Top 10 Steps to Becoming a Millionaire
by Philip E. Humbert, Ph.D.

There is perhaps no more important decision than to take charge of your own financial future. We live in a world of opportunity, and yet most Americans are buried in credit card and other debt. We are surrounded by people who are getting rich, but most of us are running in place. If you can read this, you are literate, have a computer, and you are part of the "wired generation". You can become as financially independent as you wish to be.

Here are the top ten keys to your
financial success:

1. Decide to be financially successful. This is different than wishing, hoping, wanting or even desiring to be rich. Make a commitment that this is going to happen! Financial independence is not an accident or matter of luck, and it usually requires some inconvenience. Have you decided to achieve this goal?
   
2. Understand how money works. Most of us never studied finance or investing in school. Most of us were never even taught to balance a checkbook! To master anything, you have to understand it. Read. Study what successful people do. Take classes.
   
3. Master your relationship with money. Some of us spend for excitement, to show off, to prove we can. Some of us are addicted to spending, and some of us are just careless about it. Whatever your relationship with money, understand it and develop a relationship of respect, appreciation and gratitude. Use your money, rather than allowing it to run your life.
   
4. Set specific goals. They should be challenging, but not unbelievable, just out of reach but not out of sight.

• Challenge yourself to be out of debt by a specific date.
• Make a commitment to saving an exact amount each month.

5. Develop a budget. A budget is a set of dreams and aspirations. It's how you really, really want to use money to benefit your family and run your life. Budget to buy the things you really want, and to eliminate the "impulses", the toys that waste too much of your income. A budget is a map to your destination. Have one and use it!
   
6. Reduce spending. Yes, this comes after making a budget, because when you begin getting control of your money (rather than the other way around) you have powerful new reasons to reduce expenses. Most self-made millionaires live far below their means! You should too.
   
7. Begin investing. Most of us spend or speculate. Both are roads to disaster! Invest in things you understand. Invest cautiously, wisely and regularly. The objective is not to "make a killing", but to get rich over time. Know and obey the distinction between gambling, and putting your money to work for you.
   
8. Increase assets. Most people try to increase their income, and that's a mistake. Making more money means paying more taxes. It takes time and hard work. And, when wealth arrives in the form of cash, it's easier to spend. Millionaires buy stocks and buildings; they invest in assets that will make them rich, and that are hard to spend on a whim . . .
   

Visit Dr. Humbert’s website at philiphumbert.com for articles, Top 10 lists, humor, quotes, tips and tools for your success, a free book on making and keeping more money, a free motivational newsletter and "Free Speech", a great resource. Email: coach@philiphumbert.com


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