GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
They started from scratch.
So how did they do it?
More importantly,what steps can you take this year to join the two-comma club yourself?
Start growing the gap between what you spend and what you earn, also known as your savings rate.
The more you save and invest each month, the faster youll build wealth.
Set a target savings rate before creating a new budget from scratch.
Pay Off Unsecured Debts
Its hard to build wealth when you blow money on unnecessary interest.
High interest debt will hold you back in the long term.
That doesnt mean all debt is bad, however.
The trick lies in understanding the difference.
Invest Consistently
Invest every single month.
Dont venture to time the market.
Dont panic-sell when the market crashes.
Youve heard it before, but that doesnt make it easy advice to live day in and day out.
Millionaires didnt get there overnight, Kullberg explained.
They stick with a plan, invest regularly and never panic when the market drops.
Then its about staying consistent, and letting time do the heavy lifting.
To make progress on your seven-figure plan, consider automating your investments.
And you should aggressively pursue both.
The result: they get paid well.
Of course, your current employer may not serve your long-term goals.
Your connection is your net worth.
Pick Up a Second Income Stream
Many millionaires have multiple income streams.
They dont simply rely on their day job.
A raise is great, but dont stop there, Lovison said.
Aim for multiple income streams.
Upskill, get certified, explore side hustles, or even consider launching your own business.
The more you earn, the faster it’s possible for you to become a millionaire.
Start brainstorming ideas for a second income stream that youd enjoy working and then put a plan into action.
Start Outsourcing Low-Value Tasks
Worried you dont have the time to launch a side hustle?
Pay someone else to take the low-skill, low-value work off your plate.
you’re able to use the freshly freed time to create and work your side business or gig.
Too many people waste time on low-value tasks that dont move the needle.
If it doesnt directly lead to revenue, delegate it or drop it, she said.
The longer you sit in indecision, the longer it takes to grow.
Make bold moves, test, tweak, and refine as you go.
Invest in expert help before you feel ready, Musumeci said.
Self-made millionaires surround themselves with people even more successful than themselves.
Dont reinvent the wheel.
More From GOBankingRates
Share This Article:
