How to Become a Millionaire – 16 Dos and Don’ts

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While it might be easy to think that millionaires are just lucky, they think about how their money can work for them, not just how they can work for money.

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It's no longer “Who Wants to Be a Millionaire” but how to become a millionaire. You don't have to be a contestant on a game show, win the lottery, or receive a windfall from a relative. Just follow the 16 Do's and Don'ts that we'll discuss.

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Most people look for concrete paths to becoming a millionaire. But the essential ingredient to becoming a millionaire is intangible. It’s time. The majority of millionaires utilize the compounding nature of time, where growth builds on itself over time.

Use Time to Your Advantage

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Create Financial Goals

Millionaires develop written financial plans that serve as roadmaps to reach their destination. These plans allow them to make financial decisions based on their goals.

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Millionaires Also Decrease Their Spending

We think of millionaires as having a big house, a fancy car, the nicest clothes. But if you spend all your money, then you aren't a millionaire anymore. The truth is that most millionaires find ways to decrease their spending.

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Don't Accrue Dumb Debt

While some student loan debt is dumb, most people find their student loans manageable and worthwhile. Trading education for some debt was a good deal. But credit card debt is rarely worth it. It's dumb debt.

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Don't Be Stagnant

Millionaires seek growth in both their personal and financial lives. They aren't stagnant. Millionaires are constantly seeking to learn new skills and expand their knowledge set. They don't settle for the status quo.

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