Bill Gates and Warren Buffet revealed 5 tips to be a millionaire

There are several people in the world who have as aspiration become millionaires and give themselves a life of luxury, and many consider it as a real goal in life. The problem with this purpose is that there is no single path, or single method to get rich.

How to be a millionaire?

The millionaire Stacey Johnsonfounder of the personal finance and consumer media outlet Money Talks News, the only ways to become a millionaire are as follows:

  • Marry someone with money.

  • Inherit money.

  • Exploit a unique talent.

  • Have incredible luck.

  • Own or lead a successful business.

  • Spend less than you earn and invest your savings for long periods of time.

There are several forms or characteristics in which several millionaires agree, but that does not guarantee that the desired success will be achieved.

Debts

Other points that are always mentioned when talking about the goal of being a millionaire are personal debts. For its part, Robert Johnsonpresident and CEO of Economic Index Associates, explains that Some debts are worse than others: considers modest student loan debt to be good for a career or degree, if it is put to good and prudent use, but a “bad debt” that of credit cards.

gates warren.jpg 369981747





Bill Gates and Warren Buffet

In this same line, for Stacy another golden rule to become a millionaire is “debt is not complicated. Paying money to temporarily use other people’s money makes you poorer. Charging money to let other people use yours temporarily makes you richer.”

What about the loans?

The Johnsons agree that there are only two acceptable cases to take out a loan and pay interest on it:

  • when it is necessary to survive
  • when you are going to make more money with what is financed than with what you paid to finance it.

Experts recommend making a priority checklist on how to use money (debts, savings, fun, emergencies…), limit the expenses of your lifestyle and save 25% of your income.

Save to be rich and invest

For Warren Buffetone of the richest people in the world, “The biggest mistake is not learning the habit of saving properly.”

Other items given by the great millionaires ands invest money in the stock market. For its part, Jeff Burrow, president of a personalized patrimonial attention service, advises a diversified portfolio with 65% stocks, 25% real estate and 10% speculative assets of your choice.

Diversifying the private portfolio and not focusing only on one investment or betting all the chips on the same number, is the key to Bill Gates to become the fourth richest person in the world, with investments in the health sector, a third in equities and shares in Microsoft.

Invest in professional portfolio

Other tips that Burrow gives regarding the course to take to become a millionaire is that it is necessary to make sure that as you advance in your career/business/occupation First of all, you should always save more than you spend and look for ways to increase your gross income.

“Rising lifestyle costs will absolutely derail a get-rich-quick scheme,” Burrow says. Warren Buffett also talks about investing in one’s own person, including the aspect of health.

Alternative source of income

Adding more keys to the list to be millionaires, it cannot be left aside that it is necessary to find sources of income that complement the main one, such as some extra flexible work for a few hours a week.

“Immediately try to find 2 or 3 side activities that can increase your income” and then “save as much as you can” are Burrow’s recommendations. Alternative income can also be generated from investments, cryptocurrencies, buying real estate, hobbies, etc, according to a Business Insider article.

We want to say thanks to the writer of this article for this remarkable web content

Bill Gates and Warren Buffet revealed 5 tips to be a millionaire