father. Open a savings account and save $25 EVERY week and DO NOT TOUCH IT! In twenty-five years with bank interest, you will net over $1,000,000. The bottom line is to make your money work for you and follow your passion. If finical security is your main goal, then work at it everyday, and you will see results. Even in these difficult economic times.