Here is a to – do- list that can make almost anyone a millionaire.The operative word is millionaire as in a person with a few crore rupees.This list does not require a person to be specially talented with money.All that is required is the will to become a millionaire and the discipline and persistence to stick to doing small things repeatedly till you master them.You won’t get to live the life of the Rich and Famous but you and your family will be comfortable later in life.
Earn to Invest, Not Earn to Spend
The first skill you need to master is to learn to control your impulses and delay gratification.Just force yourself to postpone buying unnecessary things for longer and longer periods .Allow yourself to buy those things only when you have saved up and invested a certain amount of money first.After a while you will find it easy to first invest money and then spend the remaining.If you have debts, force yourself to invest first , pay your EMIs and then spend, in that order.
Have a Plan and Work the Plan
Then use this calculator https://wealthymatters.com/2011/01/26/target-crorepati/ to figure out how much you need to save and start putting it away monthly to make your first crore.To find the best interest rates refer to this post https://wealthymatters.com/2011/01/19/interest-rate/ .Now that you know how much to put aside and where you need to do it,you have your basic plan in place to become a millionaire.
Develop Many Income Streams
A person can work only that hard and that long and only at that many jobs in a day to make money.So its important to start acquiring assets that make you money.So ,for example, you will have to consider buying a good mutual fund or some good dividend yielding shares.
Understand your Finances
Also you need to be aware of exactly how much you are making, how much you need to save and learn to develop a budget for spending.You need to know how to evaluate how your investments are doing.For that you can take the help of this post https://wealthymatters.com/2011/01/26/cagr-calculator/ .The more you know the more you can make out of your investments and the less people can cheat you. Read more of this post
Harland Sanders, better known as Colonel Sanders had a hard life and failed many times. His father died when he was five years old. His mother had to find any work she could, so she worked in a tomato-canning factory. Harland dropped out of school when he was 12.
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