Ever wonder, when do I get to be a millionaire? Well if you’re in your 20s or 30s, have a decent degree, a good job with a good income, and you’re budgeting, saving and investing, you’re well on your way!
In actuality, becoming a millionaire is not that far way. By that I mean that we are actually on track to getting there.
Thomas Corley, the author of Rich Habits: The Daily Success Habits of Wealthy Individuals did a study that actually showed that it takes at 32 years to become a self-made millionaire.
Wow! when I read that, I was totally blown away. He suggested that becoming a millionaire is on the cards for all of us, as long as we follow certain steps and do things right.
The study actually showed that only 1% of self-made millionaires did it before the age of forty. 3% were able to do it between the ages of forty and forty-five, 16% did it between the ages of forty-six and fifty, 28% did it between the ages of fifty-one and fifty-five, 31% did it between the ages of fifty-six to sixty and the last 21% of people who became self-made millionaires did it when they’re over the age of sixty.
If we’re taking all the right steps and getting into the habits needed to get us there, we will make that millionaire category sooner rather than later in life.
Here are 3 things that we need to do to ensure being part of the millionaire’s club:
- Continue to make more money every year. We have to make more money whether it’s by adding a new income stream, asking for a raise, getting a promotion or even changing companies.
- Live within our means. The minute we get to the point where we start accumulating debt in order to live an extravagant lifestyle that is when all hopes of becoming a millionaire are thrown out of the window. It is important to ensure that you are living within your means.
- Invest our money. We cannot save our way to becoming millionaires so educated investing of your funds is the way to go. If you are not comfortable on your own and you have fears about investing, be sure to work with a trusted financial planner or get some other expert advice.
It is important also to track our progress. We need to have goals and track how we’re doing. The easiest way to track our financial position is to calculate our net-worth. Here’s my video on how to calculate your net worth.
I know it is difficult to imagine that you can become a self-made millionaire, but it really is possible. If you are taking all the right steps, I look forward to celebrating our millionaire status together!