Posted By 
By Lachlan Malone
Special to the Financial Independence Hub
It is the desire of many people to be rich but unfortunately, not everyone would be able to achieve that except those who take conscious steps to do so.
For one to become a self-made millionaire, it will require making certain sacrifices and conscious efforts in order to realize it. Granted that one can become a millionaire through inheritance or by winning a lottery, but it’s unlikely the majority of people will have such opportunities. Here are 8 ways through which you can successfully become a millionaire.
Always invest in You
The importance of investing in oneself has become a popular cliché but it can’t be overemphasized because it’s crucial in helping one to achieve other vital needs. When you fail to invest in yourself adequately, you stand the risk of losing all other investments you made elsewhere.
There are many ways through which you can invest in yourself, as listed below:
- Invest in your mind; people often forget to invest in their minds but that could prove costly in the long run. You can invest in your mind by reading constantly. Aside from helping you gain more knowledge, reading will equally sharpen your brain and help to guard against deterioration. Another way is through meditation, which will help you to relax and focus.
- Invest in your body; this is as important as investing in your mind. Neglecting your body can have disastrous consequences. Ways through which you can invest in your body include exercise, regular checkup, adequate sleep, eating healthy foods, avoiding bad habits like smoking, alcoholism etc.
Make a monthly Budget Plan
Basically, making a budget plan entails creating a practical analysis on how you hope to make your expenses. This plan will enable you to proactively decipher if you have the capacity to carry out certain projects or not. Through your budget plan, you can easily prioritize areas to spend more or less as well as tasks to do at the moment or in the near future.
A budget plan will help you to manage your resources efficiently and effectively, and equally help you to make the right choices. A good budget plan can ultimately help you to accumulate wealth.
Check your achievements today
In a fast paced world like ours today, people tend to be in a perpetual race in trying to pay the bills, meet work obligations, complete a course/program, earn more money, climb the ranks etc.; all these activities can occupy their time so much that they hardly sit back to take stock.
It’s important to make periodic assessments of your aims and objectives as well as to take stock of all the things you’ve achieved so far. You need to cut yourself some slack on how far you’ve gone and the achievements you’ve made while self-motivating yourself to continue climbing the ladder of success.
Find a right Business
The type of business you do could potentially make or mar your chances of becoming rich. Fact is some businesses are more profitable than others. Similarly, some businesses are more risk prone than others, and some are more demanding than others.
While the primary objective of most businesses is to make profit, you must consider other factors such as your passion, interest, aims, capacity, and potentials among others if you really want to succeed in it. Going into a new business can cost a lot of money as well as time, so you must ensure that you’re getting yourself in the right business that will help you to achieve your ambition.
Generate multiple sources of Income
The truth is that the more money we make, the more our bills tend to rise until there is a sort of equilibrium between how much we are earning on assets against how much we are spending on liabilities. However, such natural challenges can be overcome if we can successfully create multiple sources of income. This may sound difficult but the good part is it can be done. If your current business or work does not give you enough space to engage in other business, you can consider working through third parties or making investments in certain areas/sectors that wouldn’t require your daily presence to run.
Hit a Milestone and invest the rest
The richest people on the Forbes list are not those who work nine to five on a particular job; in fact, generally, people who make the most money are those who are innovative enough to create solutions to challenges or wise enough to invest in lucrative sectors. Once you hit a particular milestone, you can invest in potentially rewarding sectors and watch your assets grow.
Invest in Real Estate
Over the years, Real Estate investment has proven to be a lucrative sector people can venture in and be able to earn good returns on invested capital. The good thing about investing in real estates is that it is not time intensive. Once you have the requisite capital, you can invest in real estate without having to focus all your attention and time on it. Also, it is quite flexible, in the sense that you can either buy particular properties out right or invest through third parties; either way you are assured of making good money and consistently too.
Manage your Debt
Being able to manage your debt and keep it low is one sure way to attain your ambition of becoming a millionaire. Inability to manage debt has ruined some people to such an extent that they can’t stay of the red regardless of how much they earn.
Becoming a millionaire is certainly not easy but the good news is that it is quite achievable considering that many have been able to do so. You too can become one, provided you can make the necessary lifestyle changes.
Lachlan Malone is the editorial Head of Roth Capital, which provides qualified investors with unique real estate opportunities to confidently gain double-digit returns and help achieve your investment goals.
