Who Wants to Be a Millionaire?

Tips on Achieving Substantial Wealth

Who doesn’t want to make a million dollars, right? But it’s more of a possibility than you might imagine. There are countless motivational speakers who would tell you that a positive attitude and a few key steps could help you achieve more wealth than you have ever dreamed of. Does that appeal to you? It appeals to us! So we’ve gathered a few tips that could make you a millionaire.

1. Set a goal to make a million dollars.
I was once in a class where my teacher asked everyone to make a list of 100 things they would like to do in their lives. That’s a lot of dreams. I remember getting very specific about my desires and included whale watching, traveling to Europe, and publishing a book. You’d be surprised at how creative you must be to come up with 100 dreams. The teacher’s point was that if you want to experience a lot in your life, you have to set a lot of goals-specific goals. So if up to this point of your life you’ve wanted to make “a lot of money” you need to get more specific than that. Set the goal to make a million dollars in three years, five years, seven years. Then, with your eyes on that goal, manage your business and watch your income. Make changes that you feel will make you more profitable, and celebrate when you notice improvements.

2. You’ve got to spend money to make money.
It’s a familiar concept. So familiar, in fact, that many may roll their eyes when they hear it. But let’s break it down and see if it’s possible. You know that in order to go into business you have to expend a little money. As a tax preparer your startup costs were probably minimal. Perhaps you needed software, a new computer, a printer, a file cabinet. But you recognized that every purchase would enable you to better perform your job and, ultimately, make money. So you can appreciate the concept that spending money often equates to more money coming in.

Now you need to look at your ratio of dollar out to dollar in. As long as that ratio is more than one, making a million dollars is simply a matter of spending enough money to see it happen. Do you spend 1 dollar on your business for every 5 you make? That’s a pretty good ratio. That means that in order to make a million dollars you must spend $200,000. Of course, you don’t have to spend as much if you can increase that ratio. If you make ten dollars for every dollar you spend, you only need to spend 100,000 to make your million. You see how it works. Increasing your productivity decreases the amount you must spend in order to enjoy great wealth. So when looking at this formula you can justify your spending and be encouraged to spend even more, as long as your ratio continues to be profitable.

3. Adhere to a budget.
Of course there’s a hitch to the previous tip. You must spend your money wisely and on things that bring more money back to you. While some millionaires may spend a lot of money, you may be surprised to discover that even more are very frugal. That’s because the wise and wealthy watch where their money goes and watch it closely. If you don’t already, you should have a strict budget that you adhere to as closely as possible. And if you track your money well, you’ll be able to see which elements of your business are bringing in the most profit. Then you can focus more of your money on those elements in order to increase that dollar out, dollar in ratio.

4. Invest.
Whether it’s stocks, bonds, real estate, or your marketing efforts, you must invest some of your money in order for it to grow significantly. Once you notice an increase in profits, that’s the perfect time to invest. Research different investment vehicles before picking one, two or more that will help you accomplish your million-dollar goal.

It’s not rocket science and it’s nothing you haven’t heard before which should make working towards your millions a less intimidating and imposing task. And one thing all these tips have in common is the keen attention to the comings and goings of your money. As a financial professional, that should come naturally, which begs the question, aren’t you a natural millionaire?