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When is National Be a Millionaire Day?

May 20th is National Be a Millionaire Day.

What is National Be a Millionaire Day?

There are now 36 million millionaires in the world, as of 2017. That sounds like a lot, but it’s less than half a percent of the 7.5 billion people on earth. How do you make it into the upper crust of the upper crust? National Be a Millionaire Day is the day to begin planning your rise to wealth.

Why not start planning a more modest goal instead, like retirement? Well, retirement itself may require a million bucks or more. It depends on the standard of living you want in your retirement. Strategizing for millionaire status is its own form of retirement planning.

But how do you make it? That’s the million dollar question, and it requires some research. National Be a Millionaire Day is the day to put in the leg work, learn about wealth management, and plan how you’re going to make that first million.

Fun facts about National Be a Millionaire Day!

  • About four-fifths of millionaires earned their own wealth to become first generation millionaires. Only 20% inherited their money.
  • Cars don’t return much as an investment, so many millionaires shoot for the economical choice over the flashy sports car.
  • Most millionaires own their own businesses, and the average millionaire goes bankrupt more than three times.

How to celebrate National Be a Millionaire Day:

  • Create a written financial plan. This is definitely the most important step. It requires forethought, patience, and dedication.
  • Map out how you will increase your income. You might consider a career change or scaling the corporate ladder. At the very least, you should multiply your streams of income. Rent out the basement, start a side business, and find other passive income sources.
  • Find ways to use compound interest (like an IRA or a 401k), but also research ways to keep your taxes and investment costs low.
  • Live below your means. Find ways to allocate a larger and larger percentage of your income towards investments and savings.
  • Pay off those credit cards!

What’s the hashtag for National Be a Millionaire Day?

Use #BeAMillionaireDay to share your favorite financial education resources on social media.