Who doesn’t want to be a millionaire? The perks of a million dollar in your bank account are endless. You could live a life of freedom, never get stuck with loans again and can live comfortably on your investments. However, getting to this figure is quite difficult. So, let’s find out the ways in which you can earn a million dollars.
The Warren Buffett Story
The richest investor in the world, Warren Buffett lived through the Great Depression. So, he knew how important it was to have money. He promised himself that he would earn a million dollars by age 35 or jump from the tallest building in his home town of Omaha. You don’t have to go to this extreme, but you can follow his life story to create your own.
Buffett started out by selling newspapers and magazine subscriptions at the age of thirteen which earned him $174 ($3,000) by today’s numbers. He soon bought a farm and started earning an income from there. He also undertook a pinball machine installation business while studying, that helped him in gathering some more financial freedom. By the time he was 30, he was a millionaire.
What to learn?
Whether or not you follow Buffett’s investment strategy, you should appreciate the fact that he learnt how to get started early. This helped him create discipline in his financial life for years to come because of which he was better prepared to handle money matters by the time he grew up.
You must also do the same. Start earning and investing as early as possible. This will help you in creating a strong foundation for your future, even before you start working.
While you are still studying, take note of all your incomes and expenses. Now, decide which expenses can be reduced or eliminated completely. Doing this will help you in avoiding a drain on your finances. Now, open a savings account in a bank that pays better interests. You don’t need a credit card at this time. However, if you have one, use it to a minimum. Get a debit card from the bank instead. In this way, you will use the money you own, instead of the money you borrow.
Make sure that you are depositing a fixed amount in your savings bank account each month. Even if it is $100 per month, you would have saved $1200 by the end of the year. Note that most Americans have only $1000 or less saved in their bank accounts. By that measure, you would be in a very comfortable position.
Start earning while you are studying. Whether it is a part time job at a local restaurant or online freelancing work, you will be able to earn a handsome income by spending the weekend working. It could also help you in perfecting your skills. Additionally, you will get a side-business for life. Whatever you earn from here should either be saved or invested in quality financial instruments.
If you simply follow these small steps in college, you will have a good financial future. Start today!