Are you confident that you will be able to earn a million dollars with your average salary?
If you think you can then it is great that you’re confident in yourself and believe that you can do anything you set your mind on. However, if you think you can’t then, GUYS!!! It is time to change that mindset. In contrast to the popular belief, you can make a million dollars from your average salary. What? You think all this bluff and about to close the page? Hold up, wait let us complete. You can definitely make a million dollars trust us on that but you must have a strategy and interesting plan that will work for you.
As you see many people believe that only rich people have the wits to become a millionaire. But this thought itself is wrong and it would be better if you flush it out of your mind as fast as possible. Anybody who is intelligent has a strategy, and most importantly self-aware can become a millionaire. How do you think all the rich people have earned their first million? They or their forefathers were not born rich. They have worked hard to become a millionaire and you should also do that.
But worried about where to start and how to take up that first step? Then you’re in the right place. In this article, you will get tips and insights on how to make your first million. Because you will know where you head once you reach that point.
How long does it take to become a millionaire?
You must also be plagued with this question, right? How long will it take? Good question. But sorry it is hard to answer it. For some it just takes a few others for others it may take a lifetime. One thing is sure it truly depends on your investment strategy, patience, and persistence. You see most people are truly not as persistent as they seem. At the start, they’re all smiles and ok to take risks and work hard. But if they don’t see results for a long time or have slow results then their resolve can break down. So our advice is don’t keep your focus on your end prize. Just start step by step and remember that before you know you will enjoy the sweet fruits of your hard work.
So without any more pep talk let’s jump right into tips on how you can make a million out of your average salary.
Pick a new side hustle
Side hustle or side jobs whatever you call them are truly a perfect option for you to earn some extra cash. You see many side hustles will bring in a good chunk of money into your bank account. Not exactly a million dollars. But who is in a rush, right? Have you ever heard of the saying every drop counts? Similarly, every penny that goes into your bank account counts. Don’t forget that your million dollar journey also starts with one single dollar. So with your full-time job, you can take care of your monthly expenses and pitch in a little to your savings.
All the cash you earn from your side hustles can go directly into your savings or investments. So you’re not disturbing your everyday life but still are proceeding towards earning million dollars. Foul proof plan, right? You must be curious about what side hustles are there that will be paying you good some. My friend, many side jobs will chip into your finances.
Rent a car or room
Have a car but barely use it? Then rent it for people and charge a sum. Another better idea is that you can become an Uber or Lyft driver. See it may not bring enough money to make you rich overnight. But it is truly effective as you see the Lyft drivers earn around $8 to $25/hour. If not you can rent your room on Airbnb. How does this sound? Feasible, right? There are many interesting side jobs that you can do to earn money. Start a blog or a youtube channel or you can even become an influencer, see all you have to do is create passive income streams that will contribute to building your wealth.
Invest your money carefully
Do you think earning money is enough? You have done your bit and now the money in your bank account will magically multiply. Oh!! It would truly be great to have a fairy godmother to help us make this a reality. But since you don’t then you must put in your best efforts and invest them wisely. Earning cash is the only first half of becoming a millionaire. The tricky part is investing right. If you make a mistake you may end up losing all your hard work till this point. So take your time and carefully make your moves. Also investing in the right places will also give you financial freedom.
Common ways to invest
The most common way to invest your money is purchasing stocks or bonds or both. But most advisors will warn you in putting money in stocks, you see it comes with high risk. So you can earn in whiff or lose in a whiff. If you’re truly comfortable with taking the risk then only make this decision. Also, you can invest in the index or mutual funds which are less risky. It is important to balance your portfolio well because if you only lean towards highly risky investments for their bigger rewards you may encounter a problem. Make sure your portfolio is well balanced. Another interesting investment option is bonds. You can buy them from companies that issue them or governments.
In layman terms, bonds signify that you’re giving a loan to the company. So you have a guarantee of how much you will be getting in return. Although it brings less return compared to stocks it is also less risky. Apart from these, you can invest in a real estate property because if done right you will see a good increase in your wealth. If you want to have a retirement fund you can open the IRA account. It just takes mere minutes to open one. You see there are multiple options, check the market, gather information, and then make your choice.
These are the insights that will help you in earning a million dollars. So make a plan or create a strategy, closely budget your spending and analyze your expenses. One step at a time and you will truly be able to make it. Interested in finding out other important articles about money-making? Then check out here.