How To Become A Billionaire: 10 Genuine Tips to Become a Billionaire This Year5 min read
Money is not everything in life, but let’s admit that is not less than 80%. For this reason, we all work hard to get money, and some are ready to do everything to get money. The problem is that no one have ever said enough, and we always ask for more. If you are asking yourself how to get money, I am asking myself how to become a billionaire.
Seems insane? No, I am using my mind here to reach my goal, as it is possible to be a millionaire and a billionaire with the right attitude and guidance. Let’s have a billionaire mind, make some financial or business mistakes and learn from them, take some risks and finally reach our goal and become billionaires.
How to become a billionaire? Check these 10 tips.
Here, we give you, top 10 tips to help you know how to become a millionaire this year.
1. Know your current financial status then grow up
Before putting a plan to determine how to grow up, you should know first where you are currently standing. This is the suitable time to put everything on papers and make the appropriate changes to create a plan that will help you achieve your financial goals.
Be clear about every single detail related to the amount your earn, the amount you spend, your full income, where you could save, etc.
2. Work on increasing your current income.
When you finish the first step and list your goals, you have to find effective ways to achieve them. Let’s admit that cutting back on your daily coffee, using public transportation, etc. will not make you a millionaire. So it would be better to do something in order to grow your current income.
First of all, try to find something inside your circle with your current employer. Maybe you can find something like a promotion or a higher position within your company. Or, you have to think of considering a side hustle to regularly generate more money.
3.Look for new opportunities.
Don’t wait for the opportunities to come as you will never see them knocking your door. Yeah, go out there and find them, search in the newspaper, Facebook, LinkedIn, and ask your friends, co-workers and the people around you.
4.Save your money
Once you made your plans, and got your income on track, you have to begin organizing a strategy to divide your income between your expenses and savings. Let’s say your income must be split between your living costs (bills,mortgage, grocery shopping etc.), personal expenses (cinema, dinners out, holidays, etc, and your savings.
Additionally, the money you save must be also splitted into retirement savings plan and emergency savings plan (personal savings account, money market)
Notice that the amount you spend or save depends on how much you earn, but usually, you must put 5 percent of your income as emergency funds and 10 percent as retirement funds.
5. Think about new revenue streams.
In general, millionaires have many forms of revenue. In order to be one of them, you have to do another job which can generate more money every month like working as a freelance consultant, teaching, opening an online store, doing some guest lectures or blog posts, getting a second job part-time, renting a spare room in your home, etc.
6.Get advantages of free time.
If you are bored or have a free time, then you are lucky as this means that you have spare time to focus your efforts on more productive matters like meditating to enhance your concentration and clear your mind, reading, cooking, exercising, or guess what? learn new skills.
7. Become more frugal.
You may see rich people living in big houses and driving fancy cars, but they didn’t do that in their beginnings. Every person must live a more frugal lifestyle first and cut down on his spending to save money for big projects.
You have to avoid branded products, look out for freebies, cook at home instead of going to restaurants, use public transportation, start using coupons and lavish shopping days.
8.Avoid debt whatever happens.
You can never become a millionaire if you have debts, so try to avoid debts and mortgages at all costs as you don’t know if you can pay them later or not.
Don’t use your credit card except in emergencies and avoid taking it with you when you are shopping.
8.Start learning new skills.
Some people see learning as a convenient way to do their current job properly; however, it must be seen as a way to be an expert in the field and get the needed knowledge to discuss your opinion and topics with other professionals.
We are not talking here about going to college, but just reading more, taking online course, watching videos on youtube, attending events and conferences, etc.
Sometimes you can become a better person due to the people you know. Look at all those successful people, they are associated with equally successful peers, so developing your network and knowing successful people will motivate you and bring you amazing chances..
Try sending simple emails to those people and telling them about your abilities, use social media to contact them, attend their webinars, subscribe to their newsletter, etc.
Change your way of thinking, and try to get new opportunities. If you have a new business idea, invest your spare time and develop it. Who knows, it could start generating a side income for you and become your million-dollar baby.