Read the full story on Reach Financial Independence
What does it take to become a millionaire? These personal finance bloggers worth over seven figures share the tips that helped them get there.
ESI from ESI Money recommends you Invest in your career. It's a multi-million dollar asset that will be worth much more if you take the time to grow it. "How do you do that? Read, learn, grow, study what makes others successful in your craft or business and do what they do. The time you invest could easily yield you an EXTRA $1 million or more over the course of your working lifetime" he adds.
James Hendrickson from DINKS Finance says you should get up early, to exercise, read or otherwise educate yourself. Then, get self employed and start a profitable business. "Literature on American millionaires such as Stanley and Danko's The Millionaire Next Door, shows pretty convincingly that small business owners are well represented among those with net worths over a million dollars". Hendrickson suggests you take risks. "Invest in assets that are going to grow your wealth very quickly such as small business start ups. Invest consistently. You will need a least a decade or two to accumulate the kind of wealth you need to reach seven figures."
Bubba from Southern Fried Finance says you should first look to find enough in their current life. " Find the parts going well - appreciate them. By enjoying the ride, you can stop trying to seek happiness by inflating your lifestyle. And translate this passion to your work life. Be a better employee wherever you are. If you hate it - find another job. If you can't find one offered that you like - then make a job up yourself. Whatever the path, excel at it. The raises/bonuses will come, or make them come. Learn a bit about investing & finances; pay attention to your numbers. With a locked in expense rate, you'll blow through a million dollars one day and hardly even understand how it happened."
For Michael from Financially Alert, it is all about figuring out your WHY first. "There are many people who want to become a millionaire, but not a lot of people are willing to do what it takes to actually become one. WHY do you want to become a millionaire? Do you want to find significance through hard work and effort? Do you want to contribute to a special cause? Or, maybe you just want to take care of your family and not worry about money as much as you do now. It is this WHY that will give you the emotional juice to get the hard things done and keep you on a path of consistency".
Yetisaurus from YETInvesting says "Take action, and don't give up. Lots of people stand on the sidelines their whole lives because they're too afraid to take action, or because they think they'll never make it. Don't defeat yourself by saying you can't possibly save enough to make it work. Every time you fail, ask yourself "What's Plan B?" Keep taking action. Sometimes failure can be a catalyst for great things."
Joe from Retire By 40 believes anyone can do it. "You just need to invest early and often. It's not easy to save and invest when you're young and not making much income, but that's the most important phase of investing. You will take full advantage of compounding by investing early and letting your investment grow". -
Kim from Eyes on the Dollar suggests you never take on debt that doesn't earn money for you, meaning avoid consumer debt at all costs. "Since the bulk of our net worth is in real estate, I am biased toward that path. When deciding to purchase investment property, be very cautions , but don't overthink it so much that you miss out on great opportunities. When searching for our first rental property, we missed a great deal because we needed a day to think about it".
For Mr. 1500 from 1500 Days To Freedom, you should really pay attention to your house and car, and keep being modest until you really can afford it. Instead, "Invest the money wisely and with temperance. You'll be a millionaire that much sooner for it. If you still want the nice car or big home, do it when you have so much money that a Porsche wouldn't even dent your portfolio. I suspect you won't want it anymore though."
Amanda from Freedom With Bruno says you need a specific goal. "Will you stop working? Will you travel? What will your budget be and how does your lifestyle change as a result? Every dollar that leaves your pocket delays achievement of your goal. All aspects of your life can be improved and slimmed down to meet your goal!"
According to Justin from Root of Good, reaching a million dollar just takes planning, commitment, and perseverance. "Plan your finances so that you have plenty of money left over at the end of the month. Do this by making more money or cutting your expenses. Consistently invest what you don't spend. Persevere over the long haul by shrugging off peer pressure from others to spend your hard earned money while keeping the saving and investing going. Reaching millionaire status is not a difficult path, but it's certainly a lengthy one requiring many years of effort."
Tracy from Financial Nirvana Mama concurs you should get rid of bad debt as fast as you can and learn to not keep up with the joneses so you build your money pot and deploy it on the right opportunities. "Learn to build an appetite for clever risk taking through businesses/investments, learn to work 10% more than the average person and be more productive with your time, learn to build multiple streams of income and have each tied to a goal/purpose, invest in yourself and never stop learning, and start taking action now, most people won't, but if you do, you will be well on your way to becoming a millionaire".
The Morning Email helps you start your workday with everything you need to know: breaking news, entertainment and a dash of fun. Learn more