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Tips On How To Become a Young Millionaire

Posted By: ava; Category: Business, Finance & Industrial; November 3, 2008

Author Ava A.; Tags: millionaire;

Being young does not mean you can’t own a fat bank account under your name. Here are a few steps on how to expand your wealth as early as you can.

1

Be determined. Impose self discipline on yourself. Saving up is personal option, nobody will force you to do it.

2

Buy a home as soon as you can. House properties increase their financial worth through time. You won’t only have a sure roof to live under with, you’ll also have a wise investment.

3

Delay saying “I do.” Don’t tie the knots at age 23! You need to be able to invest some money for yourself first.

4

Don’t spend too much on expensive stuff. More and more gadgets and a variation of its models are introduced almost every month. Would you rather have the most recent cellphone model to show off to your friends but with a thin bank account? Or, is it the other way around?

5

Pay your debts on time. Credit card bills can triple when left unpaid. Make sure you pay your cards before their due dates.

6

Maintain your possessions. Get something fixed right away. When left undone, the damage can double through time.

7

Know your worth. If you think you’re worth a raise at work, be open about it and talk it over your Human Resources Department or your boss.

8

Zero in you debts before saving up. Before you save u, make sure that all your debts are cleared.

9

Invest wisely. Think about your planned investments very carefully. If you’re a young professional, it is highly suggested that you seek for the advice of investment gurus to give you a better guidance.

10

Drop the daily small temptations. Your daily dose of Starbucks could have summed up to a hefty amount of savings at the end of the month. Don’t give in to your daily temptations right away.