Today is Be A Millionaire Day.
On this day (May 20) pretend to be a millionaire or start working on your plans that you think will make you a millionaire.
Word on the street is that everybody would like to be a millionaire. That means you, right? And in jest, timeanddate.com suggests you should pretend to be a millionaire today, or start working on your plans to become one.
Let's not pretend
I want to talk about the second part of that. Being a millionaire can give you security. But it's difficult to make a million dollars, or so it seems. Here are some ideas:
Some people will tell you that all you have to do is visualize it, think about it, project it and it will become so. That's a bunch of baloney if you ask me.
Other people will tell you to invest in the stock market, or in options or commodities. I'd say that you have a chance of making a million dollars or more with that, but you have an equal or greater chance of going broke as well if you don't know what you're doing.
Maybe you want to find a new hot startup and invest some money into it, wait and hope that they become the next Uber, or Snapchat or Blue Apron; well, maybe not Uber right now, but you get the idea.
Instead of talking hypotheticals, I'm going to give you two practical ways of getting closer to being a millionaire, starting today.
Spend less than you make
Here's the first method to help you become a millionaire. It's not always about how much you make, but how much you get to keep so be thrifty and wise with your money. Will Rogers, the highest paid Hollywood actor of his time said this:
The quickest way to double your money is to fold it in half and put it in your back pocket. Click To TweetAnd it's true. The best way to accumulate wealth is to not spend your money.
And it's true. The best way to accumulate wealth is to not spend your money. So next time you go out, next time you go shopping, next time you are browsing Amazon, remember this: spend less than you make.
If you're going to use credit cards, make sure you can pay the full amount all the time, so that if you're using a credit card, you're using it to accumulate rewards, get a better deal, or get some consumer protection. Do NOT use a credit card because you don't have cash in the bank.
From first-hand experience, I can tell you that using credit cards to purchase things for which you don't have the funds in the bank, is a recipe for disaster and financial enslavement.
Add multiple streams of income
The second way I'll suggest to becoming wealthy is to add another revenue stream. Most people make money from a single source; their job. You are probably in this group, and you may even have a good job that pays you well. You feel secure, don't you?
But the bottom line is that your job is the only source of income, if you become disabled, or if you get laid off, or if your employer goes out of business, you're shit out of luck. There goes your security!
Even with a job, you should have other streams of income. Not only will this help you generate money faster, but it will also give you real security and freedom. You'll feel less stressed, and you'll be happier overall.
Sell something online, start a blog, become a consultant, become a reseller, learn to invest, work on ways to get more money for the same amount of time and effort you spend every day!
By the way, the IM Freedom workshop I invited you to in a previous blog post can help you find an alternate source of income, it's free so go and RSVP new locations and dates are added all the time. If you can't attend or there isn't an IM Freedom event near you then attend this free webinar.
What I describe above is exactly how I work and live, my blog generates part of my income, I also consult and coach people on how to start businesses and how to improve their businesses.
The results are great because they allow me to spend time with my kids and wife and friends and still my blog makes money. I earn money while I'm at the park with my kids, out with my wife or having dinner with friends.
Sometimes one of my sources of income may dry up, as I talked about with Coco Jack, but I don't need to worry about it because I still make money with all the sources of income I have working for me.
You can see in the screenshot below, that I get paid various amounts from different sources, I also receive physical checks from a few companies, and as of the writing of this post, I am waiting for 3 checks adding another $1500 or so.
There are also about half a dozen other companies that owe me between 230 to 1000 for this month.