How to Become a Millionaire

Written by Marcais Bowen

Becoming a millionaire can be achieved when your net worth equates to $1,000,000 or more. Remember, your net worth is a total of all your assets, minus, all your liabilities. Your assets can be made up of several things like cash, businesses and real estate, to name a few. To build your wealth to millionaire status, here is what you need to do.

Make a Decision

This is the foremost thing that needs to be done. If you haven’t made up your mind that you’d like to become a millionaire, it isn’t happening. While this blog is talking about becoming a millionaire, I’m committed to cause transformation to all areas of your life. That being said, making a decision is paramount to any goal you set forth in life.

Create a Plan

It's still important to create a plan. A plan is your roadmap.

Try this: Look out into the future and think about what you want. Once you see yourself having attained your goal, we will start to work backwards. Visualizing yourself and ‘the end’ of your goal, begin to look back and see all the things you ‘have done’ to achieve your goal and when you did them. Write these down. This is your plan, your vision and your guiding light.

Also, while executing your plan, you’ll get ideas, that likely will not be what you wrote down, act on those ideas. This is your intuition.

Set Saving Goals

Checkpoints are important and create a sense of accomplishment.

Set small bite sized savings goals (monthly, quarterly, yearly). Setting a goal of saving $1,000,000 in 30 years with no checkpoints in between may occur as daunting. Bigger than that, without milestones along the way, you may even forget the goal or lose inspiration.

Budget

It's not how much you make, it's what you do with what you make. Money management is essential for financial stability and financial strength. You may have to make short term sacrifices for the big gains.

Invest

There are two ways to earn money; having people at work and having money at work. Let’s discuss the latter. You can have your money at work by investing it in stocks, bonds, real estate, private equity or even a business. Looking at it from an investment perspective (stocks, bonds, and private equity) compound interest will be your best friend. Allow your money to work for you by leveraging the Rule of 72 to grow your money.

Seek more income opportunities

Ask for that raise you've felt you deserved and earned for many years or apply for a new job with higher income. Alternatively, you can start that business you've always dreamed of. The world is your oyster, leverage your creativity.

You can be a millionaire in just 30 years if you save…

$1,021.18 per month with a 6% non-taxable annual rate of return;

$850.29 per month with a 7% non-taxable annual rate of return:

$483.93 per month with a 10% non-taxable annual rate of return; or

$324.57 per month with a 12% non-taxable annual rate of return

These returns are possible and I share this to shed light on the importance of compound interest and investing your money. These numbers can come across as alarming, but get started right where you are. The key is to save, invest and build wealth starting now.

Are you ready to embark on your journey to becoming a millionaire, or amassing whatever wealth you made a decision to accumulate? If so, book a call now, and let’s build your wealth together.

Written by Marcais Bowen

Marcais Bowen is a distinguished Financial Advisor and Certified Health Insurance Specialist at Longevity Achieved with a profound dedication to assisting families in constructing generational wealth. His approach emphasizes the strategic use of insurance and investment products as pivotal tools to meet his client’s diverse financial goals and needs.

Marcais is committed to helping more families build a financial legacy in their lifetime.