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4 Ways to Make Your First Million Dollars

When you think about accumulating your first million dollars, it can seem like a daunting, if not impossible task. This is usually because of the many notions we tend to have about millionaires, which are mostly untrue. If you thought that most millionaires won the lottery or inherited large amounts of money from their wealthy relatives, you're wrong. In India alone, there were 2.63 Lakh millionaires in 2019. Now, itu2019s not possible that all of these people just u2018got luckyu2019, right? This large number also indicates that creating your first million dollars is an achievable task. (I mean, were you expecting such a large number in the first place?) You just need the right tips and sheer patience to help you save up your first million.

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4 Ways to Make Your First Million Dollars

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  1. 4 Ways to Make Your First Million Dollars

  2. When you think about accumulating your first million dollars, it can seem like a daunting, if not impossible task. This is usually because of the many notions we tend to have about millionaires, which are mostly untrue. If you thought that most millionaires won the lottery or inherited large amounts of money from their wealthy relatives, you're wrong. In India alone, there were 2.63 Lakh millionaires in 2019. Now, it’s not possible that all of these people just ‘got lucky’, right? This large number also indicates that creating your first million dollars is an achievable task. (I mean, were you expecting such a large number in the first place?) You just need the right tips and sheer patience to help you save up your first million. In this regard, we’ve got four tips for you to do just that. Read on:

  3. 1 . Choose the Right Career Throughout your life, you’ve heard the phrase, “do what you love” and with good reason. Sure, your job will never feel like 'work' because it'll come naturally to you. You'll also be more productive and will be able to get a lot done. This leads us to a more critical point – you'll also be able to earn more, and that's very important. The more you make, the more you can save and invest. But how? If you excel at your job (which you will if you love what you do), you'll be picked up more often for salary hikes and promotions than your peers. So even if you weren't earning enough to start with, your income would increase substantially, over a relatively shorter period. This will, of course, make the journey to your first million dollars that much easier.

  4. 2. Start Investing Early On This one is a little tricky because your 'starting point' when it comes to being able to save (and subsequently invest) depends on other factors as well. Where you are in life, and your plans for the next few years can influence how much you earn. For example, if you're right out of college, your primary focus will include clearing off student loans (if any). Then, since it's your first job, you'll also want to get your own place, and maybe a vehicle too. All of these are significant spends and will impact your ability to save and invest. The point is, the sooner you start investing, the sooner you'll be on track towards accumulating wealth. You have to start early, even if it's with a small amount.

  5. 3.Finish Off All Your Debt No matter where you are in terms of your savings journey, this is one rule you need to follow if you ever want to become a millionaire faithfully. Now, you're going to have some sort of debt in life. It could be student loans (millions of students in India take an education loan for higher studies) or a vehicle on EMI (for your first bike, perhaps). The point here is to finish off all these debts (because they're necessary) as soon as possible. Once you've paid off these loans, you can invest the same amount and build your first million dollars. However, it is equally essential to avoid additional debt at the same time. There are a host of quick loan companies that may entice you to buy a range of electronics on EMI. This will only eat up the money you could otherwise invest.

  6. 4. Don’t Buy Things You Don’t Need This is a trap we’re all in danger of falling into. If and when your monthly income increases (by way of a salary hike or a promotion), your lifestyle shouldn’t follow suit. Why, you ask? Look at it this way - let’s assume that you used to earn ₹25,000 out of which you used to save ₹5,000. You then got a promotion, due to which your salary went up by another ₹8,000. Now, the idea is to take this extra income and invest it (so that you reach your goal of a million dollars sooner). You may want to treat yourself to meals at fancy restaurants, shop for trendy clothes, or get yourself the latest phone. You can do all of that, but remember – it'll only slow down your journey towards your first million dollars.

  7. Wrap Up The above four points will help you become a millionaire in a few years if you follow them with dedication and patience. The key point here is not to be swayed by what others are doing/telling you. Just focus on this goal, and you'll reach it within no time.

  8. Thanks For Visit. • Address for Correspondence:  • KreditBee, 3rd floor, The Royal Stone Park, No. 100, Above Honda Showroom, Sakshi Nagar, Pai Layout, BenniganaHalli, Karnataka 560016  Official Phone: 080-44292200 • Website : www.kreditbee.inOfficial Email Address: help@kreditbee.in 

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