4 Tips To Be A Millionaire At Retirement
Every single working individual is capable or retiring with enough money to make them a millionaire. Few individuals attain this lofty financial goal because it is a very difficult goal to achieve. Some people start off wrong by creating an appearance of wealth which can be expensive and in the end leaves little investment money.
Do you want to look good or become a millionaire?
Tip #1 – Check Out Your Lifestyle
Attaining wealth has more to do with lifestyle than appearance. It’s easy to confuse looking wealthy to being wealthy.
Many people think they have to look and act wealthy. Unfortunately while they are looking wealthy their retirement investments are suffering; when they hit retirement age they have meager investment money….but they sure looked good along the way.
If you want to be a millionaire at retirement prepare for it well in advance of retirement age. Unless you have an inheritance in mind, attaining millionaire status doesn’t happen on pure desire, it takes some work.
Tip #2 – Find Your Financial Gaps
To repair a problem you must first know a problem exists. Everyone has financial gaps they just don’t acknowledge them so never repair them.
Find your financial gaps; they are created by your financial habits. If your habits prevent you from maximizing the use of your money, you will become a wealth destroyer. Millionaires learn how to become wealth builders, you can too.
Tip #3 – Spend Thrift Or Tight Wad?
What are you… a spend thrift or tight wad? Do you understand the difference that answer can make on your retirement planning? What is your consumption track record? Can you adjust your spending habits in any way? If you go back to the basics with your spending you may just find enough extra retirement investment money to give you the financial boost you need.
Excessive Spending Examples
- Meals out have become mandatory vs occasionally special.
- You often go out to dinner because you can never find the time to go grocery shopping.
- It’s easier to grab lunch on the go instead of taking the time to make your lunch.
- Do you go on shopping sprees for the fun of it? That’s a big no-no.
- Extravagant vacations, excessive holiday gifts and over the top accessories help create the appearance of wealth but that’s it.
Tip #4 – Possessions and Debt
If you want to become a millionaire, stop building up debt. Avoid buying stuff on credit. Limit your purchases to what you can afford to pay off immediately.
Material possessions are great but are they always worth it? When you pay on credit your items can cost you double after you add on the interest and fees charged by creditors.
Regardless of whether or not you become bored with your material possessions, the fact remains that you are still responsible for paying off the debt created.
Millionaires Have Power
When you are a millionaire at retirement you have the power to do whatever you choose to do. If you want to relax, you got it. If you want to travel the world, no problem. Golf every day, amen.
The only issue you may have is changing your spending habits. You accumulated enough money to make you a millionaire because you adhered to strict spending habits; in retirement you may have a difficult time reversing those nice habits. Good luck.