In today’s economy, having a million dollars in assets (or being a millionaire) does not quite mean what it once did. Our traditional visualization of a millionaire tends to depict people living in broad, expansive ocean front homes driving exotic cars whose names we cannot even pronounce. In reality, your next door neighbor in the 3 bedroom colonial driving a 10 year old pickup truck could represent today’s new class of millionaire. And even though a million isn’t what it used to be, it is still the benchmark to which most of us aspire financially.

The life experiences that have led today’s new class of millionaires to their current financial status are as unique as they are numerous. There is no single “magical secret” these people have employed to get where they are today. But there are a few simple strategies that can help you steer your financial future towards millionaire status. Here’s how:

1. Increase Your Income: This is a no brainer, but still needs to be said. If you can increase your income while living the same lifestyle you have become accustomed to during your debt settlement program, you stand a greater chance of increasing your savings – the first step in becoming a millionaire.
2. Live Within Your Means: Buy only what you need and can afford, and you have a much better chance of becoming financially successful. And don’t forget to leave the credit cards at home if you think you may be tempted to use them for unnecessary items or impulse purchases.
3. Save Money: If you make a reasonable income and live within your means, you will most likely have money left over at the end of the month. Remember to pay yourself first, setting aside a reasonable portion of your income directly into a savings account. Think of this account as the foundation on which you will build your financial future.
4. Invest Wisely: You don’t have to be a Wall Street tycoon to make wise investment choices. Although it may be a good idea to consult a professional investment counselor, the old adage of “Buy Low and Sell High” still holds true. Also keep in mind that, with few exceptions, making money on investments does not happen overnight. The key is to hold on to your investments and ignore momentary fluctuations in the market. Over 20 years, just about every investment will yield positive gains – usually incredibly large gains. So remember that you are in it for the long haul, and don’t sell or trade investments at the drop of a hat in response to temporary changes in the market.
5. Stick With the Plan: This is the one secret that the majority of millionaires have used to reach their financial goals. There will be good years and bad years, but in the long run sticking to your plan will undoubtedly result in positive financial gains.

Related Posts:

1. Transitioning Into an Investor
2. Getting to $100,000 in the Bank
3. The Home Stretch: What to do When You Graduate DMB
4. Investing in mutual funds
5. Planning for retirement