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Habits of self made millionaires (Thread).
I know alot of people aspire to become one (not sure why this specific number). It is achievable but the time it takes you will depend on multiple variables.
#FinancialLegacy
I know alot of people aspire to become one (not sure why this specific number). It is achievable but the time it takes you will depend on multiple variables.
#FinancialLegacy
1. Start saving as soon as you start earning. The number is based on affordability for you but the more you save the quicker you can get to target.
Build an emergency fund that you will use I.C.E, expenses that are urgent and unexpected. Aim for MINIMUM 3 months in expenses saved
Build an emergency fund that you will use I.C.E, expenses that are urgent and unexpected. Aim for MINIMUM 3 months in expenses saved
2. Spend less than you earn. Draft a budget and review it regularly. Are there areas that you can cut down on (downgrades) that will have high impact. Sort expenses highest to lowest and start at the top. Focusing on smaller expenses like coffee won't give you the biggest bang.
3. Avoid debt as much as possible. Save up for items you want to purchase over time. You don't need to get everything all at once justifying purchasing some on credit , eg house, car, furniture all in one go.
3... If you must use debt for larger purchases, save towards it for a few months. You'll be able to use those savings as a deposit and show you if you can afford repayment. Eg if the repayment will be 5 000 a month, save at least that for a few months before to see if you afford
4. Start investing once you've reached your emergency savings target. Tax free savings are a good starting point. Automate the amount you want to invest monthly. Once you max out R36 k per annum invest in other businesses, equities etc. Investing is the game changer 
...Tax free savings allows you to invest up to R36 000 per year and R500 000 per lifetime, the proceeds of which won't be taxed. You purchase exchange traded funds (etfs). Please see resources on help with what to buy and more info.
https://etfs.easyequities.co.za/
https://justonelap.com/best-etf/
https://etfs.easyequities.co.za/
https://justonelap.com/best-etf/
There are many brokers you can use to self invest. @ratecompare does a nice comparison of fees for various platforms, please read reviews and pick one. https://twitter.com/ratecompare/status/1285502098763845632?s=19
5. Increase your earnings. The more you earn the more you can invest and reach targets even faster. There are many ways to do this (Google is your friend), some are simple. Some are in corporate or on the side. There's value in focusing on climbing corporate ladders as well..
...Negotiate with your salary with your employer. This will depend on whether your employer is making decent profits and the value you bring to the business. This will probably be tough in this climate of recession, pay cuts and retrenchments.
Work towards promotions, more money!
Work towards promotions, more money!
...Side hustles
Monetize a skill you already have. I've seen many people start things that are uncomplicated like baking, cooking, doing hair and nails.
Learn a new skill you believe people would pay for. Living in the information age, alot of things you can learn digitally.
Monetize a skill you already have. I've seen many people start things that are uncomplicated like baking, cooking, doing hair and nails.
Learn a new skill you believe people would pay for. Living in the information age, alot of things you can learn digitally.
6. Maintain your standard of living as your salary increases. If you get to a point where you're able to manage your money, don't increase spending significantly when you get paid more which leaves you even more to invest.
6. Repeat, repeat, repeat. Your earnings, spending rate and returns on investments will determine how long it takes you. We live in a time of increased financial knowledge, learn and execute.
7. Have fun along the way. Discipline doesn't mean denying yourself everything. If you were on diet you'd have a few cheat meals occasionally. Similarly, allow yourself treats occasionally especially when you reach milestones
One of the responses on your tweet last week inspired me to finally share this @PinkySithole17 . It's been sitting in my drafts for months, remember when I asked why people think a million is so key
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Even if people thought it's vague, this is how it's done, slow and steady
. Even if people thought it's vague, this is how it's done, slow and steady
