This isn't a post which will tell you the "5 steps" for becoming a millionaire, There's no easy way to get there. But what i'm going to tell you are some things, that the majority of millionaires have done, and coming millionaires are doing. This will not make you a millionaire, but there's always something to learn.
So how do you use your money properly?
You're young, and you have a steady job that pays you 3500$ every month. What does the majority of people do when they get their paycheck? Hell yea, they spend it all. Fancy meals, drinking, more fancy meals, going out with friends, and then their money is gone. They wait for a while, and they get their new paycheck, and do it all over again.
Here's where you need to think like the minority does, and no matter how much you're paid you should pretend that you're living like a student. Use your money correctly, and start looking at where your money is going. Cut out on all the unnecessary things, like the fancy clothes, fancy meals and going out for a drink every weekend. If you live this way all the money will be gone at the end of the month. Set up a plan for your finances, and stick with it. This should greatly reduce the amount you're spending, and should leave some extra cash in the bank account at the end of the month.
Invest your money properly
You should seriously consider investing "X" amount of money every month. If you earn 3500$ a month, consider investing 30% of it and put it into something like a cheap SPX Mutual Fund. This way your money will constantly grow more and more every month. Don't save it in a bank as inflation will probably eat it up anyway.
With the 70% you have left, consider saving 10-20% of it every month. This way your bank account will grow every month. But, keep track of how much you're spending, and always set up a budget so you don't buy more things than necessary.
Make the right purchases
We all use stuff like toilet paper almost every day, and for that reason we buy a lot of it. If you see toilet paper on a 50% sale, consider buying about 2 years worth of toilet paper. This will give you an immediate return on your investment, and you just spent 50% less than buying at the normal price. This also gives you 2 years where you're not paying for toilet paper, which gives you money to spend on more important things, like investing it.
Don't buy stuff you can't afford
If you have a regular job, chances are you're not going to have enough money to buy an expensive car. But, some stupid people still do it, even tho they don't really have enough money for it. They may take out a loan, which will give you debt to pay off. Or they might pay for the car every month for 5 years. Either way, the rule is that you should not but something you can't afford. If you need to loan money to buy something like a car that just loses value over time, don't do it. Things like a place to live is an exception, but please DO NOT buy something that you can't afford in the first place. Too many people make this mistake, and they end up in debt with an item that's losing value every day.
If you implement this into your life today, i assure you that your personal finances will be a lot healthier, and you will feel more free. Always use your money properly, or you'll end up with nothing.
