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Growingwealthis a major financial goal for many people.
Perhaps youre even hoping to reach the ambitious milestone of becoming a multimillionaire.
Thats the financial goal money coach Chloe Daniels is working toward.
In arecent Instagram post, Daniels explained the five things shes prioritizing to help her become a multimillionaire.
Heres a breakdown of the five things shesfocusing on to reach multimillionaire status.
However, Daniels is taking the opposite approach and choosing to rent rather than own for now.
She explained that the numbers just dont make sense for her to buy a home in the current market.
Plus, shed have around $200,000 locked up in one asset.
Daniels housing situation isnt unique.
The average monthly cost for a starter home is over $1,000 higher than the median monthly rent.
You may prefer to rent to save on monthly housing costs and retain greater financial flexibility like Daniels.
Daniels noted that she is specifically referencing her low-interest debt, which has a 3.54% interest rate.
Daniels said shes specifically focusing on automating aspects of her business so she doesnt need to be as hands-on.
Other popular passive income ideas include selling online courses, making financial investments and self-publishing books.
Daniels rejects that idea.
Right now, Im in the season of intentional spending rather than tracking every dollar.
This is lower stress, she said.
Considering that finances are the No.
1 cause of stress, as reported byCNBC, any financial approach that reduces stress is worth considering.
Tracking every dollar of your spending and trying to adhere to strict limits may be overwhelming.
You might benefit from Daniels approach of focusing on spending in categories that bring you more value instead.
Think about every purchase and whether its something you actually need.
Does this item help you reach your goals?
Is it the best use of your money?
Asking questions like these will help you be more intentional with your spending.
Thats why Daniels is focusing on increasing her income so she has more money to invest.
You dont necessarily need a business to grow your income.
Asking for a raise at work or starting anew side hustleare other options.
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