Most people look for concrete paths to becoming a millionaire. But the essential ingredient to becoming a millionaire is intangible. It’s time. The majority of millionaires utilize the compounding nature of time, where growth builds on itself over time.
Millionaires develop written financial plans that serve as roadmaps to reach their destination. These plans allow them to make financial decisions based on their goals.
We think of millionaires as having a big house, a fancy car, the nicest clothes. But if you spend all your money, then you aren't a millionaire anymore. The truth is that most millionaires find ways to decrease their spending. They don't buy dumb crap.
1. Don't Accrue Dumb Debt: Student loans, for example, are one of the most common debt vehicles today. Many current and future millionaires have suffered student debt. Why? Because education kickstarted their growth as nothing else could.