If you are an avid reader of Luxury Lifestyle Magazine, it is likely that you, like us, have expensive and luxurious taste. You’re in good company. However, having luxurious and elite taste is expensive. If you’re going to enjoy the finer things in life, it’s fair to say that you’re going to need to have a comfortable financial position to back this up.
We have a word for those who fit this financial status – millionaires. By definition, a millionaire is someone whose personal wealth, or assets (such as property), meet or exceed one million pounds. As a child, I used to consider this an insurmountable value. However, in the contemporary era, thanks largely to inflation and the property market, this is becoming more and more common.
According to research undertaken in 2017, 821,000 households in the United Kingdom have reached millionaire status. The volume of billionaires is also increasing, with the UK’s millionaire fraternity sharing a combined wealth of £6.5 trillion.
So, how can you reach that status? This article is by no means a get rich quick guarantee, but it does provide six tips to help you climb the greasy pole to financial immortality. What do you when you get there is up to you.
Play Online Casinos
This one is for those of you who enjoy taking a few more risks in pursuit of your dreams. The steady but inexorable rise of online gambling has made it one of the more powerful industries in the world. Of course, there are losers in this area, but get it right and you might just become one of the many success stories of supposed ‘overnight millionaires’.
We advise, as ever, that you gamble responsibly. If you decide to take the plunge, we can recommend Casino Bonus UK as a good place to start.
Create A Financial Plan
If the opening tip was a little too risqué for you, then this will be much more in your wheelhouse. According to experts, engaging in financial planning is perhaps the only activity that all of the extremely wealthy have in common. It’s simple, really, isn’t it? In order manage your wealth, there are three main forces to consider.
The first, and perhaps most important (as we’ll outline below) is income, the second is how much wealth you currently possess, and the third is how much of it you spend. Whether you are a child managing your pocket money, or Mark Zuckerberg, these three pillars remain the same.
So, by creating a financial plan, and monitoring it accordingly, you are able to track your income, your expenditure, and your net wealth. It is the foundation of any future millionaire’s success.
Get A Side-Hustle
Once you have assessed your personal financial situation, and reduced your outgoings by as much as is possible, the only way to speed up your rate of wealth acquisition is by increasing your incomings. One way to do this is by acquiring what is becoming more commonly known as a ‘side-hustle’.
A side-hustle, in short, is a colloquialism for a second job. It is often freelance in nature, allowing those will full-time jobs to fit in additional income generation on their evenings, weekends or days off. The phenomenon of the side-hustle can be traced back to the 2017 book of the same name by author Chris Guillebeau, who talks about converting an entrepreneurial idea to a fully-fledged income source in only 27 days.
The beauty of the side-hustle, despite the work-ethic required, is that it can often lead to full-time opportunities, and create networks that would not have been present without it.
Invest In Property
If you have the capital, investing in the housing market is perhaps the most efficient way of raising your wealth. Whether it’s to live in yourself, or to lease out, property rarely depreciates, making it a safer bet than say, stocks, but can also generate revenue at the same time.
If you are in the blessed position of being able to own more than one property (one to live in, one to lease out), you earn the dual-benefit of the increase in property value over time, as well as the instant monthly influx of cash from renting your property to tenants.
The ideal result, of course, is that this puts you in a position, in the long-run, to purchase more properties – improving your portfolio further.
Associate With The Wealthy
Aside from your parents’ income, the most likely influential factor on personal wealth is that of their peers. Therefore, by mixing in affluent circles with wealthy individuals, you are more likely to increase personal assets. Simple, eh? Now where do those millionaires hang out?
