It’s important to realize that it’s always the right time to start the process. In general, the longer your investment timeframe, the higher the net worth.
Track your expenses and set your goals. Try to prioritize debt payments and save for wealth-building investments like stocks, 401(K) and home down payments.
Each dollar you pay in interest and fees on loans is a dollar that can instead be put towards growing your wealth. The good news is that it’s possible to pay off your loans. It does take some discipline & planning though.
So you’ve started saving and have a plan to pay off your debts. You may even have some excess cash left over for investments. To become a millionaire, it’s critical to be consistent with your investment plan.
Ask any successful millionaire – having access to credit is essential to building wealth. Almost all major purchases in life require good credit. Here’s our guide on how to build good credit for more details.