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How to Realistically Become a Millionaire

November 19, 2016
Having a net worth of a million bucks sounds a tedious, unrealistic and a laughable goal. Common man is not born with riches and has to work his way up in life. Yes, it's a mean feat to achieve but if you realistically set out to do it, it's possible to achieve it. Below are a few steps to help you achieve this goal:
  1. Start early-The key to achieving this goal is to begin and begin early. Te earlier you start, the greater your chance is to accumulate wealth. Apply the long term calculation to your spending habit to give you a picture of whether it's helping you save or decline your wealth. For e.g.- if you have a habit of spending 100 Rs daily for a cup of coffee five days a week, that makes it 500 Rupees at the end of the week which comes to Rs. 26,000 at the end of the year. Do you want to give away your hard earned money to a coffee shop when you can make a shift in this spending habit and invest this amount?
  2. Spend less-Frugality is the most common traits between millionaires. They don't spend more than they need to, in fact they spend only 10% of their income. Living well below your means will give you a chance to save more for later.
  3. Financial freedom over displaying status-Do you really need that car you can't afford? Or is it just a status symbol. Spending on things to maintain a social status and then spending your income on paying EMIs for the same doesn't make sense. You would rather use that money to build your own corpus while still using a smaller and fully functional car.
  4. Have more than one source of Income-You are at a risk when you have only one source of income. Make avenues for multiple sources of income. It could be through rental income if you own a house, interest earned, dividends earned, a side business or capital gains. If your only source of income is your salary and you plan to continue working, it only makes sense to start looking at other investment options that let you earn dividends and interest on a long-term basis.

HDFC Life has some wonderful plans to help you make a correct choice for your future. Choose the right plan according to the portfolio you want to build and start building wealth starting now.

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