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.
Most people look for concrete paths to becoming a millionaire. But the essential ingredient to becoming a millionaire is intangible. It’s time.
A good financial plan means that to reach millionaire status isn't an if; it’s a when. They know where they are going to get there because their personal finance is all planned out.
Increased earnings can be invested and grow into future millionaire wealth. A simple rule of thumb is that a dollar invested today will grow into $10 in 30 years.
This behavior—spend less, save more—is how to become a millionaire. It's counterintuitive to our traditional thoughts. The people who don't look like millionaires are the ones who frequently are millionaires.
Did you know that millionaires put 44% of their investable assets in stocks? And that 2/3 of millionaires lean on experts by consulting with advisors?
Invest a regular percentage of every paycheck into a low-cost index fund. Rinse and repeat for ~35 years. Boom—that's how to become a millionaire.