When Grant Sabatier graduated from college, he was living with his parents and broke. And by broke, we mean broke — he just had US$2.26 in his bank account.
Fast-forward to today, Sabatier is now 33 and a self-made millionaire. Now, he writes about personal finance on his blog Millennial Money and runs multiple businesses. How did he do it? Read on to find out.
How to become a millionaire in 10 years
1. Find (or make) ways to earn more money
Sabatier says that you can't just save your way to becoming a millionaire. Certainly not in this economy. That's why you should focus on increasing your income potential.
Yes, this is definitely easier said than done, but there are multiple ways of doing this. You could look for a higher-paying job, take on a side hustle, or even start your own business.
2. Skip the luxury purchases
Grant Cardone, who was broke and in debt at age 21 but a millionaire at 30, writes in this Entrepreneur article that he was still driving a Toyota Camry when he had become a millionaire. "Be known for your work ethic, not the trinkets that you buy," he says.
3. Think rich
To get rich, you need to change the way you think about money.
"Stop telling yourself that getting rich is outside of your control," writes self-made millionaire Steve Siebold in this Business Insider article. "While the masses believe becoming wealthy is out of their control, rich people know that making money is really an inside job."
Siebold says that anyone can become wealthy — not just lottery winners or people with incredible luck. Instead of simply accepting their lot in life, people need to tell themselves that getting rich is up to them and make a plan of action to reach their goals.
4. Save to invest
Cardone says that saving to save won't be enough to reach your big financial goals. Save money to invest it. Put your money into accounts that you don't allow yourself to access, not even for emergencies.
Then, invest it. "To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access," Cardone says.
5. Get a mentor
We become the people we surround ourselves with.
If you're always around people who have little to no ambition, you'll have a hard time breaking unproductive habits and thought patterns.
Instead, find intelligent, driven people who are more successful and better with money than you. Learn from them and adapt their good habits, and soon it'll come naturally to you.
6. Don't count on your day job
If you want to become rich, don't depend on your paycheck. Sure, having a full-time job is safe, but it's also pretty slow.
"It's not that there aren't world-class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest," writes Siebold. "The great ones know self-employment is the fastest road to wealth."
Anyone who's had to twist their boss's arm to get a raise knows that the process can get real frustrating. But when you're own boss, how much (or how little) money you make — that's all on you.
We hope this article on how to become a millionaire in 10 years was helpful!
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