{"id":79,"date":"2017-09-27T16:06:44","date_gmt":"2017-09-27T16:06:44","guid":{"rendered":"http:\/\/montewallce.com\/?p=79"},"modified":"2019-11-26T20:45:21","modified_gmt":"2019-11-26T20:45:21","slug":"5-simple-strategies-to-becoming-a-millionaire-that-you-can-implement-today","status":"publish","type":"post","link":"https:\/\/pioneerschoolofrealestate.com\/?p=79","title":{"rendered":"5 Simple Strategies To Becoming a Millionaire That You Can Implement Today"},"content":{"rendered":"

According to a new study from Spectrem Group’s\u00a0Market Insights Report 2017<\/a>, at the end of 2016 there were a record 10.8 million millionaires in the U.S.\u00a0 That’s more than ever before and is a 400,000 person increase from 2015.\u00a0 The total U. S. population at the end of 2016 was roughly 322 million people.\u00a0 While 10.8 million people sounds like a lot, based on these numbers they only represent about 3% of the population.<\/p>\n

 <\/p>\n

So, what does it take to be included in that 3% that achieves the status of Millionaire?\u00a0 Can the \u201caverage\u201d person actually do it?\u00a0 Here are 5 strategies to implement today to get started on that path.<\/p>\n

 <\/p>\n

Strategy #1<\/strong> \u2013 Start with a written plan.\u00a0 You also have to know where your finances stand right now before you can develop a plan that gets you to the $Million mark.\u00a0 Part of that written plan is going to include a budget, which most people hate to even think about.\u00a0 But it doesn\u2019t have to be painful.\u00a0 Sit down with a spreadsheet or paper and pen, your favorite blend of coffee or cocktail, and start filling in what you know.\u00a0 Budgets represent possibilities on paper and that can be very motivating.\u00a0 Making the numbers work really comes down to 2 things: how much you make vs. how much you spend.\u00a0 The good news is that you can control both of those to some extent.<\/p>\n

 <\/p>\n

Strategy #2<\/strong> \u2013 Live below your means.\u00a0 This sounds pretty obvious but most people don\u2019t do it.\u00a0 We see it, we want it, so we buy it.\u00a0 Just put it on the credit card.\u00a0 This is probably the most significant roadblock to achieving wealth.\u00a0 Stores make it so easy and many times the self-discipline is just not within us to say no.\u00a0 I\u2019ve seen so many people, whether friends, family or co-workers, who will talk about not having money yet spend thousands on things that just are not urgent.\u00a0 They are just wants.\u00a0 This is really where the line is drawn and for some people it\u2019s the difference in achieving wealth or struggling for a lifetime.<\/p>\n

 <\/p>\n

Strategy #3<\/strong> \u2013 Increase your income.\u00a0 This strategy requires the greatest amount of work, in my opinion.\u00a0 A short-term solution is to work extra hours or an extra job.\u00a0 But in the long run it\u2019s not a good solution because you will quickly reach burnout and quit.\u00a0 The long-term solution is to find work that you love and then advance to a higher paying position.\u00a0 Whether it\u2019s starting your own business or simply acquiring new skills that will allow you to find a career with more opportunity, this strategy is key in building wealth and reaching a million.<\/p>\n

 <\/p>\n

Strategy #4<\/strong> \u2013 Invest wisely.\u00a0 Compound interest has been called \u201cthe greatest invention the world has ever produced\u201d.\u00a0 It certainly is true about growing wealth and reaching that $Million mark.\u00a0 That\u2019s why it\u2019s so important to start NOW!\u00a0 The earlier you start saving and investing your money, the more it grows and the faster it grows.\u00a0 Don\u2019t know about investing?\u00a0 Seek the help of a good financial advisor and focus on mutual funds which will provide diversity among your investments.\u00a0 But be careful.\u00a0 Choose an advisor who is knowledgeable and is looking out for what\u2019s best for the client and not what\u2019s best for the financial advisor.\u00a0 Make this saving automatic by withdrawing a set percentage of earnings and transferring into your investment account.\u00a0 By doing this you won\u2019t be tempted to spend it rather than save it.<\/p>\n

 <\/p>\n

Strategy #5<\/strong> \u2013 Avoid debt whenever possible.\u00a0 According to MarketWatch.com, in June 2017 the outstanding revolving credit for consumers reached an all-time high of $1.021 trillion.\u00a0 This is otherwise known as credit card debt.\u00a0 This doesn\u2019t include home mortgage balances.\u00a0 The trouble with carrying high amounts of debt is that it truly costs a lot of money just in interest.\u00a0 Money spent on interest means doing without in other areas and sometimes never getting ahead.\u00a0 There is also the opportunity cost of debt.\u00a0 In most local real estate markets cash is king.\u00a0 For the first-time home buyer it means losing out to investors with cash many times over.\u00a0 And when you hear about that great deal on an investment?\u00a0 Guess who gets the deal?\u00a0 It\u2019s the guy or gal with cash in hand.<\/p>\n

 <\/p>\n

None of these strategies will make you a $Million overnight.\u00a0 There\u2019s no magic bullet when it comes to growing wealth.\u00a0 But slow and steady does win the race and you can implement these strategies today.\u00a0 Whether you are 20, 40, or even older than that.\u00a0 Now is the time to start building and working your plan so that you will someday be one of the top 3% that can be called a Millionaire.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a new study from Spectrem Group’s\u00a0Market Insights Report 2017, at the end of 2016 there were a record … <\/p>\n","protected":false},"author":3,"featured_media":83,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"footnotes":""},"categories":[1],"tags":[10,6],"class_list":["post-79","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-uncategorized","tag-millionaire","tag-wealth","post_format-post-format-image","latest_post"],"_links":{"self":[{"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=\/wp\/v2\/posts\/79","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=79"}],"version-history":[{"count":6,"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=\/wp\/v2\/posts\/79\/revisions"}],"predecessor-version":[{"id":450,"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=\/wp\/v2\/posts\/79\/revisions\/450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=\/wp\/v2\/media\/83"}],"wp:attachment":[{"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=79"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=79"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pioneerschoolofrealestate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=79"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}