How to become a MILLIONAIRE

2. Save until it hurts I used to be a poor college student, so just getting a job with any fixed salary made me feel rich. But I continued living as a student for many years even after my first full-time job. It takes a lot of determination and self-control to save as much as I did. I never made excuses why I needed good clothes or a new car. I shared a small studio with a friend for two years to keep my living expenses low. That allowed me to deduct my 401 (k) from my minimum wage and save another 20% of my 401 (k) cash flow. Try to save at least 20% of your tax revenue each year, no matter what happens. Remember, if you are not in pain because of the amount of money you save each month, you are not saving enough. 3. Work hard and know your location Hard work does not require skill at all. I promise that if you are the first person in the office and you are the last to leave, you will go first. Pay your bills early and you can relax when you are older. Will your public life suffer? Slowly, yes. But you're still young, remember? Your power is limitless! At the beginning of my career, I worked at 5:30 in the morning and left after 7:30 p.m. I learned a lot, did more and gained the respect of my peers. And because my supervisor recognized my hard work ethic, I was able to keep my job during the dot-com bubble of 2000. 4. Consider both aggressive and non-violent strategies Investing in the S&P 500 index fund is okay, but if you want to get rich quick, I recommend making a very risky bet. You can reap huge benefits from a small portion of your portfolio. Don’t go crazy and spend all your money, but be willing to try aggressive investment strategies. As I said, when you are young, you have very little to lose. When I was 22, I had only $ 4,000 in my name. Regardless, I invested 80% of my money in one stock and got a 5,000% return. Part of you was lucky. But after doing my research, I took great risks and bore fruit. 5. Make the property your best friend Inflation is an animal. Make it a goal to own a basic home as soon as you know where you want to live for the next five to ten years. If you set a 20% down payment on a home and increase it by 3% per year, that is a 15% return on your income. At the age of 26, I took advantage of a single stock investment and bought a two-bedroom, two-bathroom condo in San Francisco for $ 580,500. The mortgage has been paid and the property is now generating income. 6. Live as if you are much poorer than you really are If you are very rich, you should save and have a low key. Too many young people waste money on things they do not really need — simply to show off to their friends or to the social network. There is no shame in being thin and poor. Drive a cheap car. Stay in a modest home. Do not eat outside every day. Don't buy clothes you don't need (thanks to Mark Zuckerberg and Steve Jobs, wearing the same thing every day is cool). Then there's the millionaire who doesn't fall for the neighbors. When I became a millionaire, I bought a six-year-old car and drove it for the next 10 years. After that, I rented a Honda Fit and drove it for three years. I still wear the unusual running clothes I wore when I was 20 years old. 7. Start squeezing on the side You can earn money by working a full-time job or starting a business. Even better, you can do both. Over time, your extravagance may turn into a bigger business that will earn you more money than your full-time job. In 2009, I introduced the Financial Samurai as a way to make sense of all the financial crisis. Little did I know that the site would grow bigger and faster. It gave me the confidence to negotiate separately in 2012 and left my full-time job permanently. 8. Build a strong support network To continue, you need to build as many partners as possible. Hard work is not enough. You need to talk to people, show interest in them, and make them like you. Once you have someone with significant energy on your side, all your work will improve very quickly. I always made it a goal to take my partner for coffee at least once a week. Building a close relationship helped me to be promoted to vice president at the age of 27. 9. Invest in your education Your mind is your greatest treasure. A good education is the most important thing you have, so keep expanding your knowledge - even after college. Thanks to the internet, you can now read almost anything for free. After completing my part-time MBA program, I continued my studies so that I could stay up-to-date on everything related to finance. That also inspired me to keep writing at Financial Samurai - and the more I did, the more I made. 10. Keep track of your progress The amount of money you save is more important than the money you earn. I know tons of people who made millions and then broke up a few years later because they didn't know where their money went. Take advantage of free online financial tools. Track your financial performance, analyze your investment portfolio, calculate your financial needs when you retire - just stay informed about your finances.