4 Ways to Make Your First Million Dollars

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4 Ways to Make Your First Million Dollars
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• When you think about accumulating your first
  million dollars, it can seem like a daunting, if
  not impossible task. This is usually because of
  the many notions we tend to have about
  millionaires, which are mostly untrue. If you
  thought that most millionaires won the lottery or
  inherited large amounts of money from their
  wealthy relatives, you're wrong. In India alone,
  there were 2.63 Lakh millionaires in 2019. Now,
  its not possible that all of these people just
  got lucky, right? This large number also
  indicates that creating your first million
  dollars is an achievable task. (I mean, were you
  expecting such a large number in the first
  place?) You just need the right tips and sheer
  patience to help you save up your first million.
  In this regard, weve got four tips for you to do
  just that. Read on

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1 . Choose the Right Career

• Throughout your life, youve heard the
  phrase, do what you love and with good reason.
  Sure, your job will never feel like 'work'
  because it'll come naturally to you. You'll also
  be more productive and will be able to get a lot
  done. This leads us to a more critical point
  you'll also be able to earn more, and that's very
  important. The more you make, the more you can
  save and invest. But how? If you excel at your
  job (which you will if you love what you do),
  you'll be picked up more often for salary hikes
  and promotions than your peers. So even if you
  weren't earning enough to start with, your income
  would increase substantially, over a relatively
  shorter period. This will, of course, make the
  journey to your first million dollars that much
  easier.

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2. Start Investing Early On

• This one is a little tricky because your
  'starting point' when it comes to being able to
  save (and subsequently invest) depends on other
  factors as well. Where you are in life, and your
  plans for the next few years can influence how
  much you earn. For example, if you're right out
  of college, your primary focus will include
  clearing off student loans (if any). Then, since
  it's your first job, you'll also want to get your
  own place, and maybe a vehicle too. All of these
  are significant spends and will impact your
  ability to save and invest. The point is, the
  sooner you start investing, the sooner you'll be
  on track towards accumulating wealth. You have to
  start early, even if it's with a small amount.

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3. Finish Off All Your Debt

• No matter where you are in terms of your
  savings journey, this is one rule you need to
  follow if you ever want to become a millionaire
  faithfully. Now, you're going to have some sort
  of debt in life. It could be student loans
  (millions of students in India take an education
  loan for higher studies) or a vehicle on EMI (for
  your first bike, perhaps). The point here is to
  finish off all these debts (because they're
  necessary) as soon as possible. Once you've paid
  off these loans, you can invest the same amount
  and build your first million dollars. However, it
  is equally essential to avoid additional debt at
  the same time. There are a host of quick loan
  companies that may entice you to buy a range of
  electronics on EMI. This will only eat up the
  money you could otherwise invest.

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4. Dont Buy Things You Dont Need

• This is a trap were all in danger of
  falling into. If and when your monthly income
  increases (by way of a salary hike or a
  promotion), your lifestyle shouldnt follow suit.
  Why, you ask? Look at it this way - lets assume
  that you used to earn ?25,000 out of which you
  used to save ?5,000. You then got a promotion,
  due to which your salary went up by another
  ?8,000. Now, the idea is to take this extra
  income and invest it (so that you reach your goal
  of a million dollars sooner). You may want to
  treat yourself to meals at fancy restaurants,
  shop for trendy clothes, or get yourself the
  latest phone. You can do all of that, but
  remember it'll only slow down your journey
  towards your first million dollars.

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Wrap Up

• The above four points will help you become a
  millionaire in a few years if you follow them
  with dedication and patience. The key point here
  is not to be swayed by what others are
  doing/telling you. Just focus on this goal, and
  you'll reach it within no time.

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