The Next Step to Becoming a Millionaire

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If you’ve read this far, you are obviously ready to take control of your finances, invest wisely and accumulate substantial wealth. We’ve talked at great length about what money represents and how it works. We’ve talked about the 4 paths to accumulating wealth, and the advantages of mutual funds. We’ve talked about taxes and where money tends to “evaporate”.
Now it’s time to review the comments in the introduction about this being a “Declaration of Financial Independence” and a call to action. Like many other books on money and investing, much of what we’ve covered is understandable. In fact, I hope much of what you’ve read has been familiar, as if you’re being reminded of things you already know.
Because the greatest secret of accumulating wealth is this: It is not a secret!

There are books on it. People will show you and teach you how. They will coach you, they will respect and admire and encourage you. They will hire you to manage their business and show you the ropes. They will sell you a franchise or an apartment building. Shares of stock and mutual funds are for sale at your local bank, and there are money managers, investment professionals and financial advisors in every community who are honest and who will work hard to help you become rich. Most of us know this.
But we get caught up in daily life. Just as Madison Avenue intends, we are tempted by the advertising, by our children’s “need” for the latest clothes, toys and gadgets. We “need” a new car or deserve a vacation, so we pull out a credit card or write a check. And next month, we are in the same financial spot we were in the month before. We have all done this.

So, it doesn’t surprise me that much of what you have read sounded familiar. You’ve heard it (or something similar) before. And, like so many other books on money and investing, you can easily set this down, pat yourself on the back for how much you know and how smart you are, and take no action! If that happens, I have wasted my time in writing this, and you have wasted your time reading it.
Information without action is worthless! And, I can tell you that if you are not satisfied with your current financial situation, and if you want a different result in the years ahead, you must take action!
Now, I do not know what the most important next step is for you. Everyone who reads this will be in a different place, with different values and different financial responsibilities. But, based on the statistics of where most Americans are, I can make some guesses. The list on the next page starts at the very beginning. If you have already taken care of the basics, great!
Congratulate yourself, and keep reading down the list until you find the steps that fit your situation. Check them off, and get to work!

Here are my suggestions for key action steps:


If this step is completed, check it off. If not, write the words, “Do This!” and put a date by which you will complete this step. Action Step
Balance my checkbook, add up the bills and figure out where I stand financially
Accurately list my monthly income and expenses
Establish a written plan – a budget – for how I want to use my money each month
Commit to saving 10% of my income every single month
Commit to paying off all consumer and credit card debt
Within 30 days, have a valid Will or Living Trust
Within 60 days, talk with my loved ones and establish a Living Will that outlines my desires should I become incompacitated
Within 90 days, review my insurance coverage, including insurance to protect my income if I become disabled
 Review and be certain I am living below my means, every month
Create a long-term plan for my financial future and take active responsibility for making certain I reach my goals
Read one book or magazine on money and investing every month. Become the best educated person I know about money and creating wealth
Have my “Performance Team” in place, including at least: an attorney, accountant, financial advisor, and insurance agent I know and trust
Use my knowledge and skill, and the advice of my Team, to invest in things I understand and can monitor over time
For myself and my family, an additional action step I will take is:


For myself and my family, an additional action step I will take is:


For myself and my family, an additional action step I will take is:






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