Everyone wants to be a millionaire. This may seem like a far-fetched goal, but it’s not as complicated as you may think. According to Spectrum’s Market’s Insight Report, there were more millionaires last year than ever before. Here are three simple steps you can follow to make sure you and your money are headed in the right direction:
1. Pay Yourself First.
After the bills have been paid, it can be difficult to make investing a priority. For this reason, we recommend incorporating your investment contributions into your budget. You’ll always manage to find a way to pay the mortgage or electric bill, but investments to yourself can be easy to push off. Once you get in the habit of making these payments part of your budget, you’ll never miss making a payment to yourself again.
2. Avoid the Latte Drag.
The goal is to increase your net worth, not Starbucks’. Even simple cuts like a weekly cup of coffee can add up. By removing these expenditures and reallocating that money toward investments, you can accelerate how quickly you get to your first million. The concept of delayed gratification is not always easy to follow, but you can enjoy that cup of coffee now or watch your money compound in an investment account and enjoy it in a much bigger way later.
3. Surround Yourself With Those Who Have Done It Right
Who do you know that’s good at managing money and what’s worked well for them? Your friends and family are great resources for tips or ideas. Participating in kids’ activities, enjoying dinner or drinks with friends and spending time with family are all learning opportunities for you
to gain insight into how to accelerate your wealth.
Accumulating wealth takes discipline and patience, but by following these steps you will be well on your way to your first million. This article is an excerpt from our free download 7 Secrets to Accumulating Your First Million. Visit www.waterstonewealth.com for your free copy of the full report.
If you would like some help with your financial planning, please give Waterstone Private Wealth Management a call at 918.272.1120, or visit our office at 9500 N. 129th E. Ave., Suite 106, Owasso, OK 74055; www.waterstonewealth.com
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