Wouldn't it be great to retire young? You would still have the energy and ability to travel the world and lay on Caribbean beaches without a worry in the world. Sounds nice, doesn't it?

The truth of the matter is that this is obtainable, and you don't have to hit the lottery or sign up for some get rich quick scheme in order to achieve your financial goals. That's no way to plan to retire young, rich and happy. The "secret" to making your dreams come true is actually not a secret at all. It's just a matter of knowing how to become a millionaire, developing a millionaire mindset and putting what you know into action.

Chances are you already know what it takes to become a millionaire, so that's out of the way. The only thing restricting you then is taking action. So what is it you need to do and how do you take action?

1. The first step is to develop a saving attitude. By regularly and automatically saving a part of your income, you can invest that money so it gets working hard for you and creating more money. When you develop the habit of saving money and then regularly investing it, the power of compound interest allows you to double your money in about 7 years, and then double it again in 7 more years. This is assuming just average investment returns from a plain old stock market index fund, not from high-risk investments that are sure to lose you money. So start with developing a saving attitude and becoming a long term investors that regularly invests in a plain old diversified mutual fund, and your financial dreams will come true. Invest young. Don't get caught up in thinking 'investing' is hard; it's actually easy. There are simple investments, available to the inexperienced, that will get you started investing young. $149 invested each month starting when your 18 years old could make you a young millionaire at age 52. $687 invested each month starting when your 18 years old could make you a young millionaire at age 40. The stock market offers some investment vehicles that are lower-risk while offering the potential for long-term gains. One type of investment vehicle is known as broad based market index investments. These are investments in the overall market like the S&P 500 and NASDQ 100. For example, you can invest in all 500 stocks of the S&P 500 with one simple investment index investment vehicle. The S&P 500 index is one way for the non-professional investor, that doesn't have a lot of knowledge or time, to profit from the stock market. The sooner you start investing the sooner you can become a young millionaire. You will find with a consistent investment plan retiring young will be easy. You have the power of compounding interest on your side that will do most of the work for you. The best part is you will be able to do what you want when you want, retire young, have free time and be able to afford the things that you really like. Start now and the take steps to become a young millionaire today!
2. Consistency. Simplicity equals consistency; and consistency is a major factor in becoming a young millionaire. Choosing a simple investment vehicle is the first step. Next it's simple a matter of modifying your investment account so your make consistent investments automatically. There is a basic investment technique called 'dollar cost averaging'. This plan can be set up so it's automated. Contact your bank to set up your investment plan so each month a set amount of money is invested for you. The best part is that once this structure is set up you can sit back and just review your monthly statements. With a consistent investment plan you could reap huge profits over a long-term.
3. Multiply your money. The basic stock investment method mentioned above will get your money working for you immediately. For those of you looking to become a young millionaire sooner there are ways you can speed up this process. Learn about the investment vehicles discussed below and you will be able to afford the things you want sooner and achieve wealth at a faster pace.
4. Entrepreneurship. It's never been an easier time in history to start a business. Plus now day's you can have a global company with small initial investment. Entrepreneurs not only make money from their business each month but also they can sell all or part of their business for additional money. You could start a business that earns you an extra few hundred a month or one that is your entire source of income. Either way it can help to secure your financial future plus give you greater cash flow now. What's more, there are tax benefits available to business owners that will keep more earned money in your pocket. Becoming an entrepreneur can help you become a young millionaire and give you the luxury of being able to retire young.
5. Don't Rely On Luck/Divine Providence - this definitely won't work. There's no need to spit on luck, since it definitely helps, but no matter how lucky you are, the moment you start relying on luck to give you something vital, like a million dollar deal, then often that's when it will turn sour, and usually in the worst way possible. If you're born lucky then be thankful, but keep relying on your own brains and muscle to get by.
6. Use everything you've got - for some reason or another, some people are squeamish or reluctant to use a resource they have. For example, some kids from well to do families turn their backs on their families in pride, wanting to "make it" on their own. Consider that anything and everything is a tool towards building your future, from your intellect and skills to your family and friends. This does not mean become a "user"; rather, it simply means that if you have something on hand that can be applied to solving a problem and making your life easier and better, it would be both foolishness and a waste not to use it.
7. Spend Wisely - this is the biggest mistake of the youth. Wether it is due to peer pressure, curiosity, or mass media influence, kids will usually wind up buying things that they don't really need. There's nothing wrong with hobbies, but if you blow 90 percent of your monthly paycheck on comics or your car, then you'll be hurting a few years down the road. Keep expenditures in moderation and save up a lot. Don't be a miser however; spend on things which will give you a good return on investment down the road; land rarely depreciates, and is a good example of this. As for savings, bank time deposit accounts give higher interest rates than regular accounts, and are good ways to regulate your expenditure too.

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