If you ask any multimillionaires on how they make their fortune, you will most likely get the same answer… it’s always hard to make the first million dollar… Once you have reached that benchmark, next million and onwards is much easier. So, the real challenge in becoming a millionaire is reaching the first million dollar in your account. How we do that? I’m not earning six figure income and my expenditures each month is just sufficient to rotate each month’s budget.
This is not an easy step but those who are determined and have high motivation tends to make it. It may take 5 years or 40 years to make the first million using whichever technique or method you use. The most important thing here is to strictly follow on defined rules. For example, if you are intending to save at least 30% of your salary in fix deposit or in mutual funds, then do it consistently. Over certain period of time, we will learn the attitude or lifestyle changing experience in order to reach our goal much faster.
It’s all about changing lifestyle. There are no secrets in making millions. Those who earns millions will also go broke if they overspend and those who earns just $2k per month will be able to save $1 million dollar within 30-40 years of consistent saving in moderate to low interest investment plans. So, it is not how much you make to save your first million. It is how much you spend that matters. Saving must come first, then bills followed by leisure or any other concerns.
I am sure you might have hundreds of ideas now to make more money but you can’t do that because lack of capital. Imagine of having your capital ready, are you willing to invest in your ideas? I’m sure you will have doubts even to consider your ideas because it’s not easy to save that capital from your hard earned money. You will automatically become wiser… that’s the gift or the lifestyle of a millionaire. We will face similar experiences throughout the milestone of reaching the first million. This is the lesson that can’t be taught in any school or colleges but only experienced by those who have succeeded.
A tracker might be installed on the sidebar of this blog to monitor the saving throughout the milestone of reaching first million dollar. Every day is a step closer to my target. Every morning I would like see “One more step closer to your first million dollar!!!” on my ceiling. I believe strong motivation and determination needed to make this through and I really wish your support to pray for me. If you are also planning similar goals, please share as I will also pray for you. Good deeds always get its return in ways that we can’t imagine. Before making any goals, I would really suggest you to make a list of why, what, when, how, who and evaluate every factors involved and decide whether you should go for it or not.
Do you have any similar goals? How far are you from reaching your goals? What is the interference you have faced and facing? How you manage to overcome it? Please share your personal experience as we all can learn some from yours.