As we all know before taking a big step we have to take lots small steps. There is no such short cuts to be a millionaire. It’s all about mindset. The funny thing is, if you just win a lottery of a million dollar still you can’t keep that money because of lack of knowledge of money management.So here I will mention few steps that will help you inch closer to become a millionaire.
As in the very first line I have mentioned that you have to take small steps continuously and just keep that momentum for a long time. This should be motto from now on wards if you want to be millionaire. The steps are :-
Analyze you current Financial position and measure the progress rate:-
At the very first step you have to know in which floor you are right now. Suppose millionaire are standing in 1000th floor of a building. On which floor you are standing this year right now when you are reading this. Last year in which floor you was. Are you happy with your progress in this year?
Are you happy with the progress rate? Do some basic math and calculate how long it will take to be millionaire. Very simple!!! Isn’t it.
Improve your financial condition by changing lifestyle:-
Yeah!! I got it. You are not happy with the progress rate. You want to improve it. So initial steps must be relaxed steps. That’s why I have mentioned lifestyle. Because it will save your money almost with no effort and unknowingly you can save money. And saving a penny is same as earning a penny. So unknowingly you are taking few steps closer to your millionaire journey.
What do you mean by changing lifestyle?
Sorry! Don’t be scared. It’s not a big deal. You just need to smoke one cigarette less per day if you are smoker. If you eat daily in restaurant just cook one dinner in home per month. If you eat lots of junk foods just don’t eat that for one day only in a month. Just give it a try!! Who knows you will like it and automatically you will build a very good habit which will eventually help you to become much more healthier and also inch closer to your million dollar dream.
How I have changed my lifestyle this year by just writing it down:-
Yeah!! I have made it. I have changed my lifestyle and also made lots of good habits. The first step I have done was just write all my daily expenditure and daily activities. Look at my daily activities in the year 2018:
Few lifestyle changes which I have implemented in 2019:-
- Most of the time took Uber to reach Office and come home from office which cost me around 15$ in the year 2018. Now I use public transport or share ride which saves me few bucks in the year 2019.
- Most of the time I did lunch in Office Canteen almost on an average 7$-8$ per day in the year 2018. Now I bring my home made lunch which saves lots of cash for me.
- Per day I smoked 3-4 cigarettes in the year 2018. Now I quit it completely.
Please take steps and change your lifestyle gradually. Always keep in mind why you are changing it and what will be the outcome of this change.
Increase the number of sources of income:-
In the recent studies it has been found that millionaire has multiple sources of income. On an average they have at least four sources of income. So analyze from tomorrow how can you increase your sources of income.
Income which wants your direct involvement:-
This can be your full time job or full time business. This is your fixed source of income. To increase this income you have to really work hard and continuous improvement of your skill is required.
Suppose you are a techie, then you need to seek for promotion to increase this income. Or better equip yourself with new niche skills and demand for higher raise. For a business man, grow your business by meeting new people and capturing new markets with high profit. It will take lots of your effort and most of your time will be consumed by this source of income.
Passive income with out direct involvement:-
Here your direct involvement is not required but you have to make a one time effort for this. For this you have to make a plan and implement that.
This source of income is must if you are looking to be a elite class. I will share a separate post on this passive income. I have studied and researched a lot on this. Currently I have 15% more passive income than last year. How I have achieved that will share on a separate post.
Increase you savings and Invest money wisely:-
This is also must if you are looking for millionaire crown. Please stay with me. I will share it on my next post .where I have mentioned how I increased my saving and allocated my money in different funds.
Closing:-
Now just after reading this post Please take one small step. I am requesting you. Please list down all your expenses per day and just try to save 1% more from your expense. Just take this little step. If your daily expense is suppose 50$ then find out if there is any way that you can decrease it by 1% only. Nothing else.