Are you looking for ways to become a millionaire in Canada after immigration? Probably yes, and it is easier than you wonder. In this article, we will discuss realistic and practical ways to make a net worth of 7 figures. It is not a ‘become rich fast’ sort of scheme. You will know actionable, proven, and replicable step-by-step procedures that anyone can follow.
Five steps to Become a Millionaire in Canada After Immigration
Step 1- Ascertain Your Purpose
It is incredibly crucial to make a purpose with clarity and meaning in your track of becoming a millionaire in Canada. If you don’t want to stress about paying the bills and aren’t interested in working for 9 to 5 again, you have to focus on your passion and spend quality time with the ones you love and trust.
If there is no clear goal or purpose in mind, then it is straightforward for you to get distracted and demotivated from your long-term aims. When you save just by saving and without recognizing why there are possibilities, you won’t achieve your goals.
Whenever you observe that you are not adequately going as per your strategies, the most acceptable method to gain your focus again is to think of the top-level goals or purpose you are attempting to attain.
Step 2- Fix your Target
You must fix a target to help you be motivated and focused towards a purposeful achievement. If you set a target, the finish line will be visible to you. At a minimum, your target should be fixed at that point where you would pay your expenditure each month comfortably for all your life with the help of passive income sources produced by the assets you have.
If you can’t decide what numbers you should set the target, fix a target range according to your current situation and make changes to it eventually.
Step 3- Allot a Saving Budget
Till now, you must have observed that there is no discussion on the actual earnings. Instead, the focus is on saving a good portion of your profits. It isn’t essential to concentrate on how much money you make but what matters is how much you save. It doesn’t mean that income is not a matter of concern. Of course, if your income is higher, you have more advantages, but only when you are saving rationally and understand to handle issues such as lifestyle inflation.
So instead of spending a considerable amount on a luxury car, you should save more for your financial independence.
Step 4- Don’t Only Save but Invest Your Money Too
To save money doesn’t mean to put all your cash in a typical savings account. Saving accounts are good if you plan to use the funds quickly when you require a liquid source of funds like emergency funds. Banks provide only a low interest rate that won’t grow your money the way you want it. Also, you cannot keep pace with inflation.
Instead of saving in accounts, you should invest a portion of your income in the stock market. Investing in the stock market offers you advantages like high expected returns.
Step 5- Make Streams of Passive Income
Passive income will enable you to create many income streams, and thus, you won’t only be earning from your workplace. There are several ways of attaining passive income, such as commencing a business or investing in dividend stocks.
After you reach a level where your passive income is equal to or more than your job income, you can either still be in the job or quit it to accomplish your goals.
To conclude, becoming a millionaire in Canada is not easy, but anyone dedicated to earning can do that with hard and smart work. The steps mentioned above can help you achieve your goal swiftly.