What does being a millionaire mean to you? Most people associate being a millionaire with having a big house and a fancy BMW, but there’s more to financial success than that. Sure, most people, if they became millionaires, probably would buy a BMW, but that wouldn’t be the thing they valued the most about their status. The best thing about being a millionaire is financial freedom, and the lack of stress. You can enjoy those things without being independently wealthy.
1. Start Your Own Business
There’s a lot to be said for running a lifestyle business. You might not strike it rich or end up selling your business for millions, but by going self-employed you will have the chance to set your own hours and work on your own terms. That’s something that money can’t buy, and it will make a huge difference to your quality of life.
2. Choose Where you Live Carefully
Living in a big city can be stressful and expensive. Move just outside of the city and you can often end up spending less money for bigger and better accommodation. Living in the countryside can be less stressful, and is often better for your health than city living.
3. Spend in the Right Places
Millionaires don’t (usually) earn their status by spending money frivolously. In fact, many millionaires are pretty frugal. What they do know, however, is the importance of buying quality items. If you have passionate interests, or you enjoy looking stylish, then consider spending money in those areas and cut back on spending in areas that you don’t care about so much.
For example, if being a millionaire, to you, means “Flying first class”, then take fewer trips each year or use credit cards or other loyalty schemes to earn frequent flier miles to try to get upgrades.
4. Make Real Friends
It feels good to get out of your BMW and walking down a red carpet to go to a fancy party or film preview, but the fun is limited if you’re doing it alone. Find a hobby you love, make some real friends that you can depend on, and you can enjoy fulfilling, interesting social events.
5. Stop Trying to Fake It
Don’t make the mistake of trying to live beyond your means in the long term. Many people spend a fortune on credit cards trying to own the latest electronics and the most stylish fashion items. Eventually, that money will run out.
Instead of trying to live beyond your means, stop for a moment and take a good, hard look at your wants and needs. You may feel a lot better about your lifestyle if you cut back your spending.
If you’re already in debt, your first priority should be paying that off. Once you’re debt free, you’ll know exactly how much money you need to cover basic bills, and you’ll have more freedom to balance your finances and your lifestyle.
This article was written by Crispin Jones on behalf of Main Dealer Discount, experts in BMW service. For more information on a BMW service, click here and take a look at their site.