Use these steps to become A MILLIONAIRE
Want to save your way to a million dollars? Start with these small steps.
Set a savings goal and write it down.
When you put something in writing that you’re trying to accomplish, it serves as a constant reminder — much like a to-do list — and you’re more likely to achieve it.
It’s also important to make your goal as specific as possible. “Saving for the future” is commendable, but your motivation gets a boost when you’re working toward something concrete. Start with something relatively small — say, a special outfit you have your eye on, or even a vacation.
For example, you might decide you’re going to save a certain amount every pay period.
Keep your eye on the prize — literally — by getting a big jar or other container and
Set up a system for getting there.
pasting on it a picture of your goal. Toss in your spare change or other money you save by passing up smaller purchases. It’s an immediate reward for your self-discipline, and you can see your money grow.
Pay yourself first. Build savings into your spending plan so you’re not scrambling for money at the end of the month. And once you move on to bigger goals — a house, college for your kids, your own retirement — arrange for your employer or your bank to automatically take money right off the top of your paycheck and deposit it in a savings or investment account, so that you never see it and it never has a chance to burn a hole in your pocket.
Take advantage of your retirement plan at work.
That’s the easiest way to save. If your employer gives you a match, that’s free money that you don’t have to come up with yourself.
Start small. You don’t need to earn a hefty salary or put aside a big chunk of cash. Even $50 (or less) per paycheck is a start. The key is to get into the habit early, save regularly and continue to save throughout your life. When you get raises at work, you can increase your automatic savings. And you’ll feel better when you’re spending money because you know your savings are taken care of first.
Start soon. You will never be in a better position to save money than you are right now. That’s because you have one huge asset going for you: time.
Bottom line: Start soon, start small, keep it simple and save steadily — and you’ll be well on your way to that million dollars. You don’t need a winning lottery ticket, a get-rich-quick scheme or a rich uncle to help you out. Just stick with the basics, keep your eye on the ball and you’ll reap the rewards.