How to Become a Millionaire by Spending Your Money
Let’s be real. Saving your money in the bank does nothing for you.
The CPI for June 2022 came in at 9.1%. Inflation is killing your savings account as prices increase and the value of the dollar decreases.
Investing in stocks isn’t attractive right now, as the stock market has been tanking for the last six months.
Since your savings is suffering from inflation and the stock market isn’t desirable to people currently, what are your other options?
Spending your money.
If you spend your money in these three fields, you can become a millionaire.
The safest bet you can make (unless it’s 2008) is to buy real estate.
During the pandemic, a term called ‘house hacking’ began trending. This is when you purchase a multi-family home, live in one of them, and rent out the rest of the homes.
This is possibly the smartest approach to avoid paying your mortgage.
Of course, this isn’t the only option. You can also purchase a one-family home and rent it out.
When buying real estate, you should look for the properties that will secure you the best and most reliable tenants.
For example, if the property is near a school, it’s safe to assume whoever rents out the property will have a family, so having extra bedrooms is more desirable.
If the property is within walking distance of a shopping district or beach, it’s safe to assume renters would be willing to pay more.
Focus on the return on investment when buying real estate. By doing so, you can become a millionaire.
If you want to learn how to begin buying rental properties, you can check out Graham Stephan’s video below: