Every one of us will definitely have a dream to earn a million pounds someday. Nobody hates money, do they? But when it comes to reality it is really a very hectic task to earn a million pounds . You need a strategic plan to achieve the target amount. You need to have some basic qualities and some basic skills to get started. Don’t even worry if you don’t have any talent. Hard work beats the talent every single time. If you are willing to put in the hard work, with some special qualities then you are already on track to a million pounds.
Keep in mind that if you need to earn a lot you must make your money to make money like investments and other stuff. You should not only think to add money to the savings but also to multiply the savings. If you knew the trick of multiplying the pounds then within two or three times you will reach the target. Might sound simple but not that simple. Let me tell you some things that are a must requirement.
- Good degree with good grades.
- Investing Vs Savings
- Real Estate
- Debt Management
- Always keep an eye on miscellaneous expenses
- Credit Score
- Prepare a budget.
- Rent, don’t buy.
Let us see a quick summary of the above topics.
- Good degree with good grades:
If you are a teenager you must really make use of your time to educate yourself properly. Don’t ever stop your studies for anything. Studying and learning will always help you get good contacts and knowledge that open the doors to the way for a million pounds. Get expertise in the field in which you are studying. Choose your path wisely. Be a master in that field. It will really help you to invent an idea that helps you to reach a million-pound dream.
- Investing Vs Saving:
If you are in pursuit of earning a million pounds then I would suggest you choose to invest rather than saving the money. Saving the money will never increase the money. It will be there as it is. But when you are into investing then the money will get multiplied. You will earn even when you sleep. That’s the right approach to earn money in a smart way.
- Real Estate:
This one can be mainly classified into two types. Investing in a real estate company or buying some real estate property and lease it. If you have the money to invest in real estate then don’t hesitate to do it. Investing in a real estate property will let you have the property to yourself and also will help you with some additional rent revenue. Since the increase of the population, the price of real estate is in the growth phase. Surely it will provide you multiples of your investment back.
- Debt Management:
As I have researched, everyone including the top richest persons gets into debt. Not because they don’t have enough money, just to earn money by managing the debt and interest to make more money in the business. Let’s say a guy needs to buy a truck. But he doesn’t have enough money. So he buys the truck in an installment and starts transporting goods. He earns good and he pays the installment with interest and also makes a profit for him. After the installment payment is done he will own the truck and can keep the remaining profits to himself. This is a win-win situation for the lender and the borrower. This is the proper debt management. You need to learn this if you need financial freedom and a million pounds.
- Always keep an eye on miscellaneous expenses
Miscellaneous expenses are nothing but the fees and extra interest expenses that you lose because of careless mistakes. Some people are so lethargic that they don’t care about the fees that get charged by the bank for not maintaining the minimum balance. Such fees and small expenses such as credit card fees. Smart people really care about all those fees and care about them. If you can’t close those small expense doors you can close the big ones. You have to be careful about those small ones too. Those small ones will account for a lump sum at the end of the year. So money is money irrespective of how much it is.
- Prepare a budget:
It’s not a question of how much you earn, you always need to prepare a budget for a month or a year. Making a budget will help you to keep hold of the expenses and the income. Even a big country makes a budget why can’t you. To grow a habit of preparing budgets. You can identify an opportunity to rotate the money if you prepare a budget. Make sure to reduce the unwanted expenses in every budget you do.
- Credit Score:
I assume that you know what a credit score is. A credit score reflects how trustworthy you are. These metrics are used by banks to determine the interest percentage when you buy a debt. You need to keep your credit score clean in-order to have the debt in a small interest percentage. It is very advantageous when you buy a large loan. Even if you made some bad moves previously try to straighten the credit score ASAP.
- Rent, don’t buy:
These means don’t buy any unnecessary things if you really don’t need them. For example, most people get stuck in financial limbo when they tend to buy an expensive car. An expensive car will eat your fortune and make you pay EMIs and will never let you live a debt-free life. So buy a car only when it is needed. Especially when you are in a pursuit of million pounds don’t buy a car if it not going to help you with making money. Just use public transport or a rented car which will serve the same purpose. That’s the smart move.
Don’t think that just the above tips will help you to earn a million pounds over a night. These are just basics that will help you get ready for the battle for million pounds. If you feel that I have missed any essentials please do comment on it.
