What happens if everyone becomes rich




















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Think vacations, clothes, massages or even money for a babysitter. First, take account of your major expenses that easily fit within your income. Secondly, your spending plan will pave the way for bigger splurge purchases — like a vacation or a new car, etc. If you do not have a spending plan, you will always just keep spending whatever is in your bank account on any given day. This will likely mean you never have the money necessary when the big-ticket bill comes due.

Without a spending plan, you will probably just keep paying out whatever is in your bank account and never have money when big ticket items or college tuition for your kids, for that matter jump onto your wish list. Or worse, these will end up on your credit card, accumulating disastrous amounts of interest. As we mentioned early, it's not what you make, but what you keep. The reality is, if you get a big tax refund, you have just given the government an interest-free loan.

All this while you are suffering the consequences of paying sky-high credit card interest for the privilege.

For those lucky enough to be getting a big substantial tax refund each year, look at adjusting the amount of taxes you have withheld from your paychecks. This could help free up cash to pay down your credit cards faster. Even better, this could be the money you invest each month to get on track to become a millionaire. Proactive Tax Planning is a major part of becoming a millionaire. Keeping more of your hard-earned money frees up more money to be invested.

The more money invested, the faster wealth can build up. Talk with a Fiduciary Financial Planner to see what other tax-saving opportunities you might be able to incorporate. Are you miserable at work? You may have chosen the wrong job or career path. Anyone, with any income, can become a millionaire. Bigger paychecks will increase the odds that you reach the status of having a million-dollar net worth. For those who hate your job or career, it will show. This can result in slower career advancement over time.

While it may be easier said than done, choosing the right career path that comes with the potential to earn enough to support your desired lifestyle and is something you actually enjoy is a major life quest for many. You many to balance taking a job you like versus love to get the money you need to bring more happiness is other parts of your life.

There are many financial benefits to being married. Choosing the wrong spouse will make your quest to become a millionaire much more difficult. If one spouse is a spender and the other is a saver- the spender tends to win out. Those who have a purpose or passion in life make it easier on themselves to get up each and every morning. The move through life with an extra spring in their steps. It may be tempting to pick a job or career path based mostly on the salary, also consider the quality of life that it will end up providing for you and your loved ones.

Follow your passions and dreams and money will follow, as the saying goes. Work with a fiduciary financial planner to get your financial house in order and maybe, just maybe; you too will make it to millionaire status. This is a BETA experience. You may opt-out by clicking here. More From Forbes.

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