Issa Asad Reveals 5 Tips to Help You Become a Millionaire in 2020
Issa Asad Florida
Getting an opportunity to become a millionaire involves a consistent process that has to be followed over a specified period of time.
“Becoming a millionaire could certainly be achieved in just a year,” confirmed Issa Asad Florida businessman and entrepreneur since 1996. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Here, Issa Asad Reveals 5 Tips to Help You Become a Millionaire in 2020:
1. Increase Income
According to Grant Cardone, in the current economic world, you cannot save your way into becoming a millionaire, who went through a transition of being broke while at the age o 21 into a self-made millionaire at the age of 30 years. For example, if your income read $3,000 a month and later read at $20,000 after nine years, then you need to follow up your money and it will make be able to regulate your revenue as you eye more opportunities. There are many options that you can take to improve your revenue. They include side hustling, and investing in high ROI businesses.
2. Automate Savings
If you really want to be a millionaire, then you should adopt the culture of saving by contributing at least 401 (k), traditional IRA or Roth, and offering contribution funds to an emergency fund placed in a market fund. However, this is possible through automating your savings. A certain percentage of your salary will be deducted and placed into your contributions without seeing it. It is advisable to allocate 5% on savings and 10% towards investments.
3. Compound Interest
According to Brian Feroldi, the most effective way towards becoming a millionaire is embracing the power of compound interest. You should allow your money enough time to compound and at the same time ensure the rate of return is high. This way you will be able to increase your chances of attaining a net worth of 7 -figure.
Investors say that to be a millionaire one has to take control of the main factors that bring on a serious drag on your long-term results, which is the investment taxes and costs. To be a millionaire, you keep both as low as possible. You can use a brokerage firm and a broker that charges low and do not frequently trade. Always ensure your tax bill and investment fees are as low as possible and will enable achieve your goals.
4. Write a Financial Plan
The main reason why some of us will never become millionaires is that we lack a well written financial plan. Come up with a financial plan that will force you into taking action. It will also guide you in making the right decision in order to realize your dreams. Whenever you have a plan for a secure future, there usually two inputs involved which are very indispensable. They include; the amount of money you spend and the money you have.
The most important thing to note is that the financial plan is very crucial in all financial planning despite how large or small one is. You realize the main difference between those on the right path and those in the wrong direction is the time and effort employed in creating their financial plan.
