Despite popular belief, you don’t need a high-paying job or a winning lottery ticket to become a millionaire. The key to becoming rich is living below your means, making smart investments and planning for the long haul. In this article, we’ll outline realistic paths for average earners to achieve millionaire status through savvy decisions and sustained effort over decades.Read more :theinvestorscentre.co.uk

1) Build a nest egg.

The most important thing you can do to grow your wealth is save more money than you spend. This is easier said than done, but it’s possible to make small sacrifices that add up over time. For example, instead of splurging on a Lamborghini, consider getting a reliable used car that will last a long time and doesn’t break the bank.

In addition to saving, it’s also a good idea to earn extra income through side hustles, if possible, and maximizing your tax refund. Aim to put any extra cash you come across into a savings account that makes financial sense to you (easy access is best at this stage). This can help you get in the habit of putting away a little bit each month, which over time will grow your net worth.

If you’re serious about becoming a millionaire, avoid taking on debt. In fact, virtually all millionaires do not have a mortgage or student loans. Debt can derail your financial goals, so pay down your outstanding balances as quickly as possible. Likewise, invest in areas that are experiencing booming growth, such as renewable energy, artificial intelligence and cryptocurrency.