How to Become a Millionaire
Hi, I’m Chris Winter and in this video, we’ll be going over how you can become a millionaire!
Becoming a millionaire doesn’t happen overnight but I firmly believe anyone can become a millionaire.
It can be a long and tedious process, but some millionaires happen faster than others.
That’s why I’ll be breaking these steps down for you so you can start your journey in becoming a millionaire today.
Keep in mind that I am by no means a professional or a financial advisor, and that you should do your own research.
This is only for educational and entertainment purposes only.
Now that’s out of the way, let’s get started!
Where to Start?
It’s easy to think that becoming a millionaire is a far-fetched dream, but did you know that there are over 56 million millionaires around the world?
It’s definitely possible to join this ‘elite’ group of people.
Being a millionaire opens you to a world where you don’t have to live paycheck to paycheck.
That means having all your utility bills paid on time, having food on the table, and all of your everyday expenses covered while not waiting for your next paycheck.
Here’s another thing too: being wealthy isn’t just good for you, it’s good for the people around you.
You can assure financial security to your family for years to come, and if you want to, you can help others be financially as well.
So… where do you start?
Always Have a Main Source of Income
The first thing you have to do is secure your income.
Whether you have a 9-to-5 day job or you have your own business, make sure that no matter what happens, you’ll never lose your main source of income.
While most millionaires make a chunk of their money from strategic investments, you’ll need to have a sizable capital to start investing.
And that capital will come from your primary source of income.
Your main source of income should secure you financially to cover all your “required” expenses.
Some of you watching this may be just starting off in your careers or have been laid off, but do what you need to do to earn a “livable” income to cover your main expenses.
Even better is if you’re able to grow your main source of income by getting promoted or transitioning from job to job so you’ll get a boost of income every couple of years.
You can do this by working your way up the corporate ladder, taking on extra classes for certifications, or expanding your personal business to new heights.
Of course the caveat here is if you do have a business, you have more control on how much your income increases.
Whereas, if you have a regular 9 to 5, your income is typically limited or has a limit on how much you can earn.
The first step in becoming a millionaire is to make sure you have a main source of income.
Start there and everything else will soon fall into place.
Invest, Invest, Invest!
Now, how you get your first million isn’t how much you earn at your job, but it’s actually how much you’re able to invest the money and for how long.
That’s because investing your money lets you tap into the power of compound interest.
The sooner you start contributing, the more your investment grows, so if I were you, I’d immediately open a Roth IRA as soon as possible.
For example, let’s say you're 25 years old and if you invest in the S&P 500 for $500 a month or $6,000 a year in a ROTH IRA, you’ll have nearly $1.2 million dollars!
If you start at the age of 18, it grows to almost $2 million dollars.
The important thing here, the earlier you start, the faster and higher income you’ll get in return when you cash out.
Investments are an excellent way of multiplying your money whether you’re trading stocks or even investing in crypto.
Invest in Crypto
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I’m Chris Winter and on this channel I make finance videos on:
• Stock Investing
• Best Crypto To Buy & Invest In (Bitcoin, Etherium etc)
• Best Stocks To Buy & Invest In
• Best Online Stock Brokers
• How To Make Money Online
• Affiliate Marketing
• Passive Income
• Shopify
• Amazon FBA
• Print on Demand
On this channel I talk about the following:
#BestOnlineBusinesses
#MakeMoneyOnline
#Cryptocurrencies
#Bitcoin
#Shopify
#AffiliateMarketing
#MakeMoneyFromHome
#OnlineBusiness
#Dropshipping
#SideHustles
#SocialMediaMarketing
#PrintOnDemand
#PassiveIncome
#WorkFromHome
#PaypalMoney
#Investing
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Recommended Reading >> bit.ly/32kRpzw
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