How to become a millionaire from scratch


July 26, 2022, 13:04 | Business

Rules and prohibitions.

How to become a millionaire from zero

The vast majority of people want so that they have more money. And this is not such a difficult task as it may seem at first glance, informs Ukr.Media.

All you may need is to follow the plan presented below. Plus add a little persistence and patience.

So, five dos and don'ts for future millionaires:

Use your time wisely

Strong “financial health” it starts with the systematic growth of your income.

Most millionaires have built their financial wealth at a fairly slow pace: adding new sources of income year after year, regularly investing and buying various assets.

For example, imagine the growth of an apple tree. For the first 3-5 years of its life, it grows very slowly, imperceptibly for our eyes. However, later, the apple tree almost instantly turns into a huge sprawling tree and begins to bear abundant fruit.

To achieve "instant success" it takes 10 years

Millionaires are persistent – they understand very well that the road of life is never smooth (no matter how much is in your wallet).

That is why a characteristic feature of wealthy people is their ability to persevere, no matter what. They persistently move forward, despite obstacles and overcoming difficulties as they arise.

An example of "instant success" investments serve for 10 years. Here's the simplest investment strategy available to everyone: put 10-20% of your salary into foreign exchange and index funds every month.

Don't accumulate stupid debt

Credit is always a "double-edged sword".

Taking out too much credit can get you stuck in a "debt hole" , stuck there for decades.

Don't make hasty decisions

Make informed decisions about your finances.

At the very least, don't go and invest with the 'crowd'.

Don't stay in one place for too long< /strong>

Strive for consistent growth in both your personal and financial life.

Don't get stuck in one position or just one asset.


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