During summer 2015, I was wondering how I could get relevant external advices on how to become rich - let’s say 1 million dollar is a good start.
As many books describe it, one of the best way to achieve something big in a specific area is to learn from the people who master this very area.
Hence, I introduced the “Richest Blogger Single Advice” series in which I interview the Richest Bloggers out there.
I based my choice on the famous Net Worth Tracker from my US fellow J. Money.
Last time, we featured Mr. 1500 from 1500days.com with whom we chatted about rationality in order to cross this 1M$ mark!
Today, it’s time for Michael from financiallyalert.com (third US guy of this serie, from sunny San Diego) to answer THE question: “How can I be rich like a millionaire as you managed to do it?”.
Financially Alert single advice to build wealth
“The journey towards becoming a millionaire starts with investing in yourself.
Take the time to understand basics of personal finance.
This means learning how to track your expenses, income, and net worth.
http://www.financiallyalert.com/how-to-budget-like-a-badass-the-easy-way-part-1/
http://www.financiallyalert.com/how-to-budget-like-a-badass-the-easy-way-part-2/
Next, you’ll want to save 40% or more of your income (it doesn’t matter how much income you have in the beginning, it’s just to setup the habit long term).
Take this money you’ve put aside and invest it into assets that will grow consistently over time.
My suggestions are index funds that track a larger stock market index (eg. S&P 500).
If you want to accelerate your growth even quicker, consider learning about real estate investing and seek out cash flowing income properties.
A well purchased real estate investment can deliver huge returns.
Never purchase property based on future appreciation.
Appreciation should only be the icing on the cake.
That’s pretty much it!
Over the life of your career, income should hopefully grow and with it your savings. Just stay the course and you’ll be a millionaire quicker than you ever thought possible.”
Note from MP
For my Swiss readers, this Switzerland based investing strategy post might be more relevant in case you’re having your salary and life based on CHF currency.
Next interview: YOU
For the sixth post in the serie, I’m still looking for YOU, the one that made it up to the 1M$ net worth!
If you’re interested to be featured in the next article of this serie, please ping me on Twitter.
