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10 Things to Do to Become the First Millionaire in Your Family

Who wants to be a millionaire? You do, of course.

Believe it or not, there are nearly 23 million millionaires in America. That’s according to the annual Global Wealth Report published by the Swiss bank Credit Suisse.

Many of these people are simply those who have been smart with their money by finding ways to cut expenses, and then investing those savings to get ahead.

If you’d like to follow their lead, here are some powerful financial strategies you should try. Not all will apply to you, but some will, so make sure to read them all.

1. Get a second set of eyes

To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an adviser can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

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

If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down. You can’t control the market, but you can hedge against uncertainty by having other forms of wealth.

One of the best ways to protect your savings is diversification. Keep money in different types of investments, ideally ones that go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.

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

Be careful who you deal with, though. Lots of companies in the gold business are shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Goldco, on the other hand, has an A+ rating from the Better Business Bureau, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?

3. Protect your family and your future now

Here’s hoping your retirement years are active, healthy and vibrant, and that you’re able to function as you always have, right up until the time you shuffle off this mortal coil.

But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That, plus inflation, could mean near or total depletion of your nest egg.

Without long-term care insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing 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 doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because planning now could mean a more secure tomorrow.

4. Escape the jaws of 25% interest

The average credit card interest rate these days is approaching 25% — a record high. Sounds like what a loan shark would charge, doesn’t it?

Never borrow recklessly, but when it’s time, do it right. Take advantage of much lower rates by borrowing against your home. Use that loan — with rates as low as 6.75% — to fix up your house, to pay off high-interest debt or for any other purpose (besides financing a lifestyle you can’t afford).

That’s a fraction of what credit cards charge, and will literally save you thousands of dollars over the life of the loan.

How do you shop for the best deal? Simple: Head to a loan shopping site like Rocket Mortgage. They’ve eliminated most of the hoops you had to jump through in the past, so it only takes a couple of minutes to see how much you could get.

5. Have this company pay off your credit card debt

Worrying about debt is probably the worst way you can spend your time, and paying interest and late fees is the worst way you can spend your money.

If you’ve got a problem, the sooner you deal with it, the better.

National Debt Relief is one of the most respected providers of debt relief in the U.S.

They’ve helped more than 500,000 people, are A+ rated by the Better Business Bureau and also are top-rated by Top Consumer Reviews, Top Ten Reviews, ConsumersAdvocate.org and ConsumerAffairs.

You simply fill out a form on the company website, then a debt coach will call you to learn more about your situation. If they can help you, they’ll set you up with an affordable plan that works for you — and give you an estimate of when you can expect to be debt-free. There’s no upfront fee and no obligation to get started.

National Debt Relief can help you with almost any unsecured debt, like credit cards, personal loans, medical bills, repossessions … even some student loan debt. Ready to start a new, happier chapter of your life?

6. Get cash back on every debit card purchase

It’s hard to keep track of all the cash-back offers out there. Let’s see, some credit cards offer cash back on certain purchases – as long as you qualify for the card in the first place. And that card might come with fees, too.

What if you just automatically got cash back every time you used your plain old debit card? That would be super easy, wouldn’t it?

That’s how it is with the Discover Online Checking Account. You earn 1% cash back on up to $3,000 in debit card purchases every single month. Also, there are no overdraft fees, no monthly account fees, no minimum opening deposit and no minimum balance required.

Another bonus: When you set up direct deposit, you’ll get paid up to two days early.

You can use more than 60,000 ATMs for free. And Discover is just as secure as any brick-and-mortar bank. Your deposits are FDIC-insured up to $250,000.

It’s time to leave your old bank behind and check out a smarter option.

7. Cut your insurance costs by $1,000

One of the best ways to find extra cash for long-term investing is by paying less for what you’re buying now. Example? Car and home insurance.

Insurance companies know you hate shopping for your home and car insurance. That’s why they’re free to raise your rates every year. And that’s exactly what they do, right?

Don’t let them get away with it. Fight back, especially since it’s so quick and easy, you can do it while watching TV. You could easily become $1,000 richer this year simply by finding similar policies at lower prices.

Shop your car insurance costs by clicking here.

Shop your home insurance by clicking here.

8. Don’t pay to fix your car

The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.

Typically, a vehicle manufacturer’s warranty lasts three years. Yet the average car is around 12 years old. If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance Warranty Services.

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

All their warranties include 24/7 roadside assistance plus rental car benefits while your vehicle is being repaired. For the first year, you’ll get the Elite Benefits program for free; this includes complete tire coverage, key fob replacement, a collision discount and a $1,000 payment if your car is determined to be a total loss.

Endurance has a network of thousands of ASE-certified repair shops. More important: Endurance pays the repair bill upfront. All you need to cover is the deductible.

ConsumerAffairs calls Endurance “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.

9. Slash your cell bill and save $600/year

You can’t survive these days without a smartphone. But what’s not so smart is paying big money to the heavily advertised companies you see on TV.

Finding a more affordable mobile provider could save you hundreds every year. And there are plenty of companies offering premium features without the outrageous price tag. You can find plans for as little as $5 a month.

One Example: With Tello Mobile you get T-Mobile’s reliable 5G network, generous data, international texting, unlimited US calling, eSIM support, and hotspot access for as little as $5.

Switching is faster and easier than you think and the savings are huge. So, stop financing some CEO’s third vacation home and check out Tello today!

Bonus: Tello just upgraded their phone plans, increasing the data & decreasing their prices. You can get Unlimited for $25/month. It comes with 35GB of high speed data and 5GB of free hotspot.

If you’re unwilling to switch, at least study your bill and see if you can cut out unneeded lines, downsize your data plan, or drop the insurance if you have an older phone.

10. Take advantage of sign-up bonuses

If you’re banking at a traditional brick-and-mortar bank, you’re getting ripped off because your money isn’t growing there at all. They’re paying you puny amounts of interest because you’re paying for their overhead.

Instead, consider switching to an online bank like SoFi, which offers one of the highest interest rates around — and they’ll give you a cash bonus just for signing up!

SoFi offers a combination checking and savings account, with the best of both worlds. If you set up direct deposit, you’ll earn a whopping 4.60% APY on your money, which is eight times the national average.

If you direct-deposit $5,000 or more in the first 25 days, you’ll get a $300 bonus. If you direct-deposit $1,000 to $5,000, you’ll get a $50 bonus.

Other cool features: You’ll get paid up to two days early. You’ll never pay overdraft fees or monthly fees. You can use 55,000 ATMs for free. You get free paper checks if you want them. Your deposits are insured up to $2 million. And you’ll earn up to 15% cash back using your debit card.

It’s time to leave your old bank behind and check out a smarter option like SoFi.

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