How to Save Your First Million If You’re Not Rich

September 15, 2022

Last Updated Date: September 15, 2022

Can you save enough to have a million dollars in the bank? It sounds hard, especially in the economy we have now, but it’s not impossible, and experts say that even small steps can make a big difference.

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Saving money is important because it will help you live well in the future and after you retire, but many people still don’t do it or don’t know where to start. As a result, they lose a lot of money every year, which could add up to a fortune if they don’t do anything about it. However, it’s never too late to start, or to add habits that will help you reach your goal, or to have your first million dollars in the bank.

And no, it doesn’t mean investing in the stock market or waiting for an inheritance. Instead, it means looking at what you do every day and adding things, behaviors, and good habits that help you reach your goals.

Steve Adcock, a self-made millionaire who saved his money after retiring from a traditional job at age 35, wrote an essay for CNBC Make It in which he explains that he did not come from a rich family and did not become a millionaire by investment or working, but he did find a few keys that helped him save his first million dollars and a few more after that.

How to save your first million if you are not wealthy

Don’t be afraid of change

The expert wrote that he had changed jobs a few times, but not because he was a bad person. Instead, he was looking to take advantage of the opportunities that came his way, which helped him grow and even get a better salary and working conditions.

The only thing you need to remember is that you shouldn’t change jobs too often. You should stay for a while (to learn) and to avoid becoming unemployed because many companies don’t like it when you change jobs every two months, even if you have a good reason.

Work on your communication skills

Adcock says that if you are in a relationship, you need to have important talks about money so that everyone is on the same page, knows the spending rules, and is working toward the same goal.

This will keep you from getting into fights and arguments, and it will also keep you from spending money on things you don’t need. This can have important results.

Don’t hold on to follow your passion

Many millionaires, like Bill Gates, say that you should work at something you’re passionate about. But Adcock says on CNBC that you should be careful about this, because your passion might not get you the salary you want.

Adcock says she loves photography and won’t give it up, but it would be much better for her to focus on what she’s good at, which is computer science, and work in that field. It doesn’t mean you have to give up your passion or stop looking for ways to make it your job, but if you see that it’s not going to give you the life you want, you should focus on the things you’re good at that will.

Listen to your instincts and inner voice

Jeff Bezos also says that you should do this. Haters will always be around, and it’s likely that you’ll meet many people along the way who will criticize you and try to break your confidence. It’s important to learn to shut out the noise and listen to your own instincts, especially when they come from a well-informed place and are well-thought-out.

Surround yourself with the right people

Adcock says that he worked with a lot of millionaires and took the chance to learn good habits and ways of doing things from them, which he then used in his own business. He also got rid of people who didn’t help him grow. He realized that bad influences were holding him back, so he got rid of them. This helped him do better in school and become more successful, and it also helped him make better decisions.

Reduce your debts

Credit cards can be a big deal for Adcock because many people use them to buy things they want when they don’t have enough money, which can lead to a lot of debt.

You should only use them when you have to, and you shouldn’t use them to buy tastes or luxuries that aren’t realistic or that you can’t pay for without going into debt.