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One million dollars is the starting point to build extensive wealth
It’s common knowledge that a million dollars won’tno longer lasts a lifetime.
But a million dollars isn’t the end goal. It’s merely a starting point and a very damn good one.
The positive about saving a million dollars is that you can earn considerable interest each year.
If the average rate of return is 10%, your potential earnings equate to $100,000 a year.
Imagine if you opened up stable businesses or invested in thriving business ventures.
One million dollars grants you more options to create extensive wealth.
How The Heck Am I Going To Save $5,000?
Many people will find it daunting to save eight thousand dollars every month to become an automatic millionaire.
So what’s a step down from that?
Saving four to five thousand a month at an average 10% interest.
It’s still a high number to save monthly; this is an amount that many people bring in with an entire month’s income.
However, it’s doable if you get hungry enough.
Considering the average income in America is around $50,000 a year, saving $5,000 monthly may sound like a pipe dream, but here are some creative ways you could make it happen:
Dual income: One person pays the bills with one income. The other person saves their income. Both parties can also get part-time jobs to save more or create additional income to spend.
Cut costs: Living with your parents, friends, family, or roommates doesn’t have to be the worst idea in the world if it cuts your expenses significantly. What if you could decrease your standard of living close to zero? Financial opportunities would aggressively open up for you creating more investment options (e.g., you might want to save double the amount to become an automatic millionaire faster).
Multiple incomes: What do all the wealthy have in common? They have multiple income sources. If you only have one, then you’re locked in at a fixed rate – unless you’re in sales. Adding streams of income is the way to transform your financial situation.
Self Discipline: If you don’t implement financial discipline, then you won’t be able to amass and maintain large amounts of wealth. Saving for prolonged periods of time is a marathon; not a race. A marathon requires you maintain a mindset without faltering. Every financial habit and choice you make will affect your results.
Saving a million dollars is more attainable than you might thinkmedium.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.