6 Secrets on How to Be a Millionaire in Canada
Updated: Mar. 20, 2019
Many modern millionaires live in middle-class neighbourhoods, work full-time and shop in discount stores like the rest of us. Wonder how these self-made millionaires got rich? Here are six key steps to building wealth and how to be a millionaire in Canada.
Learn How to Be a Millionaire in Canada
Building wealth is not as mysterious as it may sound, follow these steps to learn how to be a millionaire in Canada.
1. Set Your Sights High: How to Be a Millionaire in Canada
Wanting to be wealthy is a crucial first step on how to be a millioniare in Canada. “The biggest obstacle to wealth is fear,” says T. Harv Eker, author of Secrets of the Millionaire Mind. “People are afraid to think big, but if you think small, you’ll only achieve small things.”
2. Educate Yourself on How to Be a Millionaire in Canada
To make money, you must be financially literate on how to be a millionaire in Canada. Read books and magazines about money management and investing. Ask every financial whiz you know to explain things to you, and start applying the lessons learned. These lessons include living below your means, avoiding buying on impulse, always trying to negotiate better deals (on cars, cable bills, furniture), staying in your home even long after you can afford a more expensive one, and putting 20 percent of your annual salary into investments.
3. Paycheck vs. Passion: How to Be a Millionaire in Canada
You’re probably wondering about how to be a millionaire in Canada? According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about. Although it may not always be easy to do, if you want to accumulate wealth, make sure to focus on your passion, and not on the paycheck.
4. How to Grow Your Money to Become a Canadian Millionaire
Another tip for becoming a Canadian millionaire: Put aside some money for the sole purpose of investing it in a place where it will grow dramatically-whether that’s in your retirement fund, a side business or investments such as real estate. The important thing as well is to pay yourself first. This means putting your money where it will work hard for you before doing anything else with it, like buying that new flat-screen TV.
5. The Risky Business of Becoming a Millionaire
Accumulating wealth and becoming a millionaire also involves some risk-taking. At 29, Dave Lindahl started a landscape company, buying his equipment on credit. When business literally froze over that winter, he took on jobs renovating houses. After a few renovations, it occurred to him: Why not buy the homes and sell them for profit? He took a risk and bought his first property. Using the proceeds, he bought another, and another. Lindahl now owns apartment buildings, worth $143 million USD, in eight states.
6. The Biggest Secret About Millionaires? Stop Spending
It’s not a fluke-according to the 2007 Annual Survey of Affluence & Wealth in America, some of the richest people “spend their money with a middle-class mind-set.” They clip coupons, wait for sales and buy luxury items at a discount. So, if you want to become a millionaire, it’s time to stop the unnecessary spending and start focusing on building your nest egg.
