It may seem like an impossible goal to be a millionaire at any stage of your life. However, that isn’t true. The earlier you start making smart financial decisions, the more likely you are destined to being a part of the millionaires club later in life.
Ways to grow your net worth for a more stable future:
1. Increase Your Cash Inflow (INCOME)
Learn a few skills , focus on increasing your income.
2. Live Frugally (Below Your Means)
To maintain your income’s growth, this is the time when you have to live below your means.
3. Get Out of Debt
Resist borrowing. Stop spending money you don’t have. Pay off the highest interest loan first.
4.Get a Life Insurance (Protection)
Be prepared for life. If there are people already depending on your income, do not delay in buying a life insurance policy.
You can either invest in Mutual Funds, Stock Market, UITF and other investments offered by banks and SEC registered companies . But before you’ll invest make sure, you have studied it carefully to avoid being scam.
6. Manage Your Money well (Stick to a Budget)
With the 50/20/30 budget created by Elizabeth Warren, 50 percent of your income goes to the essentials (groceries, rent, essential utilities), 20 percent goes to savings (savings account, portfolio additions), and the remaining 30 percent goes to what is considered “lifestyle choices)
“If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.” - Bill Gates