#5: Make your money work for you! It takes money to make money but that doesn’t mean you need to have a lot to invest. Open an account with a mutual fund company that has no low funds and low expense ratios, build a diverse portfolio and you can reasonably expect to earn eight to ten percent annually on your investments over the long haul.
#6: Start your own business! In the book “The Millionaire Next Door, The Surprising Secrets of America’s Wealthy”, authors Thomas Daley and William Danko say that two-thirds of millionaires are self-employed and that entrepreneurs represent the majority of that group the rest are professionals, such as doctors and accountants.
#7: Get professional advice! A good financial planner can help you fill your portfolio with the right investments and dump the wrong ones. You don’t need to relinquish control but you need to form a good relationship with an expert in this complicated area. According to another fidelity survey more than six out of ten millionaire investors use financial advisers to help manage and protect their wealth. Maybe finding the right adviser can tip the scales toward the seven-figure milestone. If you can’t afford to have a financial planner manage your money, many will review your portfolio and make recommendations for a one-time fee.
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