If you want to invest like a millionaire, here’s the good news: There are no top-secret action plans needed. When you figure out their investing recipe, you’ll find out the habits that helped millionaires achieve their status are actually quite simple simple.
Here are a few ways you can invest like a millionaire right now:
Tune out the noise and stay focused.
Be very careful about investing based on news cycles and sensationalist headlines. Take the recently hyped Brexit for example. Although there will likely still be impacts, the stock market shortly recovered and went to see new record highs shortly after the news was announced. If you react to news like this, instead of following a long-term plan, you’ll most likely end up continually selling your investments at low points and missing their eventual gains.
Wealthy and wise investors know that contrary to popular belief, investing like a millionaire usually doesn’t involve short-sighted market timing or reactivity.
Don’t wait until you have more wealth.
You don’t have to wait until you have a lot of wealth to get started in the market. If a worker were to save just $5,000 a year between ages 25 and 65, it would be very possible to become a millionaire, according to Business Insider. That breaks down to only about $400 per month, because you’re harnessing the power of compound interest to allow your wealth to grow over time. There is nothing wrong with starting small, but no matter what you have, it is imperative that you start investing early and consistently.
Cash isn’t always king.
Cash may seem like a safe investment. But if you’re saving almost exclusively in cash, your savings will never keep pace with inflation, and it’s very unlikely you’ll meet your long-term investing goals. By crafting a strategic, long-term investment plan, you too can make your financial dreams a reality and invest like a millionaire.
Whether you’re already a millionaire, or just on track to being one, LexION Capital can help you meet your investment goals and needs. To learn more about our bespoke investment options, contact us today.