Source: Nairabrains.com

There is so much advice online on how to make money and become rich that the topic seems to present nothing new.

Another problem is that many of the writers of such rich and wealthy guides are not millionaires and are not even on their way to being millionaires.

This writer is not yet a millionaire but is on his way to being one. SO you can see this article as revealing what he is learning and putting into practice on the way to becoming a millionaire. This is practical and sure there may be times we fail to act as we should but with the commitment this could be the guide that gets you into the millionaire status in 2 years or less.

Let’s go;

1. Your Current Income

Is your current income sufficient to make you a millionaire in 2 years with careful planning, savings and investing? If not over to the next.

2. Increase the Streams of Income

One edge the rich have over the poor and struggling is that they have over time acquired assets that pull in money so they do not actually rely on just one means of income. You can’t save your way quickly to millionaire status without increasing your income. I try to devote some time to planning extensively on how to manage the current income I get. However an encounter with someone I respect made me understand an additional pragmatic way to fast track my move to millionaire status – Work on Increasing Income flows

3. Save the extra income flows

This doesn’t really need much explanation. Save a certain percentage of your extra income in a particular account specifically for investment savings. This means any money leaving that account goes only into buying assets and investments that will yield at least 2 digit annual returns.

4. Work out a Flexible Budget

Determine your personal fixed expenses like rent, feeding, bills (electricity, internet, phone etc). If you are like the average Nigerian young person that has to contribute to family sustainance have a budget I call ‘Family and Friends’. Then have general expenses which captures the everyday fun, social expenses you may need to incur as a young person balancing work and fun.

All these after you have set aside how much you will be paying yourself which leads us to

5. Pay Yourself in 2 Ways

You have always heard about paying yourself 10%. That’s bullshit! Unless you earn a substantially fat monthly income paying yourself 10% isn’t going to get you to where you want to be fast enough. So pay yourself in 2 ways; Long term/Investment savings and Mid term savings. Long term goes strictly into an investment account that you can never have access to except to use in investing in stuff that can yield at least 15% per annum without you needing to be always physically involved. The Medium savings can be used for investments as well but has a bit more flexibility than the LTS. This is where you dip hands into in cases of emergency so you will never have to touch your LTS for anything except to channel funds into investing in a well researched venture, idea or project.

5. Only buy Luxury Items from Yields of Investments

This forces you to invest and try to make sufficient dividends from your investments. To buy that car you have always dreamt of why not set a plan to raise the money from one of your investments no matter how long it takes instead of taking your salary for months and going out to buy a car with no assets to increase your income. Any luxury item you buy is definitely going to be a liability so it has to pay for itself by coming from dividends of an investment.

6. Only borrow money to leverage investments

Never borrow money to spend on luxuries and liabilities. Only take money from banks or friends for purposes of investing in carefully researched assets or projects that can yield back the borrowed sum as soon as possible. Borrowing money to buy a care (no matter what some financial advisers or banks tell you) is a no no for someone who wants to become a millionaire as soon as possible.

7. Learn to say no

To the girlfriend, the friends and sometimes even the family (in cases that can wait and are not too overly important). Once you have exceeded your F & F budget for a month all requests for financial assistance must be rolled over to the next month to be accomodated in the new budget. Unless you know you can carry that from your general living budget. Nothing should make you go into the LTS to throw money at anything that won’t bring income.

8. Work Hard

Only fools and lazy people try to excuse the reason people make money as pure luck. If you don’t work hard you don’t meet opportunities. DO your best at work. If you work for yourself do the very best you can. That way you get better at what you do and you potentialy make more. Face your work but Mind your business.

9. Think Big

Aim to have a certain big and ambitous financial networth in two years and work towards it. Aim for N10 million instead of N1 million. Even when you don’t get to be worth N10 million within the time frame you set for yourself you will be sure worth a few millions. You can always set the bar higher and keep the motivation flowing.

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Nice one

elixir001:
Nice one

Thanks

Papilo87:
Source: Nairabrains.com

There is so much advice online on how to make money and become rich that the topic seems to present nothing new.

Another problem is that many of the writers of such rich and wealthy guides are not millionaires and are not even on their way to being millionaires.

This writer is not yet a millionaire but is on his way to being one. SO you can see this article as revealing what he is learning and putting into practice on the way to becoming a millionaire. This is practical and sure there may be times we fail to act as we should but with the commitment this could be the guide that gets you into the millionaire status in 2 years or less.

Let’s go;

1. Your Current Income

Is your current income sufficient to make you a millionaire in 2 years with careful planning, savings and investing? If not over to the next.

2. Increase the Streams of Income

One edge the rich have over the poor and struggling is that they have over time acquired assets that pull in money so they do not actually rely on just one means of income. You can’t save your way quickly to millionaire status without increasing your income. I try to devote some time to planning extensively on how to manage the current income I get. However an encounter with someone I respect made me understand an additional pragmatic way to fast track my move to millionaire status – Work on Increasing Income flows

3. Save the extra income flows

This doesn’t really need much explanation. Save a certain percentage of your extra income in a particular account specifically for investment savings. This means any money leaving that account goes only into buying assets and investments that will yield at least 2 digit annual returns.

4. Work out a Flexible Budget

Determine your personal fixed expenses like rent, feeding, bills (electricity, internet, phone etc). If you are like the average Nigerian young person that has to contribute to family sustainance have a budget I call ‘Family and Friends’. Then have general expenses which captures the everyday fun, social expenses you may need to incur as a young person balancing work and fun.

All these after you have set aside how much you will be paying yourself which leads us to

5. Pay Yourself in 2 Ways

You have always heard about paying yourself 10%. That’s bullshit! Unless you earn a substantially fat monthly income paying yourself 10% isn’t going to get you to where you want to be fast enough. So pay yourself in 2 ways; Long term/Investment savings and Mid term savings. Long term goes strictly into an investment account that you can never have access to except to use in investing in stuff that can yield at least 15% per annum without you needing to be always physically involved. The Medium savings can be used for investments as well but has a bit more flexibility than the LTS. This is where you dip hands into in cases of emergency so you will never have to touch your LTS for anything except to channel funds into investing in a well researched venture, idea or project.

5. Only buy Luxury Items from Yields of Investments

This forces you to invest and try to make sufficient dividends from your investments. To buy that car you have always dreamt of why not set a plan to raise the money from one of your investments no matter how long it takes instead of taking your salary for months and going out to buy a car with no assets to increase your income. Any luxury item you buy is definitely going to be a liability so it has to pay for itself by coming from dividends of an investment.

6. Only borrow money to leverage investments

Never borrow money to spend on luxuries and liabilities. Only take money from banks or friends for purposes of investing in carefully researched assets or projects that can yield back the borrowed sum as soon as possible. Borrowing money to buy a care (no matter what some financial advisers or banks tell you) is a no no for someone who wants to become a millionaire as soon as possible.

7. Learn to say no

To the girlfriend, the friends and sometimes even the family (in cases that can wait and are not too overly important). Once you have exceeded your F & F budget for a month all requests for financial assistance must be rolled over to the next month to be accomodated in the new budget. Unless you know you can carry that from your general living budget. Nothing should make you go into the LTS to throw money at anything that won’t bring income.

8. Work Hard

Only fools and lazy people try to excuse the reason people make money as pure luck. If you don’t work hard you don’t meet opportunities. DO your best at work. If you work for yourself do the very best you can. That way you get better at what you do and you potentialy make more. Face your work but Mind your business.

9. Think Big

Aim to have a certain big and ambitous financial networth in two years and work towards it. Aim for N10 million instead of N1 million. Even when you don’t get to be worth N10 million within the time frame you set for yourself you will be sure worth a few millions. You can always set the bar higher and keep the motivation flowing.

Recent Posts: 3 Business Ideas You Can Start If You are Brave Enough
3 Highest Grossing Movies in Nollywood in 2014

Yes, I quote it....

But it was after I finished reading it


Well said.... Hardwork pays


"The world wasn't ready but we fvcking rode on"