3 Actions That Will Help You Retire As A Millionaire

$1 million dollars for retirement is the dream and envy of many people. For a good part of our lives, we are trying to work towards that dream.

However, there is a misconception among us that thinks retiring as a millionaire isn’t quite possible. We think that becoming a millionaire is a result of a major event like selling a company or building the next Facebook.

In reality, it is actually much simpler. You can make $1 million without any special skills, knowledge or luck.

By just following basic investment advice and financial tips, you can increase your odds of becoming a millionaire.

If you want to retire a millionaire, here are there tips that can help you achieve your retirement dream.

1. Start Saving Money Now

A key element to retire as a millionaire is the notion of saving. You cannot become a millionaire without saving a part of your monthly income.

It is a simple mathematical concept.

However, the problem that most people face is procrastination. You want to live in the moment since “You Only Live Once”.

What’s the point of saving for retirement when you are young? You should be enjoying our lives, isn’t it?

Thus, you delay saving for retirement until a much later age when you finally realize that retirement is no longer far away into the future.

At that point, it is too late.

Therefore, the earlier you start saving, the more likely you will be able to save towards $1 million at your retirement age.

2. Keep Yourself Out Of Debt

There are some debts that you cannot avoid in life, e.g. housing loans and education loans. However, for other debts, they can be avoided.

So, why should you be avoiding these debts in your lifetime?

It is simple. Your lender has to make money when they lend money to you. Thus, they charge an interest rate on your loan.

As a result, not only do you have to pay back your principal loan amount, you also have to pay them interest rate.

If you could avoid paying those interest rate, you can be saving a lot of money in the long run.

3. Build Multiple Streams Of Income

Now that we know retiring a millionaire is no longer a dream, we should take it one step further. How does it sound if you can retire 20 years earlier than the statutory retirement age?

Just imagine yourself being able to retire a millionaire by the age of 45 and enjoying life in the beaches of Hawaii or Phuket.

One “mistake” that most people make is to rely on a single source of income. Why would you want to limit your income? Why not build multiple streams of income and quicken your retirement journey?

Forex trading, stock investing, affiliate marketing and property investing are some of the best ways to build dual (or even trio) income sources. And if you are good at them, you can even build a $2 million-dollar retirement dream.

Who said that you had to stop at $1 million?

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