Tuesday, November 17, 2009

How to Become a Millionaire Overnight

How to Become a Millionaire Overnight

Become a millionaire in what feels like overnight.

Obviously you will not learn how to become a millionaire overnight unless there is a way to teach someone to inherit a million dollars, win the lotto or commit crimes, but you can become a millionaire in what will eventually feel like overnight. You can become a millionaire in a year, by the time you are 30 or whatever time frame you wish. You just need to make a plan and then stick to it for successful results. There is no miracle pill to make you a millionaire, you will need to do it yourself with carefully planning and persistence. Keep on keeping on to your goal no matter what obstacles are in your way.

PLANNING - Create a plan that works for you.

It is best if you have an income of some sort even if it is not a large one. The larger your current income is, the faster you will become a millionaire.

First you need to make money. This can be the income that you already earn. If you do not feel it is sufficient, you can find other ways to make more money. You need to start thinking of money as moneymakers every moneymaker that is in your bank account or in your pocket, you can put to work. Make your money work for you.

Secondly, you need to save and invest your money. Every moneymaker you earn (dollars), should go towards necessities, savings or investing. If you start thinking of your dollars as moneymakers, you will be less inclined to hand them over to the clerk at the local coffee shop. Why would you want to give the coffee shop 3 to 5 moneymakers when you can put them in a stock brokerage account and turn them into 15 moneymakers.

If you need more information on making a million dollars please look below in the Resources section.

FOLLOW YOUR STEPS - Follow the steps that you have created. Everyone will have a different set of steps, but here is a sample of what you can do no matter what your income level is at the moment:

1. Cut out all unnecessary expenses such as $5 lattes, magazine subscriptions, expensive movie channels, satellite radio, fast food, crap from China (that covers almost everything retail) and anything that does not bring you value.
2. Research investments that do make you money. Don't fall for any get rich quick schemes. Stick with things that have proven results such as real estate investing and stock market investments.
3. Save a set amount out of every paycheck.
4. Invest a set amount out of every paycheck.
5. Watch every penny of your money as if each penny was a gold coin.
6. Think of every dollar as a "moneymaker".
7. Find a mentor to help you learn how to invest wisely.
8. Pay off credit cards and do not use them anymore.
9. Pay extra on your home mortgage each month to pay it off sooner.
10. Keep on keeping on even when it gets tough.

Knowing how to become a millionaire overnight will help you get rich quick.

PERSEVERE - Make a million dollars one step at a time. Whether you are able to save and invest $100 per month or $1,000 per month, you will eventually reach your goal if you keep trying.

The length of time it takes you to become a millionaire depends on how much you save and invest and what return you earn on your investments.

Try to save at least 10% of your monthly income and try to invest at least 20% of your monthly income to help you reach your goal faster.

If you want to know more information on how to become a millionaire overnight, please keep reading this blog.

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