How to be a Millionaire Personal Finance

Ms. Lewis

Start young and develop good habits

“You can have money or you can have stuff, but seldom do you have both early in life.”

-Jason Flurry

Spend less…

Spend less than you make Live a modest life style Don’t live up to every raise

7 Steps to Wealth

1. Develop a financial plan

Create a financial plan that covers:› What you need to earn› How to invest› Open a Roth IRA or a 401K

› Roth IRA: Individual retirement account,

2. Save, save save

Save ½ of every pay raise Build an emergency fund in a money

market account

3. Live below your means

4. Lay off the credit

Don’t charge what you cannot pay back

Debt holds you back

5. Make your money work for you

Open a mutual fund with no load funds and low expense ratios

6. Start your own business

Business creation is the number 1 driver of wealth in this country

2/3’s of millionaires are self-employed

75% are entrepreneur’s

The remainder are professionals

7. Get Professional Advice

Form good working relationships with someone who has business expertise

Be actively involved in the day-to-day of your financial affairs

Who wants to be a millionaire?

Spanx› Sara Blakely › At the age of 41 is the youngest female

self-made Billionaire › Started with $5,000 and selling her

product door-to-door

Who wants to be a millionaire?

Under Armor:› Kevin Plank› Started a small t-shirt making business in

this grandmothers basement

Who wants to be a millionaire?

Vita Water:› Mike Repole› Sold his company for a very large profit

Who wants to be a millionaire?

Chipotle:› Steve Ells