How to Become a Millionaire
Becoming a millionaire is easier when there’s a plan in place.
How to Become a Millionaire
What should you invest in? How much should you invest? How much money will you need to have saved to maintain a comfortable lifestyle when you’re no longer bringing in a paycheck?
To properly set up an inclusive and comprehensive financial plan, ARQ Wealth Advisors uses a retirement planning assessment tool. This user-friendly Q form™ is a short and easy questionnaire that allows us to see what our clients need to address specifically to make sure they reach their financial goals.
Once we can establish your retirement priorities and see them in black-and-white, we can help organize your needs and start a plan of action. We can also start addressing holes in a current plan and issues that may not have been addressed by an existing financial advisory firm.
Here are the 7 areas we will look at:
- Tax Planning
- Estate Planning
- Employer-provided benefits
- Life, disability and long-term-care insurance
- Property and casualty insurance
- Family needs
Tips from a Millionaire’s Financial Advisor
Everyone wants to know the secret: What does it take to become a millionaire? The good news is, it’s not rocket science. But it does take discipline!
We see a lot of new millionaires at ARQ Wealth Advisors, and they always seem to follow a few simple rules consistently.
- Live below your means.
- Spend very carefully.
- Avoid the trap of immediate gratification when it comes to money.
- Save and invest consistently.
- Avoid emotional money mistakes.
- Maintain your discipline.
This may sound simple enough, but it actually means doing the opposite of what most people do. This can be hard, because temptations are everywhere.
To help prevent you from spending on auto-pilot, before making a purchase, consider what each financial decision you make around money will do for your ultimate financial goal. Will it bring you farther away from it, or closer?
Enlisting the help of a financial advisor can make a difference. Most of us make better decisions when we have an accountability partner.
Another tip: The earlier you start your journey to becoming a millionaire, the sooner you will be able to benefit.
The Modern-Day Millionaire
The modern-day millionaire is no longer the stuffy old businessman with lots of toys and fancy cars. Many of today’s millionaires are actually much younger, drive a gas-efficient vehicle and started their financial planning early. They are taking advantage of the wonder of compound interest and following a budget that makes sense.
If you too aspire to join the millionaires club one day, take control of your spending early, put a plan in place and follow the guidelines specifically created by a financial advisor for you that will help your reach your goal
Building Wealth When You’re Young
It’s never too early to start building wealth. In fact, we work with many clients who are still in their 20s!
When people think about building wealth, they often think about investing. But the truth is, building wealth is more than just investing. It involves taking a look at your current financial situation, figuring out where you want to be and developing a plan to get you there. Here are some tips to get started:
- Start investing early.
- Track your spending.
- Pay off debt.
- Avoid lifestyle inflation.
- Take advantage of your employer’s retirement plan.
- Choose the right investment strategy.
- Invest regularly.
- Don’t be afraid of stock market volatility.
- Invest in yourself.
- Get help from a professional.
How are Millennials becoming millionaires? They are taking advantage of time and the wonder of compound interest. They are putting a bigger importance on saving than on spending. They are finding ways to make money in their spare time, like freelancing, renting through Airbnb and driving for Uber or Lyft. And they are working with a financial advisor early, putting a plan in place and following the steps to reach their goals of becoming a millionaire.
The trick for Millennials is finding the right financial advisor to help them – someone who understands the struggles and concerns young people have and the businesses they are in.
Becoming a millionaire is possible. It just requires discipline, structure and a drive to reach the goal.
Many of Arizona’s millionaires are younger individuals. So, we offer two specific programs at ARQ Wealth Advisors with young people in mind.
Our ARQ Wealth Millionaires Club™ includes full-service investing and financial planning help to get you on the path to financial security. If you’re ready to commit to a path of regular savings and investing, and are committed to success, we’re ready to help!
The ARQ Wealth Apex offers fee-only wealth management and financial planning services to individuals, trusts, non-profit organizations and businesses on a highly personalized level. With a customized financial plan and ongoing support, you’re more likely to achieve your desired outcomes.