How To Become A Millionaire By Saving Just 1% Of Your Income

In this article you will learn how to become a millionaire by saving a small portion of your income every month and live the life you always wanted.

Many years ago a man named George Samuel Clason wrote a book called the Richest Man in Babylon. This book became a worldwide bestseller selling millions and millions of copies in many languages. 

It has one basic principle. It says pay yourself first.

Resolve today that you are going to save and invest at least 10 percent of your income throughout your working life. 

Take ten percent of your income off the top of your paycheck each time you receive one. Pay yourself first and put it into a special account for financial accumulation. 

The fact is that if you save just one hundred dollars per month throughout your working life time and you invest that money in an average mutual fund that grows at 8 to 10 per cent per annum, you'll be worth more than one million dollars by the time you retire.

My good friend David Bach wrote a book that said: if you simply spend one latte less, five dollars a day and save that money, it becomes twenty-five dollars a week, you save a hundred dollars a month, then you become financially independent.

He's been on half the television shows in America explaining that saving a few dollars each day and saving it you can achieve all your financial goals.

What this means is that anyone, even a person earning minimum wage, if he or she earns enough and saves long enough, he or she can become a millionaire over the course of his or her working lifetime.

Developing a lifelong habit of saving and investing your money is not easy. It requires tremendous determination and willpower. 

You have to set it down as a goal. You have to write it out. You have to make a plan. You have to work on it all the time.

But once this practice locks in and and becomes automatic your financial success is virtually guaranteed.

The key for you is to practice frugality. Frugality in all things.

Be very careful with every penny, especially at the beginning of your working life. Question every expenditure.

Delay or defer important buying decisions for at least a week, if not a month. The longer you put off making a buying decision the better your decision will be and the better price you will get at that time.

A major reason that people retire poor is because a impossible by they see something they like and they buy it with very little thought. 

They become victims of what is called Parkinson's Law, which says that expenses rises to meet income. 

This means that no matter how much you earn, you tend to spend that much and a little bit more besides.As a result they never get ahead and you never get out of debt.

Your job is to break Parkinson's Law. 

You don't have to be a victim of Parkinson's Law but if you cannot save 10 percent of your income start today by saving 1 percent of your income in a special savings and investment account. 

Put it away at the beginning of each month even before you begin paying down your debts.

Learn to live on the other 99 percent of your income and as you become comfortable living on 99 percent, raise your savings goals 22 percent and live on 98 percent. 

Then 3 percent and 4 percent and so on.Within one year you'll be saving 10 percent and maybe even 15 or 20 percent of your income and living comfortably of the balance. 

At the same time your savings and investment account will start to grow.

Within a year of starting saving one percent a month your entire financial life will be the under your control and you will be on your way to become a self-made millionaire. I hope by now you have learned how to become a millionaire by saving money.