There is in everybody one little part of the brain that has retained all the strength of hope and dreams. That’s the part of you that still believe that the American Dream is a real thing and that you could build your own if you only tried. All you need to do, you think, is to work every single dollar to get you to your first million. But, after all, isn’t this the most essential skill to become a millionaire? How can you manage to transform one dollar into 1,000,000 dollars? The answer is with a lot of attention, care, organization and know-how… and also by starting as early as you can to get your finances under control!
Who doesn’t want to get rich?
Getting rich is the silent dream that most Americans share without knowing. As it has evolved over the past few generations, the American Dream used to be to own a house and a car. But in the 1980s, the American Dream relocated in Beverley Hills and was designed by LA screen writers and luxurious TV shows. And even though most people don’t believe they’ll ever get rich during the course of their lifetime, the dream continues to haunt them at night. What if we told you: you could get rich?
Start today: You’re worth every single dollar of it
Before you start accumulating the dollars, you need to protect your assets. You can’t build wealth if every knockout breaks the bank. Consequently, while you are surely thinking about home and car insurances, you also need to consider protecting your business, your intellectual properties and even your entrepreneur position by choosing one of the best life insurance companies. Let’s not forget health insurance and, more importantly, regular health checks. Invest in yourself as a priority.
Pay a dollar a day until it’s gone
Who doesn’t struggle with debts at some time during their life? But debts are in no way an obstacle to getting rich. They are merely a lesson that needs to be learned and understood. For instance, if your debts are the result of paying off loans, such as student loans, it’s crucial that you focus on establishing an honest overview of your spending habits. That cheeky cappuccino in the morning might actually add up at the end of the month, for instance. Or are the kind of person who ignores online expenses? Write down every dollar you spend, and you’ll find it easier to budget repayments and reduce your debts.
How many years in a million $?
Ultimately, unless, you’ve won the lottery, you will need to find the best investment strategy to make a million dollars. In stock investment, for instance, if you choose to invest $5,000 a year with an 8.5% compounded annual rate of return, it might take up to 35 years to hit the million. You can speed up the process by investing larger sums of money; with $20,000 yearly investment, it will take only 20 years to become a millionaire. Similarly, you can also choose to take bigger risks, but you can lose it all.
So, are you ready to grab your own American Dream and make your first million dollars? It’s more easily achievable than you think.