So, you want to be a millionaire?

Follow these simple life hacks to wind up wealthy

Becoming a millionaire is a great goal to have, but it might seem impossible to reach.

We’ve all seen success stories on TV and social media, but maybe those people inherited money, had highpaying jobs or won big on the lottery.

Fortunately though, you can become a millionaire – and it has nothing to do with how rich your family has or how well educated you are.

If you follow the simple principles below, you will be on your way to becoming a millionaire…

Stay away from debt

You can get loans for pretty much anything these days, from cars to clothes and houses.

There is this idea floating around our culture that you should get what you want whenever you want it – buy it now and pay for it later – but every time you buy something on credit, you are digging a deeper hole for yourself.

Think about it – the money you are sending to lenders is money you could be putting towards your future.

Focus on your own goals… don’t worry about what other people are doing

Focus on your goal

In life, you will always see friends and family going places, doing things and buying stuff – but if you spend too much time focusing on them, you’ll never become a millionaire.

Wealthy people don’t get there by playing the comparison game. Instead, they focus on their own goals and don’t worry about other people.

This is Step One in The Money Plan, and the most important. Try to remember that.

Invest early

The sooner you start investing, the more likely you are to be a millionaire, thanks to compound interest.

If you start putting away £300 a month from the age of 25, assuming a 10% rate of return, you could reach millionaire status by the time you turn 60 and be sitting pretty on a £2million nest egg come retirement at age 67. That’s just £300 a month!

If you waited until the age of 35 to start investing, you would have to put away £800 a month to hit the millionpound mark by age 60.

Start saving

If you have already started investing – Step Five in The Money Plan – congratulations! But if you want to become a millionaire, how much you invest is just as important. I recommend you save at least 15% of your income for retirement.

Increase your income

You don’t need a six-figure salary to become a millionaire. But if you can’t put away the recommended 15% without being strapped for cash, then you need to up your income.

Ask for a pay rise, get a job that pays more, take on a second job for a period or start a side hustle, or get training to increase your skills and earning potential.

Cut unnecessary expenses

Sit down regularly to go over your finances and develop the Bank Account System – Step Three in The Money Plan. Look at your spending habits to see where you could cut expenses. That is money you could be putting toward your 15%!