Many of the “ordinary” people who become millionaires don’t get there through the lottery or chance. It’s not like their net worth suddenly spikes from $0 to $1 million, and the euphoria follows. Getting rich slowly feels like a train reaching its destination.
Focus on Income and Expenses
- If you make more than you spend, then it doesn’t matter how much you make.
- Raising your income while lowering your expenses is a common-sense formula for building wealth
- Building income can range from adding a side hustle to getting a raise or working at a higher-paying job
- A common mistake people make is raising their expenses and standards of living as their income increases
Invest in Cashflow Producing Assets
- Growth-focused assets can provide higher returns, but they can also blow up if you’re not careful
- Since we’re going for the get-rich slowly but surely approach, we’ll focus on cashflow-producing assets instead
- Dividend stocks and rental properties are the two most popular cash-flow-generating assets
Stay Humble
- When you hit $1 million, that doesn’t give you permission to blow through your money
- If you approach the journey of getting rich as a journey you fulfil so you can then blow through more money, you won’t get there and will experience little to no satisfaction along the way
