6 Steps To Becoming A Stealth Millionaire
It's very easy to become a millionaire. A shocking statement, I know. But hear me out.
Nearly 1 out of 20 individuals in the United States is a millionaire, and the majority of those are self-made millionaires. Are you surprised? I was! That means that most millionaires were struggling entrepreneurs at one time in their life trying to make something out of nothing. In the United States, nothing is stopping you from reaching your financial goals. If you're interested in becoming a stealth millionaire, follow these six steps below:
1. Get Rid of Debt
Millionaire's hate debt. They usually avoid it at all costs, unless it is for furthering their business. Millionaires understand the difference between consumer and commercial debt. They know that commercial debt may come and go, but personal debt lingers. They try to rid themselves of all consumer debt. Why? Millionaire's know that debt is the fastest way to ruin your net worth. They work relentlessly to rid themselves of consumer debt and use their money to invest in their portfolios.
2, Make saving a habit
Millionaire's don't make saving an afterthought. Saving money is first and foremost in their mind. They make saving a priority and a habit. How do they do this? They allocate a dollar amount every month to saving and investing before they focus on spending for themselves, their business, or any other "want" they may have. They don't view saving as most do where they use what is left over from their paycheck to go to their savings account. They reverse that. Their most important "spending" is their financial future.
3. live within your means
Millionaire's know that without some wiggle room in their budget, there is nothing left to save or invest. So, they live within their means to make this possible. This doesn't mean they may not have healthy budgets, but they do not overspend in relation to how much they earn. Millionaire's don't feel the need to impress people with their items, they impress people with their companies.
4. Don't increase your Lifestyle
Millionaire's do not increase their lifestyle every time they earn more income. They keep their spending and lifestyle steady and instead use that extra income to invest in their portfolio or businesses. By keeping their lifestyle the same, they can increase their net worth naturally. Millionaire's don't worry about keeping up with the Joneses. They know that if they follow the track of saving and investing their money year after year that eventually they will be able to live like no one else.
5. become a business owner
Most millionaires are business owners. It can be as small as having a "side hustle" from their main job or having multiple businesses. Millionaire's know that the only way to achieve real wealth is to own something that can reap dividends in the future. If you are curious how this works, I urge you to look up the cash flow quadrant. This explains the difference between active and passive income.
6. create Multiple Income Streams
Millionaire's do not rely on one income stream. Millionaire's in the United States have an average of 7 income streams. They maximize their skills and use them to either invest in other businesses or real estate. If you are having a hard time thinking of types of business to create, start by listing your strengths. Millionaires cash in on all of their assets, including their talents.
See becoming a millionaire isn't that hard. You need to rid yourself of debt and then focus on growing your assets. It can be done! If you follow these six simple rules, you will be on your way to becoming a stealth millionaire.