We’ve talked before about the secrets to becoming a millionaire. Experts say that if you’re disciplined and have a desire to save instead of spend, it’s easier than you think. So, here are five more steps to becoming a millionaire:
- Marry only once. According to TheWeddingReport.com, the average wedding costs $24,000. So, avoiding a second trip down the aisle will automatically save you money. Also, dividing assets in a divorce generally reduces both parties net worth.
- Next, marry the right person! Dr. Thomas Stanley is the co-author of “The Millionaire Next Door.” He says that half of all millionaire wives don’t work outside the house – possibly because the average millionaire has three kids, but that’s not all. Dr. Stanley found that the wives of millionaires are often even more thrifty than their husbands!
- Live off just one income. A big plus to having a spouse is the potential to pull in dual incomes, but experts say you can save big by using one income for living expenses, and saving the other for emergencies or retirement.
- Your path to a million bucks can also be paved by choosing the right career, which is hopefully something you enjoy doing, because most millionaires work an average of 50 hours a week. You’ll also benefit by choosing a career with growth potential – right now which would be technology and healthcare. Also, consider this: A study found that people who are self-employed make up less than 20 percent of America’s workforce, but account for 66 percent of the nation’s millionaires.
- Put your money into assets that’ll appreciate in value. Each year, 20 percent of millionaires invest their household income in the stock market and mutual funds – and rarely sell. Most millionaires never lease a car, and don’t drive a brand new one. Millionaires also tend to stay in their homes for 20 years. Bottom line: From your home to your marriage, stick with something for the long run and you’ll come out on top financially.