Affluent Savvy
Photo by Polina Kovaleva Pexels Logo Photo: Polina Kovaleva

How to become millionaire in 1 year?

8 Tips to Become a Millionaire This Year Develop a written financial plan. ... Focus on increasing your income. ... Take advantage of Uncle Sam's generosity. ... Increase your streams of income. ... Automate your savings. ... Upgrade your skills and knowledge. ... Live below your means and lay off the credit. ... Associate with millionaires.

What color make your brain smarter?
What color make your brain smarter?

Blue: Intellectual Blue is a soothing color, helping calm the mind and aid concentration. It's no wonder then that blue is a popular color to use...

Read More »
How long does it take for cinnamon to kick in?
How long does it take for cinnamon to kick in?

While there is no specified best time to take cinnamon water, taking it after a meal may help reduce blood sugar spikes. How long does it take for...

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Opinions expressed by Entrepreneur contributors are their own.

Millionaire. It's a title that plenty of us would love to have. But, is that actually feasible?

Believe it or not, becoming a millionaire is a goal that can be achieved this year. In my life, I have been a millionaire several times. Most of the time before my 30s, however, I gambled my money away on cars, homes and a lifestyle I had no reason to be living. Despite the chance that you too will blow millions, the process for you or anyone to become a millionaire has been consistent over the years. If you follow these eight valuable pieces of advice, I can guarantee that eventually you will become a millionaire. Here's to making this happen this year!

1. Develop a written financial plan.

One of the main reasons why someone can never become a millionaire is that they haven't written a financial plan. Developing a financial plan forces you to take action, instead of just talk. It also guides you in making the right decisions in order to achieve all of your dreams and goals. Financial planner Scott D. Hedgcock said that, "When planning for a more secure future there are two inputs that are indispensable: how much money you have and how much money you spend. "The basic point I want to stress about these two inputs is that they are absolutely fundamental to all financial planning regardless of how large either of them is," Hedgcock said. "In my experience, the biggest difference between those on the right path vs. those on the wrong path was the amount of time and effort they put into devising a plan for their finances." But taking the time to create a plan and see it through "is the one thing all financially successful people have in common." Hedgcock added that, "The success experienced by those who do this occurs regardless of their relative wealth. Likewise, the failure of those who do not follow a plan is unrelated to their wealth."

When creating a financial plan:

Focus on what matters most and don't obsess over the past.

Focus on what you control by listing your known expenses first in your budget, and with the income left over, list the discretionary categories. Focus on your future by anticipating how much your future self will need to survive.

2. Focus on increasing your income.

"In today's economic environment you cannot save your way to millionaire status," wrote Grant Cardone, who went from being broke and in debt at the age of 21 to becoming a self-made millionaire by 30. "The first step is to focus on increasing your income in increments and repeating that," Cardone said. "My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money, and it will force you to control revenue and see opportunities."

Do Leos give second chances?
Do Leos give second chances?

Leos are kind, but they don't give a lot of second chances. They think that once someone shows you their real self, you need to believe them; if...

Read More »
What is the name of the widow's son in the Bible?
What is the name of the widow's son in the Bible?

Ahab was a wicked king of Israel. He forsook the service of the true God, and built a temple to his idol in the city of Samaria, and set up another...

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Thankfully, you have several options to boost your revenue, like investing in high ROI businesses and side hustling.

Related: 20 Signs You're Destined to Become a Millionaire

3. Take advantage of Uncle Sam's generosity.

"The best way I know to become a millionaire is to put the power of compound interest on your side. By giving your money more time to compound and keeping your rate of return as high as possible, you greatly increase your chances of reaching a seven-figure net worth," Brian Feroldi wrote on The Motley Fool. "Of course, earning a high return on your nest egg is easier said than done, as many factors to create that return are outside of your control," Feroldi continued. "However, all investors do have control over two huge factors that can put a serious drag on long-term returns: investment costs and taxes. If you want to become a millionaire, focus on keeping both as low as possible." Feroldi went on to write that if you have "a 401(k) or 403(b) through work, then any money you contribute to the account can grow tax-deferred, allowing your money to compound more quickly." He also suggested opening up a traditional or Roth IRA, because those plans "keep Uncle Sam away from your money, either now or later." You should use a broker or brokerage firm "that charges very little per trade -- and not to trade too frequently, Feroldi advised. "If you want to become a millionaire, you need all the help you can get. Making sure your investment fees and tax bill are as low as possible will go a long way toward helping you achieve your goal."

Related: 3 Actionable Ways to Become a Millionaire

4. Increase your streams of income.

After studying the very wealthy for five years, author Thomas Corley discovered that 65 percent of self-made millionaires he studied had three streams, 45 percent had four streams and 29 percent had five or more streams. This could include starting a side business, working part time, making investments and renting out everything from your home to your car to household items. Related: 7 Mental Shifts That Allowed Me to Become a Millionaire at 22

5. Automate your savings.

If you want to become a millionaire, then you absolutely need to get into the habit of saving by contributing to your 401(k), Roth or traditional IRA, and contributing to an emergency fund that's been placed in a money market fund. However, the way to make this work is by automating your savings. This will automatically withdraw a percentage of your salary and place it into your contributions without your ever seeing it. It's suggested that you put 10 percent toward investments and 5 percent toward savings. Related: 7 Mental Shifts That Allowed Me to Become a Millionaire at 22

What does black mold smell like?
What does black mold smell like?

It's often described as musty and earthy, and may even smell like rotting vegetables or plants. You might notice a musty smell, but not be able to...

Read More »
What coin should I buy to become a millionaire?
What coin should I buy to become a millionaire?

These top 10 cryptocurrencies have the potential to make you a millionaire in 2023! Ethereum. Ethereum is a platform powered by blockchain...

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

6. Upgrade your skills and knowledge.

"Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously," wrote Tucker Hughes, who became a millionaire at just the age of 22. "You don't just need to be a master in your field; you need to be a well-rounded genius capable of talking about any subject whether it is financial, political or sports-related. Consume knowledge like air and put your pursuit of learning above all else." Related: Part 2: Mental Shifts That Allowed Me To Become a Millionaire at 22

7. Live below your means and lay off the credit.

It's widely known that the wealthiest people in the world are frugal. They don't spend excessively on designer and luxury items. They use coupons. And, they're known for living below their means by purchasing modest homes and vehicles. They're also known for keeping their debt under control by using credit sparingly. Take a cue from T. Boone Pickens, who only carries around as much cash as he needs for what he intends to buy.

Related: 11 Mistakes Standing Between You and Your First Million

8. Associate with millionaires.

"In most cases, your net worth mirrors the level of your closest friends," Steve Siebold wrote for Business Insider. This isn't exactly a new philosophy. It's been around ever since Andrew Carnegie embraced the Master Mind principle. "Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income," said Siebold. "We become like the people we associate with, and that's why winners are attracted to winners." "The reality is," he said, "millionaires think differently from the middle class about money, and there's much to be gained by being in their presence."

What is the best magic color?
What is the best magic color?

Blue is defined by knowledge and intellectualism, and it has the signature ability to draw and manipulate cards. This is among the most powerful...

Read More »
What does manna look like?
What does manna look like?

Manna is described as white and comparable to hoarfrost in colour. According to the book of Exodus, manna is like a coriander seed in size but is...

Read More »
What is the 5 25 rule investing?
What is the 5 25 rule investing?

This refers to a change in the asset class that is a relative 25% of that asset class. If your asset allocation calls for a 10% allocation to gold,...

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »
What skills make you a billionaire?
What skills make you a billionaire?

12 MUST HAVE Skills of Every Millionaire Communication. Millionaires send out thousands of emails every year. ... Sales. In this world, you're...

Read More »