How to become a millionaire: 10 financial tips to make money

Believe it or not, there are about 23 million millionaires in the United States. This follows from the annual Global Wealth Report published by the Swiss bank Credit Suisse. Many of these people are those who have managed their money wisely. They found ways to cut costs and then invested the savings to become successful. How to do this to become the first millionaire in the family, the publication told Money Talks News.

Photo: IStock

If you'd like to follow suit, here are some effective financial strategies worth trying. Not all of them may apply to you, but some do, so be sure to read them all.

1. Get a second pair of eyes

To manage your money properly, work with professionals - it's worth it. If you don't do this, you could miss out on serious financial benefits.

A Vanguard study found that, on average, a hypothetical $500 investment would grow to $000 million over 25 years if you managed it yourself, but more than $1,7 million if you chose to work with a financial advisor. That's twice as much.

If you have at least $100 in investments, check out the free service SmartAsset. You fill out a short questionnaire and are instantly matched with up to three vetted financial advisors in your area who are legally required to work in your best interest.

Even if you don't need help choosing investments, an advisor can help reduce your tax burden, create a comprehensive financial plan for you, maximize your Social Security benefit, and serve as a second pair of eyes to make sure you're on the right track.

Using SmartAsset will only take a few minutes, and in many cases you will be offered a free consultation.

2. Don't put all your eggs in one basket.

If most of your savings are in the stock market, as they should be, then you know full well that what goes up can also come down. You can't control the market, but you can hedge against uncertainty by having other forms of capital.

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One of the best ways to protect your savings is through diversification. Keep your money in different types of investments, ideally those that rise when others fall. For example, stocks tend to do poorly when interest rates and inflation rise and political turmoil begins.

But there is one investment that thrives in this scenario: gold.

However, be careful who you deal with. Many companies in the gold business are shady and will not hesitate to sell you precious metals at overly inflated prices.

Goldco, in contrast, has an A+ rating from the Better Business Bureau, an AAA rating from the Business Consumer Alliance, and 4,8 to 5 stars on Trustpilot, TrustLink, Google reviews, and ConsumerAffairs. They offer virtually everything from precious metals IRAs to gold coins and gold bars.

3. Protect your family and your future today

Hopefully your retirement years will be active, healthy and energetic and you will be able to work as well as before.

But don't bet on it. According to the U.S. Department of Health and Human Services, 7 out of 10 people turning 65 today will likely need long-term care.

You ask, “Won’t Medicare take care of all this?” No. Medicare doesn't cover long-term care—paying for it out of pocket can take a huge chunk out of your retirement savings. This scenario plus inflation will lead to partial or complete depletion of your savings.

Without long-term care insurance, your options are limited: depleting your savings, borrowing money, burdening your family with caring for you, and possibly losing your independence because you can't live on your own.

One place to find long-term care insurance is GoldenCare. (Unless you live in the four states where GoldenCare is not available: Alaska, Florida, Hawaii and Washington).

At the very least, check it out and see if it's right for you, because planning today can mean a more secure tomorrow.

4. Escape the jaws of the 25 percent rate

The average interest rate on credit cards these days is approaching 25%—an all-time high.

Never borrow thoughtlessly, but when the time comes, do it right. Take advantage of much lower rates by taking out a loan against your home. Use this loan—with rates up to 6,75%—for home renovations, paying off high-interest debt, or for any other purpose (other than financing a lifestyle you can't afford).

This is a fraction of the cost of credit cards and will literally save you thousands of dollars over the life of the loan.

How to find the best deal? It’s very simple: go to a site offering loans, for example Rocket mortgage. It will save you from having to go through most of the hoops, so it will only take you a couple of minutes to find out how much you can get.

5. Have a company pay off your credit card debt.

Worrying about debt is probably the worst way to waste your time, and paying interest and late fees is probably the worst way to waste your time.

If you have a problem, the sooner you solve it, the better.

Company National Debt Relief is one of the most reputable debt relief providers in the United States.

They have helped over 500 people, have an A+ rating from the Better Business Bureau, and top ratings from Top Consumer Reviews, Top Ten Reviews, ConsumersAdvocate.org, and ConsumerAffairs.

You simply fill out a form on the company's website, and then a debt specialist will call you to learn more about your situation. If they can help you, they'll find an affordable plan that's right for you and let you know when you can be debt-free. There is no upfront payment and no obligation to get started.

National Debt Relief can help you with almost any debt, such as credit cards, personal loans, medical bills, title, even some student loan debt.

6. Get cashback on every debit card purchase

It's hard to keep track of all the cashback offers. For example, some credit cards offer cash back on certain purchases—assuming you qualify for the card in the first place. And this card may also come with a commission.

What if you just automatically got cash back every time you used your regular debit card? It would be very simple, wouldn't it?

This is exactly what happens with an online account. Discover Online Checking Account. You earn 1% cash back on up to $3000 in debit card purchases each month. In addition, there are no overdraft fees, no monthly account maintenance fees, and no minimum initial deposit or minimum balance requirements.

Another bonus: If you set up direct deposit, you'll receive your money two days earlier.

You can use more than 60 ATMs for free. And Discover is as reliable as any other bank. Your deposits are FDIC insured up to $000.

7. Cut your insurance costs by $1000

One of the best ways to find extra money for long-term investing is to pay less for what you buy now. An example is car and home insurance.

Insurance companies know that you hate buying home and car insurance. This is why they are free to increase your rates every year. And that's exactly what they do. Right?

Don't let them get away with it. Fight them back, especially since it's so quick and easy that you can do it while sitting in front of the TV. It's easy for you. You could be $1000 richer this year if you find similar policies at lower prices.

Find out the cost of car insurance here.

Find out about the cost of home insurance here.

8. Don't pay for car repairs.

The cost of car repairs is skyrocketing. One repair shop told Consumer Reports that the average cost ten years ago was $1600. Now its average cost is $4000.

As a rule, the car manufacturer's warranty is three years. However, the average car lasts about 12 years. If you're worried about shelling out thousands of dollars in repairs, protect your investment with Endurance Warranty Services.

The company provides extended warranty plans of up to 36 months. Choose from six different plans to get only the coverage you really need, for cars up to 20 years old.

All warranties include 1000-hour roadside assistance and rental cars during repairs. You will receive Elite Benefits for free for the first year; it includes full tire coverage, a collision discount, and a $XNUMX payout if your car is deemed unrepairable.

Endurance has a network of thousands of ASE-certified repair shops. More importantly, Endurance pays the repair bill up front. You just need to cover one thing - the deductible.

ConsumerAffairs calls the Endurance a "robust choice" for drivers of all ages and "particularly attractive" to those with older vehicles.

9. Cut your cell phone costs and save $600 a year

These days, you can’t live without a smartphone. But, you see, it is unwise to pay big money to companies that advertise on TV.

By finding a more affordable cell phone provider, you could save hundreds of dollars every year. There are many companies that offer premium features without exorbitant prices. You can find plans as low as $5 per month.

One example: with Tello Mobile you get T-Mobile's robust 5G network, plenty of data, international texting, unlimited US calling, eSIM support, and hotspot access for just $5.

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Switching is faster and easier than you think, and the savings are huge.

Bonus: Tello just updated its plans with more data and lower prices. You can get an unlimited plan for $25 per month. It includes 35GB of high-speed data and 5GB of free hotspot.

If you don't want to switch to a new plan, at least look at your bill and see if you can turn off unnecessary lines, reduce your data plan, or drop your insurance if you have an older phone.

10. Take advantage of sign-up bonuses

If you go to a traditional bank, you are being scammed because your money doesn't grow there at all. They pay you a pittance of interest because you pay their expenses.

Instead, go to online banking, e.g. SoFi, which offers some of the highest interest rates in the world. He will give you a cash bonus just for signing up.

SoFi has a combined checking and savings account that's the best of both worlds. If you enable direct deposit, you can earn 4,60% APY on your money, which is eight times the national average rate.

If you deposit $5000 or more into your account in the first 25 days, you will receive a $300 bonus. If you top up your account with an amount from $1000 to $5000, you can receive a bonus of $50.

Other cool features: You'll never have to pay overdraft fees or make monthly payments; you can use 55 ATMs for free; there is an opportunity to receive free paper checks if you want to receive them; your deposits are insured for up to $000 million; if you use a debit card, you get up to 2% cashback.

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