It was just 20 years ago on August 16th, 1999 that Regis Philbin asked this famous question on ABC primetime:

“Who wants to be a millionaire?”

The original format of the show ran contestants through a series of 15 multiple choice questions that offered bigger and bigger payouts as the questions got harder and harder.

But if you managed to persevere through all 15 questions, you would win a cool $1 Million Dollars.

Even though that show has long since come and gone, the game of becoming a Millionaire continues – and here’s are three tips to help you compete if that is indeed your goal:

1. Increase Your Income. Yes, you can and should reduce frivolous spending (so who gets to define “frivolous”?), but you can only cut so much. Real progress towards wealth takes place when you increase the amount of money you bring in every month. You can do this through the traditional path of doing great work and getting raises and promotions at your current job. But don’t limit your thinking – you should explore different avenues to create multiple streams of income, either through side-jobs you take on, investments such as real estate / rentals, and even starting your own business.

2. Check Your Progress Regularly. You can’t fix stuff you don’t measure and it’s important to stay up to date with how your finances are doing and making adjustments as necessary. For example, if you’ve hit a few lean months and haven’t been able to save as much as you’d hoped, you’ll probably want to think through ways to get caught up… which could mean cutting expenses, selling off assets you don’t really need, or some other approach.

And last, the most important step of all if you want to pass that 7-figure threshold…

3. Have a WRITTEN Financial Plan. I won’t claim there’s anything magical about this, but the fact remains that if you truly want to reach that $1 Million mark, you’re going to be best served by having a plan that takes into account all the factors associated with accumulating wealth… budget, earning potential, investment strategy, the right portfolio balance, and so on.

One of the things we specialize here at The Wealth Advocate is helping you creating a realistic and effective plan for your financial future. And no matter how grand or modest those dreams may be – whether you want to be a millionaire or not – we can definitely help.

There’s no better time to start than now, so give us a call at 610-695-8748 or click here to schedule online.