Most cities will have monthly networking events for landlords and property investors. Track these down, sign up, put on your best suit and go along with lots of business cards. Or you could start on LinkedIn or even Twitter to build some initial contacts.
Focus on the process. Wanting to become a millionaire is great — but it’s not going to get you there. You must focus on the process for doing so. What daily actions will you take? What path will you walk down? As the late, great motivational speaker Jim Rohn said, “Life doesn’t get better by chance, it gets better by change.”
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Investing is the best way to grow your wealth. Compound interest has been called the strongest force in the universe, and you want that force working for you! There are many ways to invest, and you can be successful as long as you make wise investment decisions and let time and compound interest work for you. Investing in tax advantaged retirement accounts such as a 401k or Roth IRA can help you grow your wealth more quickly since you won’t have the drag of taxes pulling down your investment portfolio. You can also use retirement accounts to shape your taxes both now and in the future, giving you a powerful tool to help grow your wealth.
Funny fact. In early 90s when the Soviet Union collapsed, Russia saw it’s very first pyramid scheme and it was called MMM. I am sure there is no relation to that but it’s funny how they have the same abbreviation.
Making money isn’t a race. Competition certainly fuels some people’s desire to build wealth, and sometimes these competitors are tempted to do things they shouldn’t for the sake of a bigger payoff. But if you stay focused on your own goals and ignore what the other guy is doing (except to the extent that you can learn from it), competition is no longer a factor.
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Whatever your goals, you are more likely going to successfully achieve the one which you have as your highest value. According to Dr. Demartini “if you don’t value wealth building, the probability of it occurring on financial matters is not very high. There are some people who work their whole lives and have no money to show for it, because they have a higher value on spending it on depreciables than on savings.” If you want to start a family, then wealth building may not be your highest value. If you want to grow your shoe collection, own a fancy car, or spend your money on other depreciables, then you don’t really value money as much as you value material (and transient) instant gratification. Consider prioritizing according to the stages in life you are in.
The chart above shows what it takes assuming starting at 22 (around college graduation), with a $50k salary, either 10% or 20% gross savings invested and earning 10% annual yields, no inflation, and no changes in salary ever (which should approximately balance out no inflation). With 20% investment, it takes around 25 years to hit $1M. With 10% investment, it takes another 6 years to hit the $1M mark.
When your grandparents lamented that a dollar https://youtu.be/uuwWWjFUXsQ isn’t a dollar anymore, they weren’t just bellyaching. Inflation attacks the value of a dollar, reducing it as time goes by so that you need more dollars in the future. That is one of the reasons that $1 million is often thrown around as a retirement goal. Back in 1900, a $1 million retirement would include a mansion and a bevy of servants, but now, it has become a benchmark for the average retirement portfolio. The upside is that it is easier to become a millionaire now than at any time before. While you won’t be buying islands, it is still a goal worth shooting for. Keep reading to find out multiple ways to make your first million.