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Stephen Lim, CPA, CA
Henry Yan, CPA, CA

The Ascent Team
Suite 105- 3380 Maquinna Drive
Vancouver, BC
V5S 4C6, Canada
info@ascentteam.com
Tel. 604.291-0366
Fax. 604.291.0367
 

How can I become a millionaire?

These days it seems that everywhere we turn we are inundated with ways to be a millionaire Ė provincial and private lotteries, game shows, and the ever-popular reality show. However, what many people overlook is the ability to do it themselves through supplementing their current holdings with a consistent and effective savings and investment plan.

You may be closer than you think to be a millionaire in your lifetime. Do you religiously invest in your retirement savings plan? Do you own a home? The combination of time in the market and rising housing values may have you well on your way to your goal. These common sense tips can help you make additional progress towards reaching your goals by making small adjustments in your daily life.

Start now. Even if you have only $100 left over at the end of the month, begin inching your way towards your million-dollar goal today. By investing that money in some sort of investment instrument, such as a mutual fund or individual stocks - you can even stick with money market accounts if you want to stay liquid. By doing so you will take an important step towards meeting your long-term goals. If you wait until you have a large chunk of cash to begin investing, you most likely will never get started. Once you make a habit of consistent investing, you may find that it becomes almost unconscious. As well automatic investment accounts make it even easier.

Keep track of every penny you spend. When people go on diets, the first piece of advice they are given is to keep track of everything they eat during the day so they can realize how much they are really eating. This same rule can apply to your finances: in fact, keeping a daily record of all expenditures you make will most likely be the biggest reality check of your life. You may be surprised to find out that you spend the equivalent of a small car payment at the starbucks each month. Invest in a coffeepot and put that money away. Once you see where your money is really going, it should be easier to forfeit some unnecessary expenditures to make an investment in your future.

Live like a millionaire. Every day we read stories in the newspaper about the extravagant lifestyles of some of the new Internet millionaires, the truth is that most millionaires lead ordinary lives similar to you and me. Living well below your means will free up cash that can be invested today to help you enjoy millionaire status in the future.

The "final answer"? Never underestimate the power of capital appreciation and compound interest. Taking steps today to "pay yourself first" will increase the likelihood that your golden parachute will indeed be golden. If you would like any further guidance in this area, feel free to contact the office for a consultation and solid advice.


The information presented in this document is of a general nature only and should not be relied upon to replace professional advice. Before acting on this information, talk with a professional advisor as laws and regulations are constantly changing. Readers accept full responsibility; no document found here is a substitute for a consultation.

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