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Will These Tips Make You A Millionaire

Not all that many years ago having a million dollars seemed like a humongous amount of money.   Now it doesn’t seem like that much yet there are many that wouldn’t mind having the title of being a millionaire.   There are many that have been born into money but there are tons that came from a very poor background and worked themselves up into the millionaire status.   So how did they really do this?

The general consensus is that now becoming a millionaire is easier than ever.  For those that are struggling from paycheque to paycheque this seems like an impossible dream.   Other than being able to win a lottery perhaps it doesn’t appear as a possibility.

There are some that believe that anyone can become a millionaire no matter what their situation is and for those that believe this way they offer few tips

Life perception:

First they believe that you need to change the way you perceive life.   Rather than looking at what the situation is at the moment looking at what it could be and seeing a bigger picture will be the incentive to push one forward.

Saving as much as possible:

Often individuals are able to save even a very little amount but don’t do so because they figure that it’s not going to have any impact.   The experts in wealth encourage people to save no matter what the amount is as this will begin to build over time.   They say that it takes a lot of discipline which is definitely true but it can be very discouraging for the family that only has enough money to make it from one paychequeto the next to find even a few dollars to put away.   However, the experts suggest trying to find a way as this becomes the foundation for building the savings on.

Learn from others:

Individuals are also encouraged to find examples of individuals that may have been in a situation close to theirs and try and study them as closely as possible to see what they did to change their situation.   Although every situation is unique there are always some similarities for those that are living hand to mouth.

Fantasy for the moment:

Another unique suggestion they will make is to indulge in wealth.   That doesn’t mean go and spend the money that you do have or that you are saving but just go and see how the wealthy live.   This means may be going to a few tradeshows such as the boat shows for example. Although buying a boat is something that would certainly be unattainable to you in your present situation it will work as an incentive to drive you to the place where someday you will be able to do so.

In the here and now:

One of the most important aspects about your finances is keeping good track of them and making sure that you get all the tax breaks you can and make sure you use a quality accountant to make sure that your tax situation is as good as it can get.

 

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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