The Top 10 Steps to Becoming a Millionaire

There is perhaps no more important decision than to take charge of your own financial future. We live in a world of opportunity, and yet most Americans are buried in credit card and other debt. We are surrounded by people who are getting rich, but most of us are running in place. If you can read this, you are literate, have a computer, you are part of the "wired generation". You can become as financially independent as you wish to be. Here are the Top 10 keys to your financial success:

1. Decide to be financially successful. This is different than wishing, hoping, wanting or even desiring to be rich. Make a commitment that this is going to happen! Financial independence is not an accident or matter of luck, and it usually requires some inconvenience. Have you decided to achieve this goal?

2. Understand how money works. Most of never studied finance or investing in school. Most of were never even taught to balance a checkbook! To master anything, you have to understand it. Read. Study what successful people do. Take classes.

3. Master your relationship with money. Some of us spend for excitement, to show off, to prove we can. Some of us are addicted to spending, and some of us are just careless about it. Whatever your relationship with money, understand it and develop a relationship of respect, appreciation and gratitude. Use your money, rather than allowing it to run your life.

4. Set specific goals. They should be challenging, but not unbelievable, just out of reach but not out of sight. Challenge yourself to be out of debt by a specific date. Make a commitment to saving an exact amount each month.

5. Develop a budget. A budget is a set of dreams and aspirations. It's how you really, really want to use money to benefit your family and run your life. Budget to buy the things you really want, and to eliminate the "impulses", the toys that waste too much of our income. A budget is a map to your destination. Have one and use it!

6. Reduce spending. Yes, this comes after making a budget, because when you begin getting control of your money (rather than the other way around) you have powerful new reasons to reduce expenses. Most self-made millionaires live far below their means! You should to.

7. Begin investing. Most of us spend or speculate. Both are roads to disaster! Invest in things you understand. Invest cautiously, wisely, and regularly. The objective is not to "make a killing", but to get rich over time. Know and obey the distinction between gambling, and putting your money to work for you.

8. Increase assets. Most people try to increase their income, and that's a mistake. Making more money means paying more taxes. It takes time and hard work. And, when wealth arrives in the form of cash, it's easier to spend. Millionaires buy stocks and buildings, they invest in assets that will make them rich ? and that are hard to spend on a whim!

9. Reduce taxes. Most Americans pay more in taxes than for food, clothing and shelter combined! It is your largest expense! The poor and middle class don't realize how much they pay because it's deducted from their pay check. The wealthy know there are legal and appropriate ways to shelter income, to invest in socially-responsible ways, and that the tax code encourages this. Learn the tax laws and use them for your benefit! (Yes, it's the most boring reading you'll ever do, and worth it!)

10. Use your wealth wisely. Someone once said, "The reason most of us aren't rich is that we'd spend it all on ourselves." Give. Share. Help others. When you use money to make a difference, to have a positive impact, you get the chance to do more. Being greedy and selfish will not draw money to you. Investing in your community, will!

To begin your education about money and becoming a millionaire, I highly recommend several books on the subject. Two of the best are: "The Millionaire Next Door" by Thomas Stanley and William Danko, and "Rich Dad, Poor Dad" by Robert Kiyosaki and Sharon Lechter.

© Copyright 2003 by Philip E. Humbert. All Rights Reserved. This article may be copied and used in your own newsletter or on your website as long as you include the following information: "Written by Dr. Philip E. Humbert, writer, speaker and success coach. Dr. Humbert has over 300 free articles, tools and resources for your success, including a great newsletter! It's all on his website at: http://www.philiphumbert.com

---

The One Important Secret of Making More Money Easily

If you're reading this article, it means you are a... Read More

Living Trusts: Do They Protect Your Assets From Creditors?

A surprising number of readers want to know "Can a... Read More

From Debt to Financial Freedom

The vast majority of working people are in debt. The... Read More

Tax Help - Girls (and Guys) Just Want to Have Fun by Using Tax Saving Tips

In his best selling book, "Rich Dad, Poor Dad, Robert... Read More

Business Ownership, Cash in Your Pocket - Today!

Yesterday we learned that 74% of all wealth is created... Read More

The Hawk and the Mouse - Saving for Retirement

There once was a hawk, ferocious and swift. He was... Read More

Turn That Fixed Rate Mortgage Into A Goldmine

When you purchased your home, you most likely got a... Read More

Financial Planning For Singles

Financial planning often gets a bad rap. Part of the... Read More

7 Golden Rules to Financial Prosperity

Not Enough Money?I believe that most people haven't got enough... Read More

Your Money Or Your Life

Have you stopped to realize that although you go... Read More

Asset Diversification Is NOT Boring?And Will Make You Money

OK, this article will start with the cheapest piece of... Read More

3 Simple Ways to Generate Cash Flow

This article focuses on generating cash as a full time... Read More

8 Tips for Keeping More of Your Hard Earned Money

Masters degree not required...just a little common sense, a $5.00... Read More

A College Degree or an MBA is NOT NEEDED to be Financially Free

Look at Forbes' top 10 United States wealthiest people. Notice... Read More

How to Save Money and Take the Vacation You Always Wanted

Many people don't realize how much money they spend on... Read More

I Dont Need A Financial Coach To Help Me!

You've been thinking that your financial life could probably be... Read More

You Can`t Cheat An Honest Man

Author: James Walsh ISBN: 1563431696: Publisher: Silver Lake PublishingIn... Read More

Is Accumulating a $1,000,000 Net Worth Easy? Yes and NO

Is accumulating wealth as easy as following a 3-step plan?... Read More

7 Wonders of the Offshore World

Many people assume that the offshore world is accessible only... Read More

The 11 Best Money Saving Ideas of All Time - Part 2

At any time in history, no matter what the current... Read More

Ben Franklin Didnt Quite Get it Right

When Ben Franklin said "a penny saved is a penny... Read More

Have You Ever Had That Feeling?

Have you ever had that feeling where you could not... Read More

A New Paradigm Shift In Earthly Wealth

Hello,If you dont understand this yet, or have not heard... Read More

Personal Finance Rules to Building Wealth

Key 1 Pay your self firstkey 2 Saving is not... Read More

5 Easy Ways to Save and Build Wealth

1. Pay off high-cost debt. The best investment most borrowers... Read More

How to Grow Your Very Own Money Tree

Okay. So money doesn't really grow on trees. Unless you... Read More

How To Be A Millionaire - The Top Secret Of Wealth Creation

Have you any idea how many people search Google every... Read More

Increasing Your Wealth by Increasing Your Financial Literacy

Perhaps the primary message of Rich Dad, Poor Dad is... Read More

Are You Ready For Undesired Events?

Planning for the undesired, accidents and possible unknowns in life.... Read More

Wealth Creation - Opportunity

When young men ask me how to succeed, I tell... Read More

Generate Savings with Smart Use of Electricity!

No matter what income level you are currently at, generating... Read More

Who Else Is Tired of Life Punching Them in the Face?

Remember the bloodied face of Randall "Tex" Cobb?He was a... Read More

Investing is About Discipline

If you don't have discipline then walk away from the... Read More