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9 Steps To Become a Millionaire in 5 Years (Or Less) – GOBankingRates

Money / Financial Planning


Money / Financial Planning

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You may think that most millionaires are celebrities or technology magnates, but many of the wealthiest people — roughly 20 million in the U.S. alone — are regular people. Few know how to increase their incomes rapidly enough to amass that kind of net worth, but it isn’t too tough to do if you have multiple income streams from salaries, investment dividends, rental property income and business investments — that’s how a majority of millionaires generate wealth.

Here are nine steps to help you become a millionaire in five years or less.

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Step 1: Create a Wealth-Building Plan

Having a wealth-building plan is vital to ensuring financial freedom. An effective one calculates liabilities and assets and is continually modified as you pass through various life stages. However, a plan should take more than just your budget into consideration. It should also factor in your:

  • Investments
  • Insurance
  • Taxes
  • Education
  • Retirement

Most experts recommend making a quantifiable financial plan — the kind that’s got concrete numbers and specific dates to measure your success. The sooner you start building a plan, the quicker you’ll start building wealth. 

How Can I Become a Millionaire in 1 Year?

Becoming a millionaire in a year is difficult if you’re not already making a lot of money. However, becoming rich takes immediate action. Start saving, investing and challenging yourself today.

Step 2: Take Advantage of Employer Contributions

Taking advantage of your employer’s retirement contributions makes it easier for you to become a millionaire by reducing the amount of money you need to save on your own. Many of the country’s largest companies match 50 cents for every $1 contributed by an employee into a retirement account. While these contributions are typically capped at 6% of your salary, these benefits can add up to $200 a month to your retirement accounts. 

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For instance, perhaps you make $50,000 a year and contribute $450 to your retirement accounts each month. Without employer contributions, you’ll have $1 million in around 40 years. If your employer matches your contributions for up to 6% of your salary, you’ll gain an additional $250 a month. That extra cash will allow you to become a millionaire in 34 years instead of 40.

Step 3: Ask for a Raise </…….


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