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How to be a millionaire in 5 years?

Here's how you can become a millionaire in five years or less. Select your Niche. ... Put aside 20% of your income every month. ... Don't spend anything other than essentials. ... Get out of debt as quickly as possible. ... Start building Passive Income Streams.

linkedin.com - How You Can Become a Millionaire in 5 Years or Less - LinkedIn

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Becoming a millionaire isn't as far-fetched as you might think! There are plenty of high-net-worth individuals out there who started at the bottom and worked their way up to the top, so why can’t you do the same?

There are plenty of high-net-worth individuals out there who started at the bottom and worked their way up to the top, so why can’t you do the same? You need to follow certain rules and take actionable steps toward making your own wealth. Here’s how you can become a millionaire in five years or less.

1. Select your Niche

A niche is a particular field, interest, product, or service that you want to write about. For example, if you are a personal finance blogger then your niche would be money and finance. If you are an interior decorator your niche would be home design and furnishings. Choosing your niche is important because it will help you focus on topics that are going to be of interest to your clients.

2. Put aside 20% of your income every month

If you want to become a millionaire, you need to start saving now. The best way to do this is by automatically putting 20% of your monthly income into an investment account. This way, you will have substantial savings that can be used for retirement and other goals. For example, if you put away $1,000 every month over the next five years, that's about $60,000!

3. Don't spend anything other than essentials

One of the best ways to save money and become a millionaire is by living below your means. It's simple - if you want to reach your goals, you'll need to sacrifice some luxuries and spend on the things that are most important to you. Spending less than you earn will lead you straight towards financial independence, which is what many people aspire to be. For example, if you make $50,000 per year, try to live on $40-45,000 per year. If you can't do that for some reason (e.g., childcare), try for an even lower amount like $30-35K per year. Start saving! The more savings you have available to use as investment capital, the more money will start coming in from different avenues of income. When saving doesn't feel like it’s worth it because we're not making much progress, it’s time to revisit our goals and reassess where we should be spending our time and energy!

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4. Get out of debt as quickly as possible

It's important to get out of debt as quickly as possible. When you're not saddled with that weight, you can take on the dream of being a millionaire. Here are some steps to get out of debt:

Paying off high-interest loans first

Don't put your money into anything but investments and savings until your debts are paid off. Create an emergency fund with three months' worth of income saved up for emergencies. Only use credit cards when absolutely necessary. Make sure to have a plan for paying them off before the next statement date so you avoid paying any interest fees.

5. Start building Passive Income Streams

In order to become a millionaire, you need to make $1 million. There are many ways of doing this, but the most common ways are through real estate investing and starting a business. Real estate is often seen as being expensive for an individual investor because it can require a down payment of around 20% to 30%. One way to get around that is by buying with other investors in what’s called joint venture arrangements. For example, if there are four investors and each invests $100k they can collectively buy a property worth $400k that only requires one down payment. Similarly, starting your own company usually requires money upfront for things like developing the product or service, marketing materials, and operations before any income starts coming in.

linkedin.com - How You Can Become a Millionaire in 5 Years or Less - LinkedIn

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