| If you are an employee, you may have the | | | | your income, then 3%, 5% , 10% or even |
| mindset that you can never become a | | | | 50 %. As you save more, your savings |
| millionaire unless you are a boss, | | | | and investment also start to grow. |
| having a team of workers to work for you | | | | Nevertheless, if you are afraid that the |
| and making big bucks like moneymaking | | | | money that you have saved may be used |
| machine. However, this is not true, in | | | | for emergency fund or other purposes |
| fact, according to a self-made | | | | later, then you can split the money for |
| millionaire, it is possible for you, | | | | saving under 2 accounts, one is for a |
| even if you make a minimum wage to be a | | | | emergency fund (3-6 months of your |
| millionaire. | | | | living expenses) and the other one is |
| According to him, if you save 10% of | | | | for investment only. At first, the |
| your income every month throughout your | | | | amount that you invest may seem very |
| working lifetime, and make investment | | | | little, but it pays off over the years. |
| that bring at least 10% of returns | | | | I totally understand that it is not easy |
| annually, of course if you can get a | | | | to save money especially when you live |
| higher return, it would be great! | | | | in a material society nowadays. |
| Whatever investment vehicles you choose, | | | | However, if you can practice frugality |
| make sure it gives you 10% of returns or | | | | overtime, it will help you building your |
| higher. You will become a millionaire | | | | wealth. |
| by the time you retire. Provided you | | | | You may think that millionaires do not |
| start young and continue saving and | | | | really care about little money, but this |
| investing along the years. | | | | is not true. Even Bill Gates, the world |
| For example, with a monthly investment | | | | richest man cared about how much he pays |
| of $100 with 10% returns for 45 years, | | | | for parking fee. There was a time where |
| you will become a millionaire. To | | | | Gates and his friend went to Hilton |
| achieve your millionaire goal in 38 | | | | Hotel for a meeting, as they were late |
| years, you may double up your monthly | | | | and could not find a place for parking. |
| investment to $200 with the same yield. | | | | Thus, his friend suggested parking the |
| If you have an investment vehicle that | | | | car at the VIP parking lot, which cost |
| gives you 15% returns with a monthly | | | | $12, Gates disagreed despite the friend |
| investment of $200, you may become a | | | | offered to pay the fee. And eventually |
| millionaire in 28 years. | | | | they parked the car elsewhere with a |
| If you would like to be a millionaire in | | | | cheaper rate. |
| shorter years, diversify your investment | | | | To Gates, a man that has contributed |
| portfolio into different yield, from 10% | | | | large amount of money on charity, $12 is |
| to 20% or even higher. ALTERNATIVELY, | | | | very little, yet he ensures himself |
| you may increase your investment capital | | | | practiced frugality every moment and |
| OR you can combine both of these methods | | | | maximizes the benefits of every single |
| (higher returns and higher capital), | | | | penny he spend. |
| that would speed up your dream to become | | | | Another case, have you ever asked for |
| a millionaire. | | | | discount when you visit Starbucks coffee |
| If you cannot save 10% or higher of your | | | | house, maybe not! Right? A millionaire |
| income, you may consider to reduce the | | | | told me that he always asks for discount |
| rate to a level you are comfortable | | | | whenever he visits Starbucks, and he got |
| with. The rule of thumb is TO PAY | | | | it! Many of us may think that asking |
| YOURSELF FIRST. Yes! This is what I | | | | for discount is ridiculous and it may |
| learn from millionaires and wealth | | | | bruise your ego if you get rejected or |
| creation programs. Even if you have | | | | even make the request, especially in |
| tons of bills to pay, set aside at least | | | | such a "high-quality coffee house", but |
| 1%, if not higher of your take-home | | | | if a millionaire can do that, why not |
| income for saving / investment fund | | | | you? !! |
| first. Otherwise, if you spend all your | | | | Always remember a dollar saved is a |
| money in bill paying, you are telling | | | | dollar earned, whenever you buy |
| yourself that the bill companies are | | | | something, it is wise to ask yourself: |
| more important than you are! | | | | Do I really need this or I just want it! |
| As you become comfortable with living on | | | | In addition, if the one dollar can bring |
| 99 %, increase your saving up to 2% of | | | | you a higher return, go for it! |