There are several ways to be a millionaire, we can create a globally successful company, to be famous singers or actors, to be successful athletes, inherit a fortune, or win the lottery.
But a common way of becoming a millionaire, and is available to anyone using the method in the list below.
This method consists of five steps, and is based on the recommendations provided by millionaires and people dedicated to studying, so if we seriously increase our chances of being that so many crave.
1. Getting the goal of being a millionaire
The first step to being a millionaire is put the goal of becoming a millionaire, which not only involves making the decision to become a millionaire, but also motivated to be, and be convinced that this is indeed possible.
The idea of being a millionaire should be etched in our minds to the point that all our actions and decisions are consistent with this objective.
To accomplish this step is possible secondary targets or goals to help us achieve our goal, for example, we get the goal of starting a new business before the end of the year or have a monthly income for a certain amount of money in the within 6 months.
Once these goals, we will set ambitious new goals, always keeping in mind our main objective which is to be millionaires.
2. Generate the most revenue possible
The second step to becoming a millionaire is to try to generate the most revenue possible, either through our employment through our business, or through any other source.
If, for example, revenue that we generate with our jobs is not enough, we must strive to increase them, either looking for a promotion or finding a new job.
But rather than generating income through employment, we recommend to fulfill this step is to generate revenue through a small business that does not involve increased investment in its creation.
The idea is to generate enough money to save a good amount of it, and then invest it, as we shall see.
3. Save
The next step to be a millionaire is to save, of no use to generate good income if the money is wasted on luxuries which in turn can make us feel millionaires, but they really keep us from fulfilling our goal.
Saving involves two things: to live an austere life (avoid unnecessary luxuries or expenses, and spend and consume as little as possible), and a percentage or a portion of proceeds to a stock savings (the recommended is to allocate a minimum of 15 % of revenues).
To accomplish this step it is advisable to prepare a monthly personal budget, which will help us control our costs, and have the discipline to stay a month a certain amount of money as savings.
4. Invest
Once we have generated and saved enough money, the next step to be a millionaire is to invest the money saved.
Before we invest our money in an asset that generates a profit when selling it, is preferable to invest in an asset that generates a constant revenue stream, for example, instead of buying a property and later sell at a higher price the purchase price, is preferable to buy a property which we rent and generate monthly income for rent.
The three main investment millionaires and experts recommend to start the road to riches is business (either create them or purchase), real estate and stocks.
But before you start investing is necessary to acquire knowledge and adequate financial preparation that lets us know how to invest (so we know to identify good investment opportunities, and get the best value for money) and how to get and use external funding (from so that we know how to get and use other people’s money to buy our investments).
5. Create an investment portfolio
The next and last step, and one that will make us millionaires is to build our portfolio or investment portfolio, i.e., not satisfied with our first investment, but take many more.
Once we purchased our first investment, and we started having success with it, everything else will be easier.
To be millionaires we have a broad and diversified investment portfolio, for example, once we have acquired our first real estate and started having success with it, we proceed to search for new real estate in which to invest.
Also, at this point we must further improve our financial ability, especially in regard to the ability to use financial leverage (and thus able to acquire more investment without having to use our money) and what concerning the ability to move money quickly (so you can have more money available to invest in other assets).