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While achieving this goal requires time, effort and diligence, becoming a millionaire is not some far-fetched dream.
For those without trust funds or massive inheritances, the key lies in living below your means.
Prioritizing Needs
The first step toward millionaire status is realizing that frugal living isnt about deprivation.
Its about strategic spending that safeguards your financial peace of mind.
Its important to stay focused on buying only what we truly need.
This can help to curb lifestyle inflation, which can easily creep in, especially if your income grows.
Your daily takeout?Not a necessity.
Remember, you work to live, not the other way around.
Just be sure to stick to the amount you set.
The real difference between those who succeed and those who dont is consistency in maintainingfrugal saving and spending habits.
Smart and consistent investing and saving are so key, Kullberg said.
Its not about how much you save, but about developing the habit of saving.
You dont need to already be comfortable financially for start investing, Kullberg said.
Even with small amounts, consistently contributing [to] your investments and savings will compound interest.
If you dont see the money leave your account, you wont miss it.
Paying Off Debt
Its hard to make progress when youre weighed down by debt.
Just like you wouldnt go swimming in jeans, trying to save money while carrying debt slows you down.
Eliminating this burden will free you to focus on afinancially secure future.
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