You may be a bum wishing to have a million bucks or an aspiring young professional who wants to know if you are on the right path.
Some become millionaires by pure luck, while others are rewarded for their planning and wits. With some effort you can have a big fat bank account one day, too.
Whatever the case may be, here are seven ways to become a millionaire.
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We all make mistakes. It’s true when it comes to managing money or managing relationships.
But avoiding investing mistakes early in life can give us a huge leg up in life. We are better off in the long run if we start early and invest often. Yet, many millennials aren’t moving forward with investing like they should be. Here are three investing mistakes many of us make but should avoid:
Identify theft became a hot topic with the recent Equifax data breach, causing many Americans to be concerned about the safety of their personal information. And their concerns aren’t unwarranted either. According to a survey done by Bankrate.com, 41 million Americans have been victims of identify theft. It’s clearly a widespread problem that many people didn’t even know existed – until it happened to them.
Most Americans aren’t taking the necessary steps to protect themselves from identify theft until it’s too late. For those unfortunate enough to have had firsthand experience, it’s a scary experience that can take years to fix. And in the process, your finances can get destroyed. Before this happens to you, it’s important to take the steps to safeguard yourself from identity theft. Here’s what you should do:
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Taking good care of yourself is important, right? Basic hygiene can ward off things like unnecessary dental visits, while keeping yourself neat and presentable can do a lot for your self-esteem, personal relationships, and career. But, when it comes to personal care services like salon haircuts and color treatments, mani-pedis, and other spa services, it isn’t always as easy to justify the expense, especially if you’re trying to trim unnecessary spending from your budget.
Depending on your lifestyle and career, it might be important to get a quality haircut every 6 to 8 weeks and keep your nails looking immaculate. For many of us though, these personal care “necessities” would rightly be categorized as luxuries. Regardless of whether self-care services are more necessity or luxury for you, there are ways to save money on these budget-eating expenses. Here are a few ways for you to try.
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One of the recurring expenses that many people see each month is the cell phone bill. Smart phones are almost becoming a necessity these days, and that means, for many, cell phone bills are rising.
With data plans, apps to buy and the phones themselves (there are $2000 phones now?!), owning a cell phone can get pricey.
Does being rich make you happy?
Fed Chairman Ben Bernanke says here that it does to some extent, but that there’s more to life than chasing after money. Of course, Mr. Bernanke is not the only one to have this view on money and happiness. Numerous studies on happiness support his conclusions.
Here are a few thoughts on the points Bernanke makes in his speech:
When people say that money does not buy happiness, they generally mean “extra money.” I think we can all agree, and research supports this view, that people whose basic needs for shelter, clothing and food are not met, will find it very difficult to feel happy.
Of course, there are exceptions, including people whose religious beliefs dictate that they should be happy with as few material possessions as possible, but for most of us, we can only be happy once our basic needs are met.
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