So You Want To Be A Millionaire 5 Steps To Ensure Your Millionaire Status!

“No Matter What, Remember to always share with those around you!” - Glenn

A millionaire is an individual who resides in a household whose net worth or wealth exceeds one million units of any currency.

1. Net worth is your total assets minus your total liabilities. What you own minus what you owe
2. Wealth refers to the value of assets owned minus the value of liabilities owed at a point in time.

It may surprise you but you are actually a Millionaire in the making:

1. The average Bahamian earns an income is $23,848 per year. After working an average of 40 years that totals some $953,920.00
2. The Average Bahamian Hotel Worker earns an income of $26,000.00 a year, totaling $1,040,000.00 over their working life.

So the real question is not whether you will be a millionaire because you are but will you use your earning to create wealth or simple give it away?

Will you chose debt or wealth?

As you cannot consume your money and create wealth at the same time. Nor can you service debt and build wealth at the same time.

By simply financing your current lifestyle with debt you are giving up the opportunity for a secure financial future.

Here is a test to see how well you are doing in building wealth.

Multiply your age by your current income then Divide by 10 the result is the estimated net worth you should have for your age and income.

If you are age 35 with an income of $40,000 your net worth would be 35 x $40,000.00 = $1,400,000.00 - $1,400,000.00/10 = $140,000.00.

It is also important to note that wealth takes time and the length of time is more important than the amount of money. Most Millionaires have been investing for 30 years.

Time is important because it allows you to take advantage of one the most powerful financial force – compound interest!

Step 1- Define Your Life Goals