So you fancy being a millionaire? There probably isn’t a student alive who hasn’t thought what it would be like to have a bottomless bank balance.While we’ve all dreamt of countless jaunts to far-flung destinations, and an endless queue of gorgeous people wanting to help you splash your cash, short of a lottery win, chances are you’ve ruled it out as a daydream.
But being a ‘millionaire’ isn’t really as difficult and unachievable as you might think. Lots of people prove each and every year that you don’t have to be a banker, EuroMillions winner or be born with a silver spoon in your mouth to build up your wealth to seven figures.
So, here’s our ultimate guide to getting that million. Let’s get rich!
What makes a millionaire?
Ok, so a million quid ain’t what it used to be. It’s actually getting easier every day thanks to things like inflation. So for many budding rich-listers it’s a question of lifestyle and not having to worry about your finances.
To live like a millionaire, you don’t actually need to have a million pounds in the bank – 99% of ‘millionaires’ don’t. To actually be a millionaire you will most definitely have to be right on top of your finances and investments!
Being a millionaire can mean all sorts of things, but in this guide we’re essentially going to look at a realistic path in which you can build up your wealth to a target beyond £1,000,000.
Let’s briskly walk through the rest of your life, taking a look at the steps you can take to become a millionaire (or even a billionaire!).
Most students have to scrimp just to get by, and can expect to leave university with a hefty amount of student debt (see how much).
So, becoming a millionaire at this stage in your life is a tall order. If you’re serious about being wealthy though, now’s the time to get your act together.
The wealth game is a long slog. Money doesn’t come easy. Before you embark on your millionaire challenge, it’s vital that you have a clear life plan.
You need to work out a feasible and realistic route to making your millions that draws on your past skills, experience and ambitions.
We’ll touch on setting income goals later on, but if you’re serious about this then you need to know how to achieve it not just dream it!
Sort out your spending habits
Most millionaires don’t run around buying Lamborghini’s all the time while cracking open the Champagne for breakfast. In fact, that’s part of the reason why they’re millionaires in the first place.
They say that ‘a fool and his cash are soon parted’, and that’s a fairly decent motto to live by if you want to join the super-rich.
Hone in on your money skills
Practicing and learning some basic budgeting and money saving skills while you’re a student will stand you in good stead for the rest of your life, so don’t just write it off as ‘something you’ll do another day’!
If you haven’t already got it, download our free book: The Essential Student Guide to Finance.
To be wealthy you need to have income! Use any spare time you have (aside from studying and partying) to earn some cash. It’s a good idea to land a part-time job, but it can also pay off to be more creative.
Check out our quick ways to make money guide, or why not start-up a small business if you have something to offer?