How To Become A Millionaire From Nothing

These five simple steps can take you from zero dollars to millionaire — not overnight, but faster than you might think.

These are attention-grabbing tips, but the data says they’re not what actually works. Here’s a step-by-step approach.

#1. Set The Goal

One widely accepted financial goal-setting framework is the SMART model, which stands for Specific, Measurable, Achievable, Realistic and Timely.

#2. Build Your Human Capital

The goal isn’t just to invest in yourself by reading personal development books or attending conferences, but to invest in yourself in a way that leads to a more productive career.

The best strategy is to think about what you want to do in your future and then build the skills and make the connections required to do so.

#3. Spend Less  Than You Earn

You’ll never become a millionaire if you’re constantly spending more than you earn. The difference between the actual millionaires versus those who had a rich lifestyle was their savings rate.

#4. Use Compound Interest To Grow Your Money Fast

Compounding average returns over a long time period is the surest path to becoming a millionaire.

Doubling your money again and again throughout your life is the surest path to becoming a millionaire.

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