How To Become A Millionaire Even If You Only Earn A Minimum Wage

If you are an employee, you may have the mindset3%, 5% , 10% or even 50 %. As you save more,
that you can never become a millionaire unless youyour savings and investment also start to grow.
are a boss, having a team of workers to work forNevertheless, if you are afraid that the money that
you and making big bucks like moneymaking machine.you have saved may be used for emergency fund
However, this is not true, in fact, according to aor other purposes later, then you can split the money
self-made millionaire, it is possible for you, even if youfor saving under 2 accounts, one is for a emergency
make a minimum wage to be a millionaire.fund (3-6 months of your living expenses) and the
According to him, if you save 10% of your incomeother one is for investment only. At first, the amount
every month throughout your working lifetime, andthat you invest may seem very little, but it pays off
make investment that bring at least 10% of returnsover the years.
annually, of course if you can get a higher return, itI totally understand that it is not easy to save
would be great!money especially when you live in a material society
Whatever investment vehicles you choose, makenowadays. However, if you can practice frugality
sure it gives you 10% of returns or higher. You willovertime, it will help you building your wealth.
become a millionaire by the time you retire. ProvidedYou may think that millionaires do not really care
you start young and continue saving and investingabout little money, but this is not true. Even Bill
along the years.Gates, the world richest man cared about how much
For example, with a monthly investment of $100 withhe pays for parking fee. There was a time where
10% returns for 45 years, you will become aGates and his friend went to Hilton Hotel for a
millionaire. To achieve your millionaire goal in 38 years,meeting, as they were late and could not find a place
you may double up your monthly investment to $200for parking. Thus, his friend suggested parking the car
with the same yield. If you have an investmentat the VIP parking lot, which cost $12, Gates
vehicle that gives you 15% returns with a monthlydisagreed despite the friend offered to pay the fee.
investment of $200, you may become a millionaire inAnd eventually they parked the car elsewhere with a
28 years.cheaper rate.
If you would like to be a millionaire in shorter years,To Gates, a man that has contributed large amount
diversify your investment portfolio into differentof money on charity, $12 is very little, yet he
yield, from 10% to 20% or even higher.ensures himself practiced frugality every moment and
ALTERNATIVELY, you may increase yourmaximizes the benefits of every single penny he
investment capital OR you can combine both ofspend.
these methods (higher returns and higher capital),Another case, have you ever asked for discount
that would speed up your dream to become awhen you visit Starbucks coffee house, maybe not!
millionaire.Right? A millionaire told me that he always asks for
If you cannot save 10% or higher of your income,discount whenever he visits Starbucks, and he got it!
you may consider to reduce the rate to a level youMany of us may think that asking for discount is
are comfortable with. The rule of thumb is TO PAYridiculous and it may bruise your ego if you get
YOURSELF FIRST. Yes! This is what I learn fromrejected or even make the request, especially in such
millionaires and wealth creation programs. Even if youa "high-quality coffee house", but if a millionaire can
have tons of bills to pay, set aside at least 1%, if notdo that, why not you? !!
higher of your take-home income for saving /Always remember a dollar saved is a dollar earned,
investment fund first. Otherwise, if you spend all yourwhenever you buy something, it is wise to ask
money in bill paying, you are telling yourself that theyourself: Do I really need this or I just want it! In
bill companies are more important than you are!addition, if the one dollar can bring you a higher
As you become comfortable with living on 99 %,return, go for it!
increase your saving up to 2% of your income, then