How to become a millionaire?

According to the Fidelity study, safeguarding wealth was a top priority for 30% of millionaires interviewed, while 20% focused on expanding it. These findings indicate that certain fundamental strategies must be followed if you aspire to become a millionaire.

Sanjiv, President of National Financial, which is a subsidiary of Fidelity Investments, emphasized that understanding the path to wealth, financial goals for the future, and outlook are critical in comprehending the millionaires of today.

STRATEGIES Many successful individuals recommend various methods to establish financial stability. Here are some strategies that you can adopt confidently:

1. Mitigate risk by diversifying your investments. Don't put all your money in one investment as it puts your funds at risk if it fails.

2. Generate multiple income streams, such as salaries, dividends from investments, rental property income, and investments in other businesses. This provides a safety net if one source slows down. Passive income, where money is earned without actively investing time and effort, can help achieve this.

3. Save money by putting it in savings accounts that accrue interest over time. Make sure to hold on to your cash and avoid unnecessary expenses.

By implementing these strategies, you can confidently take a step closer to achieving financial stability and potentially becoming a millionaire.

If you know some other strategies or tips please comment below.

Here are few famous examples:

Barbara Corcoran: The real estate mogul turned Shark Tank investor started her eponymous brokerage business with a $1,000 loan. Under her supervision, She grew the business into a multi-million-dollar empire that she sold for $66 million in 2001.

Janice Bryant Howroyd: The founder and CEO of Act One Group started her staffing agency with $1,500 ($900 of which she borrowed from her mother), a fax machine, and a phone. She is now one of the richest self-made Black women millionaires in the U.S., with an estimated net worth of $285 million.

Warren Buffet: Perhaps one of the most famous and richest people in the world – and technically a billionaire and not a millionaire — Warren Buffett still merits a mention in this list because he is well known for being self-made. The Berkshire Hathaway chairman and CEO made his first millions by running a hedge fund and is known for his principled and sensible approach to investing.

According to the study, self-made millionaires were more likely to add equity investments to their financial portfolios, whereas those born affluent often had more real estate interests. Many millionaires believe that diversifying their investments is critical.

Millionaires invest in a variety of assets, including their principal residence, mutual funds, equities, and retirement accounts. Millionaires place their money in places where it will grow. They take care not to put huge sums of money into products that would depreciate. A car used for daily drive, for example, will most certainly depreciate with time.

Most millionaires understand the importance of saving money before spending it. Regardless of their annual earnings, most millionaires invest their money.

SOME TRAITS OF MILLIONAIRS

They make bold resolutions and carry them out. Self-made millionaires act on their ideas and desires, whether it's founding a business or pursuing other professional or personal goals. This determination is shared by many millionaires who did not inherit their wealth.

They are mentored. Many self-made millionaires will readily confess that they cannot possibly know everything. They go out to people who understand the intricacies of many sorts of saving and investing, gaining perspective and insight from the best brains on each subject. That definitely pays off.

They are looking for comments. Self-improvement is a never-ending process for a self-made millionaire. Self-made millionaires seek criticism and feedback on their ideas and company operations to ensure that they can improve.

THANK YOU