If you are an employee, you may have the mindset that you can never become a millionaire unless you are a boss, having a team of workers to work for you and making big bucks like moneymaking machine. However, this is not true, in fact, according to a self-made millionaire, it is possible for you, even if you make a minimum wage to be a millionaire.



According to him, if you save 10% of your income every month throughout your working lifetime, and make investment that bring at least 10% of returns annually, of course if you can get a higher return, it would be great!

Whatever investment vehicles you choose, make sure it gives you 10% of returns or higher. You will become a millionaire by the time you retire. Provided you start young and continue saving and investing along the years.

For example, with a monthly investment of $100 with 10% returns for 45 years, you will become a millionaire. To achieve your millionaire goal in 38 years, you may double up your monthly investment to $200 with the same yield. If you have an investment vehicle that gives you 15% returns with a monthly investment of $200, you may become a millionaire in 28 years.

If you would like to be a millionaire in shorter years, diversify your investment portfolio into different yield, from 10% to 20% or even higher. ALTERNATIVELY, you may increase your investment capital OR you can combine both of these methods (higher returns and higher capital), that would speed up your dream to become a millionaire.

If you cannot save 10% or higher of your income, you may consider to reduce the rate to a level you are comfortable with. The rule of thumb is TO PAY YOURSELF FIRST. Yes! This is what I learn from millionaires and wealth creation programs.

Even if you have tons of bills to pay, set aside at least 1%, if not higher of your take-home income for saving / investment fund first. Otherwise, if you spend all your money in bill paying, you are telling yourself that the bill companies are more important than you are!

As you become comfortable with living on 99 %, increase your saving up to 2% of your income, then 3%, 5% , 10% or even 50 %. As you save more, your savings and investment also start to grow.

Nevertheless, if you are afraid that the money that you have saved may be used for emergency fund or other purposes later, then you can split the money for saving under 2 accounts, one is for a emergency fund (3—6 months of your living expenses) and the other one is for investment only. At first, the amount that you invest may seem very little, but it pays off over the years.

I totally understand that it is not easy to save money especially when you live in a material society nowadays. However, if you can practice frugality overtime, it will help you building your wealth.

You may think that millionaires do not really care about little money, but this is not true. Even Bill Gates, the world richest man cared about how much he pays for parking fee. There was a time where Gates and his friend went to Hilton Hotel for a meeting, as they were late and could not find a place for parking. Thus, his friend suggested parking the car at the VIP parking lot, which cost $12, Gates disagreed despite the friend offered to pay the fee. And eventually they parked the car elsewhere with a cheaper rate.

To Gates, a man that has contributed large amount of money on charity, $12 is very little, yet he ensures himself practiced frugality every moment and maximizes the benefits of every single penny he spend.

Another case, have you ever asked for discount when you visit Starbucks coffee house, maybe not! Right?

A millionaire told me that he always asks for discount whenever he visits Starbucks, and he got it! Many of us may think that asking for discount is ridiculous and it may bruise your ego if you get rejected or even make the request, especially in such a “high-quality coffee house”, but if a millionaire can do that, why not you? !!

Always remember a dollar saved is a dollar earned, whenever you buy something, it is wise to ask yourself: Do I really need this or I just want it! In addition, if the one dollar can bring you a higher return, go for it!