Be a Millionaire by Retirement


Do you want to be a millionaire? Sure you do. If you are looking into buying into a franchise, you most likely are an industrious person looking to make money… a lot of money. You most likely envy others who have worked hard and accumulated millions. Their hard work is done and now they can play a bit. Do you want to know what you can have in common with them?

There are general habits observed of millionaires. Not all of us can win the lottery, come up with an ingenious idea, or be blessed with a wealthy relative. Most millionaires became wealthy by working hard and keeping good habits.

If you are a millionaire, you can afford the pleasure to be your own boss. After some time in making good decisions and solid investments, you won’t have to work at all. Some of us may never get there, but there is no harm in trying. Did you know that most millionaires are older people near or of the age of retirement?

The following relays information on habits of millionaires, and if followed, could make you one of them by retirement:

Work hard for the money

I have heard a wealthy man say that looking after your money is like having a child: you always have to keep an eye out. You have to keep track of your money at all times. Millionaires don’t invest money without doing their homework first and then diligently monitoring how the process is running. They are constantly working with their money to make more of it.

Know the route of your money

You will never hear a millionaire say that they don’t know where their money is. A millionaire will be able to account for every cent of their earnings. Are you that meticulous? It is far too easy not to think about where every cent is going, but that is a mistake.


Millionaires are always aware of ways they can cut corners to save a buck. Ironically, you would think they would be the ones not to worry about such things. They will tell you it is exactly that line of thinking that made them rich. Being rich isn’t about an image; it is about how much you have in the bank.

No more debt

Think of the road to being a millionaire as a race. If you are in debt, you are not even at the starting line yet. Get out of debt as soon as possible. When you are debt free, then you can start applying the money you have into saving and investing.

Compound interest

Compound interest is interest paid on the original money deposited and interest accumulated on top of the initial interest. This is a good thing. Think about this: If someone was to give a child just born $5,000 and invested it into an account earning 10% compound interest, the child would be a millionaire at the age of 60. That is a pretty good thing. Seek out an investment with compounded interest as soon as possible.


If your company offers a 401(k) plan, then take advantage of it. Employers will often match a certain percentage and the earnings are invested pre-taxed. Your future will be more abundant with money and the amount of taxes that you will pay now will be less. A 401(k) is twice beneficial to you.


Like a 401(k), you could have a certain percentage of your income invested into a separate savings account not subjected to taxes as long as you leave it alone. It will be taxed once you withdraw the funds (like a 401(k)), but by the time you do it you will most likely be in a lower tax bracket. IRAs can take the form of funds in a bank, stocks, bonds, and mutual funds.

Roth IRA

Eligibility into a Roth IRA is based on income. The maximum amount of contribution is $3,000 for the first two years and increases to $5,000 by the 6th year and by another $500 each year after. Contributions are not tax deductible, but withdrawals and earnings are not taxed.

Stock Market

Making money through the stock market is not meant to be a short-term enterprise. Patience and awareness are two key virtues in dabbling in the stock market. Be patient and seek the counsel of trusted professionals with expertise in the market.


Franchising can be a very wise monetary move to make. Remember that those who are looking to make money are careful with the money that they already have. It may not occur overnight, but if you pay close attention to your money and make sound judgments, you can become a millionaire. The sooner you start to procure good money habits the sooner you will be on your way to becoming a millionaire.


The Importance of Monitoring Your Investment Portfolio

An investment portfolio is a collection of assets owned by an individual or institution. To ensure its success, monitoring and managing the portfolio regularly is essential. This article highlights the significance of monitoring your investment portfolio and provides insights into critical areas that require attention. Tracking Performance Regularly reviewing the performance of your investments is […]

How do Hong Kong brokers value IPOs?

Initial Public Offerings (IPOs) are a crucial step in the life of a company and its investors. For Hong Kong-based brokers, understanding how to value IPOs is essential for successful investments. How to accurately assess IPOs To accurately assess the worth of an IPO, brokers must consider qualitative and quantitative factors. Qualitative factors include assessing […]