Can you earn minimum wage and still become a millionaire? The short answer is yes! I am sure you have heard of so called poor people becoming millionaires, although not overnight. I am not talking about professional athletes, entertainers or lottery winners. I am talking about everyday people earning very little money and over time become millionaires. Not just millionaires, but multi-millionaires!
You are probably thinking how can someone who is earning so little become a millionaire. Well it is not easy, but becoming a millionaire is not easy anyway! It all starts with a goal! If you are earning minimum wage it may take more sacrifice or effort, but it is possible. Your first step is to find some money to save which can be as little as $4 per day. Savings is the best way out of poverty!
Finding savings when you are earning so little is no easy task, but it is possible. Little things can yield a lot of money. Something as simple as buying coffee, grabbing a donut or buying lunch can easily exceed $4 per day. You may have to have roommates or find additional ways to reduce your expenses. Usually people who work minimum wage jobs start early so you have the advantage of time.
With time on your side, you can get training to improve your earnings capability. Whether you decide to go to college, enter an apprenticeship or additional training, you can increase your income. You could start a business, work overtime or sell things. Learn how to add to your income by learning new skills. Make things, sells extra things, offer services such as mowing lawns, babysitting or other odd jobs.
Budgeting is not just for people who earn more money. Actually budgeting is even more important for people who do not earn much. Remember a budget is a structure to help you achieve your financial goals. Start budgeting and you will find where you are spending your money. This is the first step to find extra money for savings and help you make better spending decisions.
Earn more money
You start out earning minimum wage, but you do not have to stay there! You do good work and you receive increases, promotions or change jobs to earn more money. Every time you earn more, you add 50% of any increase to savings. It helps accelerate your savings and will bring to millionaire status a little sooner. The key to becoming a millionaire is not spending it all. This is very hard to do when you are earning minimum wage!
Work your plan
If you think this is easy, then everyone would do it! When you are earning minimum wage, you already cut a lot of things out just to have some savings. You do side jos or work overtime just to have a little extra. You have to keep your eye on the goal and stay motivated to stick with your plan. Progress to your goal is some motivation but not all of it.
We often think that minimum wage earners cannot save any money or do much about their plight in life. That is a myth! All it takes is some discipline and a willingness to do something about it. Isn’t that true of all of us? A plan such as a budget can be the discipline to help us reach a financial goal. What are you doing about your financial goals? You are probably earning considerably more than minimum wage and cannot save $4 per day. If a minimum wage person can reach millionaire status, you can too!
Photo by: Editor B
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If a minimum wage person can reach millionaire status, you can too!