The word millionaire: is it losing its value or gaining more? I often consider this question because while those with money may say having one million bucks isn't the same as it used to be, a growing wealth divide means those at the other end would be happy to test the hypothesis. The Internet is sharing its thoughts on what is necessary to become a millionaire in the modern age. Here are some takeaways.
1. Don't Save; Invest
“We got there by not keeping too much cash around,” claims our opening batter. “Anything over six months' salary is wasted by not investing properly.” By leaving cash in the bank, we lose its value to inflation. Ask any millionaire how they build wealth; this is the first thing many will say.
2. Asset Rich; Cash Poor
Many people have all their wealth tied up in a 401k or property assets. “I will wake up at 60 and be quite well off,” explains a frugal commenter. “In the meantime, I'm trying to figure out how to make things work off $1k every two weeks.” I wonder whether when this person gets to 60, they will regret not enjoying their life more as a youngster. Who is to judge, though?
3. Choosing Wisely
In The Dark Knight, the one mob character asks the Joker why if it is so easy, he hasn't killed Batman already. His answer: “If you're good at something, never do it for free.” This ethos rings true with one thread member, who says, “Don't follow your passion unless your passion is making money.” Channel your inner Joker — the money-making part, that is.
4. No Faking It Till You Are Making It
“Save your money,” advises a wise person. “Don't spend money you don't have; don't try to live like a millionaire until you become a millionaire.” This statement is sage advice, though I wonder what advice this citizen would give a financially illiterate lottery winner.
5. Being Disciplined and Patient
One financially sound individual believes a blend of practical investment, time, and disciplined career advancement will help any climber reach their financial peak. “It's not the sexiest or most exciting answer,” jokes the commenter, “but it's the most common way to obtain a net worth over $1 million.”
6. Sacrifice Comes First
The youngest generation may find this advice unpalatable, but there are lucrative careers out there, though they may come with sacrifice. One commenter feels financial freedom can come to those willing to swallow “the very bitter pill that you'll probably need to get really good at something you don't enjoy, and then do that thing as hard as you can for a couple of decades.” Facts.
7. Passport Bros and Sisters
“Moving to Zimbabwe or Argentina or Venezuela” suggests one person who recognizes the dollar's value abroad could make you an “instant millionaire.” However, be warned — some poorer countries are known to skim their citizens' bank balances when they tank their economies.
8. 401K Diligence
“Fund your 401k at a certain percentage when you're young,” one contributor says. “Don't touch that account until you're ready to retire … and only increase the percentage over time.” Shockingly, a reported 50% of Millennials are investing in their pension plan, though this rises to a mere 61% for Gen-Xers.
9. Marrying (and Divorcing) Well
While some jokers feel marrying a rich person helps, nothing beats divorce for building free assets. “Step one to divorcing a billionaire: marrying a billionaire.” As funny as it sounds, the fear of losing wealth now drives more men to abandon matrimony altogether.
10. Joining the Rat Race
“A white-collar professional job, combined with healthy savings, and multiplied by the miracle of compound interest,” says a hard worker. These things will lead to sure wealth; it isn't rocket science.
However, taking this step is not for everyone. They add, “Roughly a third of the country could do it if they wanted to, but they choose not to in exchange for immediate comfort.”
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