10 Painless Ways Anyone Can Become A Millionaire

Think about it like this. When you are in credit card debt and you go to work, you are really going to work for your credit card company. The money you are earning is going to them so you can pay off your debt.

When you don’t have debt, you are working for yourself. And every dollar you earn can be worth more because you can save and invest it and it grows larger.

So pay off your debt as quickly as you can. Just be sure you are saving something even when paying off your debt.

#4. Pay Less For Your Living Arrangements

If you rent, get as many ‘goodies’ included as possible. Think utilities, garbage pickup, free cable and so on. The more of these extra services you can avoid having to pay for, the more money you can potentially save.

In addition to this, get a roommate, and share. When you can split everything in half, you will be able to really save a ton of money every month.

Finally don’t buy a house until you can get it cheaper. In other words, don’t pay so much for a house that you are struggling financially every month. Or, you can even live overseas where it is much more affordable to live.

#5. Buy A Smaller House Than The Mortgage Company Says You Can ‘Afford’

Real estate, provided you’re willing to keep your purchase modest, can be an excellent way to invest that extra money. As you pay off your mortgage, your equity grows. Over time, the value of your houses rises.

Now before you get excited and think about double digit gains every year like was the norm in the early 2000’s, this isn’t reality. The reality is that homes appreciate in value by around 3% a year. Not great, but better than nothing.

And to show you how much this matters over the long run, look at the wealth of renters versus homeowners.

#6. Pay Less For Your Car

This may mean taking the bus, relying on only one vehicle or sharing transportation for months, until you find the right vehicle at the right money. Craigslist is a godsend.

Don’t think you need a new car every 4 years or even a new car at all. You can buy cars that are a few years old and save a ton of money. And with how reliable cars are today, you should be able to drive one for at least 10 years.

If you think that a 10 year old car will look like junk, just wash it on a regular basis and you will be amazed at well its appearance holds up.

#7. Work Hard

In order to get raises at work, you need to put in some extra effort. My favorite tip here is to find tasks your boss doesn’t get excited doing and offer to do them for her. They will thank you and you can work this into getting larger raises.

The key is to work smarter not harder. I don’t want you working 80 hours a week. Instead find ways to make process simpler that save the company money.

#8. Start Your Own Business

Probably the best way to millions is to start your own business. In fact, in The Millionaire Next Door, many of the millionaires are small business owners.

In order to start a business of your own, you need to figure out what you are passionate about and go from there. Don’t think you need to quit your job to start your business either. Start small and on the side. Once it grows into something that can support you, then you can quit your job.

In the meantime, reinvest any income back into the business and save some too. Do not pay yourself!

If you want to find other great personal finance books, check out my resources section.

#9. Get Comfortable With The Stock Market

You aren’t going to become a millionaire by saving your money in a savings account. You need to put your money to work for you so that it grows. This is done by investing in the stock market.

I know that it can be scary, but if you get your emotions under control and choose a diversified portfolio, you should so well. Assuming of course you stay invested for the long term.

How do you do this? For starters you can get yourself a basic education on the market. But to cheat, you can just invest with Betterment. They will do it all for you. All you have to do is tell them your goal and set up a monthly amount to invest. You can learn more here.

Just how much can you earn by investing your money? If the market averages 8% annually, you should be able to double your money every 9 years or so.

#10. Get Married To The Right Person

The Millionaire Next Door, as well as a number of other financial get-rich books, makes it clear. Two people can get more accomplished than one, especially if both are careful with their money, and committed to each other.

The key here is marrying the right person. This all comes down to having the same values as you. While a spender and a saver can live happily, there will always be some friction in the relationship when it comes to money.

And should you end up divorcing, you are cutting anything you saved in half and starting over again.

With that said, don’t just marry for money. Marry for love, but be aware of the money personality your partner has and if it really meshes with yours. You will be much happier and for much longer if they complement each other.

Final Thots

So there are the 10 key ways to become a millionaire. Don’t fall for the same excuse others do in thinking that it is impossible or too hard. If you want it, you can achieve. You just have to start taking some steps to get there.

By following these 10 keys, you will be well on your way to millions.

Cindy Brick

Cindy Brick is a personal property appraiser, judge and national teacher who loves to write about frugality and other personal finance topics. She has written six books and hundreds of articles, but often focuses on quilting, her teaching specialty. She lives in Colorado with her husband, two golden labs and a flock of very suspicious chickens. Find out more at Brickworks, http://www.cindybrick.com, or visit her personal blog: http://www.cindybrick.blogspot.com