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First off, I'm not a millionaire, so be sure to seek advice from someone who has already become one and copy what they do. So let's break it down—to become a millionaire, you need to either make $2,739 a day for a year or something more feasible like $273.9 a day for 10 years, or $91.32 per day for 30 years. This is if you do not spend any of it and just create your own little fund. But let's break it down into ways that will make it a little more easier to get to this goal. By the way, you can easily earn $25,000 per year of interest off of $500,000, so becoming a millionaire doesn't have to necessarily be your goal.
You will need a job; it doesn't need to pay well, you just need to know about compounding interest.
So an easy way to achieve this goal—when I say easy, anybody working a minimum wage job can do this. There is just a certain amount you need to stash away into this fund every year.
The magic number is $9,650 per year for 40 years at 4 percent. Now, how you go about getting this amount varies and everyone wants to find out how. Making your money work for you is what I am currently going to talk about.
Let's just say we're starting with nothing. We live at our parents' and are on government assistance, or worse, getting nothing. The first thing we can do is start doing surveys. I know, I know it pays so little, however, we need something to get us going. You can expect $80-150 per month with this method. Next thing, do you have any transportation can you join the gig economy and deliver food? Well, in 10 months you could be doing this if you save your survey money. Boom! Now we're making $60-80 per day working on our own chosen schedule.
Well, you may say I have rent or a mortgage, I have the car payments, this and that. Sounds like an excuse to me. Do you have a room you can rent and cut your mortgage price in half? Are you too good to deliver food for a year to pay off your car? No, you can do it. We both know you can, so get motivated. Say you still can't get a car after 10 months of surveys.
Maybe after one month, you decide I'm going to buy a shovel or a lawnmower. Boom, right there, you have boosted your income and there are a lot of people who would pay you for this service. Knock on doors and build a nice little side income for yourself. You will be nervous your first couple of houses but you can even print a page or write on paper and post it to the mailbox near your living residence, just leave your phone number. I've done this and made an additional $200 a month off of four customers. I just cut the grass once a week for $10 for four customers.
Now the beauty of the game; you make $3 per day from surveys, roughly $60 per day from delivering food for something like UberEats or Skip the Dishes, plus $6 per day from cutting grass or shoveling snow. Let's add this up. $25,185 per year off of working under minimal supervision, on your own time, and with no one to answer to.
What do we do now? Easy, we must make our living arrangements pay for themselves. You get a three bedroom house for roughly $50,000. A mini-home is easily affordable. Your mortgage payment will be about $450 per month. Do this, live in one room, and rent out the other two for $400-$600 per room. Say we make roughly $500 per month from this source of income. You would now be making $31,185 per year. These are the basic fundamentals on starting with absolutely nothing. Now, all you have to do is stash away $9,650 per year into a GIC with earnings of at least 4 percent per year and you will become a millionaire, with $21,535 of expendable income each year.
I hope you enjoyed this post. These tactics are not magic, they're just numbers and will work.