How to be a millionaire the legal way

Every person around in this world dreams to end up as a millionaire one day. The riches, the luxuries and the fame are looked upon by a lot of star eyed individuals around the world. But everyone has a misconception that you cannot become a millionaire if you go the simple way. Everyone thinks that to reach there, you have to be path breaking and revolutionary in your approach. You have to take big risks and play big in the business world. The other school of thought is to become the biggest possible miser ever. Just like uncle Scrooge of Duck Tales fame. What everyone forgets is that there are really very simple ways to become a millionaire and enjoy the riches. This blog will elaborate on those very aspects for you. So get ready!

Becoming one is easy, if you know the way right.

Start off with trying to invest in gold every month. It acts as a good hedge against inflation. This is because the world trades in gold and thus having it becomes the best option to solve all the issues you can at you home.

Next, ensure that you don’t have huge amounts of money in your account with the bank. This is because it gives you very low interest. Also, these days it is very risky keeping it there with banks collapsing all the time. 

This is something you may not like doing but should. Ensure that you are filling your income tax returns on time. This will ensure that you can plan for the long term ahead and allow you to invest safely. It will also ensure you don’t go into a last minute rush for money.

Now, remember that low denomination coin you just tossed away. Don’t do that! Keep it and store it. Every six months, find a coin sorter and deposit the change in your bank account. It is the best way to learn savings.

Isn't the sum made up of its parts?

Next thing to do is review and monitor you financial plan each year. This will help you become the master of your own money and help you gain control.

Handle your savings efficiently. Make sure that you are taking at least 25% of the net take home. To increase your probability of becoming a millionaire by 75% invest this 25% now. Also never ever take personal loan. Ensure that you are never paying more than 40% of your net take in clearing EMI’s.

Finally, however much you love your credit cards and keep them and flaunting them around, it is always better to use a debit card while shopping. Even if you have credit cards, ensure you don’t have more than two at a time.

Yes, I know you would say you knew all of them. But the question is- Did you ever implement it seriously? 

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