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