How to Become a Millionaire in the USA

You want to have financial stability and the goal to become a millionaire in USA, but have no idea where to start? It seems like an impossible fleet and a daunting task. But it doesn’t have to be. In fact, becoming a millionaire in USA is quite a reachable goal if you start young while developing the right habits simultaneously. It is also important that the desire to attain the seven figure net worth should be fueled by the desire to be financially secure and not to attain a life of luxury. This is so, you can have some discipline in life with regards to the money you have.

According to Forbes there are close to 20 million millionaires in the United States alone. Most of these people are ordinary people who have regular lives with six or seven figure salaries and so you too can become one with the right plan, grit, common sense, and discipline.

Jason P. Flurry, a certified financial planner and the founder and president of Legacy Partners Financial Group in Woodstock, Georgia says that, “(Financial security) can be the difference between adjusting versus struggling, … if the choice boils down to it and you had to choose between the two, adjusting is always a better option.”

During his time working with wealthy clients, Flurry has found quite a few whom he calls “ the true millionaires,” these are people who have been able to gain wealth and keep it for themselves and those around them, they see the role of money in their lives very differently from those who focus on what they can buy is they had money.

“Having money for the sake of having money or for the sake of being rich, can never leave a person feeling fulfilled,” he says. “Infact, it can actually lead to a whole different set of problems that most people haven’t even thought about in their pursuit of more.”

Web Development Company in Florida have compiled a list of things to do that you can follow in order to become a millionaire. These steps may be simple but they aren’t without their own challenges.

Create a Written Financial Plan:

Just saying that you would like to have money and become wealthy, won’t take you anywhere. You need to come up with a plan that is workable and then be able to execute it.

Stewart Welch, founder of The Welch Group, a wealth management firm in Birmingham, Alabama says that, “The written plan forces you to do something; calculate what you need to earn and how to invest,”

This plan isn’t just the end goal but a properly documented list that set out the goals, the dreams and the options to attain those goals and dreams. You can come up with various scenarios and work out what works the best for you.

Focus on earning!

Grant Cardone, a successful entrepreneur, who went from broke at 21 with a huge debt to a millionaire by the age of 30, says that you cannot save your way to a millionaire status. The focus should be on increasing your income in increments and keep repeating that.

As someone who went from $3000 a month to $20000 a month, Cardone suggests that, you need to start following the money and you will be forced to control your revenues and see better opportunities. Anyone who has tried to earn money knows that it’s easier said than done but there are always options that you can choose from. You need to find a passive source of income on top of your primary source of income. It’s important that people understand that there are plenty of other (legal) ways to earn additional income, you just need to tap into it.

Don’t just save, save to invest

Investing is made out to be this highly complicated and daunting task that it really isn’t. Cardone says that, “The only reason to save money is to invest it. Put your saved money into sacred (untouchable) and secure accounts. Don’t ever use the money in these accounts for anything, not even for an emergency. This practice will force you to continue following step one (i.e. to increase your income). “At least twice a year, to this very day, I am broke because I always invest my surpluses into ventures that I cannot access.”

Start your investment journey by contributing to your 401(k) if your employer offers one and take complete advantage of this match program which is essentially, free money, if you get one.

You should also consider contributing money towards your retirement funds in the form of Roth IRA (individual retirement account) or a more traditional IRA with different tax structures and contribution limits, depending on your income. Research low-cost index funds and look into online investment platforms that also offer a chance to grow your wealth.

Making the process of ‘setting money aside’ automatic, is how you can become consistent with saving.

Be disciplined and don’t show off

Millionaires and billionaires are some of the most disciplined people that you will ever meet. They put high standards on both themselves as well as on others around them. The one habit that they all have is that they are all highly decisive and don’t waste their time drawing long conclusions.

Another habit that all millionaires have in common is that they don’t spend their money on luxury items until they have reached a point in life where they have multiple secure flows of income. This helps them stay grounded and save more money instead of spending.

Change your mindset about money:

When you believe that you can make money and become successful is when you actually start making money. Your thinking is the one thing that keeps you from becoming extraordinary. A lot of people believe that becoming wealthy is not in their control, while rich people understand that making money is an inside job and you can actually make it if you really wanted to.

Conclusion:

To conclude, if you are going to start working on a net worth of seven figures, you must take a long hard view at the financial choices that you are making. Think of your life a few years down the road and what the importance of securing your financial future is, and you will be able to make the right decisions for yourself.