Who wants to be a millionaire? Who doesn't? Except for the billionaires of course! Honestly, who in their right mind don’t want to be rich? But can ordinary people become millionaires? I believe with the correct mindset, attitude and commitment to reach their desired financial goals, the chances for ordinary people becoming millionaires are high. My wife and I would definitely attest to this fact. Here’s our story…
It was on an ordinary day sometime in 2007 when I was routinely going through my household financials. While calculating the net worth of my wife and I (what we own minus what we owe, excluding the value of the house we live in), I realized that our individual net worth had finally crossed the US$1 million mark! Yay, we’ve finally been granted the rights to be in the millionaire club!
Although we were happy to have reached a new financial milestone, nothing special took place that day. It remained an ordinary day. We didn't celebrate over an expensive restaurant meal. We didn’t plan for an exotic family holiday. My wife didn’t quit her job. And it was business as usual for me. So what did we do next? Nothing much really. We just continue living our lives and managing our finances like before - the smart and frugal way.
How did ordinary folks like us become millionaires? For a start, my wife and I didn’t inherit a million dollar each. Neither did we strike lottery or won big at the casino. Over the years, we live frugally and practise sound money management principles. We spend lesser than we earn. We buy things that we can comfortably afford. We pay our credit card bills in full every month. We refrain from spending on expensive holidays and exotic cars. Most importantly, we invest our savings constantly in assets that provide steady streams of income. The key to financial success is to be savvy in money management and keep accumulating income-generating assets. This is just how ordinary people can achieve extraordinary financial success, it's not rocket science!
Regardless of your current financial standing, you could become a millionaire with proper action plans and an unwavering commitment to achieve your goal. Adopt a millionaire mindset and move on to develop your financial intelligence by reading good books on personal finance and investing. Then, put your acquired knowledge into action to create wealth. Practise good money habits, invest your money wisely, and you'll be on your way to achieving massive financial success!
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