5 Must-Dos to Become a Millionaire Before You Retire
Becoming a millionaire is a dream for many people, but a reality for only a small percentage of them. Much of becoming a millionaire is doing a few big things right, and the rest can be handled with enough time and patience. Here, we'll look at five core millionaire behaviors that can help you reach that milestone.
Note that you don't necessarily have to reduce your debt to zero to become a millionaire; in fact, most millionaires carry some level of strategic debt. Borrowing money to invest in higher-yielding assets is a good idea; specifically, this could mean taking on a low-interest mortgage to purchase a home, or even using 0% loans in certain purchasing circumstances.
When people recommend "getting out of debt," they're most likely referring to getting out of consumer debt. This means credit cards, high-interest auto loans, and the like. Carrying inflated balances on these lines of credit can decimate your net worth over the long term and do you the second harm of lowering your credit score.
Source Fool.com
