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How to be a Millionaire

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 .

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How to be a Millionaire

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  1. How to be a Millionaire Personal Finance Ms. Lewis

  2. 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

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

  4. 7 Steps to Wealth

  5. 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,

  6. 2. Save, save save • Save ½ of every pay raise • Build an emergency fund in a money market account

  7. 3. Live below your means

  8. 4. Lay off the credit • Don’t charge what you cannot pay back • Debt holds you back

  9. 5. Make your money work for you • Open a mutual fund with no load funds and low expense ratios

  10. 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

  11. 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

  12. 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

  13. Who wants to be a millionaire? • Under Armor: • Kevin Plank • Started a small t-shirt making business in this grandmothers basement

  14. Who wants to be a millionaire? • Vita Water: • Mike Repole • Sold his company for a very large profit

  15. Who wants to be a millionaire? • Chipotle: • Steve Ells

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