Investopedia lists ten steps to making your first million as follows:
- Stop Senseless Spending
- Prune Your Purchases
- Target Your Taxes
- Crafty Compounding
- Build Through Your Boss
- Ramp-Up Your Retirement Savings
- Incremental Investing
- Dare To Diversify
- Reconsider Real Estate
- Increase Your Income
Why do I get the idea that this list was written by a professional writer rather than someone who's actually wealthy? ;-)
To me, these steps can be summarized as follows:
- Control spending (steps 1, 2, and 3)
- Save/Invest (steps 4 to 9)
- Increase your income (step 10)
Or am I missing something?
1. Spend less than you earn
2. Do it for a long time.
Do these things and you'll not only earn your first million (which is the hardest to make), but be well on your way to multiple millions -- especially if you make the most of your most valuable financial asset.