8 Tips to Become a Millionaire This Year

“Millionaire. It’s a title that plenty of us would love to have. But, is that actually feasible?

Believe it or not, becoming a millionaire is a goal that can be achieved this year. In my life, I have been a millionaire several times. Most of the time before my 30s I gambled it away on cars, homes and living a life I had no reason to be living.

Despite blowing millions, the process to becoming a millionaire has been consistent over the years. If you follow these eight priceless pieces of advice, I can guarantee you that eventually you will become a millionaire. Here’s to making this happen this year!

1. Develop a written financial plan.
One of the main reasons why someone can never become a millionaire is because they haven’t written a financial plan. Developing a financial plan forces you to take action, instead of just talk. It also guides you in making the right decisions in order to achieve all of your dreams and goals.

Financial planner Scott D. Hedgcock says that “when planning for a more secure future there are two inputs that are indispensable:” how much money you have and how much money you spend.

“The basic point I want to stress about these two inputs is that they are absolutely fundamental to all financial planning regardless of how large either of them is,” he says.

“In my experience, the biggest difference between those on the right path vs. those on the wrong path was the amount of time and effort they put into devising a plan for their finances.” When you take the time to create a plan and see it through, “is the one thing all financially successful people have in common.” Hedgcock also says that “the success experienced by those who do this occurs regardless of their relative wealth. Likewise, the failure of those who do not follow a plan is unrelated to their wealth.””

Read the full post here.