Wednesday, September 30, 2009

Can you become a millionaire in ten years

So I read an article about becoming a millionaire in ten years. Now with that said you may ask how is this possible. Well the article gave some examples on how this can happen. To start for this to happen you will need to save about 996 dollars a week in order for this to happen. If you like me then you know this is probably impossible with the way the economy is and what the job market is paying these days. But if you can live frugally and also live in a 2 income home this may be possible.

Here are some steps to guide you!
1. Get a side hustle, part time job. Grant it no one wants to work 2 jobs for ten years in order to just save the money and not being able to spend what you are working hard for. This is a big problem in america which is instant gratification. Most americans want things now and cannot wait or take time to let things develop and grow. If you think about the benefits of ten years to become a millionaire, how would that change your life.

2. If you live in a two income home, think about this, if you can live on one paycheck. Gather your bills and expenses and see how feasible it will be to live on one spouse paycheck. The other paycheck can be deposited into a high yielding high interest savings account. You still will have access to the money, but it will take 3 days to get it. That will help discipline you to not touch that money and let it grow. Also think about the more money deposited the more interest it draws.

These are two things to begin to think about if you want to become a millionaire in ten years. THINK YOU CAN DO IT?

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