I was thinking about the ways you can become a millionaire recently and thought I would put a list together. I must admit I am not a millionaire yet but I am working on it. When I say millionaire I mean someone who has a million net worth. There net worth is their total assets minus their total liabilities. There are lots of ways of becoming a millionaire but not all of them will allow you to do it in your life time.
Now that you are free of all debt apart from any mortgage that you may have it is now time to super charge your emergency fund so that you have 3-6 months of expenses saved. This money again should be placed in a saving instant access account so that in an emergency you can withdraw the money if required without any penalty. Again this money should not be used unless it is a genuine emergency. You should not invest this money in any type of investment as we are really not concerned about this money making you money it is purely to be used for its purpose.
This is the stage we need to make sure that we have enough money for those small inevitable emergencies that happen in life this could be anything from an unexpected car breakdown to some sort of medical problem that you need to pay for. Really this need to be £500-£1000 it may take several months to build up this small emergency fund but it will be one of the keys that will stop you from having to rely on debt again. The whole idea of this stage is that it stops you from having to get in debt ever again.
Even though you may not think it, this is the most important stage to becoming debt free and sorting out your finances it is. This is the time when you need to look at how much money you are making from your work, your business and any assets you may have attained that create an income stream so you can then look at what your total income is.
So it is September 2017 and the site has been active for two months as part of the ongoing effort to build the website I thought I would share with you how much it costs and how much income is earned from the website and the other things that we do. I am initially just going to share the income and expenses from the website. Eventually I will try and add other income and expenditure so we can share a wider picture of what we earn and what the outgoings are. So here we go month three.
So it is July 2017 and as part of the ongoing effort to create the website we thought it would be a good idea to share how much it costs and how much income is earn from the website and the other things that we do. We are initially just going to share the income and expenses from the website. Eventually we will try and add other income and expenditure so we can share a wider picture of what we earn and what the outgoings are. So here we go month one