How To Become A Millionaire
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About this ebook
Becoming a millionaire is not an easy task. However, it is achievable on a relatively modest income. According to the global Wealth Report 2016, there are roughly 13,554,000 millionaires in the USA. That's around 4% of the population. And you could join them. It might sound crazy, but by making the right financial choices, it is in most of our reach. It will just take some time, discipline and careful thought.
This book will guide you through some simple strategies to make sure you are getting the most out of what you earn, and how you can turn pennies into a small fortune relatively easily.
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Book preview
How To Become A Millionaire - Humanity Explained
How To Become A Millionaire
The Ultimate Guide to Saving Money
Published by Humanity Explained at Smashwords
Copyright 2017
Smashwords Edition License Notes
This ebook is licensed for your own personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you're reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords and purchase your own copy. Thank you for respecting the hard work of this author.
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Table Of Contents
Introduction
Chapter 1 - A Penny Saved Is More Than A Penny Earned
Chapter 2 - Compound Growth
Chapter 3 - Think About The Future Cost Of Spending
Chapter 4 - Prioritize Savings
Chapter 5 - Live Within Your Means
Chapter 6 - Good Debt Vs Bad Debt
Chapter 7 - Manage Your Credit Score
Chapter 8 - Investing
Chapter 9 - Why Should You Become A Millionaire?
Chapter 10 - The Stuff We Haven't Talked About
Conclusion - A Financial Plan Is A Living Document
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Introduction
Becoming a millionaire is not an easy task. However, it is achievable on a relatively modest income. According to the global Wealth Report 2016, there are roughly 13,554,000 millionaires in the USA. That's around 4% of the population. And you could join them. It might sound crazy, but by making the right financial choices, it is in most of our reach. It will just take some time, discipline and careful thought.
This book will guide you through some simple strategies to make sure you are getting the most out of what you earn, and how you can turn pennies into a small fortune relatively easily.
Chapter 1 - A Penny Saved Is More Than a Penny Earned
The old saying a penny saved is a penny earned
has been around hundreds of years. If we think critically about it, a penny saved is actually worth more than a penny earned. The reason: income tax.
In a progressive income tax system, you’re taxed at a higher rate on your last dollar of income.
Here’s a hypothetical example:
Let’s say that you live in a country with just one level of government. Over the years, the government has decided that lower income people should pay less of the tax burden than higher income people. It makes sense; those with lower income spend most of their income on simply surviving and don’t have the ability to pay a big tax bill. Because of this, the government has come up with a progressive tax system. Each tax bracket has a tax rate associated with it, called the marginal tax rate. These are the tax brackets and marginal tax rates that are in force in this hypothetical country:
Income ($)